# EDGAR Filing Document

**Accession Number:** 0002086587
**File Stem:** 0001193125-25-284187
**Filing Date:** 2025-11
**Character Count:** 1867032
**Document Hash:** f7c05269c25e473c021e0264e968e18c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-284187.hdr.sgml**: 20251117

**ACCESSION NUMBER**: 0001193125-25-284187

**CONFORMED SUBMISSION TYPE**: S-1

**PUBLIC DOCUMENT COUNT**: 39

**FILED AS OF DATE**: 20251117

**DATE AS OF CHANGE**: 20251117

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Yellowstone Midco Holdings II, LLC
- **CENTRAL INDEX KEY:** 0002086587
- **STANDARD INDUSTRIAL CLASSIFICATION:** GUIDED MISSILES & SPACE VEHICLES & PARTS [3760]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291581
- **FILM NUMBER:** 251489991

**BUSINESS ADDRESS:**
- **STREET 1:** 1449 7TH STREET, SUITE 425
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80204
- **BUSINESS PHONE:** 720-537-2655

**MAIL ADDRESS:**
- **STREET 1:** 1449 7TH STREET, SUITE 425
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80204

##### [**Table of Contents**](#toc)
**As filed with the Securities and Exchange Commission on November 17, 2025.** 

**No. 333-** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM S-1** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

## Yellowstone Midco Holdings II, LLC
**to be converted as described herein to a corporation named** 

## York Space Systems, Inc.
**(Exact name of registrant as specified in its charter)** 

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| | | |
|:---|:---|:---|
| **Delaware** | **3761** | **39-4190941** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(Primary Standard Industrial**<br> **Classification Code Number)** | **(I.R.S. Employer<br>Identification Number)** |

---

**1449 7th Street, Suite 425** 

**Denver, CO 80204** 

**(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)** 

**Dirk Wallinger** 

**Chief Executive Officer** 

**1449 7th Street, Suite 425** 

**Denver, CO 80204** 

**720-537-2655** 

**(Name, address, including zip code, and telephone number, including area code, of agent for service)** 

***Copies of all communications, including communications sent to agent for service, should be sent to:***

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| | |
|:---|:---|
| **Robert M. Hayward, P.C.**<br> **Kevin M. Frank**<br> **Ashley Sinclair**<br> **Kirkland & Ellis LLP**<br> **333 West Wolf Point Plaza**<br> **Chicago, IL 60654** | **Michael Kaplan**<br> **Stephen Byeff**<br> **Davis Polk & Wardwell LLP**<br> **450 Lexington Avenue**<br> **New York, NY 10017**<br> **(212) 450-4000** |

---

**Approximate date of commencement of proposed sale to the public**: As soon as practicable after this Registration Statement becomes effective.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box: ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Securities Exchange Act of 1934. (Check one):

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☒ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act of 1933. ☐

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until this Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.** 

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**EXPLANATORY NOTE** 

Yellowstone Midco Holdings II, LLC, the registrant whose name appears on the cover of this registration statement, is a Delaware limited liability company. Prior to the closing of this offering, Yellowstone Midco Holdings II, LLC will convert into a Delaware corporation pursuant to a statutory conversion and change its name to York Space Systems, Inc. as described in "Prospectus Summary—Organizational Structure." Except as disclosed in the prospectus included in this registration statement, the consolidated financial statements and other financial information included in this registration statement are those of Yellowstone Midco Holdings II, LLC and its subsidiaries and do not give effect to the Corporate Conversion (as defined herein). See "Prospectus Summary—Organizational Structure" and "Capitalization." Shares of common stock of York Space Systems, Inc. are being offered by the prospectus included in this registration statement.

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**This information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the securities and exchange commission is effective. This preliminary prospectus is not an offer to sell, and it is not soliciting an offer to buy, these securities in any jurisdiction where the offer or sale is not permitted.** 

**Subject to Completion, dated , 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares**![LOGO](g941199g01a01.jpg)

**Common Stock** 

This is the initial public offering of shares of common stock of York Space Systems, Inc. (the "Company" or "York Space Systems"). We are offering shares of common stock.

Prior to this offering, there has been no public market for our common stock. We anticipate that the initial public offering price for our common stock will be between $ and $ per share. We intend to apply to list our common stock on the New York Stock Exchange ("NYSE"), under the symbol "YSS." However, no assurance can be given that our listing application will be approved. If our listing application is not approved by the NYSE, we will not be able to consummate this offering.

After giving effect to this offering, assuming an offering size as set forth above and an initial public offering price of $(the midpoint of the estimated price range set forth above), investment funds managed by AE Industrial Partners, LP ("AE Industrial Partners"), will hold approximately % of our outstanding common stock (or approximately % of our outstanding common stock, if the underwriters' option to purchase additional shares from us is exercised in full) and be party to voting arrangements granting control of more than 50% of the total voting power of our common stock with respect to the election of our directors. See "Risk Factors—Risks Related to This Offering and Ownership of Our Common Stock—AE Industrial Partners controls us, and its interests may conflict with ours or yours in the future." Accordingly, we expect to be a "controlled company" as defined in the corporate governance rules of the NYSE and will be exempt from certain corporate governance requirements of such rules. As a result, AE Industrial Partners will have significant power to control our affairs and policies and influence the outcome of matters that require stockholder approval, including with respect to the election of directors, the adoption of amendments to our certificate of incorporation and bylaws and the approval of any merger or sale of substantially all of our assets. See "Management—Controlled Company Exemption."

We are an "emerging growth company" as that term is used in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act") and have elected to comply with certain reduced public company reporting requirements. See "Risk Factors" and "Prospectus Summary—Implications of Being an Emerging Growth Company."

**Investing in our common stock involves risks. See "[Risk Factors](#toc941199_2)" beginning on page 27 to read about factors you should consider before buying shares of our common stock.** 

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.** 

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| | | |
|:---|:---|:---|
|  | **Per Share** | **Total** |
|  Initial public offering price | $| $|
|  Underwriting discounts and commissions<sup>(1)</sup> | $| $|
|  Proceeds, before expenses, to us | $| $|

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(1) See "Underwriting" for additional information regarding underwriting compensation.

We have granted the underwriters an option to purchase up to additional shares of our common stock at the initial public offering price, less the underwriting discounts and commissions, within 30 days of the date of this prospectus.

The underwriters expect to deliver the shares of common stock against payment in New York, New York on or about , 2025.

---

| | | |
|:---|:---|:---|
| **Goldman Sachs & Co. LLC** | **Jefferies** | **Wells Fargo Securities** |

---

**Prospectus dated , 2025.** 

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![LOGO](g941199g02a00.jpg)

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![LOGO](g941199g03a00.jpg)

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**TABLE OF CONTENTS** 

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| | |
|:---|:---|
|  [PROSPECTUS SUMMARY](#toc941199_1) | 2 |
|  [RISK FACTORS](#toc941199_2) | 27 |
|  [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#toc941199_3) | 81 |
|  [MARKET AND INDUSTRY DATA](#toc941199_4) | 83 |
|  [USE OF PROCEEDS](#toc941199_5) | 84 |
|  [DIVIDEND POLICY](#toc941199_6) | 85 |
|  [CAPITALIZATION](#toc941199_7) | 86 |
|  [DILUTION](#toc941199_8) | 88 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#toc941199_9) | 90 |
|  [BUSINESS](#toc941199_10) | 113 |
|  [MANAGEMENT](#toc941199_11) | 132 |
|  [EXECUTIVE COMPENSATION](#toc941199_12) | 138 |
|  [PRINCIPAL STOCKHOLDERS](#toc941199_13) | 145 |
|  [CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#toc941199_14) | 147 |
|  [CORPORATE CONVERSION](#toc941199_15) | 152 |
|  [DESCRIPTION OF CERTAIN INDEBTEDNESS](#toc941199_16) | 153 |
|  [DESCRIPTION OF CAPITAL STOCK](#toc941199_17) | 155 |
|  [SHARES ELIGIBLE FOR FUTURE SALE](#toc941199_18) | 160 |
|  [MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS](#toc941199_19) | 163 |
|  [UNDERWRITING](#toc941199_20) | 168 |
|  [LEGAL MATTERS](#toc941199_21) | 177 |
|  [EXPERTS](#toc941199_22) | 178 |
|  [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#toc941199_23) | 179 |
|  [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#toc941199_24) | F-1 |

---

Neither we nor the underwriters have authorized anyone to provide any information or to make any representations other than those contained in this prospectus or in any free writing prospectus prepared by or on behalf of us or to which we have referred you. We and the underwriters take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is not an offer to sell nor is it seeking an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. We are offering to sell, and seeking offers to buy, shares of our common stock only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of our common stock.

For investors outside the United States: neither we nor the underwriters have done anything that would permit this offering or the possession or distribution of this prospectus in any jurisdiction where action for those purposes is required, other than in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, this offering of our common stock and the distribution of this prospectus outside the United States.

**Through and including , 2025 (25 days after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.** 

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**TRADEMARKS AND TRADE NAMES** 

"York Space Systems" and "York" and other trademarks or service marks of York Space Systems and its direct and indirect subsidiaries appearing in this prospectus are the property of York Space Systems. This prospectus contains additional trade names, trademarks, and service marks of others, which are the property of their respective owners. Solely for convenience, trademarks and trade names referred to in this prospectus generally appear without the <sup>®</sup> or <sup>™</sup> symbols. Other trademarks, trade names, service marks or copyrights of any other company appearing in this prospectus are, to our knowledge, the property of their respective owners.

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**PROSPECTUS SUMMARY** 

*The following summary contains selected information contained elsewhere in this prospectus about us and about this offering. It does not contain all of the information that is important to you and your investment decision. Before you make an investment decision, you should review this prospectus in its entirety, including matters set forth under "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and our Consolidated Financial Statements and the related notes included elsewhere in this prospectus. Some of the statements in the following summary constitute forward-looking statements. See "Special Note Regarding Forward-Looking Statements." Unless the context otherwise requires, all references in this prospectus to "York Space Systems," "York," the "Company," "we," "us," "our," or similar terms refer to Yellowstone Midco Holdings II, LLC and its consolidated subsidiaries prior to the Corporate Conversion and York Space Systems, Inc. and its consolidated subsidiaries after the Corporate Conversion.* 

**Overview** 

York Space Systems is a leading, U.S.-based, space and defense prime<sup>1</sup> providing a comprehensive suite of mission-critical solutions for national security, government and commercial customers. York is one of the only space and defense primes with proprietary hardware and software capabilities designed to address customers' complex mission requirements across the critical elements of the entire space ecosystem throughout the mission lifecycle. York is the number one provider to the U.S. Department of Defense's ("DoD") Proliferated Warfighter Space Architecture ("PWSA") by number of spacecraft operating in-orbit, by number of contracts, and by variety of contract types as of September 2025. York is a partner of choice for our customers, with differentiated performance versus traditional primes based on price, speed to deployment, and sophistication of capabilities. We produce our satellites at approximately half the cost of our competitors and have been the first to deliver and launch satellites for the PWSA. York is the first and only company to demonstrate Link-16<sup>2</sup> connectivity from space, highlighting our unique and innovative capabilities.

York is purpose built to address evolving national security space challenges and to adapt to the ongoing shift in the U.S. government's mission needs and procurement processes, where economics, agility, rapid capabilities, and heritage drive customer decision making. We deliver mission-critical solutions in a zero-tolerance for error environment where systems must work and we believe we are positioned to capture an outsized share of growth in our core markets. York provides customers a vertically integrated, full technology stack of solutions including design, production, integration, and operation of spacecraft with turnkey offerings to manage spacecraft and constellations throughout their entire mission lifecycle. York has significant space heritage, having flown 74 missions, created 17 products with flight heritage, and logged over four million on-orbit hours. York's position as a prime enables us to monetize the entire space vertical from launch to mission operations, from spacecraft to payloads, and from edge computing to data transfer.

York was founded in 2012 by our CEO, Dirk Wallinger, to create an innovative space technology mission prime, with a goal of meeting the evolving national security threats from space by providing mission-critical spacecraft at scale, faster, and at lower cost. We believe that York's proven production and delivery capabilities place it among a very limited number of companies who have the capability to deliver the required solutions for the Golden Dome based on its current timeline. We provide our customers with the ability to quickly and effectively field responsive space-based technologies. We have a demonstrated ability to win contracts in space and are a trusted partner to U.S. national security, intelligence and defense agencies, such as the U.S. Air Force

<sup>1</sup> A primary contractor ("prime") that leads major defense programs and deals directly with the Department of Defense.

<sup>2</sup> A real-time, military tactical data link network used by the U.S. government and NATO.

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and the Space Development Agency ("SDA"), as well as commercial and civil customers. Our proprietary hardware, software and mission operations solutions are designed to address the United States' national security priorities: missile defense (crucial to the Golden Dome), counter-space capabilities, and space domain awareness.

Increasing geopolitical tensions are driving near-peer adversaries to invest heavily in military space capabilities to gain advantage in orbit—the next domain in global conflict. In today's threat environment, rapidly deployable satellites are critical to providing denied benefit in space, maintaining space superiority and countering these emerging threats. This paradigm shift in global warfighting is driving significant growth in defense spending, with the global satellite market projected to grow by approximately $320 billion to over $600 billion from 2023 to 2032 at approximately an 8% Compound Annual Growth Rate ("CAGR"), up from approximately $280 billion in 2022 according to Allied Market Research. This growth is supported by the Golden Dome, the space intelligence community and the DoD's PWSA program. We have invested in our infrastructure and expanded our production capabilities with a goal of meeting this evolving threat while growing our backlog to approximately $642 million and 107 spacecraft as of September 30, 2025.

We believe we distinguish ourselves from other space mission primes by offering a fully integrated portfolio of proprietary spacecraft, software and services. Our versatile spacecraft are built on a modular platform, allowing us to move quickly from design and development to deployment to meet our customers' needs for their rapid response missions. In addition, we provide software throughout the space layer, bolstered by our 2023 acquisition of Emergent Space Technologies ("Emergent"), including flight control and edge computing, and we recently added more than 45 ground antennas in connection with our acquisition of ATLAS Space Operations (the "ATLAS Acquisition"). Our software is designed to enable autonomous, real-time decision making and constellation management to support mission execution. By coupling spacecraft production with mission operations and ground integration, we offer a turnkey solution designed to reduce technical and programmatic risk for both government and commercial customers.

Our capabilities include a differentiated suite of spacecraft solutions with proven, common technologies. We offer the S-CLASS, LX-CLASS, and M-CLASS spacecraft, which are high-quality, low-cost satellite platforms that are proven and scalable to a wide array of space market needs. Our spacecraft are supported by proprietary satellite software enabling versatile integration of a variety of payloads for customers and supply chain commonalities across platforms. The various spacecraft classes are designed and engineered to address a broad cross section of the spacecraft market while maximizing payload accommodation. The LX-CLASS is double the mass of the S-CLASS and leverages the S-CLASS design, sharing more than 90% of its technology with the S-CLASS, to offer a specialized platform with enhanced capabilities. Similarly, the M-CLASS utilizes the previous satellite platform designs, sharing approximately 75% of its hardware and 95% of its software with the S-CLASS and LX-CLASS, while greatly enhancing scale and power for spacecraft mass up to 2,000 kg and 8kW+ peak power consumption. Our proven suite of platforms provide solutions from 100 to 2,000 kgs and enables us to serve a large total addressable market. This vertically integrated, cost-effective, scalable model is designed to deliver highly effective end-to-end capability for our customers.

York's spacecraft architecture framework results in significant commonality across platforms and software, allowing for scalable solutions at lower cost. York's three different platforms share approximately 75% of the same hardware and 95% of the software leading to significant cost reductions throughout the value chain while maximizing product quality. This approach also reduces Non-Recurring Engineering ("NRE") cost associated with platform development while reducing failure risks inherent to a unique design. Key in-house hardware components include Command and Data Handling ("C&DH"), flight computers, Attitude Control Systems ("ACS"), Electrical Power Systems ("EPS") and production testing. These components complement our spacecraft production while our software-enabled services underpin autonomous, resilient operations and support key defense technologies.

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While the standardized spacecraft architecture framework provides scalable building blocks for rapid constellation deployment, York's proprietary software supports key elements of operational success from mission planning to ongoing mission operations. Autonomous constellation planning and hands-off operations are essential for managing the increasing quantity of spacecraft deployed in orbit. Technologies include the Multi-Mission Operations Center ("M-MOC"), a secure, autonomous, command structure that manages multiple York spacecraft, and Bastion, York's mission-ready ground software solution, which allows operators to manage entire fleets from a single ground architecture across more than 45 antennas throughout the world. York hardware and software solutions are vertically integrated across the technology stack.

Our model allows us to capture recurring revenue driven by ongoing satellite-based software and services as well as hardware replacement cycles. Once spacecraft are fielded, York provides continuous operational support, downlink antenna usage, and proprietary software solutions, including on-spacecraft upgrades during the full orbital lifespan. Contracts have historically provided a fixed cost for software maintenance with upgrade options available for purchase. The expected replacement cycle for the current portfolio of space vehicles is approximately five to six years. York's full lifecycle solution and ongoing operational support distinguishes York from its competitors, positioning us to act as prime for the replacement and potential expansion of competitors' aging constellations. As a result, we expect our recurring revenue to increase as the installed base of spacecraft in orbit grows, creating a highly visible revenue model, accelerating growth and increasing margins.

We believe our integrated spacecraft solutions make us a preferred government provider. Our space technology has proven itself in military exercises, demonstrating seamless integration and autonomous hands-off operations. This elevates our ability to serve more demanding missions and customers across the full mission lifecycle. We leverage our proprietary software across spacecraft classes and support all relevant industry standard payload data interfaces on our vehicles. Competitors who design single-system software solutions, outsource their software solutions and spacecraft manufacturing, or do not have a diversity of spacecraft platform systems are at a competitive disadvantage with many roadblocks to rapidly deploying advanced systems. York maintains a strong and strategically vital partnership with the DoD's PWSA. The DoD's SDA is responsible for rapidly developing and fielding next-generation space capabilities to enhance national security, while the PWSA is its flagship initiative to build resilient, proliferated Low Earth Orbit ("LEO") constellations supporting global warfighting needs as near-peer adversaries are increasing their anti-satellite, intelligence gathering, and signal jamming and spoofing operations from space. Our innovative, modular satellite platforms and rapid production capabilities, make us the leading provider to the PWSA and the largest awardee by contracts (6), spacecraft in-orbit (33), and variety of contract types as of September 2025. We have been awarded more missions than any other prime, demonstrating our leadership position across three key elements of government contracting: price, speed, and capabilities. We offer attractive pricing, superior delivery speed, and comprehensive capabilities across spacecraft, software, and ground stations. In 2024, York became the first and only company to demonstrate Link-16 connectivity in space. In 2025, York demonstrated Space-to-Ground laser links, Ka-Band downlink, signal detection and processing, orbit maneuvering, and York and SpaceX were the first to achieve LEO-to-LEO laser link between PWSA vendors, representing how York's continued technological innovation sets us apart. York has become an important provider in the long-term national security vision for resilient, proliferated space architecture.

Our cutting-edge facilities and manufacturing footprint are purpose-built to support the rapid development and production of our S-CLASS, LX-CLASS, and M-CLASS spacecraft. York is vertically integrated, assembling key spacecraft components in-house. This approach is designed to mitigate supply chain risk, support our ability to offer competitive pricing, and enable rapid fielding of solutions to our customers. Following the opening of our 60,000 square foot Potomac facility in August 2023, we have quadrupled production capability and believe we will be able to meet demand to manufacture and test over 1,000 satellites annually, supporting our position as a leader in rapid, high volume spacecraft delivery. This deliberate investment in infrastructure is

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meant to create a durable competitive advantage, enabling us to capitalize on the rapidly growing space economy with the ability to reliably deliver spacecraft faster and more affordably than traditional primes.

*York Architects the Entire Mission*![LOGO](g941199g72t70.jpg)

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**York's Key Highlights** 

York is the number one provider to DoD PWSA by number of spacecraft operating in-orbit, by number of contracts, and by variety of contract types as of September 2025. We continue to differentiate from our competitors by winning on price, speed and capabilities.

![LOGO](g941199g04a00.jpg)

We are the first and only company to demonstrate Link-16 connectivity from Space. This is a significant and critical milestone towards advancing the DoD's national security missile defense strategy. York was also the first to achieve LEO-to-LEO laser link between PWSA vendors and Space-to-Ground laser links with another vendor. We believe these two capabilities are critical for Golden Dome contracts and demonstrate York's strong position to win on that program.

![LOGO](g941199g06u00.jpg)

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Over the duration of the PWSA program, we have achieved an 83% win rate on contracts bid (when measured in terms of satellites awarded versus satellites available for award) and have captured 14% of the PWSA contract value awarded. We believe our track record is a testament to the differentiated value proposition that York offers. It illustrates the alignment between York's business model and the new paradigm of the U.S. government's mission needs and procurement processes. This historical win rate gives us confidence in our ability to capture share of our estimated $140 billion Total Addressable Market ("TAM").

We have significant space heritage. In addition to having the most spacecraft in-orbit for DoD PWSA, we have 74 missions with flight heritage, developed 17 different products with space heritage and logged over 4 million on-orbit hours.

![LOGO](g941199g06u01.jpg)

**Our Mission Solutions** 

We offer mission solutions across several complementary product categories: Components, Subsystems, Spacecraft Platforms, Ground Operation, Global Downlink, and Software-Enabled Services. Common technologies, components, and engineering expertise are woven across our spacecraft platforms and the software stack that plans, flies, and operates them—creating a cohesive, vertically integrated ecosystem. Where the cost of failure is high, our evolutionary, flight-proven designs, robust in-house manufacturing, and deep mission operations experience enable rapid, reliable deployments with a high-value cost profile. This integration reduces supply-chain risk, shortens lead times, and supports turnkey delivery from component manufacturing and payload integration through launch coordination, ground integration, and sustained operations.

**Spacecraft Platforms:** 

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our S-CLASS, LX-CLASS, and M-CLASS platforms are high-quality, low-cost, versatile spacecraft designed to scale across diverse mission needs: |  |
| **S-CLASS:** A low-cost, payload-capable platform with extensive on-orbit heritage, tailored for rapid fielding and flexible use cases. Delivery for launch can be as early as 60 days after payload receipt. The base configuration provides an attractive low-cost entry point for customers, with multiple enhancement kits available to tailor performance without extending schedules. The S-CLASS is designed for a total mass of 85-200 kgs with a 2 kW peak power system capability. | ![LOGO](g941199g63u34.jpg) |

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| **LX-CLASS:** Capable of up to 500 kgs total spacecraft mass and flight proven 21 times, the LX-CLASS supports heavier, more complex payloads and aligns with next-generation transport layer architectures. It shares approximately 90% of the technology with the S-CLASS to minimize risk and lead times and is capable of up to two terabits of instrument data storage. Enhancement kits provide added capability without lengthening execution timelines. The LX-CLASS is baselined with a 1.5kW peak power system and can be configured for increased performance depending on mission requirements. | ![LOGO](g941199g40j10.jpg) |
| **M-CLASS:** Our largest, most powerful spacecraft, designed for a total mass of up to approximately 2,000 kgs and 8kW peak power system. Optimized for high-demand Earth observation and communications missions, the M-CLASS platform shares approximately 75% of the flight proven technology with the S-CLASS and the LX-CLASS to streamline procurement and production. The M-CLASS is engineered to deliver best-in-class capabilities at roughly half the cost. | ![LOGO](g941199g84b24.jpg) |

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**Critical Components** 

Our in-house critical components are designed to deliver mission assurance, production scalability, and high performance for processing, responsive tasking, and resilient constellation operations. The primary flight computer is a rugged, radiation-tolerant unit that acts as the mission manager within a distributed computing architecture, orchestrating guidance, navigation, and control; command sequencing; payload operations; power and thermal coordination; and fault detection, isolation, and recovery with deterministic real-time behavior and safe-mode resilience. Complementing the primary flight computer, the secondary flight computer augments capability with high-accuracy timing and time distribution, large-capacity mass memory management, dosimetry for radiation environment monitoring, and high-fidelity analog-to-digital acquisition to enhance data custody, autonomy, and system health insight.

Our three-axis stabilized attitude control subsystem delivers tight pointing accuracy and low jitter suitable for next-generation military and commercial payloads by integrating star trackers, inertial sensors, reaction wheels, and torque actuators with robust estimation and control algorithms, enabling long dwell, rapid re-task, and agile off-nadir slews. The power conditioning and distribution unit employs a modular architecture that scales to mission needs, providing regulated rails, battery charge management, protection features, flexible interface tailoring, and telemetry-rich monitoring that support graceful degradation, load shedding, and platform stability across dynamic load and eclipse scenarios.

Finally, our Special Test Equipment ("STE")—comprising custom electrical ground support equipment, harness and printed circuit board ("PCB") fixtures, boundary scan, hardware-in-the-loop simulation, and automated functional test—reduces cycle time and increases test coverage, boosting first-pass yield and accelerating delivery.

**Software-Enabled Services** 

Our proprietary software suites, both in orbit on the spacecraft and on the ground in our operation centers, integrates mission planning, ground operations, and autonomous flight control to deliver resilient, low-touch operations across single satellites and large constellations. Designed for rapid re-tasking and high availability, the stack streamlines end-to-end workflows reducing operator workload while increasing tempo and reliability for civil, commercial, and defense missions. Integrated coupling between flight and ground software enables closed- loop automation, deterministic behaviors under off-nominal conditions, and secure, auditable operations suitable

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for contested environments and rigorous mission assurance. Our satellite software allows our constellations to operate fully autonomously for days, weeks, and months—implementing continuous telemetry checks, system monitoring, tasking execution, constellation management, and safety protection monitoring all while adapting to a constantly changing, challenging environment. These robust operating capabilities make our satellite constellations more like autonomous vehicles operating independently to accomplish the goals of our customers.

Our ownership of the flight software on the satellite, the ground software operating the mission planning, and software coordinating our more than 45 ground antennas globally creates a robust global network of communication and collection nodes. This global network enables the ability to self-heal from failures and reroutes communication channels across in-orbit constellations and global ground stations. York's proprietary software and combined ecosystem ownership connect in-orbit edge processing with ground-based cloud computing enabling best-in-class autonomous operation.

In mission operations, we execute through flight and ground software integration that supports autonomous, hands-off execution of routine activities and rapid response to evolving requirements. Telemetry trending, rule-based alerting, and scriptable command automation allow operators to define intent while the system performs validation, timing, and execution. For defense users, our environment supports integrated military exercise capabilities, including scenario injection, time-tagged playback, and secure role-based controls, enabling realistic training and rehearsal without disrupting live operations.

For attitude control and flight software, we provide flight-proven subsystem management alongside precision pointing, navigation, and control algorithms tailored to demanding imaging and communications payloads. Our systems incorporate built-in safeguards and automated recovery protocols that are designed to quickly identify issues, isolate faults, and reconfigure operations. This enables continued performance and rapid restoration to normal operations with minimal disruption. This architecture enhances continuity of service, shortens average recovery time, and supports resilient spacecraft capabilities in dynamic or contested space environments.

**Our Industry and Addressable Markets** 

York's business operates in the development, production, deployment, operation, and data downlink for spacecraft used for national security and commercial operations within the broader space economy. A global war is being fought in space and York's capabilities are critical to countering U.S. adversaries. To maintain space superiority and ensure national security from space, the DoD has focused on the following priorities: missile defense and the Golden Dome, counter-space capabilities, communications, and space domain awareness. We are the prime provider of assured, reliant, low-latency military data and connectivity to the warfighter and are positioned to provide global warning, tracking and targeting of advanced missile threats, including hypersonic missile systems used by our near-peer adversaries.

We believe our main sources of competition are companies providing spacecraft solutions that enable on-orbit and in-space services as a prime contractor. According to McKinsey's Space report from 2024, the global space economy is projected to reach $1.8 trillion in value by 2035 driven by accelerating national security and commercial demand. National security and advancements in space-based technologies are core focuses of the U.S. government on a bi-partisan basis and closely align with the key messages from the current administration regarding space. Given the critical role of space across the defense, national security, and commercial sectors, customers seek out trusted providers with proven, flexible, and responsive capabilities to deliver critical missions. As a provider of a vertically integrated, full technology stack of solutions including design, production, integration, and operation of spacecraft with turnkey offerings to manage spacecraft and constellations throughout their entire mission lifecycle, we are poised to grow in this attractive market.

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We believe our TAM will be approximately $140 billion by 2028.<sup>3</sup> Our solutions also address critical space needs in applications, including in-space operations, data communications, and threat security capabilities. Our expanding complementary products and services in the defense and space market enable us to capture additional verticals within this ecosystem going forward, which is expected to reach $9 billion in value by 2030 according to Research and Markets. Space Force has been exploring dynamic space operations, which involves allowing satellites to move freely in and out of orbit. Given the ongoing global race to win in "satellite dogfighting," Space Force is increasingly focused on ensuring space superiority by defending satellites with on-orbit solutions. As near peer threats rise in space and the U.S. government examines proactive orbital deterrence systems, we expect our spacecraft solution will become an essential part of the U.S. and allied nations' security posture and for our TAM to expand accordingly.

**Competitive Strengths** 

*Purpose-built to address the most important challenges in national security space and well positioned to capitalize on Golden Dome* 

We control all the critical steps in the spacecraft lifecycle, including: design; assembly, integration, and test ("AIT"); automated test; launch coordination; on-orbit mission operations; and ground stations planning and downlink—all supported by digital work instructions, hardware-in-the-loop verification, and takt-time scheduling. This footprint, coupled with qualified dual-source supply for radiation-tolerant components, allows for learning-curve cost reductions and predictable schedules at volume. The combination of manufacturing scale, standardized qualification evidence, and integrated ground operations is difficult to replicate and shortens Authorization to Operate cycles for government programs.

Our disciplined manufacturing playbook combines high-volume production techniques and software automation to drive predictable quality and shorter cycle times at one of the lowest costs-per-satellite when compared to competitor bids on PWSA contracts. We expect this price advantage to grow as our satellite production scales to meet the demand of our defense, government, and commercial clients.

The global space economy is expanding on the back of national security imperatives, proliferated LEO constellations, and commercial demand for earth observation, communications, and space domain awareness. We expect that accelerating government prioritization of resilient space architectures and responsive launch through programs such as the Golden Dome, combined with falling component costs and maturing standardized subsystems, will create sustained demand for years to come. York's spacecraft platforms, rapid manufacturing, and software-driven operations align directly with these trends, enabling faster deployment cycles and lower delivered cost per mission.

The Golden Dome presents a significant opportunity with a projected near-term budget of approximately $27 billion and approximately $175 billion total spend allocated to missile warning and tracking, secure low latency data relay, geolocation and targeting, data links to tactical platforms, sensor custody, missile orchestration, and multi-layer defense. We believe York is well positioned to serve Golden Dome given the satellite function overlap with the PWSA program. These satellite-based services offer an additional high margin, recurring revenue stream and multiple opportunities to expand, allowing government customers to reduce acquisition timelines and costs. Extensive budgetary resources are already obligated to fund Golden Dome with significant capital infusions expected in the future.

With governments and private enterprises racing to secure their role in the new space era, York offers a proven, differentiated model that combines innovation with execution. We believe our ability to deliver reliable

<sup>3</sup> Our TAM represents the sum of budgeted programs where we actively compete, combined with an estimate of future budget allocations we believe we are well positioned to capture.

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satellites at scale not only addresses today's market but also positions us to be a long-term leader as new commercial applications, from broadband to autonomous systems, drive growing demand for space infrastructure. York stands at the intersection of innovation and opportunity, ready to capture value from what we believe will be the fastest growing frontier of the 21st century

*A leading pure-play, space-mission prime providing critical solutions at low cost across the entire value chain and through the full mission lifecycle* 

We are a mission prime focused on delivering end-to-end solutions—from platform design and payload integration to launch, on-orbit commissioning, and sustained operations. This pure-play focus supports mission assurance and accountability while streamlining processes throughout the mission lifecycle. Standardized avionics, flight software, ground systems, and mission operations support predictable performance across mission classes, while configuration-controlled interfaces permit tailored payloads without re-architecting the spacecraft platform. This full-stack capability can reduce NRE, shorten schedule, and reduce execution risk for government and commercial customers.

Our software evolves as missions change, constantly integrating advanced autonomous functionality and computer processing to maximize capabilities. Software upgrades are continuously "pushed" to our in-orbit spacecraft to continue to upgrade security, implement advanced safety controls, and ever increasingly imbed autonomy. The three software development groups—Flight Software, Ground Software, and Mission Planning—regularly plan, schedule and deploy software updates to ensure we provide superior performance through the full mission lifecycle.

Further differentiating our products, our spacecraft platform development efforts are market driven and align with rocket payload volume. The M-CLASS platform is designed to maximize existing and future launch capacity. We are currently capable of placing 25 M-CLASS platforms in a SpaceX Falcon 9 and several other close-to-market rockets, and we expect to be able to place 120 units in a SpaceX Starship. This packing factor is meant to maximize payload volume and enable York to continue to offer its attractive solutions at lower cost compared to our competitors. With Falcon 9 operational today, and Starship expected to begin offering services within approximately the next two years, we expect the M-CLASS will enable York to offer best in market capabilities for at least the next four to five years. York will continue to monitor new rocket developments, matched with customer demand signals, to evaluate any potential new platform development efforts needed to meet those demands.

York has changed the economics of space with a suite of innovative technologies that dramatically lower costs while accelerating time to orbit. At the heart of York's model is our modular satellite spacecraft architecture—engineered for scalability, rapid production, and mission flexibility across commercial, civil, and defense applications. By combining proprietary designs with a streamlined manufacturing process, York delivers high-performance satellites faster and more cost-effectively than traditional and emerging aerospace players. This disruptive approach positions the Company as a category leader in unlocking new markets and enabling customers to achieve their mission goals with speed and efficiency.

What truly sets York apart is its world-class technical expertise and proven execution. Backed by an experienced team of aerospace engineers and mission specialists, York manages the full lifecycle—from design and manufacturing to launch integration and on-orbit operations—with precision and reliability. This integrated capability ensures mission assurance at every step, making York a trusted partner for government agencies. The combination of proprietary innovation, technical mastery, and operational excellence creates differentiation, which we expect to enable York to scale rapidly in the space industry.

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*Vertically integrated, cost-effective, rapid manufacturing model delivering value at scale with a comprehensive IP set and proprietary software* 

York's vertical integration, spanning spacecraft platforms, avionics, power and data handling, automated test, and integrated flight and ground software, drives a repeatable production system with learning-curve cost reductions. Our modular, backward-compatible design approach allows us to maximize common components and streamline production, increasing efficiency and scalability. At the same time, our advanced digital processes and disciplined production management are designed to reduce cycle times, minimize work, and ensure consistent delivery performance. Proprietary operations software and federated ground integrations lower operating costs per satellite and scale fleet management efficiently. The result is lower cost per unit, faster design-to-orbit timelines, and durable margin advantages as volumes rise.

We are pioneering scaled, modular space and defense technology solutions that redefine how missions are designed, deployed, and sustained. At the core of our offering is a satellite architecture built for flexibility and scaled production, allowing customers to configure platforms for a wide range of mission sets, from commercial communications and Earth observation to national security and defense applications. This modular approach is designed to not only accelerate deployment timelines but also drive significant cost efficiencies.

These efficiencies are reinforced by a spacecraft platform family approach that shares technology and suppliers across S-CLASS, LX-CLASS, and M-CLASS platforms, reducing qualification churn and long-lead risk. By coupling scaled production with flight-proven autonomy, mission planning, and collision-avoidance capabilities, York can field spacecraft rapidly for defense and commercial constellations without sacrificing reliability. The software-enabled stack supports hands-off operations and responsive tasking, which further compresses total lifecycle cost and improves asset utilization. This combined hardware-software strategy positions York to meet proliferated LEO and Geostationary Earth Orbit ("GEO") demand with predictable delivery, scalable manufacturing, and competitive total cost of ownership.

*Deeply entrenched with key U.S. government customers with demonstrated ability to win contracts* 

York aligns our spacecraft platform baselines and accreditation artifacts to prevailing U.S. government requirement sets, enabling faster Risk Management Framework progression and quicker Authorizations to Operate, which translate into accelerated fielding and responsive tasking. This rigor, combined with pre-engineered cybersecurity and configuration-controlled software releases, underpins wins across space domain awareness, tactical Intelligence, Surveillance and Reconnaissance ("ISR"), and resilient communications where schedule assurance and operational autonomy are decisive. Our use of common avionics, power, and data handling across spacecraft classes reduces qualification churn and simplifies mission assurance, while pre-certified payload interfaces shorten integration timelines and reduce NRE. Together, these elements increase proposal credibility on schedule, cost, and technical readiness—key determining factors in competitive acquisitions.

Our advantages extend beyond cost to include capacity production, a mature and resilient supply chain, two classified M-MOCs and critical system ownership, and demonstrated on-orbit performance success. York has proven the capability for highly efficient manufacturing by delivering the Tranche 0 ("T0") satellite constellation before competitors in 2022, then delivering Dragoon mission in seven months followed by the Bard mission one month later and finally 21 satellites launched for the Tranche 1 ("T1") constellation before the other prime contractors. This production cadence exhibits a mature and robust supply chain and production delivery rhythm. With a mature production advantage, York intends to continue to improve supplier quality, automate production and testing, and eliminate NRE to lower costs and maintain a strategic advantage. Unlike competitors, York has two classified M-MOCs operating constellations today, giving York a significant capabilities advantage.

York's multi-vehicle awards, Indefinite Delivery, Indefinite Quantity ("IDIQ") positions, and commercial contracts signal trust in predictable execution and lifecycle cost advantages. A cultivated partner ecosystem

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enables bids that combine flight-proven hardware with software-enabled autonomy, mission planning, and collision-avoidance to compress delivery and commissioning milestones. Federated ground integrations and hands-off operations lower per-satellite operating costs and scale efficiently as constellations grow, enhancing asset utilization and mission responsiveness. The net effect is higher win rates, faster contract-to-orbit velocity, and improved unit economics as volumes rise, supporting York's positioning for proliferated LEO demand and defense transport-layer architectures.

![LOGO](g941199g88z53.jpg)

We have demonstrated repeat wins through multi-vehicle awards, options, and frameworks that value mission assurance, cost transparency, and delivery velocity. Standardized accreditation frameworks, pre-certified payload interfaces, and proven launch and operations performance reduce customer risk and accelerate time to deployment. Our performance history across PWSA Tranches 0, 1, and 2 as well as our successful launches with the SDA and NASA translate to strong references, faster award cycles, and growing share across defense, civil, and commercial segments. For example, our space vehicles have participated in multiple military exercises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Space Defense Agency</u>: We were a prime awardee on SDA contracts across Tranches 0, 1 and 2 with an
incumbent position leading into Tranches 3 and 4. Our longstanding relationships with key government agencies and reputation for on-time, on-budget delivery of
spacecraft strengthen our position to win PWSA replenishment and expansion opportunities. We have provided the most satellites to PWSA at roughly half the cost of competitors, positioning us exceptionally well to continue to receive a large share of
PWSA awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Golden Dome</u>: To maintain space superiority and ensure national security from space, the U.S. Space Force
has a projected near-term budget of approximately $27 billion and approximately $175 billion total spend to fund the Golden Dome project. We believe our core capabilities and proven on-orbit capabilities make us a leading candidate to win and expand contracts in this strategically vital project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Intelligence Community ("IC")</u>: As evidenced by recent legislation dictating increased
competition in traditionally sole source award areas like the IC, Congress desires a low-cost provider for missions where we provide the best value and lowest cost demonstrated capability. We believe we are
positioned well to capture a significant portion of the addressable market being one of the only proven proliferated spacecraft primes with on-orbit DoD success.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>NASA</u>: York developed and successfully coordinated the launch of BARD, a commercial satellite mission
developed with NASA and Johns Hopkins Applied Physics Laboratory. The mission supports NASA's long-term goal of transitioning its space communications architecture to a commercial model, making space infrastructure faster and more accessible.
Looking forward, we see significant opportunity to expand this relationship as NASA advances its priorities in earth science and commercial partnerships for sustained space operations.

*Recurring revenue with identified opportunities and backlog which we believe positions us well for future growth* 

York is expanding into higher-margin, recurring services such as operations-as-a-service, software licensing, software annual support contracts, managed ground, and secure data delivery, leveraging our unified platform. Recent inorganic growth initiatives, such as the 2023 acquisition of Emergent and recent ATLAS acquisition, add a software-led, single-Application-Program-Interface ("API") ground layer to improve resilience and accelerate delivery. The goal of this shift in our mix of revenue, along with disciplined supply-chain management and target-cost design, is to support sustained growth and improve return on invested capital,

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while prudent backlog risk-weighting preserves forecast quality. York's demonstrated competitiveness in proliferated LEO / GEO programs and integrated space-to-ground delivery strengthens our business and we believe will allow us to continue to win as large contracts come to market, positioning us to translate identified demand into booked backlog and profitable revenue at scale.

We are strategically expanding from a supplier of physical satellites to a software-driven solutions provider. While our scalable, modular hardware remains best-in-class, our long-term value creation increasingly comes from delivering advanced software capabilities—ranging from constellation management and mission operations to secure communications and data downlink services. These offerings extend the life and utility of our deployed platforms, embed us deeper into DoD workflows, and differentiate us well beyond the satellite platform itself.

This evolution helps us capture higher-margin opportunities while strengthening our role as the DoD's trusted mission partner. By pairing proven hardware with software-enabled services, we deliver end-to-end solutions that improve resilience, reduce mission risk, and generate sustained value throughout the program lifecycle. In doing so, we are a full-spectrum provider of integrated space solutions, trusted both for what we build and how we enable mission success across the defense space enterprise.

![LOGO](g941199g90c76.jpg)

*Founder-led management team instilling a culture of innovation, execution, and efficiency* 

York's leadership blends deep flight heritage with high-volume manufacturing and software automation knowledge. Led by a strong founder and CEO, Dirk Wallinger, and a bench with deep technical expertise, the team has a history of innovation that pairs mission assurance with design-to-cost discipline. Our team has a track record of translating proven flight practices into repeatable, scalable production.

We have had success recruiting and maintaining high quality talent by leveraging our exciting missions, the breadth of our mission scope, and providing impact across the entire spectrum of space and defense. Our

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headquarters in Colorado places us at the center of the nation's second largest aerospace economy, giving us access to one of the largest concentrations of skilled aerospace talent and providing a strong and sustainable recruiting pipeline.

Our mission-focused leadership team, with decades of experience across advanced engineering and manufacturing sectors, is driven by a commitment to excellence and unified behind our mission. Our team possesses the leadership, operational and financial experience necessary to successfully lead York through its continued growth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dirk Wallinger, our founder and Chief Executive Officer, has more than two decades of experience in the aerospace
and defense sectors, bringing both leadership and a highly technical background to York. He has executed numerous strategic and long-term partnerships, both domestic and international, with industry leaders including Jet Propulsion Laboratory, NASA,
RUAG, Terma, US Air Force, U.S. Army, AAC Clyde, and the Netherlands Space Office. Prior to starting York, in addition to numerous roles in strategy, business, development, and architecture, he was a principal engineer on multiple space vehicles,
including GeoEye1, ORS-1, Fermi Gamma Ray Observatory, NFIRE, and numerous classified programs at Northrup Grumman, General Dynamics, and Lockheed Martin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Kevin Messerle, our Chief Financial Officer, has over 20 years of finance experience, most recently leading all
credit investments for Summit Partners in the Energy, Transportation, Automotive, and A&D sectors. He previously spent time at Davidson Kempner Capital Management leading the direct lending business, several investment roles at GE Capital, and
was a design engineer at GE's locomotive division.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Melanie Preisser, our General Manager and EVP, has over 25 years of diverse corporate and government experience.
Prior to joining York, she held positions at the NRO, SBIRS Ground Systems, Office of the Under Secretary of Defense, and Stratolaunch. She began her career as a U.S. Airforce Company Grade Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Michael Lajczok, our Chief Technology Officer, has over 18 years of engineering experience. He assumed the CTO
position during the development and debut of the S-CLASS spacecraft. Prior to becoming CTO, he served as Vice President of Mission Solutions at York. He began his career working as a Thermal Engineer at
Northrup Grumman on numerous NASA programs and Thermal lead for SAIC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Devjyoti Rudra, our Chief Supply Chain Officer, brings over 25 years of expertise having held leadership roles in
aerospace manufacturing businesses including at GE Aviation and United Technology. Prior to joining York, he served as a Vice President at AE Industrial Partners focused on the scaling of innovating aerospace companies using lean manufacturing
practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monica Palko, our Chief Legal and Administrative Officer, has more than 30 years of legal and executive
experience. At York, she oversees contracting, compliance, governance, human capital management, and strategic administration. She previously served as Vice President and General Counsel of Lockheed Martin Space and as a Trial Attorney at the U.S.
Department of Justice. She served on the Global Board of Directors for the Association of Corporate Counsel from 2018 through 2023.

We employ a technically skilled, sizeable, and diversified workforce of more than 670 dedicated employees, with approximately 341 holding security clearances and approximately 57 more in progress as of September 30, 2025. Since 2021, our headcount has increased by 350% to meet expected future demand and scale operations and manufacturing. As of September 30, 2025, over 50% of our employees were engineers across 10 different engineering disciplines, focused on developing, refining, and manufacturing our products and solutions with the same quality and efficiency that we have established ourselves as providing.

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![LOGO](g941199g79g89.jpg)

**Growth Strategy** 

*Continue to Exercise Demonstrated Ability to Win* 

Our growth strategy is anchored in strengthening and expanding our ability to win future contracts across defense space programs. We have a proven track record of cost-effective, on-time delivery under the PWSA, a vertically integrated production model that enables security and scale, and proprietary technology that differentiates us from competitors. By continually investing in modular designs, software-enabled solutions, and production capacity, we reinforce the attributes the DoD values most: speed, resilience, affordability, and mission assurance. These competitive advantages create a clear path for us to continue to win contracts as demand for proliferated, low-cost constellations and integrated software platforms accelerate.

Looking forward, we are deliberately strengthening our partnerships within the defense ecosystem to sustain our growth. This includes expanding our role from hardware supplier to full-spectrum solution provider, embedding our software offerings into mission operations, and pursuing adjacent opportunities in missile defense, sensing, and secure communications. By aligning our capabilities with long-term DoD priorities and demonstrating continued execution, we are positioned to win the next generation of contracts.

*Spacecraft platform baselines and scalable common technologies reduce schedule and technical risk and drive sustainable growth and margin expansion* 

We are leveraging spacecraft platform baselines and scalable common technologies to reduce schedule risk, lower technical complexity, and ensure repeatable success. By designing around a proven, modular architecture, we can deliver satellites and supporting solutions on compressed timelines with predictable performance. This approach not only strengthens our customers' confidence in our ability to execute but also creates cost advantages that enhance our competitiveness in large-scale government programs.

This disciplined technology strategy also drives sustainable growth and margin expansion. Common platforms allow us to scale production efficiently, spread R&D investment across multiple programs, and transition more seamlessly into software-enabled solutions that extend the value of our hardware. The result is a business model that is designed to combine reliable delivery with higher-margin, recurring revenue streams. By pairing standardization with scalability, we are building a foundation intended to support durable growth that positions us to capture an increasing share of defense spending while improving profitability.

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*Continued Accretive M&A Complementary to Our Existing Offerings* 

York has a proven history of using mergers and acquisitions to strengthen capabilities, expand market presence, and accelerate growth—most recently demonstrated by the ATLAS Acquisition in August 2025 and Emergent in 2023. The addition of Emergent brought deep expertise in mission design, flight dynamics, and software engineering, enhancing our ability to deliver sophisticated, end-to-end mission solutions for the DoD and NASA. More recently, the ATLAS Acquisition adds a leading ground-station platform with software-defined network capability to York's portfolio, further integrating space-to-ground connectivity into end-to-end solutions. By combining York's scalable, modular spacecraft with ATLAS's proven ground infrastructure and cloud-based control systems, York expects to be able to deliver a more seamless, reliant, and secure offering that directly aligns with the DoD's demand for integrated space architectures.

Looking ahead, we will continue to pursue strategic M&A to expand our software and services footprint, deepen vertical integration, and accelerate entry into adjacent mission areas such as sensing, missile defense, and secure communications. The acquisitions of Emergent and ATLAS are emblematic of our strategy: targeting companies that not only enhance our technical capabilities but also embed us more deeply into our customers' mission workflows. By pairing strong internal execution with strategic acquisitions like ATLAS, we aim to build a broad, high-margin company with the goal of leading the next decade of national security space growth.

We plan to expand our current product range through a deliberate mix of organic and inorganic growth that targets high-margin, scalable services closely aligned with our integrated platform. Organically, we intend to deepen software-defined operations, mission planning, and data delivery services that leverage our standardized S-CLASS, LX-CLASS, and M-CLASS architectures and unified flight/ground stack to reduce cost-to-serve and increase recurring revenue density per spacecraft. Inorganically, accretive transactions like the ATLAS Acquisition are expected to allow us to add differentiated, software-led ground and operations capabilities that improve win probability, shorten deployment timelines, and enhance space-to-ground resilience across programs. Together, this approach is designed to expand profitable business lines such as managed ground services, operations-as-a-service, and secure data delivery, while compounding scale benefits in procurement, accreditation, and tooling.

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**Risk Factors Summary** 

Investing in our common stock involves risks, which are discussed more fully under "Risk Factors." You should carefully consider all the information in this prospectus, including under "Risk Factors," before making an investment decision. Some of the most significant risks we face are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may experience cost overruns on our contracts, including before final receipt of a contract, which would
require us to absorb the excess costs and potentially reduce our cash flow and profitability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• concentration of our customers and backlog, in particular our largest customer, the SDA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may fail to implement and maintain an effective system of internal control over financial reporting, and as a
result may not be able to accurately determine or disclose our financial results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our operating results may fluctuate significantly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant competition in the global space and satellite market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our failure to manage our growth effectively and our ability to achieve and maintain profitability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any failure of our spacecraft systems and related software to operate as intended, resulting in warranty claims
for product failures, schedule delays or other problems with existing or new products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our revenue, results of operations and reputation may be negatively impacted if our products contain defects or
fail to operate in the expected manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our failure to establish and maintain important relationships with government agencies and prime contractors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future revenue and operating results are dependent on our ability to generate a sustainable order rate for
our products and services, and develop new technologies to meet the needs of our customers or potential new customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our contracts with the U.S. government may be terminated by the U.S. government at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are dependent on our current CEO and other members of management, as well as our highly trained employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our dependence on contracts entered into in the ordinary course of business and our dependence on major customers
and vendors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the scarcity or unavailability of critical components used to manufacture our products or used in our development
programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the market for spacecraft platforms and satellite software is still emerging and shifting, and the market may not
achieve the growth potential we expect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• uncertain global macro-economic and political conditions, including the implementation of tariffs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disruptions in U.S. government operations and funding and budgetary priorities of the U.S. government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a failure of our information technology systems, physical or electronic security protections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse publicity stemming from any incident involving us, our competitors, or our customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the failure to adequately protect our proprietary intellectual property rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the inability to comply with any of our contracts or meet eligibility requirements to obtain certain government
contracts;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limitations on investor insight into portions of our business due to our classified contracts with the U.S.
government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the potential inability to realize our backlog;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business is subject to a wide variety of extensive and evolving government laws and regulations and
contracting in the defense industry is subject to significant regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are subject to complex tax laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we have substantial indebtedness, and we may not be able to generate sufficient cash to service all of such
indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the market price of our common stock may be volatile or may decline steeply or suddenly regardless of our
operating performance and you may not be able to resell your shares at or above the initial public offering price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will incur increased costs and devote substantial management time as a result of operating as a public
company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AE Industrial Partners controls us, and its interests may conflict with ours or yours in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provisions in our certificate of incorporation and bylaws, each of which will be in effect upon the completion of
this offering, could make a merger, tender offer, or proxy contest difficult, thereby depressing the trading price of our common stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are a "controlled company" within the meaning of the NYSE rules and, as a result, qualify for and
intend to rely on exemptions from certain corporate governance requirements.

These and other risks are more fully described in the section entitled "Risk Factors" in this prospectus. If any of these risks actually occurs, our business, financial condition, results of operations, cash flows, and prospects could be materially and adversely affected. As a result, you could lose all or part of your investment in our common stock.

**Implications of Being an Emerging Growth Company** 

We qualify as an "emerging growth company" as defined in the JOBS Act. We will remain an emerging growth company until the earliest of (1) the last day of the fiscal year following the fifth anniversary of the completion of this offering, (2) the last day of the fiscal year in which we have total annual gross revenue of at least $1.235 billion, (3) the date on which we are deemed to be a large accelerated filer (which, in addition to certain other criteria, means the market value of our common stock that is held by non-affiliates exceeds $700.0 million as of the end of the second quarter of that fiscal year), or (4) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period.

An emerging growth company may take advantage of reduced reporting requirements that are otherwise applicable to public companies. These provisions include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not being required to comply with the independent registered public accounting firm attestation requirements of
Section 404(b) of the Sarbanes-Oxley Act of 2002, as amended (the "Sarbanes-Oxley Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• only being required to present two years of audited financial statements, plus unaudited condensed financial
statements for any interim period, and related management's discussion and analysis of financial condition and results of operations in this prospectus;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced disclosure obligations regarding executive compensation in our periodic reports, proxy statements, and
registration statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder
approval of any golden parachute payments not previously approved.

We have elected to take advantage of certain of the reduced disclosure obligations regarding financial statements and executive compensation in this prospectus and expect to elect to take advantage of other reduced burdens in future filings. As a result, the information that we provide to our stockholders may be different than you might receive from other public reporting companies in which you hold equity interests.

Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies. We are electing to take advantage of this extended transition period for complying with new or revised accounting standards provided for by the JOBS Act. We will therefore comply with new or revised accounting standards when they apply to private companies. As a result, our financial statements may not be comparable with companies that comply with public company effective dates for accounting standards.

**Our Principal Stockholder** 

AE Industrial Partners made its initial investment in York Space Systems in 2022 and is a % stakeholder in the Company as of the date of this registration statement.

After giving effect to this offering, assuming an offering size as set forth in "—The Offering" and an initial public offering price of $(the midpoint of the estimated price range set forth on the cover page of this prospectus), AE Industrial Partners will hold approximately % of our outstanding common stock (or approximately % of our outstanding common stock, if the underwriters' option to purchase additional shares from us is exercised in full). In addition, AE Industrial Partners anticipates entering into voting arrangements with certain other stockholders of the Company, pursuant to which such other stockholders will grant AE Industrial Partners the right to direct the voting of the shares of common stock held by such other stockholders with respect to the election of the Company's directors. As a result, upon the completion of this offering, we expect that AE Industrial Partners will control more than 50% of the total voting power of our common stock with respect to the election of our directors. See "Risk Factors—Risks Related to This Offering and Ownership of Our Common Stock—AE Industrial Partners controls us, and its interests may conflict with ours or yours in the future" and "Certain Relationships and Related Party Transactions—Agreements with our Significant Stockholders—Director Nomination Agreement." Accordingly, we expect to be a "controlled company" as defined in the corporate governance rules of the NYSE and will be exempt from certain corporate governance requirements of such rules. As a result, AE Industrial Partners will have significant power to control our affairs and policies and influence the outcome of matters that require stockholder approval, including with respect to the election of directors, the adoption of amendments to our certificate of incorporation and bylaws and the approval of any merger or sale of substantially all of our assets. See "Management—Controlled Company Exemption." For a description of certain potential conflicts between our principal stockholder and our other stockholders, see "Risk Factors—Risks Related to Our Organizational Structure—We are a 'controlled company' within the meaning of the rules of the NYSE, as a result, qualify for and intend to rely on exemptions from certain corporate governance requirements." For a description of AE Industrial Partners' ownership interests in us and its rights with respect to such ownership interests, see "Certain Relationships and Related Party Transactions," "Principal Stockholders" and "Description of Capital Stock."

AE Industrial Partners is a leading global alternative investment manager headquartered in Boca Raton, Florida. As of June 30, 2025, AE Industrial Partners' global platform had approximately $7.2 billion of assets under management with approximately 7,700 employees operating across North America, Europe, Asia Pacific and the Middle East.

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**Organizational Structure** 

We currently operate as a Delaware limited liability company under the name Yellowstone Midco Holdings II, LLC, which directly and indirectly holds all of the equity interests in our operating subsidiaries. Substantially concurrently with the effectiveness of the registration statement of which this prospectus forms a part, Yellowstone Midco Holdings II, LLC will convert into a Delaware corporation pursuant to a statutory conversion and will change its name to York Space Systems, Inc. In this prospectus, we refer to all of the transactions related to our conversion into a corporation as the "Corporate Conversion." Following the Corporate Conversion, we will remain a holding company and will continue to conduct our business through our operating subsidiaries. See the section entitled "Corporate Conversion."

Following the completion of the Corporate Conversion and prior to the closing of this offering, AE Industrial Partners will hold approximately % of York Space Systems, Inc.'s outstanding common stock. York Space Systems, Inc. will have several wholly owned direct and indirect subsidiaries that are legacies from the corporate structure that existed prior to this offering. See the section entitled "Corporate Conversion."

Prior to the consummation of this offering, Yellowstone Midco Holdings II, LLC intends to enter into a Tax Receivable Agreement (as defined herein) with our pre-IPO owner, Yellowstone Ultimate Holdings, LP, a limited partnership ("Holdings") that will require us to make payments to Holdings (or its transferees or successors) in an amount equal to 85% of certain tax savings (or expected tax savings) in respect of certain tax attributes of York Space Systems. See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement."

**Corporate Information** 

Yellowstone Midco Holdings II, LLC was formed on September 4, 2025 to hold the business assets of York Space Systems. Our principal executive offices are located at 1449 7th Street, Suite 425, Denver, CO 80204 and our telephone number is 720-537-2655. Our website address is www.yorkspacesystems.com. Information contained on, or that can be accessed through, our website is not part of and is not incorporated by reference into this prospectus, and you should not consider information on our website to be part of this prospectus.

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**The Offering** 

Common stock offered by us shares.

Underwriters' option to purchase additional shares of common stock to cover over-allotments shares.

Common stock to be outstanding after this offering shares (or shares if the underwriters exercise in full their option to purchase additional shares of common stock).

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| Use of proceeds  | We estimate that we will receive net proceeds from this offering of approximately $ million (or approximately $ million if the underwriters exercise in full their option to purchase additional shares of common stock), based on an assumed initial public offering price of $ per share, the midpoint of the estimated price range set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. |

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The principal purposes of this offering are to increase financial flexibility, create a public market for our common stock and enable access to the public equity markets for us and our shareholders. We intend to use the net proceeds we receive from this offering for working capital to fund growth and other general corporate purposes, which may include building inventory, research and development and capital expenditures. We may also use a portion of the net proceeds to acquire or make investments in businesses, products, offerings, and technologies, although we do not have agreements or commitments for any material acquisitions or investments at this time. At this time, we have not specifically identified a large single use for which we intend to use the net proceeds and, accordingly, we are not able to allocate the net proceeds among any of these potential uses in light of the variety of factors that will impact how such net proceeds are ultimately utilized by us.

See "Use of Proceeds."

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|:---|:---|
| Dividend policy  | We currently do not anticipate paying any cash dividends after this offering and for the foreseeable future. Any future determination relating to dividend policy will be made at the discretion of our board of directors and will depend on a number of factors, including restrictions in our current and future debt instruments, our future earnings, capital requirements, financial condition, future prospects, and applicable Delaware law, which provides that dividends are only payable out of surplus or current net profits. See "Dividend Policy." |

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Tax Receivable Agreement Prior to the consummation of this offering, we expect to enter into a Tax Receivable Agreement (as defined herein) with Holdings that

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will require us to make payments to Holdings (or its transferees or successors) in an amount equal to 85% of certain tax savings (or expected tax savings) in respect of certain tax attributes of York Space Systems. See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement." <br>

Risk factors See "Risk Factors" and the other information included in this prospectus for a discussion of factors you should carefully consider before deciding to invest in our common stock.

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|:---|:---|
| Controlled company  | Following this offering, assuming an offering size as set forth in this section, AE Industrial Partners will control, through share ownership and contractual arrangements, a majority of the voting power of our outstanding common stock with respect to the election of our directors, and as a result we will be a controlled company within the meaning of corporate governance standards. See "Risk Factors" and "Management—Controlled Company Exemption." |

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Proposed symbol We intend to apply to list our common stock on the NYSE under the symbol "YSS."

The number of shares of common stock that will be outstanding following this offering is based on shares of common stock outstanding as of (after giving effect to (i) the Corporate Conversion, (ii) the conversion of the Class P Units (as defined herein) into an aggregate of shares of our common stock and (iii) the conversion of the Incentive Units (as defined herein) into an aggregate of shares of our common stock). The number of shares of common stock that will be outstanding following this offering also gives effect to the issuance of shares of common stock in this offering, but does not include shares of common stock reserved for future issuance under our omnibus equity incentive plan to be adopted upon completion of this offering (the "Equity Incentive Plan"). See "Executive Compensation—Equity Incentive Compensation."

In addition, unless otherwise expressly stated or the context otherwise requires, the information in this prospectus is based on the following events and assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no exercise of the underwriters' option to purchase additional shares of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an initial public offering price of $ per share, which is the midpoint of the
estimated price range set forth on the cover of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the completion of the Corporate Conversion in connection with the completion of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the conversion of the Class P Units into shares of our common stock immediately prior to the effectiveness of the
registration statement of which this prospectus forms a part; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the distribution of all outstanding shares of common stock held by Holdings to its limited partners immediately
following the Corporate Conversion and the approval of the Partnership Board to permit the distribution of restricted stock in respect of unvested Incentive Units.

The number of shares of common stock issuable upon conversion of outstanding Class P units will vary based on the actual initial public offering price. An increase of $1.00 from the midpoint of the estimated price range set forth on the cover of this prospectus would result in the issuance of fewer shares of common stock upon conversion of the Class P units. A decrease of $1.00 from the midpoint of the estimated price range set forth on the cover of this prospectus would result in the issuance of additional shares of common stock upon conversion of the Class P units.

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**Summary Consolidated Financial Data** 

The following tables set forth our summary consolidated financial data. The summary consolidated statements of operations and comprehensive loss data and cash flow data for the nine months ended September 30, 2025 and 2024 and the summary consolidated balance sheet data as of September 30, 2025 have been derived from our unaudited condensed consolidated financial statements included elsewhere in this prospectus. The summary consolidated statements of operations and comprehensive loss data and cash flow data for the years ended December 31, 2024 and 2023 have been derived from our audited consolidated financial statements included elsewhere in this prospectus. Our historical results are not necessarily indicative of the results that may be expected in the future.

You should read the following summary unaudited consolidated financial data in conjunction with the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and related notes included elsewhere in this prospectus. The summary consolidated financial data in this section are not intended to replace, and are qualified in their entirety by, the audited consolidated financial statements and related notes.

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|:---|:---|:---|:---|:---|
|  | **For the nine months<br>ended September 30,** | **For the nine months<br>ended September 30,** | **For the year ended<br>December 31,** | **For the year ended<br>December 31,** |
| **(***$ in thousands)* | **2025** | **2024** | **2024** | **2023** |
|  Revenue | $280854 | $176925 | $253531 | $238103 |
|  Cost of revenues | 226460 | 160160 | 221110 | 183199 |
|  **Gross profit** | **54394** | **16765** | **32421** | **54904** |
|  **Gross profit %** | **19%** | **9%** | **13%** | **23%** |
|  Operating expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses | 94125 | 76433 | 103947 | 94073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research & development | 13796 | 15480 | 20440 | 6973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 107921 | 91913 | 124387 | 101046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Loss from operations** | **(53527)** | **(75148)** | **(91966)** | **(46142)** |
|  Other income (expense) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (21385) | (22529) | (29923) | (26175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 1035 | 932 | 1201 | 2328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other (expense) income, net | 1910 | (658) | (3600) | 1227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other expense | (18440) | (22255) | (32322) | (22620) |
|  **Loss before provision for income taxes** | $**(71967)** | $**(97403)** | $**(124288)** | $**(68762)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax benefit | 15923 | 23760 | 25377 | 39106 |
|  **Net loss**  | $**(56044)** | $**(73643)** | $**(98911)** | $**(29656)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation adjustment | 1152 | 578 | (436) | (797) |
|  **Comprehensive loss**  | $**(54892)** | $**(73065)** | $**(99347)** | $**(30453)** |

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|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** |
| *($ in thousands)* | **Actual** | **As Adjusted<sup>(1)</sup>** |
|  **Consolidated Balance Sheet Data:** |  |  |
|  Cash and cash equivalents | $22537 | $|
|  Working capital | (36751) |  |
|  Total assets | 1311807 |  |
|  Total liabilities | 415542 |  |
|  Redeemable preferred units | 102069 |  |
|  Common units | 1034383 |  |
|  Accumulated other comprehensive income (loss) | 342 |  |
|  Accumulated deficit | (240529) |  |
|  Total member's capital | 794196 |  |

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(1) The As Adjusted column reflects the Corporate Conversion, the sale of shares in this offering at the midpoint
of the estimated price range set forth on the cover page of this prospectus and the application of the net proceeds therefrom as described under "Use of Proceeds." Each $1.00 increase or decrease in the assumed initial public offering
price of $ per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, would increase or decrease the net proceeds to us from this offering by approximately
$ million, assuming the number of shares offered, as set forth on the cover page of this prospectus, remains the same, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable
by us. Each 1,000,000 increase or decrease in the number of shares offered would increase or decrease the net proceeds to us from this offering by approximately $ million, assuming that the assumed initial public offering
price per share for the offering remains at $, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated
offering expenses payable by us.

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|:---|:---|:---|:---|:---|
|  | **For the nine months<br>ended September 30,** | **For the nine months<br>ended September 30,** | **For the year ended<br>December 31,** | **For the year ended<br>December 31,** |
| **(***$ in thousands)* | **2025** | **2024** | **2024** | **2023** |
|  **Consolidated Statements of Cash Flow Data** |  |  |  |  |
|  Net cash (used in) provided by operating activities | $(88229) | $(35894) | $31614 | $15701 |
|  Net cash used in investing activities | (15408) | (13729) | (18048) | (62854) |
|  Net cash provided by financing activities | 21268 | 10000 | 10000 | 95465 |
|  **Net change in cash and cash equivalents** | $**(82369)** | $**(39623)** | $**23566** | $**48312** |

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|  | **As of and for the nine<br>months<br>ended September 30,** | **As of and for the nine<br>months<br>ended September 30,** | **As of and for the year<br>ended December 31,** | **As of and for the year<br>ended December 31,** |
| **(***$ in thousands)* | **2025** | **2024** | **2024** | **2023** |
|  **Non-GAAP financial measures:** |  |  |  |  |
|  EBITDA<sup>(1)</sup> | $(15006) | $(39831) | $(47494) | $(520) |
|  Adjusted EBITDA<sup>(1)</sup> | (6864) | (38966) | (43137) | 1779 |
|  Contribution margin<sup>(1)</sup> | 87335 | 48406 | 75190 | 89529 |
|  Contribution margin %<sup>(1)</sup> | 31% | 27% | 30% | 38% |

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(1) This prospectus includes non-GAAP (as defined below) financial measures
that are supplemental measures of financial performance and not recognized or required under U.S. GAAP. We utilize these non-GAAP measures to provide investors and analysts with additional tools for evaluating
our financial performance

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and assessing our prospects for the future. Specifically, we make use of the non-GAAP financial measures "EBITDA," which is defined as net loss adjusted for interest expense, interest income, provision for income taxes, and depreciation and amortization, and "Adjusted EBITDA," which is defined as EBITDA adjusted for changes in the fair value of derivatives, transaction expenses, gains or losses on foreign exchange and other non-recurring items. Contribution margin is defined as revenue less direct material costs of revenue and contribution margin % is defined as contribution margin divided by revenue. See the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" for further discussion on how this measure is useful to investors and utilized by management as well as the reconciliation of EBITDA and Adjusted EBITDA to net loss as well as contribution margin to gross profit and contribution margin % to gross profit % the closest U.S. GAAP measures.

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|:---|:---|:---|:---|
|  | **As of**<br>**September 30,** | **As of**<br>**December 31,** | **As of**<br>**December 31,** |
| **(***$ in thousands)* | **2025** | **2024** | **2023** |
|  **Key performance indicator:** |  |  |  |
|  Backlog<sup>(1)</sup> | $642019 | $861677 | $938481 |

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(1) This prospectus includes key performance indicators such as "backlog," which is a key measure of
our business growth. Backlog represents our estimate of the revenue we expect to realize in future periods as a result of performing work on contracts that have been awarded to us (net of any revenue already recognized as of the date of
measurement). We include the aggregate expected revenue of awarded contracts in our backlog upon the execution of a legally binding agreement, even though our contracts include termination rights exercisable by our customers with advance notice. See
the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" for further discussion on how this measure is useful to investors and see "Risk Factors—Risks Related to Our
Business" for a further discussion of certain risks related to our backlog.

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**RISK FACTORS** 

*Investing in our common stock involves a high degree of risk. Before you decide to invest in our common stock, you should consider carefully the risks described below, together with the other information contained in this prospectus, including our consolidated financial statements and the related notes appearing elsewhere in this prospectus. We believe the risks described below are the risks that are material to us as of the date of this prospectus. If any of the following risks actually occur, our business, financial condition, results of operations, and future growth prospects could be materially and adversely affected. In these circumstances, the market price of our common stock could decline, and you may lose all or part of your investment.* 

**Risks Related to Our Business** 

***If we experience cost overruns on our contracts, we would have to absorb the excess costs which could adversely affect our financial results.***

During the nine months ended September 30, 2025, the majority of our net sales were from long-term firm-fixed-price ("FFP") production contracts. Under FFP contracts, we agree to perform specified work for a fixed price and realize all of the profit or loss resulting from variations in the costs of performing the contract. As a result, all FFP contracts involve the inherent risk of unreimbursed cost overruns. We have in the past incurred, and may in the future incur unanticipated cost overruns on a FFP contract, harming our profitability. Future profitability is subject to risks including the ability of suppliers to deliver components of acceptable quality on schedule. Our FFP contracts include development work. This type of work is inherently more uncertain as to future events than non-development contracts, and, as a result, there is typically more variability in estimates of the costs to complete the development stage. While management uses its best judgment to estimate costs associated with FFP development, future events could result in adjustments to those estimates.

***We derive a substantial amount of our revenues and backlog from our largest customer, the Space Development Agency. A material adverse change in the SDA's mandate could materially reduce our revenues and backlog.***

As of and for the nine months ended September 30, 2025, the SDA accounted for substantially all of our revenue and backlog. A material change in the SDA's mandate or spending could reduce future revenues we receive from the SDA, and could materially reduce our revenues and backlog. The SDA could change its ordering patterns or spending strategy, be delayed in the fulfillment of its contractual obligations to us, reduce or cease its use of our services, or become unable to pay for services it had contracted to buy, whether due to a downturn in appropriations, a government shutdown or various other causes, including the risk of changes to future government funding levels, which may be substantially curtailed or abandoned and result in contract cancellations, modifications, delays, or reduction in orders. In particular, the current U.S. presidential administration has indicated it is committed to decreasing federal spending and the size of the federal government. If the current administration were to take actions that impacted the amount the SDA is able to spend on our services, it could materially adversely impact our business, results of operations, and financial condition. In addition, under our contracts, the SDA generally has the right to terminate, cancel, or curtail its contracts with us for convenience. Any decision by the SDA to terminate, cancel, or curtail our contracts would adversely affect our backlog revenues, revenue growth, and profitability. If our backlog is reduced as a result of any of the foregoing factors or for other reasons, including terminations for convenience, our revenues, operating margins, and cash flows would be further negatively impacted.

***Our quarterly operating results have fluctuated and may in the future fluctuate and be less than prior periods, our projections or the expectations of securities analysts or investors, which could materially adversely affect our stock price.***

Our operating results have fluctuated from quarter to quarter at points in the past, and they may do so in the future. Therefore, results of any one fiscal quarter are not a reliable indication of results to be expected for any

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other fiscal quarter or for any year. If we fail to increase our results over prior periods, to achieve our projected results or to meet the expectations of securities analysts or investors, our stock price may decline, and the decrease in the stock price may be disproportionate to the shortfall in our financial performance. Results may be affected by various factors, including those described in these risk factors. We consider strategic acquisitions of businesses and other investments which may be costly, time consuming and challenging to consummate and/or integrate with our existing businesses, and may result in fluctuations in our operating results and financial position across periods that may be unrelated to our underlying performance. Any particular acquisition or other investment we make could prove less successful than anticipated and have a negative effect on our business.

***Our limited operating history in an evolving industry makes it difficult to evaluate our business and future prospects and the risks and challenges we may encounter.***

We have a limited operating history in a rapidly evolving industry that may not develop in a manner favorable to our business. While our business has grown, and much of that growth has occurred in recent periods, the markets for spacecraft and related software, components and services may not continue to develop in a manner that we expect or that otherwise would be favorable to our business. As a result of our limited operating history and ongoing changes in our new and evolving industry, including evolving demand for our products and services, our ability to forecast our future results of operations and plan for and model future growth is limited and subject to a number of uncertainties. We have encountered and expect to continue to encounter risks and uncertainties frequently experienced by growing companies in rapidly evolving industries, such as the risks and uncertainties described herein. Accordingly, we may be unable to prepare accurate internal financial forecasts or replace anticipated revenue that we do not receive as a result of delays arising from these factors or cancellations of government programs, and our results of operations in future reporting periods may be below the expectations of investors or analysts. If we do not address these risks successfully, our results of operations could differ materially from our estimates and forecasts or the expectations of investors or analysts, causing our business to suffer and our common stock price to decline.

***We have identified material weaknesses in our internal control over financial reporting. If we are unable to remediate these material weaknesses or maintain effective internal controls, the accuracy and timeliness of our financial reporting may be materially adversely affected, which could cause the market price of our common stock to decline, lessen investor confidence and harm our business.***

We have identified material weaknesses in our internal control over financial reporting relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying the correct measure of progress related to our over-time revenue recognition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintaining effective controls to sufficiently review the completeness and accuracy of the annual tax provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• classification of preferred units on the balance sheet and the related required recognition of dividends
associated with the redeemable preferred units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reclassification of direct and indirect costs associated with production from SG&A to COGS.

The PCAOB defines a material weakness as "a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis." The Company has performed additional accounting analysis and other procedures, including consulting with third-party subject matter experts, to ensure the proper accounting and financial disclosures for these items. The Company recently hired a Chief Accounting Officer and will continue to utilize third-party subject matter experts to enhance its internal controls processes to remediate these material weaknesses. Until our remediation plan is implemented, tested, and deemed effective, we cannot assure that our actions will adequately remediate the material weaknesses or that additional material weaknesses in our internal controls will not be identified in the future. As a public company, the Company will be required, pursuant to Section 404 of the Sarbanes-Oxley Act,

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to furnish a report by management on, among other things, the effectiveness of its internal control over financial reporting in future annual reports on Form 10-K to be filed with the SEC beginning with the second annual report following our initial public offering. Failure to comply with the Sarbanes-Oxley Act could potentially subject us to sanctions or investigations by the SEC, or other regulatory authorities, which would require additional financial and management resources. If we are unable to conclude on an ongoing basis that we have effective internal control over financial reporting in accordance with Section 404, our independent registered public accounting firm would issue an unqualified opinion. However, for as long as the Company is an emerging growth company under the Jumpstart Our Business Startups Act of 2012, its independent registered public accounting firm will not be required to attest to the effectiveness of its internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act. We could be an emerging growth company for up to five years from the last day of the fiscal year of our initial public offering. If we are unable to conclude that we have effective internal control over financial reporting, investors could lose confidence in our reported financial information, which could have a material adverse effect on the trading price of our common stock. Failure to remedy any material weakness in our internal control over financial reporting, or to implement or maintain other effective control systems required of public companies, could also restrict our future access to the capital markets.

***If we fail to implement and maintain an effective system of internal control over financial reporting, we may not be able to accurately determine or disclose our financial results. As a result, our stockholders could lose confidence in our financial results.***

Upon completion of this offering, we will become subject to the informational requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and will be required to file reports and other information with the Securities and Exchange Commission (the "SEC"). As a publicly traded company, we will be required to maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file with, or submit to, the SEC is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. They include controls and procedures designed to ensure that information required to be disclosed in reports filed with, or submitted to, the SEC is accumulated and communicated to management, including our principal executive and principal financial officers, to allow timely decisions regarding required disclosure. Effective disclosure controls and procedures are necessary for us to provide reliable reports, effectively prevent and detect fraud, and to operate successfully as a public company. Designing and implementing effective disclosure controls and procedures is a continuous effort that requires significant resources and devotion of time. We may discover deficiencies in our disclosure controls and procedures that may be difficult or time consuming to remediate in a timely manner. Any failure to maintain effective disclosure controls and procedures or effective internal control over financial reporting, or to timely effect any necessary improvements thereto, could cause us to fail to meet our reporting obligations (which could affect the listing of our common stock on the NYSE). Additionally, ineffective disclosure controls and procedures or internal control over financial reporting could also adversely affect our ability to prevent or detect fraud, harm our reputation and cause investors to lose confidence in our reports filed with, or submitted to, the SEC, which would likely have a negative effect on the market price of our common stock.

***Failure to comply with the requirements of the National Industrial Security Program Operating Manual Rule could result in interruption, delay, or suspension of our ability to provide our products and services and could result in loss of current and future business with the U.S. government.***

Certain contracts with the U.S. government may require us to be issued facility security clearances under the National Industrial Security Program Operating Manual (NISPOM) Rule. The National Industrial Security Program requires that a corporation maintaining a facility security clearance be effectively insulated from foreign ownership, control, or influence ("FOCI"). Failure to maintain an agreement with the DoD regarding the appropriate FOCI mitigation arrangement could result in invalidation or termination of the facility security clearances, which in turn would mean that we would not be able to enter into future contracts with the U.S. government requiring facility security clearances, and which may result in the loss of our ability to complete existing contracts with the U.S. government.

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***If we fail to establish and maintain important relationships with government agencies and prime contractors, our ability to successfully maintain and develop new business could be materially adversely affected.***

Our reputation and relationship with the U.S. government, and in particular with the agencies of the DoD and the U.S. intelligence community, are key factors in maintaining and developing new business opportunities. In addition, we often act as a subcontractor or in teaming arrangements in which we and other contractors bid together on particular contracts or programs for the U.S. government or government agencies. We expect to continue to depend on relationships with other prime contractors for a portion of our revenue for the foreseeable future. Negative press reports regarding conflicts of interest, poor contract performance, employee misconduct, information security breaches or other aspects of our business, regardless of accuracy, could harm our reputation. Additionally, as a subcontractor or team member, we often lack control over fulfillment of a contract, and poor performance on the contract could tarnish our reputation, even when we perform as required. As a result, we may be unable to successfully maintain our relationships with government agencies or prime contractors, and any failure to do so could materially adversely affect our ability to maintain our existing business and compete successfully for new business.

***We face significant competition in the global space and satellite market.***

We operate in the highly competitive global space and satellite industry, which has been more competitive recently, given the increased focus of the U.S. presidential administration on human missions to space. Competitors range in size from divisions of large public corporations to small, privately held entities. We face intense competition in the global space and satellite market. Many of our current and potential competitors are larger and have substantially greater financial or other resources than we currently have or expect to have in the future, and thus may be better positioned to exploit the market need for spacecraft propulsion systems, satellite and launch services for payloads with targeted orbital delivery. Our ability to compete depends on high product performance, consistent high quality, short lead time and timely delivery, competitive pricing, superior customer service and support, and continued certification under customer quality requirements and assurance programs. Our competitors may also be able to devote greater resources to the development of their current and future technologies, which could overlap with our technologies, or the promotion and sale of their products and services. Our competitors could offer products and services at lower prices, which could undercut our business strategy and potential competitive edge. Our current and potential competitors may also establish cooperative or strategic relationships amongst themselves or with third parties that may further enhance their resources and offerings relative to ours, and may reduce the size of our addressable market. Further, it is possible that domestic or foreign companies or governments, some with greater experience in the aerospace industry or greater financial resources than we possess, will seek to provide products or services that compete directly or indirectly with ours in the future. Any such foreign competitor could benefit from subsidies from, or other protective measures by, its home country. We believe our ability to compete successfully as a provider of comprehensive space mission solutions does and will depend on number of factors, which may change in the future due to increased competition, including the price of our products and services, customer satisfaction for the experiences we offer, and the frequency and availability of our products and services. If we encounter difficulties in scaling our production capabilities, if we fail to develop and successfully commercialize our spacecraft systems, and related software, components and services, if we fail to develop such technologies before our competitors, or if such technologies fail to perform as expected, are inferior to those of our competitors or are perceived as less safe than those of our competitors, our business, financial condition, and results of operations could be materially and adversely impacted.

***If we are unable to manage the increasing technological complexity of our business, or achieve or manage our expected growth, our business could be adversely affected.***

The technological complexity of our business has increased significantly over the last several years. This increased complexity and our expected growth has placed, and will continue to place, a strain on our management and our administrative, operational, and financial infrastructure. We anticipate that a further growth

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of headcount and facilities, domestically as well as internationally, will be required to address expansion in our product and service offerings and the geographic scope of our customer base. However, if we are unsuccessful in our efforts, our business could decline. Our success will depend in part upon the ability of our senior management to manage our increased complexity and expected growth effectively. To do so, we must continue to hire, train, manage, and integrate a significant number of qualified managers and engineers. If our new employees perform poorly, or if we are unsuccessful in hiring, training, managing, and integrating these new employees, or retaining these or our existing employees, then our business may experience declines. To support our expected growth, we must continue to improve our operational, financial, and management information systems. If we are unable to manage our growth while maintaining our quality of service, or if new systems that we implement to assist in managing our growth do not produce the expected benefits, then our business, financial condition, and results of operations could be materially adversely affected.

***If our spacecraft systems and related software and components fail to operate as intended, we may experience claims for product failures, schedule delays or other problems with existing or new products, which could have a material adverse effect on our business, financial condition, and results of operations.***

Many of the spacecraft systems and related software and components we develop and manufacture are technologically advanced systems that must function under demanding operating conditions. The sophisticated and rigorous design, manufacturing, and testing processes and practices we employ do not entirely prevent the risk that we may not be able to successfully manufacture our products on schedule or that our products may not perform as intended, whether due to reasons attributable to us or third parties (such as technical limitations of customer payloads or our suppliers' launch vehicles). When our products and services fail to perform adequately, some of our contracts require us to forfeit a portion of our expected profit, receive reduced payments, provide a replacement product or service, or reduce the price of subsequent sales to the same customer. Performance penalties may also be imposed when we fail to meet delivery schedules or other measures of contract performance. Our business partners may also cancel existing contracts, which could adversely affect our backlog, business, results of operations, and financial condition. We do not generally insure against potential costs resulting from any required remedial actions or costs or loss of sales due to postponement or cancellation of scheduled operations or product deliveries.

***Our revenue, results of operations and reputation may be negatively impacted if our products contain defects or fail to operate in the expected manner.***

We sell complex and technologically advanced products and services, including spacecraft solutions and services and related technology and components. Sophisticated software used in our products and services, including software developed by us, may contain defects that can unexpectedly interfere with the software's intended operation. Defects may also occur in components and products that we manufacture or purchase from third parties. Most of the spacecraft and related software and components we have developed must function under demanding and unpredictable operating conditions and in harsh and potentially destructive environments. Our products and services may not be successfully implemented, pass required acceptance criteria, or operate or give the desired output, or we may not be able to detect and fix all defects in the spacecraft and related software and components and systems we sell and/or use. Failure to do so could result in lost backlog and revenue and damage to our reputation and may adversely affect our ability to win new contract awards.

***Our future revenue and operating results are dependent on our ability to generate a sustainable order rate for our products and services and develop new technologies to meet the needs of our customers or potential new customers.***

The ability to generate a sustainable order rate for our products and services can be challenging and may fluctuate on an annual basis as the number of contracts awarded varies. If we are unable to win new awards or execute existing contracts as expected, our business, financial condition and results of operations could be further adversely affected. Furthermore, if our customers experience delays or technical challenges with their products or

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services or exercise delay or termination rights under new or existing contracts, our ability to recognize the full potential value of such contracts could also adversely affect our business, financial condition and results of operations

The cyclical nature of the satellite market could negatively impact our ability to accurately forecast customer demand. The markets that we serve may not grow in the future and we may not be able to maintain adequate gross margins or profits in these markets. Our growth is dependent on the growth in the sales of services provided by our customers, our customers' ability to anticipate market trends, and our ability to anticipate changes in the businesses of our customers and to successfully identify and enter new markets. If we fail to anticipate such changes in demand, or such demand does not materialize to the extent we expected or at all, our business, financial condition and results of operations could be adversely affected.

The satellite industry is characterized by development of technologies to meet changing customer demand for complex and reliable products and services. Our products and services embody complex technology and may not always be compatible with current and evolving technical standards and systems developed by others. Failure or delays to meet the requisite and evolving industry or user standards could have a material adverse effect on our business, financial condition and results of operations. Failure of suppliers to deliver against end customer requirements could lead to a material adverse effect on our financial results.

We have previously experienced, and may experience in the future, delays or other complications in the design, manufacture and commercialization of new satellites, satellite components and related services and technology. If we fail to develop and successfully commercialize new technologies, if we fail to develop such technologies before our competitors, or if such technologies fail to perform as expected, or are inferior to those of our competitors, our business, financial condition and results of operations could be materially and adversely impacted.

***Our contracts with the U.S. government may be terminated by the U.S. government at any time, which could have a material adverse effect on us.***

Government contract laws and regulations can impose terms or obligations that are different than those typically found in commercial transactions. For example, the U.S. government may terminate any of our government contracts and subcontracts without cause. Upon the termination for convenience of a FFP contract, we expect to be entitled to receive the purchase price for delivered items, reimbursement for allowable costs for work-in-process and an allowance for profit on the contract. However, U.S. government programs do not always have sufficient funds to cover termination settlements when the costs to terminate for convenience would exceed the amount of appropriated funds. Under such circumstances, the U.S. government could assert that it is not required to appropriate additional funding, which would negatively affect our expected profit and cash flows. Additionally, we typically contract with the U.S. government through Other Transaction Agreements ("OTAs"), which are not subject to certain provisions under the Federal Acquisition Regulation ("FAR"). The U.S. government has greater flexibility to terminate OTAs without cause, and to determine the amount payable to us in the event of a termination without cause, than under standard federal procurement contracts subject to the FAR. As a result, the U.S. government could terminate its existing OTAs with us more easily than other contracts that are subject to the FAR, which could negatively impact our business, prospects and results of operations.

In the event of a termination of a government contract for our default, the U.S. government could make claims to reduce the value of the relevant contract or recover its procurement costs and could assess other special penalties. In addition, a termination arising out of our default may expose us to liability and could have a material adverse effect on our ability to compete for future contracts and orders. In addition, the U.S. government could terminate a prime contract under which we are a subcontractor for any reason, including a default by the prime contractor, notwithstanding the fact that our performance and the quality of the products or services we delivered were consistent with our contractual obligations as a subcontractor. Further, some portion of our government contracts could operate for periods of time under Undefinitized Contract Actions ("UCAs"), under which we

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begin performing certain obligations before the parties agree to complete terms and specifications, and prior to the submission of a price proposal (but potentially after being required to submit a CROM). While operating under UCAs, the government may require us to submit a Ceiling Rough Order of Magnitude ("CROM"), which imposes a maximum adjustment to be made in the total agreement price or other terms, such as delivery schedule or time of performance. In light of the uncertainty around price and availability of component parts or other inputs, availability of labor and technical expertise, and timing of contract fulfillment, among other factors, we cannot guarantee that any CROM we submit would accurately capture all aspects of price or account for all potential delays in fulfilling a particular contract operating under UCA. As a result, this ceiling may cause our costs to exceed those included in the CROM under a particular contract or could result in our default under a particular contract, each of which could negatively impact our expected profit and cash flows and the price of our common stock.

Additionally, certain of our U.S. government contracts span one or more programs or efforts, including a base period, and may include multiple options. The U.S. government could decide not to exercise any of these options, which could result in a loss of expected sales or profits. In addition, the U.S. government may decide to exercise options for contracts under which it is expected that our costs may exceed the contract price or terms contained in the applicable CROM, which could result in unreimbursed costs and potential losses.

***Our inability to hire or retain key personnel could have a material adverse effect on us.***

Our success depends, in part, on our ability to retain and hire key personnel. We depend on our current Chief Executive Officer and other executive officers, senior management team, and highly trained employees, and any work stoppage, difficulty in hiring similar employees, or ineffective succession planning could materially adversely affect our business and could impair our relationships with U.S. government customers and disrupt the management of our business. Our operating performance is also dependent upon personnel who hold security clearances and receive substantial training to work on certain programs or tasks and can be difficult to replace on a timely basis if we experience unplanned attrition.

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and training them. If we are unable to recruit and retain a sufficient number of these employees, then our ability to maintain our competitiveness and grow our business could be negatively affected. In addition, because of the highly technical nature of our products, the loss of any significant number of our existing engineering personnel could have a material adverse effect on our business and operating results. Furthermore, the relationships and reputation that our Chief Executive Officer and other members of our senior management team have established and maintain with U.S. government agencies and personnel contribute to our ability to maintain strong customer relationships and to identify new business opportunities. The loss of any member of our senior management could impair our ability to identify and secure new contracts, to maintain good customer relations, and to otherwise manage our business. Also, to the extent we hire personnel from competitors, we may be subject to allegations that they have been improperly solicited or divulged proprietary or other confidential information. If we are unable to attract and retain the qualified personnel we need to succeed, our business would suffer.

***We often rely on a single vendor or a limited number of vendors to provide certain key products or services and the inability of these key vendors to meet our needs could have a material adverse effect on our business.*** 

Historically, we have contracted with a single vendor or a limited number of vendors to provide certain key products or services, such as solar array wings, inertial measurement units, primary structures, GPS receivers, star trackers, payload interface flight computers, radios, and propulsion. In addition, our manufacturing operations depend on specific technologies and companies for which there may be a limited number of vendors. If these vendors are unable to meet our needs because they fail to perform adequately, are unable to match new technological requirements or problems, or are unable to dedicate engineering and other resources necessary to provide the services contracted for, our business, financial condition, and results of operations may be adversely affected. While alternative sources for these products, services, and technologies may exist or develop in the future, and we have undertaken efforts to find or develop additional sources of these supplies, we may not be able to develop these alternative sources quickly and cost-effectively, which could materially impair our ability to operate our business. Furthermore, our current or future vendors may request changes in pricing, payment terms, or other contractual obligations, which could cause us to make substantial additional investments. Additionally, certain of our suppliers' employees are represented by labor unions, and any labor union actions at our suppliers may also affect us. Work stoppages could delay the production and/or development of our products, which could strain relationships with customers and cause a loss of revenues which could adversely affect our operations.

***If critical components used to manufacture our products or used in our development programs become scarce or unavailable, then we may incur delays in manufacturing and delivery of our products and in completing our development programs, which could damage our business.***

Our ability to meet customers' demands depends, in part, on our ability to obtain timely and adequate delivery of quality materials, parts and components from our suppliers. We obtain certain of our hardware components, various subsystems and systems from a limited group of suppliers, some of which are sole source suppliers. Although we hold long-term contracts with certain key suppliers that establish pricing, minimize lead times and to some degree mitigate risk, we do not have long-term agreements with all suppliers that obligate them to continue to sell components, products required to build our systems or products to us. Our reliance on suppliers without long-term contracts involves significant risks and uncertainties, including whether our suppliers will provide an adequate supply of required components or products of sufficient quality, will increase prices for the components or products and will perform their obligations on a timely basis. In addition, certain components used in the manufacture of our products and in our development programs are periodically subject to supply shortages, and our business is subject to the risk of price increases and periodic delays in delivery. Particularly, the market for electronic components has been and currently still is experiencing increased demand and a global shortage of semiconductors, creating substantial uncertainty regarding our suppliers' ongoing timely delivery of these components to us. Shortages in components for our products and delays in obtaining components for our products could cause customers to terminate their contracts with us, delay orders from us or cause us to delay accepting orders, negatively impact our ability to win new programs and/or contracts, negatively impact and disrupt our development programs, increase our costs and materially adversely affect our business, results of

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operations, prospects and financial condition. Moreover, if any of our suppliers become capacity constrained, financially unstable or otherwise unable or unwilling to provide us with components or other inputs, then we may have to find new suppliers. It may take several months to locate alternative suppliers, if required, or to redesign our products to accommodate components from different suppliers. Even if we identify alternate suppliers, we may experience significant delays in manufacturing and shipping our products to customers and incur additional development, manufacturing and other costs to establish such alternative sources, be required to redesign our products and to complete additional quality control procedures. In addition, credit constraints of key suppliers could result in accelerated payment of accounts payable by us, adversely impacting our cash flow. We have experienced increased costs for components, as well as increased shipping, warehousing and inventory costs. We cannot predict the extent to which these costs will continue and/or continue to increase or if we will be able to obtain replacement components within the time frames that we require at an affordable cost, if at all. Additionally, shortages of components may result in increased inventory of unfinished products and significant quantities of other unused components remaining in inventory, which could expose us to increased risks of obsolescence and losses which may not be fully covered by insurance.

***Our leases may be terminated or we may be unable to renew our leases on acceptable terms and if we wish to relocate, we may incur additional costs if we terminate a lease.*** 

We have made significant capital expenditures to improve several of our leased facilities in order to make them suitable for our purposes as well as to meet requirements that we are subject to as a U.S. government contractor and obtain facility security clearances. However, at the end of the lease term and during any renewal period for a facility, we may be unable to renew the lease without substantial additional cost, if at all. If we are unable to renew our facility leases, we may close or relocate a facility, which could subject us to construction and other costs and risks, which in turn could have a material adverse effect on our business, results of operations, prospects and financial condition, including significant capital expenses that may materially impact our results of operations and ability to meet certain contractual schedule commitments. Additionally, we may have to seek qualification of any new facilities in order to meet customer or contractual requirements. We would also have to obtain facility security clearances for the new facility in order to continue to perform on classified contracts. Further, we may not be able to secure a replacement facility in a location that is as commercially viable as that of the lease we are unable to renew, due to contracts that may require us to have facilities in certain locations. Having to close a facility, even briefly to relocate, would reduce the sales that such facility would be able to contribute to our revenues. Additionally, a relocated facility may generate less revenue and profit, if any, than the facility it was established to replace. Many of our facilities are located on leased premises subject to non-cancellable leases. Typically, our leases have initial terms ranging from five to 10 years, with options to renew for specified periods of time. We believe that our future leases will likely also be long-term and non-cancellable and have similar renewal options. If we close or stop fully utilizing a facility, we will most likely remain obligated to perform under the applicable lease, which would include, among other things, making the base rent payments, and paying insurance, taxes and other expenses on the leased property for the remainder of the lease term. Our inability to terminate a lease when we stop fully utilizing a facility could materially adversely impact our business, results of operations, prospects and financial condition.

***The U.S. government's budget deficit and the national debt, as well as any inability of the U.S. government to complete its budget process for any government fiscal year could have an adverse impact on our business, financial condition, and results of operations.***

The U.S. government's budget deficit and the national debt, as well as any inability of the U.S. government to complete its budget process for any government fiscal year and consequently having to shut down or operate on funding levels equivalent to its prior fiscal year pursuant to a continuing resolution, could have an adverse impact on our business, financial condition, and results of operations. Considerable uncertainty exists regarding how future budget and program decisions will unfold, including the defense spending priorities of the U.S. government, what challenges budget reductions will present for the defense industry and whether annual appropriations bills for all agencies will be enacted for U.S. government fiscal year 2025 and thereafter due to

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many factors, including but not limited to, changes in the political environment, and any resulting uncertainty or changes in policy or priorities and resultant funding. The U.S. government's budget deficit and the national debt could have an adverse impact on our business, financial condition, and results of operations in a number of ways, including the following: The U.S. government could reduce or delay its spending on, reprioritize its spending away from, or decline to provide funding for the government programs in which we participate; U.S. government spending could be impacted by alternate arrangements to sequestration, which increases the uncertainty as to, and the difficulty in predicting, U.S. government spending priorities and levels; and we may experience declines in revenue, profitability, and cash flows as a result of reduced or delayed orders or payments or other factors caused by economic difficulties of our customers and prospective customers, including U.S. federal, state, and local governments. In particular, our future growth prospects would be adversely impacted if the Golden Dome is not pursued on the timeline we expect, or if funding for the project is less than we anticipate or if the project is structured in ways that are disadvantageous to us. In particular, the SDA is our largest customer and if it is not centrally involved in the contracting process for Golden Dome projects, we will need to compete for contract awards from new customers, and we may not have the same degree of success we historically have had with the SDA. In addition, if Golden Dome projects consist of a greater portion of cost plus contracts than we expect, our potential opportunity may be smaller than we expect. Furthermore, we believe continued budget pressures could have serious negative consequences for the security of the U.S., the defense industrial base and the customers, employees, suppliers, investors, and communities that rely on companies in the defense industrial base. Budget and program decisions made in this environment would have long-term implications for us and the entire defense industry.

***Our business may be adversely affected by changes in budgetary priorities of the U.S. government.***

Changes in federal government budgetary priorities could directly affect our financial performance and could have a material adverse effect on our business, results of operations, prospects, and financial condition. A significant decline in government expenditures, a shift of expenditures away from programs that support the industry in which we operate (including the Golden Dome project) or related industries or a change in federal government contracting policies could cause federal government agencies to reduce their purchases under contracts, to exercise their right to terminate contracts at any time without penalty or not to exercise options to renew contracts, any of which could result in decreased sales of our products, and could adversely impact the trading price of our common stock. In addition, if government budgets are not approved in a timely fashion, our U.S. government customers may not be able to start new programs and may not have adequate funding for existing programs, which could impact the progress in achieving certain milestones under our contracts and our business, results of operations, and financial condition.

***Disruptions in U.S. government operations and funding could have a material adverse effect on our revenues, earnings, and cash flows, and otherwise adversely affect our financial condition.***

Any disruptions in federal government operations could have a material adverse effect on our revenues, earnings, and cash flows. A prolonged failure to maintain significant U.S. government operations, particularly those pertaining to our business, could have a material adverse effect on our revenues, earnings, and cash flows. Continued uncertainty related to recent and future government shutdowns, the budget and/or the failure of the government to enact annual appropriations, such as long-term funding under a continuing resolution, could have a material adverse effect on our revenues, earnings, and cash flows. Additionally, disruptions in government operations may negatively impact regulatory approvals and guidance that are important to our operations. Our TAM assumes higher U.S. government spending in the future plus existing allocations, and therefore if the U.S. government spends less on the initiatives that we believe represent potential opportunities for our business, our TAM may be lower.

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***Uncertain global macro-economic and political conditions could materially adversely affect our results of operations and financial condition.***

Our results of operations and growth prospects are materially affected by economic and political conditions in the United States and internationally, including inflation, deflation, interest rates, recession or fears of recession, availability of capital, energy and commodity prices, the availability and cost of labor, tariffs, trade laws and trade wars, and the effects of governmental initiatives to manage economic conditions. In particular, the recent reciprocal tariffs announced by the U.S. government and countermeasures that may be taken in response thereto could materially adversely impact global economic and political conditions, and disrupt the business of our customers and suppliers, and thereby harm our business. In certain prior periods, we have seen a broad-based weakening in the global macroeconomic environment which has impacted and could impact in the future certain of our markets. Additionally, instability in the global credit markets, the impact of uncertainty regarding global trade and central bank monetary policy, the instability in the geopolitical environment in many parts of the world (including as a result of the ongoing Russia and Ukraine war, conflict in the Middle East, and China-Taiwan relations), the current economic challenges in China, including global economic ramifications of Chinese economic difficulties, and other disruptions may continue to put pressure on global economic conditions. If global economic and market conditions, or economic conditions in key markets, remain uncertain or deteriorate further, we may experience material impacts on our business, financial condition, and results of operations. For example, such conditions may cause current or potential customers to delay or decrease spending on our products and services or render our suppliers unable to meet our demand requirements, maintain the pricing of their products or continue operations, as their businesses and/or budgets are impacted by economic conditions. The inability of current and potential customers to pay us for our products and services, and the inability of our suppliers to provide us with products or services with the expected volumes or prices, may adversely affect our earnings and cash flows. The current invasion of Ukraine by Russia has escalated tensions among the United States, the North Atlantic Treaty Organization (NATO), and Russia. Such invasion, ongoing military conflict, resulting sanctions, and related countermeasures by NATO states, the United States, and other countries are likely to lead to market disruptions, including significant volatility in commodity prices, credit, and capital markets, as well as supply chain interruptions for equipment, which could have an adverse impact on our operations and financial performance. Volatility in equity capital markets may adversely affect the market price of our common stock, which may affect our ability to fund our business through the sale of equity securities and retain key employees through our equity compensation plans.

***The market for spacecraft platforms and satellite software is still emerging, and shifting, and the market may not achieve the growth potential we expect.***

The market for in-space infrastructure services, in particular, spacecraft and satellite software, has not been well established and is still emerging and shifting, with many players acting as customers, prime contractors, or acquirers, or targets of acquisitions. Our estimates for the total addressable global satellite market are based on a number of internal and third-party estimates, including our backlog, the number of potential customers who have expressed interest in our spacecraft services, assumed prices and production costs for our spacecraft services, our assumptions regarding our ability to leverage our current manufacturing and operational processes, and general market conditions. While we believe our assumptions and the data underlying our estimates are reasonable at this date and time, these assumptions and estimates may not be correct and the conditions supporting our assumptions or estimates may change at any time, thereby reducing the predictive accuracy of these underlying factors. As a result, our estimates of the potential customers, total addressable market for our services, as well as the expected growth rate for the total addressable market for our services, may prove to be incorrect. Further, should any of our customers be acquired by one of our competitors, our future revenue and prospects may be impacted as those customers may decide not to continue to purchase our spacecraft and other services.

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***We may experience difficulties or disruptions in consummating future acquisitions and integrating the operations of acquired companies into our business, or entering into any partnerships or joint ventures, and in realizing the expected benefits of these transactions.***

We may from time to time enter into transactions to acquire other businesses which are complementary to or expand our existing offerings, as we did when we acquired ATLAS Space Operations. We are currently evaluating acquisition opportunities, and although we are not party to any definitive agreements at this time and no acquisition is probable as of the date hereof, we are actively considering an opportunity in the software industry that is expected to be complementary to our business and may enter into a definitive agreement with respect to this or other opportunities after the completion of this offering, and the transactions contemplated by such agreements could be material to our business. Acquisitions involve numerous risks, any of which could harm our business and negatively affect our financial condition and results of operations. As a public company, we will be subject to the reporting requirements of the Exchange Act and certain acquisitions, including acquisition opportunities we are currently considering, may be significant under Regulation S-X, requiring us to compile and file additional historical and/or pro forma financial information in connection with such acquisitions. In addition, the rules of the NYSE will limit our ability to issue equity securities as consideration in acquisition transactions without seeking shareholder approval. Any of these requirements could impair or delay our ability to negotiate, sign, and execute potentially desirable transactions and any disputes or litigation which may result from such transactions could be costly and time consuming. In addition, we may make acquisitions that are dilutive to our existing stockholders for a variety of reasons, including because we may use equity for all or a portion of the consideration we pay for these acquisitions (including acquisition opportunities we are currently considering). The success of our acquisitions, once consummated, will depend in part on our ability to realize the anticipated business opportunities from combining their and our operations in an efficient and effective manner. These integration processes could take longer than anticipated and could result in the loss of key employees, the disruption of each company's ongoing businesses, tax costs or inefficiencies, write-offs or impairments, or inconsistencies in standards, controls, information technology systems, procedures, and policies, any of which could adversely affect our ability to maintain relationships with customers, employees or other third parties, or our ability to achieve the anticipated benefits of the acquisitions, and could harm our financial performance. We may also evaluate potential partnerships or joint ventures with third parties. We may not be successful in identifying partnership and joint venture candidates, and any partnerships or joint ventures may not be successful, may reduce our cash reserves, may negatively affect our earnings and financial performance and, to the extent financed with the proceeds of debt, may increase our indebtedness. Pursuing acquisitions, partnerships and joint ventures may divert management's time and resources from our core business and disrupt our operations or may result in conflicts with our business. We cannot ensure that any acquisition, partnership, or joint venture we make or enter into will not have a material adverse effect on our business, financial condition, and results of operations.

***We may not be successful in developing new technology, and the technology we are successful in developing may not meet the needs of our customers or potential new customers.***

The markets in which we operate are characterized by changing technology and evolving industry standards, and we may not be successful in identifying, developing, and marketing products and services that respond to rapid technological change, evolving technical standards and systems developed by others. Our competitors may develop technology that better meets the needs of our customers. Such development is also expensive. If we do not continue to develop, manufacture, and market innovative technologies or applications that meet customers' requirements, or if we are unsuccessful in the development, manufacture or sale of any new technology or application we attempt to develop or are able to develop, sales may suffer, and our business may not continue to grow in line with historical rates or at all. If we are unable to achieve sustained growth, we may be unable to execute our business strategy, expand our business, or fund other liquidity needs, and our business prospects, financial condition, and results of operations could be materially and adversely affected.

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***We are subject to certain unique business risks as a result of supplying services to the U.S. government.***

Companies engaged in supplying defense-related services to U.S. government agencies, whether through direct contracts with the U.S. government or as a subcontractor to customers contracting with the U.S. government, are subject to business risks specific to the defense industry. These risks include the ability of the U.S. government to unilaterally: (i) suspend us from receiving new contracts based on alleged violations of procurement laws or regulations; (ii) terminate existing contracts; (iii) revoke required security clearances; and (iv) reduce the value of existing contracts. U.S. government contracts can be terminated by the U.S. government at its convenience without notice. In addition, work we currently perform could be in-sourced by the federal government and, as a result, our revenues could be reduced. Moreover, our employees could also be hired by the government. This loss of our employees would necessitate the need to retain and train new employees. Moreover, U.S. government purchasing regulations contain a number of operational requirements that apply to entities engaged in government contracting. Failure to comply with such government contracting requirements could result in civil and criminal penalties that could have a material adverse effect on our business, financial condition, and results of operations. If a government inquiry or investigation uncovers improper or illegal activities, we could be subject to civil or criminal penalties or administrative sanctions, including contract termination, fines, forfeiture of fees, suspension of payment, civil False Claims Act allegations (which can include civil penalties and up to treble damages) and suspension or debarment from doing business with U.S. government agencies, any of which could materially adversely affect our reputation, business, financial condition, and results of operations.

***Many of our contracts are government contracts or issued under government contracts. The inability to comply with any of our contracts or meet eligibility requirements may result in financial liabilities, failure to receive security clearance certifications, and loss of current and future business.***

A number of our contracts are with a government customer, or are subcontracts entered into in connection with a prime contract with a government customer. U.S. government contracts generally are subject to the FAR, agency-specific regulations that supplement FAR, such as the DoD's Federal Acquisition Regulation Supplement, and other applicable laws, security requirements, and regulations. We typically contract with the U.S. government through OTAs, which are not subject to certain provisions under the FAR. The U.S. government has greater flexibility to terminate OTAs without cause, and to determine the amount payable to us in the event of a termination without cause, than under standard federal procurement contracts subject to the FAR. As a result, the U.S. government could terminate its existing OTAs with us more easily than other contracts that are subject to the FAR, which could negatively impact our business, prospects and results of operations.

These regulations impose a broad range of requirements and terms, many of which are unique to U.S. government contracting, including various procurement, import and export, security, contract pricing and cost, contract termination and adjustments, mandatory disclosure, and audit requirements. For example, we are at times required to obtain approval to export, re-export or transfer (in-country) our products from U.S. government agencies and similar agencies elsewhere in the world. Failure to obtain approval to export, or a determination by the U.S. government or similar agencies elsewhere in the world from which we failed to receive required approvals or licenses, could eliminate or restrict our ability to sell our products outside the United States, and the penalties that could be imposed by the U.S. government or other applicable government for failure to comply with these laws could be significant.

Our customers are often required to flow down government contract terms to us, and we have no ability to negotiate or object to such terms. These requirements and terms that may increase our costs of doing business and reduce our profits under these contracts. Our failure to comply with any of the terms of our contracts could result in delays in the performance of our services, an inability to acquire government or commercial contracts, reductions of the value of contracts, contract modifications or termination, inability to bill and collect receivables from customers, contractual damages, the requirement to reperform work, the assessment of penalties and fines that could lead to suspension or debarment from U.S. government contracting or subcontracting, and potential

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civil and criminal liability. Government contracts are also generally subject to greater scrutiny by the government, which can initiate reviews, audits, and investigations regarding our compliance with government contract requirements. Government contracts may be subject to the approval of appropriations being made by the U.S. Congress to fund the expenditures under these contracts. In particular, "whistleblower" provisions under federal law also allow private individuals, including present and former employees, to sue on behalf of the U.S. government. Any penalties, damages, fines, suspension, or damages could adversely affect our ability to operate our business and our financial results.

***Some of our contracts with the U.S. government allow it to use technical data developed under the contracts and to disclose technical data to third parties, which could harm our ability to compete.***

Some of our contracts allow the U.S. government to use, royalty-free, or have others use, technical data developed under those contracts on behalf of the government. Some of the contracts allow the federal government to disclose technical data or computer software developed in the performance of the agreement or delivered to the government during the performance of the agreement without constraining the recipient on how that technical data or computer software is used. The ability of third parties to use technical data or computer software (for any purposes) and patents for government purposes creates the possibility that the government could attempt to establish alternative suppliers or to negotiate with us to reduce our prices. The potential that the government may release some of the technical data or computer software without constraint creates the possibility that third parties may be able to use this technical data or computer software to compete with us, which could have a material adverse effect on our business, financial condition, and results of operations.

***Due to the competitive process to obtain contracts and the likelihood of bid protests, we may be unable to achieve or sustain revenue growth and profitability.***

We expect that a majority of the business that we seek in the foreseeable future will be awarded through a competitive bidding process. The U.S. government has increasingly relied on contracts that are subject to a continuing competitive bidding process, including multiple-award contracts, which has resulted in greater competition and increased pricing pressure. The competitive bidding process involves substantial costs, including labor cost and managerial time to prepare bids and proposals for contracts that may not be awarded to us, may be split among competitors, or that may be awarded but for which we do not receive meaningful task orders, and several risks, including the risk of inaccurately estimating the resources and costs that will be required to fulfill any contract we win. Following contract award, we may encounter significant expense, delay, contract modifications, or even cancellation of the contract award as a result of our competitors protesting the award of contracts to us. Any resulting loss or delay of start-up and funding of work under protested contract awards may adversely affect our revenues and profitability. In addition, multiple-award contracts require that we make sustained post-award efforts to obtain task orders under the contract. As a result, we may not be able to obtain these task orders or recognize revenues under these multiple-award contracts. Our failure to compete effectively in this procurement environment would adversely affect our revenues and profitability.

***We may use artificial intelligence in our business or systems, and challenges with properly managing its use could result in competitive and reputational harm and negatively impact the operations and profitability of our business.***

We may incorporate artificial intelligence, generative artificial intelligence, machine learning and similar tools and technologies (collectively, "AI") solutions into our core offerings, and these applications may become important in our business and operations over time, exposing us to additional risks, such as damage to our reputation, competitive position and business, legal and regulatory risks and additional costs. Our competitors or other third parties may incorporate AI into their products or services more quickly or more successfully than we may, which could impair our ability to compete effectively and adversely affect our results of operations. Additionally, generative AI has been known to produce false or "hallucinatory" inferences or output, and certain generative AI uses machine learning and predictive analytics, which can create deficient, inaccurate or

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misleading output, unintended biases and other discriminatory or unexpected results, errors or inadequacies, any of which may not be easily detectable. Accordingly, if the content, analyses, or recommendations that AI applications assist in producing are or are alleged to be deficient, inaccurate, or misleading, biased, unethical or otherwise flawed, our business, financial condition, and results of operations may be adversely affected.

It is possible that new laws and regulations will be adopted in the United States and in non-U.S. jurisdictions, or that existing laws and regulations may be interpreted in new ways, that would affect our use and provision of AI-powered solutions in our business and operations. We may not be able to adequately anticipate or respond to these evolving laws and regulations, and we may need to expend additional resources to adjust our offerings in certain jurisdictions if applicable legal frameworks are inconsistent across jurisdictions. Further, the cost to comply with such laws or regulations could be significant and would increase our operating expenses, which could adversely affect our business, financial condition and results of operations. The rapid evolution of AI, including government regulation of AI, will require significant resources to develop, test and maintain our platform, offerings, services, and features to help us implement AI ethically in order to minimize unintended, harmful impact.

***Certain future operational facilities may require significant expenditures in capital improvements and operating expenses to develop and foster basic levels of service needed for our operations, and the ongoing need to maintain existing operational facilities requires us to expend capital.*** 

As part of our growth strategy, we may need to acquire, build, or utilize additional facilities. Construction of incremental factories or other facilities in which we conduct our operations may require significant capital expenditures to develop, and in the future, we may be required to make similar expenditures to expand, improve or construct adequate facilities for our operations. If we cannot access the capital we need, we may not be able to execute on our growth strategy, take advantage of future opportunities or respond to competitive pressures.

***We are routinely subject to audit by our customers on government contracts and the results of those audits could have an adverse effect on our business, reputation and results of operations.***

U.S. government agencies, including, but not limited to, the Defense Contract Audit Agency, the Defense Contract Management Agency and Offices of Inspectors General, routinely audit and investigate government contractors. These agencies review a contractor's performance under its contracts, its cost structure, its business systems and its compliance with applicable laws, regulations and standards. The U.S. government can decrease or withhold certain payments when it deems systems subject to its review to be inadequate. Any unaudited or unsettled claims could limit our ability to issue final billings on contracts for which authorized and appropriated funds may be expiring or can result in delays in final billings and our ability to close out a contract. If an audit or

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investigation uncovers improper or illegal activities, we may be subject to civil or criminal penalties and administrative sanctions, including reductions of the value of contracts, contract modifications or terminations, forfeiture of profits, suspension of payments, or penalties, fines, suspension or prohibition from doing business with the U.S. government. In addition, we could suffer serious reputational harm if allegations of impropriety were made against us. Similar government oversight and risks to our business and reputation exist in most other countries where we conduct business.

***We may be unable to obtain or maintain required authorization or contractual arrangements.***

Various types of U.S. domestic and international authorizations and contractual arrangements are required in connection with the products and services that we provide. Compliance with certain laws, regulations, conditions and other requirements, including the payment of fees, may be required to maintain the rights provided by such authorizations. Failure to comply with such requirements, or comply in a timely manner, could lead to the loss of such authorizations and could have a material adverse impact on our business, financial condition and results of operations. Such authorizations are conditioned upon meeting certain requirements, which if not met or extended could result in loss of the authorization. While we anticipate that these authorizations will be extended or renewed in the ordinary course such that they otherwise would expire, or replaced by authorizations covering more advanced facilities, we can provide no assurance that this will be the case. Our inability to timely obtain or maintain such authorizations could delay or preclude our operation of such technology or our provision of products and services that rely upon such technology. Further, changes to the laws and regulations under which we operate could adversely affect our ability to obtain or maintain authorizations. Any of these circumstances could have a martial adverse impact on our business, financial condition and results of operations. The use of spacecraft and other technologies in our business is subject to various conditions imposed by domestic and foreign governments and multinational regulatory entities contained in the authorizations held by us and third parties, as well as the requirements of the laws and regulations of those jurisdictions. Any failure to meet these types of requirements in a timely manner, maintain our contractual arrangements, obtain or maintain our authorizations, or manage potential conflicts, could lead to us losing our rights to operate or may otherwise require us to modify or limit our operations from these locations, which could materially affect our ability to operate, and could have a material adverse impact on our business, financial condition and results of operations.

***We may need to invest in new information technology systems and infrastructure to scale our operations.*** 

The markets in which we operate are characterized by changing technology and evolving industry standards, and accordingly we may need to adopt new information technology systems and infrastructure to scale our business and obtain the synergies from prior and future acquisitions. Our information technology and business systems and infrastructure could create product development or production work stoppages, unnecessarily increase our inventory, negatively impact product delivery times and quality, and increase our compliance costs. Failure to invest in newer information technology and business systems and infrastructure (including when certain software applications become obsolete or are no longer used in our business) may lead to operational inefficiencies and increased compliance costs and risks. In addition, an inability to maximize the utility and benefit of our current information technology and business tools could impact our ability to meet cost reduction and planned efficiency and operational improvement goals. Furthermore, operational inefficiencies may occur and our business may be impacted if certain of our software applications are no longer usable, including due to the foreign acquisition of such applications. As we implement new systems or integrate existing systems, they may not perform as expected. We also cannot guarantee that our efforts to maintain and upgrade our information technology systems and infrastructure will be sufficient to prevent cyberattacks, cybersecurity incidents or other system failures or disruptions. An inability to maximize the utility and benefit of our current information technology and business tools could impact our ability to meet cost reduction and planned efficiency and operational improvement goals. Moreover, our competitors may develop technology systems and infrastructure that better meets the needs of our customers. If we do not continue to develop, manufacture, and market innovative technologies or infrastructure that meet customers' requirements or expectations, sales may suffer,

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and our business may not continue to grow in line with historical rates or at all. If we are unable to achieve sustained growth, we may be unable to execute our business strategy, expand our business, or fund other liquidity needs, and our business prospects, financial condition, and results of operations could be materially and adversely affected.

***U.S. government contracts are generally not fully funded at inception, contain certain provisions that may be unfavorable to us and may be undefinitized at the time of the start of performance, which could prevent us from realizing our contract backlog and materially harm our business, financial condition and results of operations.***

U.S. government contracts typically involve long lead times for design and development and are subject to significant changes in contract scheduling. Congress generally appropriates funds on a fiscal year basis even though a program may continue for several years. Consequently, programs are often only partially funded initially, and additional funds are committed only as Congress makes further appropriations. The termination or reduction of funding for a government program would result in a loss of anticipated future revenue attributable to that program. The actual receipt of revenue on awards included in backlog may never occur or may change because a program schedule could change or the program could be canceled, or a contract could be reduced, modified or terminated early. In addition, U.S. government contracts generally contain provisions permitting termination, in whole or in part, at the government's convenience or for contractor default. Since a substantial majority of our revenue is dependent on the procurement, performance and payment under our U.S. government contracts, the termination of one or more critical government contracts could have a material adverse effect on our business, financial condition and results of operations. Termination arising out of our default could result in damage to our reputation, expose us to liability and have a material adverse effect on our ability to re-compete for future contracts and orders. Moreover, several of our contracts with the U.S. government do not contain a limitation of liability provision, creating a risk of responsibility for indirect, incidental damages and consequential damages. These provisions could cause substantial liability for us, especially given the use to which our products may be put.

***Our customers' inability to obtain financing for their purchases from us and/or their inability to obtain financing to maintain their business could have a material adverse effect on our business.***

Our customers' inability to obtain financing for their purchases from us and/or their inability to obtain financing to maintain their business could have a material adverse effect on our business. Some of our customers may require substantial financing in order to fund their operations and make purchases from us. The inability of these customers to obtain sufficient credit to finance purchases of our products, or otherwise meet their payment obligations to us could adversely impact our financial condition and results of operations. In addition, if a market downturn results in insolvencies for our customers, it could materially adversely impact our business, results of operations, prospects and financial condition.

***Interruption or failure of our infrastructure, including our information technology and communications systems, could hurt our ability to effectively perform our daily operations and provide and produce our products and services, which could damage our reputation and harm our operating results.***

We are vulnerable to natural disasters and significant disruptions including tsunamis, hurricanes, floods, earthquakes, fires, water shortages, other extreme weather conditions, epidemics or pandemics, acts of terrorism, actual or threatened acts of war, power shortages or losses and blackouts, aging infrastructures, cyberattacks, computer viruses, computer denial of service attacks or other attempts to harm our systems, telecommunications failures, disruptive political events, service outages and defective software or hardware updates and other disruptions. In the event of such natural disaster or other disruption, we could experience disruptions to our operations or the operations of suppliers, subcontractors, distributors or customers, including destruction of facilities and/or loss of life. In certain cases, some disruptions may not excuse us from performing our obligations pursuant to agreements with third parties and therefore may expose us to liability. The availability of

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many of our products and services depends on the continuing operation of our information technology and communications systems. For more information on risks related to the operation of our information technology and communications systems, please refer to "—A failure of our information technology systems, physical or electronic security protections, or an interruption in their operation due to internal or external factors including cyberattacks or insider threats, could have a material adverse effect on our business, financial condition, or results of operations." Any downtime, damage to, or failure of our systems could result in interruptions in our operations and services, which could reduce our revenue and profits. Our manufacturing facilities are also subject to risks associated with an aging infrastructure. An infrastructure failure could result in the destruction of newly developed technologies, satellites, and satellite components being manufactured or in inventory, manufacturing delays, or additional costs. We do not maintain back-up manufacturing facilities or operations. The occurrence of any of the foregoing could result in lengthy interruptions in our operations and services and/or damage our reputation, which could have a material adverse effect on our business, financial condition and results of operations.

***Our products have a finite useful life.***

Our ability to earn revenue is dependent on technologies and equipment that have a limited useful life. While our products are designed for a certain design life, there can be no assurance as to the actual operational life of our products and equipment and such useful life may prove to be shorter than such product's and equipment's design life. A number of factors impact the useful lives of our products and equipment, including, among other things, technological advancement leading to obsolescence or damage due to impact from meteors or space junk. In the event that equipment reaches the end of its useful life earlier than anticipated, replacement or repair may be necessary, which may affect costs and reduce profits. In addition, since we have not yet developed a cost-effective method of repurposing parts and materials once they have been deployed into space, we are not able to recoup any of the value from these parts and materials in the resale market.

***Tariffs on certain imports to the United States and other potential changes to U.S. tariff and import/export regulations could have a material adverse effect on global economic conditions and our business, financial condition, and results of operations.***

We are subject to tariffs on certain imports into the United States. As the implementation of tariffs is ongoing, more tariffs may be added in the future and countermeasures may be adopted by other countries. In addition, any additional tariffs imposed by the U.S. presidential administration or retaliatory tariffs announced by other countries could result in a trade war, lead to market disruptions, including significant volatility in commodity prices, credit, and capital markets, as well as supply chain interruptions for equipment. These tariffs could adversely impact our business, financial condition, and results of operations, and if we are unable to pass such price increases through to our customers, it would likely increase our cost of sales and, as a result, decrease our gross margins, operating income, and net income.

***If we are unable to adapt to and satisfy customer demands with respect to our product and service offerings in a timely and cost-effective manner, or if we are unable to manufacture our spacecraft platforms at a quantity and quality that our customers demand, our ability to grow our business may suffer.***

The success of our business depends in part on effectively managing and maintaining our spacecraft, manufacturing a sufficient volume of components, subsystems, spacecraft platforms and software-enabled services, and providing customers with a high-quality experience that meets or exceeds their expectations. Even if we succeed in developing components, subsystems, spacecraft platforms and software-enabled services or producing these and other products consistent with our targeted timelines and customers' expectations, we could thereafter fail to develop the ability to produce these products or provide the corresponding cislunar services at a sufficient volume with a quality management system that ensures each unit performs as required. Any delay in our ability to produce such components, subsystems, spacecraft platforms and software-enabled services at the rate our customers require and with a reliable quality management system could have a material adverse effect on

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our business. If our current or future products and services do not meet expected performance or quality standards, including with respect to customer safety and satisfaction, we could experience operational delays. Any operational or manufacturing delays or other unplanned changes to our ability to manufacture our products could have a material adverse effect on our business, financial condition, and results of operations.

***Space is a harsh and unpredictable environment where our products and service offerings are exposed to a wide and unique range of environmental risks, including, among others, coronal mass ejections, solar flares, and other extreme space weather events and potential collision with space debris or another spacecraft, which could adversely affect our spacecraft performance.***

Space weather, including coronal mass ejections and solar flares have the potential to impact the performance and controllability of spacecraft on orbit, including completely disabling our spacecraft on orbit. Although we have some ability to actively maneuver our spacecraft to avoid potential collisions with space debris or other spacecraft, this ability is limited by, among other factors, uncertainties, and inaccuracies in the projected orbit location of and predicted conjunctions with debris objects tracked and cataloged by the U.S. government. Additionally, some space debris is too small to be tracked and therefore its orbital location is completely unknown; nevertheless, this debris is still large enough to potentially cause severe damage or a failure of our spacecraft or satellite services should a collision occur. Any such damage to our spacecraft could impact the success of our customers' missions, our reputation, the reusability of certain of our products and have other negative effects that we do not currently anticipate, any of which could adversely impact our business, results of operation and financial condition.

***We have classified contracts with the U.S. government, which may limit investor insight into portions of our business.***

We derive a portion of our revenues from programs with the U.S. government and its agencies that are subject to security restrictions (e.g., contracts involving classified information and classified programs), which preclude the dissemination of information and technology that is classified for national security purposes under applicable law and regulation. In general, access to classified information, technology, facilities, or programs requires appropriate personnel security clearances, is subject to additional contract oversight and potential liability, and also requires appropriate facility security clearances and other specialized infrastructure. In the event of a security incident involving classified information, technology, facilities, programs, or personnel holding clearances, we may be subject to legal, financial, operational, and reputational harm. We are limited in our ability to provide information about these classified programs, their risks or any disputes or claims relating to such programs. As a result, investors have less insight into our classified business or our business overall. However, historically the business risks associated with our work on classified programs have not differed materially from those of our other government contracts.

***Failure to maintain a level of corporate social responsibility could damage our reputation and could materially adversely affect our business, financial condition, and results of operations.*** 

In light of evolving expectations around corporate social responsibility, our reputation could be materially adversely impacted by a failure (or perceived failure) to maintain a level of corporate social responsibility. In today's environment, an allegation or perception regarding quality, safety, or corporate social responsibility can negatively impact our reputation. This may include, without limitation: failure to maintain certain ethical, social and environmental practices for our operations and activities, or failure to require our suppliers or other third parties to do so; our environmental impact, including our impact on greenhouse gas emissions and climate-related risks, renewable energy, water stewardship and waste management; responsible sourcing in our supply chain; the practices of our employees, agents, customers, suppliers, or other third parties (including others in our industry) with respect to any of the foregoing, actual or perceived; the failure to be perceived as appropriately addressing matters of corporate social responsibility; customer perception of statements made by us, our employees and executives, agents, customers, suppliers, or other third parties (including others in our industry);

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or our responses to any of the foregoing. A number of our customers have adopted, or may adopt, procurement policies that include social and environmental responsibility provisions or requirements that their suppliers should comply with, or they may seek to include such provisions or requirements in their procurement terms and conditions. Stakeholders also may have very different views on corporate social responsibility, including differing or conflicting views of regulators in various jurisdictions in which we operate. Various regulatory authorities have imposed, and may continue to impose, mandatory substantive or disclosure requirements with respect to corporate social responsibility matters. These requirements may not always be uniform across jurisdictions and may conflict with legal requirements, particularly in certain U.S. states that seek to discourage or penalize consideration of corporate social responsibility factors in business operations, which may result in increased complexity, and cost for compliance, as well as could lead to increased litigation risks related to disclosures made pursuant to these regulations and legal requirements, any of which could adversely affect our financial performance. Certain investors are also requiring companies to disclose corporate, social and environmental policies, practices, and metrics. If we are unable to comply with, or are unable to cause our suppliers to comply with such policies, or meet the requirements of our customers and investors, a customer may stop purchasing products from us or an investor may sell their shares, and may take legal action against us, which could materially adversely affect our reputation, business, financial condition, and results of operations. As a result, we may become subject to new or more stringent regulations, legislation or other governmental requirements, customer or other stakeholder requirements or industry standards and/or an increased demand to meet voluntary criteria related to such matters. Increased regulations, customer requirements or industry standards, including around climate change concerns, could subject us to additional costs and restrictions and require us to make certain changes to our manufacturing practices and/or product designs, which could materially adversely affect our business, financial condition, and results of operations.

***We are subject to many hazards and operational risks that can disrupt our business, including interruptions or disruptions in service at our headquarters in Colorado, which could have a material adverse effect on our business, financial condition, and results of operations.***

Our operations are subject to many hazards and operational risks inherent to our business, including general business risks, product liability and damage to third parties, our infrastructure or properties that may be caused by fires, floods and other natural disasters, power losses, telecommunications failures, terrorist attacks, human errors, epidemics and pandemics, and other similar health crises and similar events. Additionally, our manufacturing operations are hazardous at times and may expose us to safety risks, including health and safety hazards to our employees or third parties. At our facilities, particularly our headquarters in Colorado where the majority of our manufacturing and other operations are concentrated, any significant interruption due to any of the above hazards and operational to the manufacturing or operation of our spacecraft systems including from weather conditions, growth constraints, performance by third-party providers (such as electric, utility, or telecommunications providers), failure to properly handle and use hazardous materials, failure of computer systems, power supplies, fuel supplies, infrastructure damage, disagreements with the owners of the land on which our facilities are located, could result in manufacturing delays or the delay or cancellation of our spacecraft and, as a result, could have a material adverse effect on our business, financial condition, and results of operations. Moreover, our insurance coverage may be inadequate to cover our liabilities related to such hazards or operational risks. In addition, we may not be able to maintain adequate insurance in the future at rates we consider reasonable and commercially justifiable, and insurance may not continue to be available on terms as favorable as our current arrangements. The occurrence of a significant uninsured claim, or a claim in excess of the insurance coverage limits maintained by us, could harm our business, financial condition, and results of operations.

***Our operations depend on our manufacturing facilities, which are subject to physical and other risks that could disrupt production.***

Our operations and those of our customers and suppliers have been and may again be subject to natural disasters, climate change-related events, pandemics, or other business disruptions, which could seriously harm

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our results of operations and increase our costs and expenses. Our manufacturing facilities are located in regions that may be impacted by severe weather events, such as increased storm frequency or severity and fires in hotter and drier climates. These could result in potential damage to our physical assets as well as disruptions in manufacturing activities. Some of our manufacturing facilities are located in areas that could experience decreased access to water due to climate issues. We are also vulnerable to damage from other types of disasters, including power loss, fire, explosions, floods, communications failures, terrorist attacks, and similar events. Disruptions could also occur due to health-related outbreaks and crises, cyberattacks, computer or equipment malfunction (accidental or intentional), operator error, or process failures. Should insurance or other risk transfer mechanisms, such as our existing disaster recovery and business continuity plans, be insufficient to recover all costs, we could experience a material adverse effect on our business, results of operations, prospects, and financial condition.

***Adverse publicity stemming from any incident involving us, our competitors, or our customers could have a material adverse effect on our business, financial condition, and results of operations.***

To continue to be successful, we must continue to preserve, grow, and capitalize on the value of our brand in the marketplace. If our spacecraft systems, those of one of our competitors, or of our customers were to be involved in a public incident, accident, or catastrophe, this could create an adverse public perception of launch or manufacturing activities and result in decreased customer demand for launch and space products, which could cause a material adverse effect on our business, financial condition, and results of operations. Even an isolated incident or the aggregate effect of individually insignificant incidents, can erode trust and confidence, particularly if such incident or incidents result in adverse publicity, governmental investigations, or litigation. Further, if our spacecraft platforms and related services, software and technologies were to be involved in a public incident, accident, or catastrophe, we could be exposed to significant reputational harm or potential legal liability. Any reputational harm to our business or industry could tarnish our brand or cause customers with existing contracts with us to cancel their contracts, and lead to a material adverse effect on our business, and financial condition and results of operations. The insurance we carry may be inapplicable or inadequate to cover any such incident, accident, or catastrophe. In the event that our insurance is inapplicable or not adequate, we may be forced to bear substantial losses from such incident, adverse media, or accident.

***A preference for small, small disadvantaged, service-disabled veteran-owned, woman-owned businesses or other preferred socioeconomic designations could impact our ability to be a prime contractor and limit our opportunity to work as a subcontractor on certain governmental procurements.***

As a result of the Small Business Administration ("SBA") set-aside program, the federal government may decide to restrict certain procurements only to bidders that qualify as small, small disadvantaged, service- disabled veteran-owned, woman-owned businesses or meeting some other socioeconomic designation. We do not qualify as a small, small disadvantaged, service-disabled veteran-owned, woman-owned business or having any other preferred socioeconomic designation. As a result, we would not be eligible to perform as a prime contractor on those programs and in general would be restricted as a subcontractor on those programs to receiving no more than 50% of the amount paid by the U.S. government to qualifying prime contractor. An increase in the amount of procurements under the SBA set-aside program, or other similar governmental programs, may impact our ability to bid on new procurements as a prime contractor, limit our opportunity to work as a subcontractor or restrict our ability to compete on incumbent work that is placed in the set-aside program.

***Labor-related matters, including labor disputes, may adversely affect our operations.***

None of our employees are currently represented by a union. If our employees decide to form or affiliate with a union, we cannot predict the effects such future organizational activities will have on our business and operations. If we were to become subject to work stoppages, we could experience disruption in our operations, including delays in manufacturing and operations, and increases in our labor costs, which could harm our business, results of operations, and financial condition. In addition, we have in the past and could face in the

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future a variety of employee claims against us, including but not limited to general discrimination, privacy, wage and hour, labor and employment, Employee Retirement Income Security Act, and disability claims. Any claims could also result in litigation or regulatory proceedings being brought against us by various government agencies that regulate our business, including the U.S. Equal Employment Opportunity Commission. Often these cases raise complex factual and legal issues and create risks and uncertainties. If we were to become subject to such labor disputes, it could have a negative effect on our business, financial condition and results of operations.

***Our cash flow and profitability could be reduced if expenditures are incurred prior to the final receipt of a contract.***

From time to time, in order to ensure that we satisfy our customers' delivery requirements and schedules, we have in the past and may in the future elect to initiate procurement and production in advance of receiving a contract award, or final authorization from the government customer or a prime contractor. In addition, from time to time, we have in the past and may in the future build production units in advance of receiving an anticipated contract award. These actions that we take to procure materials and/or commence production in advance of receiving a contract award require use of our working capital resources which impact our near-term operating cash flows. If we do not receive final authorization for a contract, or if contract requirements change, we may be unable to efficiently repurpose or resell some or all of the materials procured or items produced in anticipation of such contract. These actions have in the past and could in the future also reduce anticipated earnings or result in a loss, which could materially adversely affect our business, financial condition, and results of operations.

***We are highly dependent on the services of Dirk Wallinger, our President, Chief Executive Officer and Founder, and if we are unable to retain Mr. Wallinger, our ability to compete could be harmed.***

We are highly dependent on the services of Dirk Wallinger, our President, Chief Executive Officer, and Founder. Mr. Wallinger is the source of many of the ideas and execution driving our company and he plays a major role in assessing what potential new business contracts are a good fit for the Company. Mr. Wallinger also is heavily involved in the Company's outreach efforts with the U.S. government customer base. If Mr. Wallinger were to discontinue his service to us due to death, disability or for any other reason, it could have a material adverse impact on our business, financial condition, and results of operations, and the market prices for our securities could significantly decline. We do not maintain, and we do not expect to maintain in the future, a key person life insurance policy with respect to Mr. Wallinger.

***We may need to raise additional capital, and we cannot be sure that additional financing will be available.***

To satisfy existing obligations and support the development of our business, we depend on our ability to generate cash flow from operations and to borrow funds. We may require additional financing for liquidity, capital requirements or growth initiatives. We may not be able to obtain financing on terms and at interest rates that are favorable to us or at all. Any inability by us to obtain financing in the future could have a material adverse effect on our business, financial position, results of operations and cash flows. In addition, if we were to undertake a substantial acquisition for cash, the acquisition would likely need to be financed in part through additional financing from banks, through offerings of debt or equity securities or through other arrangements. We cannot assure you that the necessary acquisition financing would be available to us on acceptable terms if and when required.

***We have a history of losses, we anticipate increasing operating expenses and capital expenditures in the future and we may not be able to achieve and, if ever achieved, maintain profitability.*** 

We experienced net losses of $98.9 million and $29.7 million for the years ended December 31, 2024 and 2023, respectively, and net losses of $56.0 and $73.6 for the nine months ended September 30, 2025 and 2024, respectively. We expect to continue to incur net losses for the next several years and we may not achieve or maintain profitability in the future. Because the markets for spacecraft and related software, components and

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services are evolving, it is difficult for us to predict our future results of operations or the limits of our market opportunity. In addition, our customers for whom we provide these products and services may experience delays or technical challenges with their products and services that limit or delay our expected revenue and future growth opportunities from those customers. We expect our operating expenses and capital expenditures to significantly increase as we make significant investments, expand our operations and infrastructure, develop and introduce new technologies, and hire additional personnel. These efforts may be more costly than we expect and may not result in revenue growth or increased efficiency. In addition, as we grow as a public company, we will continue to incur additional significant administrative expenses that we did not incur as a private company. If our revenue does not increase to offset these expected increases in our operating expenses, we will not be profitable in future periods. Our ability to achieve profitability is dependent on our ability to generate cash flows from operations, identify and obtain additional sources of funding and pursue expense reduction opportunities, but we may be unable to successfully implement these strategies. Any failure to increase our revenue sufficiently to keep pace with our investments and other expenses could prevent us from achieving or maintaining profitability or positive cash flow on a consistent basis. If we are unable to successfully address these risks and challenges as we encounter them, our business, financial condition, and results of operations could be adversely affected. We cannot assure you that we will ever achieve or sustain profitability and may continue to incur significant losses going forward. Any failure by us to achieve or sustain profitability on a consistent basis could cause the value of our common stock to decline.

***If we fail to manage our growth effectively, we may be unable to execute our business plan and our business, financial condition, and results of operations could be harmed.***

We have experienced, and may continue to experience, rapid growth, which has placed, and may continue to place, significant demands on our management, sales and marketing, administrative, financial, R&D, and other resources. Additionally, our organizational structure is becoming more complex as we scale our operational, financial and management controls, as well as our reporting systems and procedures. If we fail to manage our anticipated growth, such failure could negatively affect our reputation and harm our ability to attract new customers and to grow our business. In order to achieve the future revenue growth we have projected, we must develop and market new products and services. We intend to expand our operations significantly. To properly manage our growth, we will need to hire and retain additional personnel, upgrade our existing operational management and financial and reporting systems, and improve our business processes and controls. Our future expansion will include: scaling our revenue and achieving the operating efficiencies necessary to achieve and maintain profitability; anticipating and responding to changing customer preferences; anticipating and responding to macroeconomic changes generally, including changes in the markets for spacecraft, software, components and services; improving and expanding our operations and information systems; successfully competing against established companies and new market entrants; managing and improving our business processes in response to changing business needs; effectively scaling our operations while maintaining high customer satisfaction; integrating any future acquisitions, including personnel, systems, and business processes; avoiding or managing interruptions in our business from information technology downtime, cybersecurity breaches and other factors affecting our physical and digital infrastructure; adapting to changing conditions in our industry; complying with regulations applicable to our business; hiring and training talented employees at all levels of our business; developing new technologies; controlling expenses and investments in anticipation of expanded operations; upgrading the existing operational management and financial reporting systems and team to comply with requirements as a public company; and implementing and enhancing administrative infrastructure, systems, and processes. If our operations continue to grow as planned, of which there can be no assurance, we will need to expand our sales and marketing, R&D, customer and commercial strategy, products and services, supply, and manufacturing functions. These efforts will require us to invest significant financial and other resources, including in industries and sales channels in which we have limited experience to date. We will also need to continue to leverage our manufacturing and operational systems and processes, and there is no guarantee that we will be able to scale the business as currently planned or within the planned timeframe. The continued expansion of our business may also require additional manufacturing and operational facilities, as well as space for administrative support, and there is no guarantee that we will be able to find suitable locations for

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the manufacture of our space vehicles and related equipment. Our continued growth could increase the strain on our resources, and we could experience operating difficulties, including difficulties in hiring and training employees, finding manufacturing capacity to produce our space vehicles and related equipment, and delays in production. These difficulties may divert the attention of management and key employees and impact financial and operational results. If we are unable to drive commensurate growth, these costs, which include lease commitments, headcount, and capital assets, could result in decreased margins, which could have a material adverse effect on our business, financial condition, and results of operations.

***Changes in our accounting estimates and assumptions could negatively affect our financial position and results of operations.***

We prepare our consolidated financial statements in accordance with GAAP. These accounting principles require us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of our financial statements. We are also required to make certain judgments that affect the reported amounts of revenues and expenses during each reporting period. We periodically evaluate our estimates and assumptions including, but not limited to, those relating to revenue recognition, recoverability of assets, valuation of derivatives and nonredeemable non-controlling interests, contingencies, stock-based compensation and income taxes. We base our estimates on historical experience and various assumptions that we believe to be reasonable based on specific circumstances. In particular, estimating our contract revenues requires judgments relative to assessing risks, including risks associated with estimating contract transaction prices and costs, assumptions for schedule and technical issues, customer-directed delays and reductions in scheduled deliveries, and unfavorable resolutions of claims and contractual matters. Due to the size and nature of many of our contracts, the estimation of total costs at completion is complicated and subject to many variables. For example, we must make assumptions regarding the length of time to complete the contract because costs include expected increases in wages and prices for materials; we also consider incentives or penalties related to performance on contracts and include them in the variable consideration to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the related uncertainty is resolved. These assumptions and estimates involve the exercise of judgment and discretion, which may evolve over time in light of operational experience, regulatory direction, developments in accounting principles and other factors. Actual results could differ from these estimates as a result of changes in circumstances, assumptions, policies or developments in the business, which could materially affect our consolidated financial statements.

***A significant portion of our management team has limited experience managing a public company.***

Most members of our management team have limited experience managing a publicly traded company, interacting with public company investors and complying with the increasingly complex laws pertaining to public companies. Our management team may not successfully or efficiently manage our transition to being a public company that is subject to significant regulatory oversight and reporting obligations under the federal securities laws and the continuous scrutiny of securities analysts and investors. These new obligations and constituents will require significant attention from our senior management and could divert their attention away from the day-to-day management of our business, which could harm our business, financial condition and results of operations.

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**Risks Related to Litigation and Regulation** 

***Our business is subject to various regulatory risks that could adversely affect our operations.***

The environment in which we operate is highly regulated due to the sensitive nature of our complex and technologically advanced systems, including spacecraft platforms and related components, and the fact that we contract with national security and defense customers, in addition to those regulations broadly applicable to publicly traded corporations. There are numerous regulatory risks that could adversely affect operations, including but not limited to:

*Changes in laws and regulations.* It is possible that the laws and regulations governing our business and operations will change in the future. While our current revenue is generated primarily within the U.S., we are committed to expanding into the global market and enhancing our growth potential. There may be a material adverse effect on our financial condition and results of operations if we are required to alter our business to comply with changes in both domestic and foreign regulations, tariffs, or taxes and other trade barriers that reduce or restrict our ability to sell our products and services on a global basis, or by political and economic instability in the countries in which we conduct business. Any failure to comply with such regulatory requirements could also subject us to various penalties or sanctions.

*Import and Export Restrictions.* Our business is subject to stringent U.S. import and export control laws and regulations as well as economic sanctions laws and regulations. We are required to import and export our products, software, technology, and services, as well as run our operations in the United States, in full compliance with such laws and regulations, which include the Export Administration Regulations (the "EAR"), the International Traffic in Arms Regulations ("ITAR"), and economic sanctions administered by the Treasury Department's Office of Foreign Assets Control ("OFAC"). Although our operations and customers are primarily based in the U.S., certain of our spacecraft systems and related components, services and technologies we have developed have required, and may in the future require, the implementation or acquisition of products or technologies from third parties and affiliates, including those in other jurisdictions. In addition, certain of our spacecraft systems and related components, services and technologies may be required to be forwarded, imported, or exported to other jurisdictions. In certain cases, if the use of such technologies can be viewed by the jurisdiction in which that supplier, subcontractor or affiliate resides as being subject to import or export constraints or restrictions relating to national security, we may not be able to obtain the technologies and products that we require from subcontractors and suppliers who would otherwise be our preferred choice or may not be able to obtain the export permits necessary to transfer or export our technology. The inability to obtain or maintain export approvals and export restrictions or changes during contract execution or non-compliance by our suppliers, subcontractors, and customers, could have an adverse effect on our revenues and margins. Further, we may have had, and may in the future have, inadvertent disclosures of certain of our products or components that are subject to the requirements of U.S. import and export control laws and may be found to be in violation of these laws and regulations, which could have a material adverse effect our business, financial condition, and results of operations.

*U.S. Government Approval Requirements.* For certain aspects of our business operations, we are required to obtain U.S. government licenses and approvals and to enter into agreements with various government bodies to export spacecraft and related software, components and services, to disclose technical data, or provide defense services to foreign persons. The delayed receipt of or the failure to obtain the necessary U.S. government licenses, approvals, and agreements may prohibit entry into or interrupt the completion of contracts which could lead to a customer's termination of a contract for default or monetary penalties, which could materially adversely affect our financial condition and results of operations. Given the great discretion the government has in issuing or denying such authorizations to advance U.S. national security and foreign policy interests, there can be no assurance we will be successful in our future efforts to secure and maintain necessary licenses, registrations, or other U.S. government regulatory approvals. Under the "Exon-Florio Amendment" to the U.S. Defense Production Act of 1950, as amended (the "DPA"), the U.S. President has the power to disrupt or block certain foreign investments in U.S. businesses if he or she determines that such a transaction threatens U.S. national

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security. The Committee on Foreign Investment in the United States ("CFIUS") has been delegated the authority to conduct national security reviews of certain foreign investments. CFIUS may impose mitigation conditions to grant clearance of a transaction. The Foreign Investment Risk Review Modernization Act ("FIRRMA"), enacted in 2018, amended the DPA to, among other things, expand CFIUS's jurisdiction beyond acquisitions of control of U.S. businesses. Under FIRRMA, CFIUS also has jurisdiction over certain foreign non-controlling investments in U.S. businesses that have involvement with "critical technology" or "critical infrastructure," or that collect and maintain "sensitive personal data" of U.S. citizens ("TID U.S. Businesses"), if the foreign investor receives specified triggering rights in connection with its investment. We are a TID U.S. Business because we develop and design technologies that would be considered critical technologies. Certain foreign investments in TID U.S. Businesses are subject to mandatory filing with CFIUS. These restrictions on the ability of foreign persons to invest in us has in the past, and could in the future, limit our ability to engage in strategic transactions that could benefit our stockholders, including a change of control, and could also affect the price that an investor may be willing to pay for our common stock.

*Other Government Regulations.* Our ability to pursue our business activities is regulated by various agencies and departments of the U.S. government and the governments of other countries. Commercial space launch activities require licenses from the Department of Transportation. Radio communications for satellites, launch activities and spacecraft operations require licenses from the Federal Communications Commission (the "FCC") and frequency coordination with the International Telecommunication Union. The operation of private remote sensing space systems requires a license from the Department of Commerce. Any failure to comply with these and other regulatory requirements could subject us to various penalties or sanctions and could have a significant adverse effect on our reputation, financial condition, and results of operations.

*Competitive Impact of U.S. Regulations.* Export and import control, economic sanction, and trade embargo laws and regulations, including those administered by the U.S. Department of Commerce's Bureau of Industry and Security, the U.S. State Department's Directorate of Defense Trade Controls and the U.S. Treasury Department's Office of Foreign Assets Control, including, but not limited to, the ITAR and EAR, may limit certain business opportunities or delay or restrict our ability to contract with potential foreign customers or suppliers. To the extent that our non-U.S. competitors are not currently or in the future subject to similar export and import controls, economic sanctions, and trade embargo laws and regulations, they may enjoy a competitive advantage with foreign customers, and it could become increasingly difficult for us to recapture this lost market share.

*Anti-Corruption Laws.* As part of the regulatory and legal environments in which we operate, we are subject to domestic and international anti-corruption laws, including the U.S. Foreign Corrupt Practices Act (the "FCPA") that prohibit improper payments directly or indirectly to government officials, authorities or persons defined in those anti-corruption laws in order to obtain or retain business or other improper advantages in the conduct of business. Our policies mandate compliance with anti-corruption laws. Failure by our employees, agents, subcontractors, suppliers and/or existing or future partners to comply with anti-corruption laws and our policies could impact us in various ways that include, but are not limited to, criminal, civil and administrative fines and/or legal sanctions and the inability to bid for or enter into contracts with certain entities, all of which could have a significant adverse effect on our reputation, operations, and financial results. Our exposure for violating these laws will increase as our international presence expands and as we increase sales and operations in foreign jurisdictions.

***We may become involved in litigation that may materially adversely affect us.***

From time to time, we have been and may in the future become involved in various legal proceedings relating to matters incidental to the ordinary course of our business, supplier, customer, or other third-party relationships, including intellectual property, commercial, product liability, employment, class action, whistleblower and other litigation and claims, and governmental and other regulatory investigations and proceedings. Such matters can be time-consuming, divert management's attention and resources from the

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operation of our business, and cause us to incur significant expenses or liability or require us to change our business practices. Because of the potential risks, expenses, and uncertainties of litigation, we may, from time to time, settle disputes, even where we believe that we have meritorious claims or defenses. Because litigation is inherently unpredictable, we cannot assure you that the results of any of these actions will not have a material adverse effect on our business. The outcome of litigation, particularly class action lawsuits and regulatory actions, is difficult to assess or quantify, as plaintiffs may seek recovery of very large or indeterminate amounts in these types of lawsuits, and the magnitude of the potential loss may remain unknown for substantial periods of time. We can provide no assurance that litigation or disputes will not arise in the future. We may also choose to settle such actions if we believe that doing so is in the best interests of the company, and the amount of such settlement could also have a material adverse effect on our business, financial condition, and results of operations.

***Our business is subject to a wide variety of extensive and evolving government laws and regulations. Failure to comply with such laws and regulations could have a material adverse effect on our business.***

We are subject to a wide variety of laws and regulations relating to various aspects of our business, including with respect to employment and labor, health care, tax, privacy and data security, health and safety, and environmental issues. Laws and regulations at the foreign, federal, state, and local levels frequently change, especially in relation to new and emerging industries, and we cannot always reasonably predict the impact from, or the ultimate cost of compliance with, current or future regulatory or administrative changes. While we monitor these developments and devote a significant amount of management's time and external resources towards compliance with these laws and regulations, we cannot guarantee that these measures will be satisfactory to regulators or other third parties, such as our customers. Moreover, changes in law, the imposition of new or additional regulations or the enactment of any new or more stringent legislation that impacts our business could require us to change the way we operate and could have a material adverse effect on our sales, profitability, cash flows and financial condition. Failure to comply with these laws, such as with respect to obtaining and maintaining licenses, certificates, authorizations and permits critical for the operation of our business, may result in civil penalties or private lawsuits, or the suspension or revocation of licenses, certificates, authorizations or permits, which would prevent us from operating our business. Regulation of our industry is still evolving, and new or different laws or regulations could affect our operations, increase direct compliance costs for us or cause any third-party suppliers or contractors to raise the prices they charge us because of increased compliance costs. Moreover, changes in law, the imposition of new or additional regulations or the enactment of any new or more stringent legislation that impacts our business could require us to change the way we operate and could have a material adverse effect on our sales, profitability, cash flows and financial condition. The regulatory approaches of different jurisdictions may be multi-layered and may be in conflict with one another, and our compliance could require alteration of our manufacturing processes or operational parameters which may adversely impact our business. We may not be in complete compliance with all such requirements at all times and, even when we believe we are in complete compliance, a regulatory agency may determine that we are not. In addition, the actions of third parties may cause us to fail to comply with certain requirements.

***Our business and operations could be negatively affected if we become subject to any securities litigation or stockholder activism, which could cause us to incur significant expense, hinder execution of business and growth strategy, and impact our stock price.***

Our share price may be volatile and, in the past, companies that have experienced volatility in the market price of their stock have been subject to securities litigation, including class action litigation. Stockholder activism, which could take many forms or arise in a variety of situations, has been increasing recently. Once our common stock is publicly traded, volatility in the stock price of our common stock or other reasons may in the future cause us to become the target of securities litigation or stockholder activism. Securities litigation and stockholder activism, including potential proxy contests, could result in substantial costs and divert management's and our Board's attention and resources from our business. Additionally, such securities litigation and stockholder activism could give rise to perceived uncertainties as to our future, adversely affect our

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relationships with service providers and make it more difficult to attract and retain qualified personnel. Also, we may be required to incur significant legal fees and other expenses related to any securities litigation and activist stockholder matters. Further, our stock price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks, and uncertainties of any securities litigation and stockholder activism.

***Our proprietary software may not operate properly, which could damage our reputation, give rise to claims against us or divert application of our resources from other purposes, any of which could harm our business.***

Proprietary software development is time-consuming, expensive and complex, and may involve unforeseen difficulties. We may encounter technical obstacles, and it is possible that we may discover additional problems that prevent our proprietary software from operating properly. For example, errors or other design defects within the software we offer or on which we rely may result in failure to comply with applicable laws and regulations, a negative experience for customers, delayed introductions of new features or enhancements or failure to protect data or our intellectual property. If our proprietary software does not function reliably or fail to achieve customer expectations in terms of performance, we may lose or fail to grow in customer usage and customers could assert liability claims against us. This could damage our reputation and impair our ability to attract or maintain relationships with our customers and third parties.

***If we fail to adequately protect our proprietary intellectual property rights, including our unpatented proprietary intellectual property, our competitive position could be impaired and we may lose valuable assets, generate reduced revenue, and incur costly litigation to protect our rights. We have granted licenses in our intellectual property to certain customers, which creates an additional risk of unauthorized use or disclosure of our intellectual property.*** 

The success of business depends, in part, on our ability to protect our proprietary intellectual property rights. To date, we have relied primarily on a combination of trade secrets, patents, data rights assertions, trademarks, copyrights, confidentiality procedures, contractual commitments, non-disclosure or confidentiality agreements with our employees and consultants, and other legal rights to establish and protect our intellectual property (including our intellectual property that may not be patentable or subject to copyright, trademark, trade dress or service mark protection), and intend to continue to rely on these and other means. We also rely on trade secrets, designs, know-how, and other confidential information to protect our intellectual property that may not be patentable or subject to copyright, trademark, trade dress, or service mark protection, or that we believe is best protected by means that do not require public disclosure. However, the steps we take to protect our intellectual property may be inadequate, and we may choose not to pursue or maintain certain types of intellectual property protection or registration for our intellectual property in the United States or foreign jurisdictions. We will not be able to protect our intellectual property if we are unable to enforce our rights or if we do not detect unauthorized use of our intellectual property. To the extent we expand our international activities, our exposure to unauthorized copying and use of our technologies and proprietary information may increase. Despite our precautions, our proprietary rights in the United States or abroad may not be adequate, and it may be possible for unauthorized third parties to copy, reverse engineer or misappropriate our technology or intellectual property rights and use information that we regard as proprietary to create technology that competes with ours. In addition, although we seek to enter into non-disclosure and invention assignment agreements with our employees and enter into non-disclosure agreements with our customers, consultants and other parties with whom we have strategic relationships and business alliances, no assurance can be given that these agreements will be effective in controlling access to and distribution of our technology and proprietary information. Such employees and third parties may make adverse ownership claims to our current and future intellectual property, and, to the extent that our employees, independent contractors or other third parties with whom we do business use intellectual property owned by others in their work for us, disputes may arise as to the rights in related or resulting intellectual property. While we seek to enter into such agreements, we may fail to enter into such agreements with all relevant entities, such agreements may be breached or may not be self-executing, and we may be subject to claims that employees misappropriated relevant rights from their previous employers. Accordingly, we cannot guarantee that the

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steps we have taken to protect our intellectual property will be adequate to prevent infringement of our rights or misappropriation of our technology, trade secrets or know-how, or that we have secured, or will be able to secure, appropriate permissions or protections for all of the intellectual property rights we use or claim rights to. Further, these agreements do not prevent our competitors from independently developing technologies that are substantially equivalent or superior to our products. In certain instances, we have granted customers licenses to our intellectual property, and we have disclosed the necessary intellectual property, including our trade secrets, proprietary know-how and other confidential information, to these customers. Additionally, certain of our customer agreements contain provisions permitting the customer to become a party to, or beneficiary of, an escrow agreement under which we place certain intellectual property in escrow with a third party. Under these escrow agreements, such intellectual property may be released to the customer for certain purposes, including to manufacture (or coordinate the manufacture of) certain of our products upon the occurrence of specified events, such as our filing for bankruptcy or ceasing our business operations generally. Although our license grants contain certain restrictions and protections for our intellectual property, we cannot control the actions by third parties, their affiliates and manufacturing partners, and their respective employees. If we fail to protect our intellectual property rights adequately, we may lose an important advantage in the markets in which we compete. Our efforts to protect these rights may be insufficient or ineffective, and any of our intellectual property rights may be challenged, which could result in them being narrowed in scope or declared invalid or unenforceable. Any unauthorized use or disclosure of our intellectual property, including by our current or future manufacturing partners and suppliers, would cause us material harm in a manner that monetary damages alone could not redress, and this unauthorized use or disclosure could have a material adverse effect on our business and operations. Other parties may also independently develop technologies, products, and services that are substantially similar or superior to ours. We also may be forced to bring claims against third parties, or defend claims that they may bring against us, to determine the ownership of what we regard as our intellectual property. Costly and time-consuming litigation could be necessary to enforce and determine the scope of our proprietary rights, and failure to obtain or maintain protection for our proprietary information could adversely affect our competitive business position. Further, adequate remedies may not be available in the event of an unauthorized use or disclosure of our trade secrets and manufacturing expertise. Finally, for those products in our portfolio that rely on patent protection, once a patent has expired, the product is generally open to competition. Products under patent protection usually generate significantly higher revenues than those not protected by patents. If we fail to successfully enforce our intellectual property rights, our competitive position could suffer, which could harm our business, financial condition, results of operations, and cash flows. We also rely on physical and electronic security measures to protect our proprietary information, but we cannot provide assurance that these security measures will not be breached or will provide adequate protection for our property. There is a risk that third parties may obtain and improperly utilize our proprietary information to our competitive disadvantage. We may not be able to detect or prevent the unauthorized use of such information or take appropriate and timely steps to enforce our intellectual property rights.

***Our business is substantially dependent on contracts entered into with customers in the ordinary course of business. As such, we are subject to counterparty risk. If a counterparty to one of our contracts were to default or otherwise fail to perform or be delayed in its performance on any of its contractual obligations to us, such default, failure to perform or delay could have a material adverse effect on our business, financial condition, and results of operations.***

Our business is substantially dependent on contracts entered into with customers in the ordinary course of business. Our budgeted capital expenditures for our backlog, forecasted growth, and strategic plan are based on revenues expected to be generated pursuant to existing contracts. If a customer were to default or otherwise fail to perform or be delayed in the fulfillment of its contractual obligations to us, we would be required to adjust our budget, forecasts, and strategic plans, which may negatively affect our business, financial condition, cash flows, and/or liquidity. Additionally, if the scope of anticipated work related to any customer contract were to change due to unforeseen circumstances or evolving requirements of one or more of our counterparties, we may be unable to generate revenue on our anticipated timeline or may be required to incur increased costs from those

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originally estimated for a project, which could cause our budgets, forecasts, and plans to be inaccurate. It is not possible to predict with accuracy the impact of any default, failure to perform or delay, which results in our inability to completely mitigate such risks. As such, the counterparty default, failure to perform or delay in performance may have a material adverse impact on our business, financial condition, and results of operations.

***A failure of our information technology systems, physical or electronic security protections, or an interruption in their operation due to internal or external factors including cyberattacks or insider threats, could have a material adverse effect on our business, financial condition, or results of operations.***

Our business and operations are dependent on our ability to protect our employees, business systems, manufacturing capabilities, information systems, computer equipment and information databases from system failures or malicious acts. We rely on both internal information technology systems, physical controls and policies, and certain external services and service providers to manage the day-to-day operation of our business, operate elements of our manufacturing facilities, manage relationships with our employees, customers, and suppliers, fulfill customer orders and maintain our financial and accounting records. In addition, many of our systems are required to comply with higher standards applicable to systems that hold controlled technology or data. If our main data center were to fail, or if we were to suffer an interruption or degradation of services at our main data center, we could lose important manufacturing and technical data, which could harm our business. Similarly, we rely on third-party providers and in the event that any third-party provider's systems or service abilities failed or are interrupted, our ability to operate may be impaired. Some of these third-party providers may store or have access to our data and may not have effective controls, processes, or practices to protect our information from attack, damage, or unauthorized access. Any of these risks may be augmented if our or any third-party provider's business continuity and disaster recovery plans prove to be inadequate. While we generally perform cybersecurity due diligence on our key third-party service providers, because we do not control our third-party service providers and our ability to monitor their cybersecurity is limited, we cannot ensure the cybersecurity measures they take will be sufficient to protect any information we share with them. Due to applicable laws and regulations or contractual obligations, we may be held responsible for such cyberattacks and other incidents or disruptions attributed to our third-party service providers as they relate to the information we share with them.

We and our third-party service providers are vulnerable to damage or interruption from earthquakes, hurricanes, floods, fires, terrorist attacks, actual or threatened acts of war, power losses, telecommunications failures, personnel misconduct, human error, and similar events. We and our third-party service providers are also vulnerable to cyberattacks or cybersecurity incidents, such as software bugs, computer viruses, worms, malware and ransomware, and other malicious and destructive code, social engineering and phishing attacks, denial of service attacks or other attempts to harm our systems, misconduct, fraud and denial or degradation of service attacks, and have been, and may in the future be, the target of attempted cyberattacks. Because of the nature of our business and that of our third-party service providers, and our support of the U.S. government, we (and our customers and our third-party service providers) may be targeted for such attacks by hostile foreign governments. Further, the techniques used to obtain unauthorized access to, or to disrupt, systems or networks, are constantly evolving and generally are not recognized until launched against a target. Cyberattacks and other security incidents have increased in frequency, severity and sophistication in recent years and are conducted by organized groups and individuals with a wide range of motives and expertise, including organized criminal groups, "hacktivists," terrorists, nation states, nation-state supported actors and others. Consequently, we may be unable to anticipate these techniques, react in a timely manner, or implement preventive measures, which could result in delays in our detection or remediation of, or other responses to, cyberattacks, security breaches and other security-related incidents. The wide availability of open source software used in our solutions could also expose us and our third-party service providers to security vulnerabilities. The failure of our information technology systems, or those of our third-party service providers, to perform as anticipated for any reason or any significant breach of security could disrupt our business and result in numerous adverse consequences, including reduced effectiveness and efficiency of operations, increased costs, or loss of important information or capabilities, any of which could have a material adverse effect on our business, financial condition, or results of operations.

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Any security breach, including personal data breaches, or incident, including cybersecurity incidents, that we or our third-party service providers experience could result in unauthorized access to, misuse of or unauthorized acquisition of our or our customers' data, the loss, corruption, or alteration of this data, interruptions in our operations or damage to our computer hardware or systems or those of our customers. Moreover, negative publicity arising from these types of disruptions could damage our reputation. Such incidents and disruptions may require us to notify affected individuals and other third parties and incur additional remediation or mitigation costs or have other adverse legal and regulatory consequences to us and our business, particularly if we or our third-party service providers are unable to anticipate such acts or implement adequate preventative measures. For more information on our legal and regulatory obligations with respect to privacy and data security, see Risk Factors—Risks Related to Litigation and Regulation—Our business is subject to federal, state, and international laws regarding data protection, privacy, and data security, as well as confidentiality obligations under various agreements, and our actual or perceived failure to comply with such obligations could damage our reputation, expose us to litigation risk and materially adversely affect our business and operating results.

In addition, our remediation efforts may not be successful, and we may not have adequate insurance to cover these losses. While we maintain insurance policies that may cover certain liabilities in connection with a cyberattack or other incidents, we cannot be certain that our insurance coverage will be adequate for liabilities actually incurred, that insurance will continue to be available to us on commercially reasonable terms, or at all, or that any insurer will not deny coverage as to any future claim.

***The U.S. government's determination to award a future contract or contract option may be challenged by an interested party, and, if that challenge is successful, that future contract or option may be terminated.***

The laws and regulations governing procurements by the U.S. government provide procedures by which other bidders and interested parties may challenge the award of a government contract at the U.S. Government Accountability Office ("GAO") or in federal court. If we are awarded a government contract, such challenges or protests could be filed even if there are not any valid legal grounds on which to base the challenge or protest. If any such challenges or protests are filed, the government agency may decide to suspend our performance under the contract while such challenges or protests are being considered by the GAO or the applicable federal court, thus potentially delaying delivery of payment. In addition, we could be forced to expend significant funds to defend any potential award. If a challenge or protest is successful, the government agency may be ordered to terminate any one or more of our contracts and reselect bids. The government agencies with which we have contracts could even be directed to award a potential contract to one of the other bidders. Finally, the government agency, in its discretion, may elect to take corrective action to resolve a pending bid protest which could result in the government agency reevaluating bidders, or asking bidders to re-compete for the contract, and the selection of a new bidder.

***Our business involves significant risks and uncertainties that may not be covered by insurance. Also, due to the inherent risks associated with commercial spaceflight, there is the possibility that any accident or catastrophe could lead to the loss of human life or a medical emergency.***

Although there have been and will continue to be technological advances in spaceflight, it is still an inherently dangerous activity. Explosions and other accidents on launch or during the flight have occurred and will likely occur in the future. If such incident should occur, we will likely experience a total loss of our systems, products, technologies and services and our payloads and payloads of our customers. The total or partial loss of one or more of our products or payloads could have a material adverse effect on our business, financial condition and results of operations. For some missions, we can elect to buy launch insurance, which can reduce our monetary losses from the launch failure, but even in this case we will have losses associated with our inability to test our technology in space and delays with further technology development. Further, commercial spaceflight is an inherently risky activity that can lead to accidents or catastrophes impacting human life. It is impossible to completely eliminate the potential for human error, and there is a possibility that other accidents may occur in the

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future as a result of human error or for a variety of other reasons, some of which may be out of our control. Any such accident could result in substantial losses to us, including reputational harm and legal liability, and, as a result, could have a material adverse effect on our business, financial condition and results of operations.

***Our insurance, customer indemnifications or other liability protections may be insufficient to protect us from product and other liability claims or losses.***

We maintain insurance coverage with third-party insurers as part of our overall risk management strategy and because some of our contracts require us to accept risk of loss during various issuing phases. Not every risk or liability is or can be protected by insurance, and for those risks we insure, the limits of coverage that is reasonably obtainable may not be sufficient to cover all actual losses or liabilities incurred. We are limited in the amount of insurance we can obtain to cover certain risks, such as cybersecurity risks and natural hazards, including earthquakes, fires, and extreme weather conditions, some of which can be worsened by climate change and pandemics. If any of our third-party insurers fail, become insolvent, cancel our coverage or otherwise are unable to provide us with adequate insurance coverage or renew our insurance coverage on favorable terms, then our overall risk exposure and our operational expenses would increase, and the management of our business operations would be disrupted. Our insurance may be insufficient to protect us from significant product and other liability claims or losses. Moreover, there is a risk that commercially available liability insurance will not continue to be available to us at a reasonable cost, if at all. In some circumstances, we are entitled to certain legal protections or indemnifications from our customers through contractual provisions, laws, regulations, or otherwise. However, these protections are not always available, can be difficult to obtain, are typically subject to certain terms or limitations, including the availability of funds, and may not be sufficient to cover all losses or liabilities incurred. For example, although the U.S. government may pay claims for third-party damages to the extent they exceed our insurance coverage, this depends on a government appropriation and is subject to a statutory limit. In addition, this insurance will not protect us against our own losses, including to our satellites. If liability claims or losses exceed our current or available insurance coverage, customer indemnifications, or other legal protections, our business, results of operations, prospects and financial condition could have a material adverse effect on us. Any significant claim may have a material adverse effect on our industry and market reputation, leading to a substantial decrease in demand for our products and services and reduced revenues, making it more difficult for us to compete effectively, and could affect the cost and availability of insurance coverage at adequate levels in the future.

***Contracting in the defense industry is subject to significant regulation, including rules related to bidding, billing, and accounting kickbacks and false claims, and any non-compliance could subject us to fines and penalties or possible debarment.***

Like all government contractors, we are subject to risks associated with this contracting. These risks include the potential for substantial civil and criminal fines and penalties. These fines and penalties could be imposed for failing to follow procurement integrity and bidding rules, employing improper billing practices, or otherwise failing to follow cost accounting standards, receiving, or paying kickbacks or filing false claims. We may be subject to audits and investigations by government agencies. The failure to comply with the terms of our government contracts could harm our business reputation, which could significantly reduce our sales and earnings. It could also result in our suspension or debarment from future government contracts, which could materially adversely affect our business, financial condition, and results of operations. In addition, we could be subject to criminal or civil penalties or administrative sanctions, including contract termination, breach of contract actions including related damages, fines, forfeiture of fees, suspension of payment, and civil False Claims Act allegations (which can include civil penalties and up to treble damages), any of which could materially adversely affect our reputation, business, financial condition, and results of operations.

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***We are subject to procurement rules and regulations, which increase our performance and compliance costs under our U.S. government contracts. Our failure to comply with various complex procurement rules and regulations could result in our being liable for penalties, including termination of our U.S. government contracts, disqualification from bidding on future U.S. government contracts, civil False Claims Act allegations, and suspension or debarment from U.S. government contracting.***

We must comply with laws and regulations relating to the formation, administration, and performance of U.S. government contracts, which affect how we do business with our customers. Such laws and regulations may impose added costs on our business and our failure to comply with them, or the failure of our agents' to comply with them, may lead to civil or criminal penalties, termination of our U.S. government contracts, civil False Claims Act allegations (which can include civil penalties and up to treble damages), suspension or debarment from contracting with federal agencies and could have a material adverse effect on our reputation and ability to receive other U.S. government contract awards in the future. Government contract laws and regulations can impose terms or obligations that are different than those typically found in commercial transactions. One of the significant differences is that the U.S. government may terminate any of our government contracts, not only for default based on our performance but also at its convenience. Generally, prime contractors have a similar right under subcontracts related to government contracts. If a contract is terminated for convenience, we would expect to be entitled to receive the purchase price for delivered items, reimbursement for allowable costs for work-in-process and an allowance for profit on the contract. If a contract is terminated for default, the U.S. government could make claims to reduce the contract value or recover its procurement costs and could assess other special penalties, exposing us to liability and materially adversely affecting our ability to compete for future contracts and orders. In addition, the U.S. government could terminate a prime contract under which we are a subcontractor, notwithstanding the fact that our performance and the quality of the products or services we delivered were consistent with our contractual obligations as a subcontractor. Similarly, the U.S. government could indirectly terminate a program or contract by not funding it. The decision to terminate programs or contracts for convenience or default could materially adversely affect our business, financial condition, and results of operations.

***Our failure to comply with various complex procurement rules and regulations could result in our being liable for penalties, including termination of our U.S. government contracts, disqualification from bidding on future U.S. government contracts, civil False Claims Act allegations and suspension or debarment from U.S. government contracting.*** 

We must comply with laws and regulations relating to the formation, administration and performance of U.S. government contracts, which affect how we do business with our customers. Such laws and regulations may impose added costs on our business and our failure to comply with them may lead to civil or criminal penalties, termination of our U.S. government contracts, civil False Claims Act allegations (which can include civil penalties and up to treble damages) or suspension or debarment from contracting with federal agencies. Government contract laws and regulations can impose terms or obligations that are different than those typically found in commercial transactions. One of the significant differences is that the U.S. government may terminate any of our government contracts, not only for default based on our performance but also at its convenience. Generally, prime contractors have a similar right under subcontracts related to government contracts. If a contract is terminated for convenience, we would expect to be entitled to receive the purchase price for delivered items, reimbursement for allowable costs for work-in-process and an allowance for profit on the contract. If a contract is terminated for default, the U.S. government could make claims to reduce the contract value or recover its procurement costs and could assess other special penalties, exposing us to liability and materially adversely affecting our ability to compete for future contracts and orders. In addition, the U.S. government could terminate a prime contract under which we are a subcontractor, notwithstanding the fact that our performance and the quality of the products or services we delivered were consistent with our contractual obligations as a subcontractor. Similarly, the U.S. government could indirectly terminate a program or contract by not funding it. The decision to terminate programs or contracts for convenience or default could materially adversely affect our business, results of operations, prospects and financial condition, and our future financial performance.

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***Failure to comply with anti-corruption laws, including the FCPA and similar laws associated with our activities outside of the United States, could subject us to penalties and other adverse consequences.***

We operate a global business and may have direct or indirect interactions with officials and employees of government agencies or state-owned or affiliated entities. We are subject to the FCPA, the U.S. domestic bribery statute contained in 18 U.S.C. § 201, the U.S. Travel Act and possibly other anti-bribery and anti-corruption laws in countries in which we conduct activities. These laws that prohibit companies and their employees and third-party intermediaries from corruptly promising, authorizing, offering, or providing, directly or indirectly, improper payments or anything of value to foreign government officials, political parties, and private-sector recipients for the purpose of obtaining or retaining business, directing business to any person, or securing any advantage. In addition, U.S. public companies are required to maintain records that accurately and fairly represent their transactions and have an adequate system of internal accounting controls. In many foreign countries, including countries in which we may conduct business, it may be a local custom that businesses engage in practices that are prohibited by the FCPA or other applicable laws and regulations. We face significant risks if we or any of our directors, officers, employees, agents or other partners or representatives fail to comply with these laws and governmental authorities in the United States and elsewhere could seek to impose substantial civil and/or criminal fines and penalties which could have a material adverse effect on us. Any violation of the FCPA or other applicable anti-corruption laws could result in whistleblower complaints, adverse media coverage, investigations, loss of export privileges, severe criminal or civil sanctions and, in the case of the FCPA, suspension or debarment from U.S. government contracts, any of which could have a materially adverse effect on our reputation, business, operating results and prospects. In addition, responding to any enforcement action may result in a significant diversion of management's attention and resources and significant defense costs and other professional fees.

***We routinely conduct hazardous operations in the manufacturing and testing of our spacecraft and related components and technology, which could result in damage to property or persons. The release, unplanned ignition, explosion, or improper handling of dangerous materials used in our business could disrupt our operations and adversely affect our financial results.***

We manufacture, test, and operate highly sophisticated spacecraft and related components and technology. Our business operations involve the purchase and management of potentially explosive and ignitable energetic materials, and other dangerous chemicals, including materials used in rocket propulsion. The handling, production, transport, and disposition of hazardous materials could result in incidents that temporarily shut down or otherwise disrupt our operations and could cause production delays. A release of these chemicals or an unplanned ignition or explosion could result in death or significant injuries to employees and others. Material property damage to us and third parties could also occur. Extensive regulations apply to the handling of explosive and energetic materials, including but not limited to regulations governing hazardous substances and hazardous waste. The failure to properly store and ultimately dispose of such materials could create significant liability and/or result in regulatory sanctions. While we have built operational processes designed to ensure that the design, manufacture, performance, and servicing of our spacecraft meet rigorous quality standards, there can be no assurance that we will not experience operational or process issues that could result in potential safety risks. Any actual or perceived safety or reliability issues may result in significant reputational harm to our businesses, in addition to tort liability, maintenance, increased safety infrastructure, and other costs that may arise. Such issues could result in canceled contracts, increased regulation, or other systemic consequences. Our inability to meet our safety standards or adverse publicity affecting our reputation as a result of accidents, mechanical failures, damages to customer property, or other complications could have a material adverse effect on our business, financial condition, and results of operations.

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***We use third-party licensed software and services in or with our solutions, and the inability to maintain these licenses and services arrangements, or issues with the software we license or services we leverage, could result in increased costs or reduced service levels, which would adversely affect our business.***

Our solutions include software or other intellectual property licensed from certain third parties, and we otherwise use certain software and other intellectual property licensed from third parties in our business and operations. We anticipate that we will continue to rely on such third-party software and intellectual property in the future, and from time to time, we may be required to renegotiate our current third-party licenses or services arrangements or license additional intellectual property or technology or procure additional services from third parties to develop new solutions or enhancements thereto or to facilitate new business models. This exposes us to risks over which we may have little or no control. For example, the third-party licenses and services on which we currently rely may not always be available, or may not be available on commercially reasonable terms, and we may not have access to alternative third-party software in the event of any issues with such software. In addition, the agreements under which we license intellectual property from third parties are generally complex, and certain provisions in such agreements may be susceptible to multiple interpretations. The resolution of any contract interpretation disagreement that may arise could narrow what we believe to be the scope of our rights to the relevant intellectual property, or increase what we believe to be our financial or other obligations under the relevant agreement. A third party may assert that we or our customers are in breach of the terms of applicable licenses or services arrangements, which could, among other things, force us to cease use of such software and give such third party the right to terminate the applicable license or services arrangement or seek damages from us, or both. Additionally, third parties from whom we currently license intellectual property rights and technology could refuse to renew our agreements upon their expiration or could impose additional terms and fees that we otherwise would not deem acceptable requiring us to obtain the intellectual property from another third party, if any is available, or to pay increased licensing fees or be subject to additional restrictions on our use of such third party intellectual property. Additionally, we may not have the right to control the maintenance, prosecution, preparation, filing, enforcement, and defense of, or litigation relating to, the intellectual property that we license from third parties and are reliant on our licensors to do so. We also cannot be certain that activities such as intellectual property protection, maintenance, prosecution, and enforcement by our licensors have been or will be conducted consistent with our best interests or in compliance with applicable laws and regulations or will result in valid and enforceable intellectual property rights. It is possible that our licensors conduct infringement proceedings or defense activities less vigorously than we would conduct them ourselves or such proceedings or activities may not be conducted in accordance with our best interests. Furthermore, we cannot be certain that our licensors are not infringing, misappropriating, or otherwise violating the intellectual property rights of third parties or that our licensors have sufficient rights to the intellectual property we license in all jurisdictions in which we may offer our solutions. Our inability to obtain or maintain certain licenses, services arrangements or other rights or to obtain or maintain such licenses, services arrangements or rights on favorable terms, or the need to engage in litigation or any other proceedings regarding these matters, could result in delays in releases of new solutions and could otherwise disrupt our business, until equivalent technology can be identified, licensed, or developed, if at all. In addition, our rights to certain technologies are licensed to us on a non-exclusive basis. The owners of these non-exclusively licensed technologies are therefore free to license them to third parties, including our competitors, on terms that may be superior to those offered to us, which could place us at a competitive disadvantage. Also, to the extent that our solutions depend upon the successful operation of third-party software in conjunction with our software, any undetected errors, vulnerabilities, compromises, or defects in such third-party software could prevent the deployment or impair the functionality of our solutions, delay new feature introductions, result in a failure of our platform, and injure our reputation. Any of the foregoing could materially adversely affect our business, financial condition, and results of operations.

***Protecting and defending against intellectual property claims may have a material adverse effect on our business.***

Our success depends in part upon successful prosecution, maintenance, enforcement, and protection of our owned and licensed intellectual property. To protect our intellectual property rights, we may be required to spend

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significant resources to monitor and protect these rights. Litigation may be necessary in the future to enforce our intellectual property rights and to protect our trade secrets. Such litigation could be costly, time consuming and distracting to management and could result in the impairment or loss of portions of our intellectual property. Furthermore, our efforts to enforce our intellectual property rights may be met with defenses, counterclaims and countersuits attacking the validity and enforceability of our intellectual property rights. Our inability to protect our proprietary technology, as well as any costly litigation or diversion of our management's attention and resources, could disrupt our business, as well as have a material adverse effect on our financial condition and results of operations. The results of intellectual property litigation are difficult to predict and may result in significant damage awards or settlement costs. We may also be required to undertake workarounds or substantial reengineering of our products or services, stop using certain technologies, stop offering certain services or enter into royalty or licensing agreements, which may include terms that are not commercially acceptable to us. There is no guarantee that any action to defend, maintain or enforce our owned or licensed intellectual property rights will be successful, and an adverse result in any such proceeding could have a material adverse impact on our business, financial condition, and results of operations. In addition, we may from time-to-time face allegations that we are infringing, misappropriating, or otherwise violating the intellectual property rights of third parties, including the intellectual property rights of our competitors. We may be unaware of the intellectual property rights that others may claim cover some or all of our technology or services. Irrespective of the validity of any such claims, we could incur significant costs and diversion of resources in defending against them, and there is no guarantee any such defense would be successful, which could have a material adverse effect on our business, financial condition, and results of operations. Even if these matters do not result in litigation or are resolved in our favor or without significant cash settlements, these matters, and the time and resources necessary to litigate or resolve them, could divert the time and resources of our management team and harm our business, financial condition, our results of operations, and our reputation.

***Environmental matters, including costs associated with compliance and remediation efforts and government and third-party claims, could have a material adverse effect on our reputation and our business, financial condition, and results of operations.***

Our operations are subject to and affected by various federal, state, local, and foreign environmental laws, and regulations, which can frequently be expanded, changed, or enforced differently over time. Compliance with these existing and evolving environmental laws and regulations requires and is expected to continue to require significant operating and capital costs. We may be subject to substantial administrative, civil, or criminal fines, penalties, or other sanctions (including suspension and debarment from our government contracts) for violations. For instance, if we are found to be in violation of the Federal Clean Air Act or the Clean Water Act, the facility or facilities involved in the violation could be placed by the Environmental Protection Agency on a list of facilities that generally cannot be used in performing on U.S. government contracts until the violation is corrected. Stricter or different remediation standards or enforcement of existing laws and regulations; new requirements, including regulation of new substances; discovery of previously unknown contamination or new contaminants; imposition of fines, penalties, or damages (including natural resource damages); a determination that certain remediation or other costs are unallowable; rulings on allocation or insurance coverage; and/or the insolvency, inability or unwillingness of other parties to pay their share, could require us to incur material additional costs in excess of those anticipated. We may become a party to legal proceedings and disputes involving government and private parties (including individual and class actions) relating to alleged impacts from pollutants released into the environment, including bodily injury and property damage. These matters could result in material compensatory or other damages, remediation costs, penalties, non-monetary relief, and adverse allowability or insurance coverage determinations. The impact of these factors is difficult to predict, but one or more of them could harm our reputation and business and have a material adverse effect on our results of operations, prospects, and financial condition.

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***Our business is subject to federal, state, and international laws regarding data protection, privacy, and data security, as well as confidentiality obligations under various agreements, and our actual or perceived failure to comply with such obligations could damage our reputation, expose us to litigation risk and materially adversely affect our business and operating results.***

In connection with our business, we receive, collect, process, and retain certain personal information about our customers, vendors, and employees. As a result, we are subject to the evolving and increasingly complex data protection laws and regulatory frameworks of the jurisdictions in which we operate or conduct our business, including to state comprehensive privacy laws, such as the California Consumer Privacy Act, as amended by the California Privacy Rights Act (collectively, the "CCPA"), the European Union General Data Protection Regulation ("EU GDPR"), and the U.K. General Data Protection Regulation ("U.K. GDPR") (collectively, "Data Protection Laws"). These laws impose obligations in relation to the collection, use, and disclosure of personal information, including providing customers with certain rights to access, correct, delete, and restrict the processing of their personal information. Failure to comply with applicable laws may result in regulatory scrutiny, enforcement actions, fines, litigation, or other liabilities or costs, and the evolving complexity of the privacy landscape could impact our ability to collect, use or disclose personal information, decrease demand for our products, require us to restrict our business operations, increase our costs, and impair our ability to maintain and grow our customer base and increase our revenue. We are also subject to the DoD Cybersecurity Maturity Model Certification ("CMMC") requirements, which requires companies that do business with the DoD to, depending on the level of security required, meet, or exceed certain specified cybersecurity standards to be eligible for new contract awards. To the extent we are unable to achieve or maintain certification at the level required for a particular contract award, we will be unable to bid on such contract awards or follow-on awards for existing work with the DoD, which could materially adversely impact our revenue, profitability, and cash flows.

Additionally, our subcontractors, and certain of our vendors, may also need to comply with CMMC requirements. We may be negatively impacted if our subcontractors or vendors are not compliant with CMMC requirements. The obligations imposed on us under the CMMC may be different from, or in addition to those, otherwise required by the Data Protection Laws to which we are subject. The costs to comply with the new CMMC requirements are significant and may increase, which could materially adversely affect our business, financial condition, or results of operations. Failure to comply with CMMC requirements may also make us subject to bid protest challenges or False Claims Act allegations claiming damages to the government based on such non-compliance. We have implemented internal controls and procedures designed to comply with the Data Protection Laws to which we are subject, the CMMC and other applicable standards, as well as contractual obligations related to data protection.

Data protection laws, regulations, standards, and obligations are evolving and may be modified, replaced, interpreted, and applied in an inconsistent manner from one jurisdiction to another, and may conflict with one another, other requirements, or legal obligations. For example, the application of the EU GDPR alongside the U.K. GDPR exposes us to two parallel regimes that may be subject to potentially different interpretations, each of which potentially authorizes similar fines and other potentially divergent enforcement actions for certain violations. While the EU GDPR and the U.K. GDPR remain substantially similar for the time being, the government of the U.K. has adopted reforms to its privacy and data security legal framework in its Data Use and Access Act 2025, which became law on June 19, 2025 (phasing in between June 2025 and June 2026) and will introduce significant changes from the EU GDPR. This may lead to additional compliance costs and could increase overall risk exposure as businesses may no longer be able to take a unified approach across the European Economic Area and the U.K., and such businesses may need to amend their processes and procedures to align with the new framework. We cannot yet determine the impact that such modifications may have on our business. As such, our practices may not have complied with, and we cannot assure ongoing compliance with, all such laws or regulations and other legal obligations. Further, we expect that new industry standards, laws, and regulations will continue to be proposed regarding privacy and data security in many jurisdictions. We cannot yet determine the impact that such future laws, regulations, and standards may have on our business. Our efforts to comply with these evolving obligations may cause us to incur significant costs or require changes to our business

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practices, which could materially adversely affect our business, financial condition, and results of operations. Any failure or perceived failure by us to comply with applicable laws or regulations, or other contractual or legal obligations, or to adequately address privacy and data security concerns, even if unfounded, may result in governmental enforcement actions, private litigation (including class actions), fines and penalties or adverse publicity and could cause our customers to lose trust in us, which could have a material adverse effect on our reputation, inhibit sales, and materially adversely affect our business, financial condition, and results of operations.

***Our systems utilize third-party open-source software, and any failure to comply with the terms of one or more of these open-source software licenses could adversely affect our business, subject us to litigation, or create potential liability.***

Our systems include software licensed from third parties under any one or more open-source licenses, and we expect to continue to incorporate open-source software in our systems and technology in the future. Moreover, we cannot ensure that we have effectively monitored our use of open-source software, or validated the quality or source of such software, or that we are always in compliance with the terms of the applicable open-source licenses or our current policies and procedures. From time to time, there have been claims against companies that use open-source software in their products and services asserting that the use of such open-source software infringes the claimants' intellectual property rights. As a result, we could be subject to suits by third parties claiming that what we believe to be licensed open-source software infringes such third parties' intellectual property rights. Additionally, if an author or other third party that distributes such open source software were to allege that we had not complied with the conditions of one or more of these licenses, we could be required to incur significant legal expenses defending against such allegations and could be subject to significant damages and required to comply with onerous conditions or restrictions on these solutions, which could disrupt the distribution and sale of these solutions. Litigation could be costly for us to defend, have a negative effect on our business, financial condition, and results of operations, or require us to devote additional R&D resources to change our solutions. We may continue to experience such vulnerabilities in the future. Use of open-source software may entail greater risks than use of third-party commercial software, as open-source licensors generally do not provide warranties or other contractual protections regarding infringement claims or the quality of the code, including with respect to security vulnerabilities where open-source software may be more susceptible. In addition, certain open-source licenses require that source code for software programs that incorporate, use, or combine with such open-source software be made available to the public at no cost and that any modifications or derivative works to such open-source software continue to be licensed under the same terms as the open-source software license. The terms of various open-source licenses to which we are subject are ambiguous and have not or may not have been interpreted by courts in the relevant jurisdictions, and there is a risk that such licenses could be construed in a manner that imposes unanticipated conditions or restrictions on our ability to market or provide our software and data. By the terms of certain open-source licenses, we could be required to release the source code of our proprietary software, and to make our proprietary software available under open-source licenses, if we combine our proprietary software with open-source software in a certain manner. In the event that portions of our proprietary software are determined to be subject to an open-source license, we could be required to publicly release the affected portions of our source code, re-engineer all or a portion of our solutions, seek licenses from third parties on terms that are not commercially feasible or otherwise be limited in the provision of our products and services, each of which could reduce or eliminate the value of our solutions. Disclosing our proprietary source code could allow our competitors to create similar products with lower development effort and time and ultimately could result in a loss of sales. Furthermore, any such re-engineering or other remedial efforts could require significant additional R&D resources, and we may not be able to successfully complete any such re-engineering or other remedial efforts. Any of these events could create liability for us and damage our reputation, which could have a material adverse effect on our business, financial condition, and results of operations.

***Laws and regulations designed to address climate change may result in additional compliance costs.***

Our operations and the products we sell are currently subject to rules limiting emissions and to other climate-related regulations in certain jurisdictions where we operate. The increased prevalence of global climate

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change concerns may result in new regulations that may negatively impact us, our suppliers, and customers. We are continuing to evaluate short-, medium- and long-term risks related to climate change. We cannot predict what climate-related legislation or regulations will be enacted in the future, how existing or future laws or regulations will be administered or interpreted, or what environmental conditions may be found to exist. Compliance with any new or more stringent laws or regulations, or stricter interpretations of existing laws, could require additional expenditures by us or our suppliers, in which case, the costs of component parts could increase.

***Misconduct of employees, subcontractors, agents, suppliers, business partners, or joint ventures and others working on our behalf could cause us to lose existing contracts or customers and adversely affect our ability to obtain new contracts and customers and could have a material adverse impact on our reputation, business, financial condition, and results of operations.***

Our employees, subcontractors, agents, suppliers, business partners, joint ventures or others working on our behalf may engage in misconduct that could adversely impact our business including by committing fraud or engaging in other improper activities such as falsifying time or other records, and violating laws and failing to comply with our policies and procedures or with federal, state, or local government procurement regulations, regulations regarding the use and safeguarding of classified or other protected information, legislation regarding the pricing of labor and other costs in government contracts, laws, and regulations relating to environmental, health or safety matters, bribery of foreign government officials, import-export control, lobbying or similar activities, and any other applicable laws or regulations. Any data loss or information security lapses resulting in the compromise of personal information or the improper use or disclosure of sensitive or classified information could result in claims, remediation costs, regulatory investigations or sanctions against us, corruption or disruption of our systems or those of our customers, impairment of our ability to provide services to our customers, loss of current and future contracts, indemnity obligations, serious harm to our reputation and other potential liabilities. Although we have implemented policies, procedures, training, and other compliance controls to prevent and detect these activities, these precautions may not prevent all misconduct, and as a result, we could face unknown risks or losses. This risk of improper conduct may increase as we continue to expand and do business with new partners. In the ordinary course of our business, we form and are members of joint ventures (meaning joint efforts or business arrangements of any type). Our failure to comply with applicable laws or regulations could damage our reputation and subject us to administrative, civil, or criminal investigations and enforcement actions, fines, and penalties, restitution or other damages including civil False Claims Act allegations (which can include civil penalties and up to treble damages), loss of security clearance, loss of current and future customer contracts, loss of privileges and other sanctions, including suspension or debarment from contracting with federal, state, or local government agencies, any of which would materially adversely affect our reputation, business, financial condition, and results of operations.

***Efforts by the U.S. government to revise its organizational conflict of interest rules could limit our ability to successfully compete for new contracts or task orders, which would materially adversely affect our business, financial condition, and results of operations.***

Efforts by the U.S. government to reform its procurement practices have focused on, among other areas, the separation of certain types of work to facilitate objectivity and avoid or mitigate organizational conflicts of interest and the strengthening of regulations governing organizational conflicts of interest. Organizational conflicts of interest may arise from circumstances in which a contractor has impaired objectivity during performance; unfair access to non-public information; or the ability to set the "ground rules" for another procurement for which the contractor competes. A focus on organizational conflicts of interest issues has resulted in legislation and a proposed regulation aimed at increasing organizational conflicts of interest requirements, including, among other things, separating sellers of products and providers of advisory services in major defense acquisition programs. The passage of a new federal law in December 2022 requires the FAR council to provide and update definitions of each of the above types of conflicts of interest and provide illustrative examples of various relationships that contractors could have that would give rise to potential conflicts of interest. The passage of this legislation comes as this topic continues to garner increased scrutiny of such alleged conflicts

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among federal contractors. The resulting rule-making process, as well as continuing reform initiatives in procurement practices, may, however, result in future amendments to the FAR, increasing the restrictions in current organizational conflicts of interest regulations and rules. Similarly, organizational conflicts of interest remain an active area of bid protest litigation, increasing the likelihood that competitors may leverage such arguments in an attempt to overturn agency award decisions. To the extent that proposed and future organizational conflicts of interest laws, regulations, and rules or interpretations thereof limit our ability to successfully compete for new contracts or task orders with the U.S. government, either because of organizational conflicts of interest issues arising from our business, or because companies with which we are affiliated, or with which we otherwise conduct business, create organizational conflicts of interest issues for us, our business, financial condition, and results of operations could be materially adversely affected.

***We may experience claims for product failures, schedule delays or other problems with existing or new products.***

Many of the products we develop and manufacture are technologically advanced systems that must function under demanding operating conditions. The sophisticated and rigorous design, manufacturing and testing processes and practices we employ do not entirely prevent the risk that we may not be able to successfully launch or manufacture our products on schedule or that our products may not perform as intended. When our products fail to perform adequately, some of our contracts require us to forfeit a portion of our expected profit, receive reduced payments, provide a replacement product or service or reduce the price of subsequent sales to the same customer. Performance penalties may also be imposed when we fail to meet delivery schedules or other measures of contract performance. We do not generally insure against potential costs resulting from any required remedial actions or costs or loss of sales due to postponement or cancellation of scheduled operations or product deliveries.

***New sustainability and climate-related disclosure obligations could result in unforeseen costs associated with compliance, government and third-party claims, operations, and increased reputational and litigation risk.***

New sustainability and climate-related disclosure obligations could result in unforeseen costs associated with compliance, government and third-party claims, operations, and increased reputational and litigation risk. We may be subject to rulemaking regarding corporate social responsibility and/or disclosure, as public awareness and focus on social and environmental issues has led to legislative and regulatory efforts to impose or increase regulations and require further disclosure. We operate in various jurisdictions in the U.S. that have adopted or proposed federal and state laws related to sustainability and climate change reporting. Any adopted or proposed laws could impose significant new burdens on the company and our suppliers, with significant potential costs and operational impacts, and restrict access to capital if our disclosures are not perceived as meeting applicable third-party verification standards. Our failure to adequately comply with such disclosure obligations could jeopardize our competitive position and ability to win business, as well as adversely affect our results of operations and financial condition. Separately, enhanced sustainability and climate-related disclosure requirements could lead to reputational or other harm to our relationships with customers, regulators, investors, or other stakeholders. We may also face increased litigation risks arising from enhanced sustainability and climate-related disclosure requirements relating to alleged damages resulting from our reported or projected GHG emissions or statements allegedly made by us or others in our industry regarding environmental and climate change risks.

***We are subject to complex tax laws, and changes in tax laws or in positions by the relevant tax authorities regarding the application, administration or interpretation of tax laws or regulations, particularly if applied retrospectively, or challenges to our tax position could adversely affect our financial condition and results of operations.***

Tax laws are complex and subject to subjective evaluations and interpretative decisions, and we may be subject in the future to tax audits aimed at addressing our compliance with direct and indirect taxes. Changes in tax laws could adversely affect our tax position, including our effective tax rate or tax payments. We often rely

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on generally available interpretations of applicable tax laws and regulations. We cannot be certain that the relevant tax authorities agree with our interpretation of these laws, or with the positions we have taken or intend to take, on tax laws applicable to our ordinary activity and extraordinary transactions. If our tax positions are challenged by relevant tax authorities, we could face long tax proceedings and the imposition of additional taxes or the denial of tax benefits could require us to pay taxes that we currently do not collect or pay or increase the cost of our services to track and collect such taxes. We cannot, therefore, rule out that claims by the tax authorities may give rise to burdensome and long tax litigation and to the payment of significant amounts for taxes, penalties and interest for late payment. Any of these risks could increase our cost of operations or our effective tax rate and have a negative effect on our business, financial condition, operating results and cash flows.

***Our ability to use our net operating loss carryforwards may be limited.***

As of December 31, 2024, we had $144.3 million of U.S. federal and $144.3 million of U.S. state net operating loss ("NOLs") carryforwards available to reduce future taxable income. While the federal NOL carryforwards can be carried forward indefinitely, state NOLs begin to expire in the year ending December 31, 2046. It is possible that we will not generate taxable income in time to use these NOL carryforwards before their expiration or at all. Under legislative changes made in December 2017, U.S. federal NOLs incurred in 2018 and in future years may be carried forward indefinitely, but the deductibility of such NOLs is limited. In addition, the federal and state NOL carryforwards and certain tax credits may be subject to significant limitations under Section 382 and Section 383 of the Internal Revenue Code of 1986, as amended (the "Code"), respectively, and similar provisions of state law. Under those sections of the Code, if a corporation undergoes an "ownership change," the corporation's ability to use its pre-change NOL carryforwards and to offset its post-change income or tax may be limited. In general, an "ownership change" will occur if there is a cumulative change in our ownership by "5-percent stockholders" that exceeds 50 percentage points over a rolling three-year period. Similar rules may apply under state tax laws. Future issuances or sales of our common stock, including certain transactions involving our common stock that are outside of its control, could result in future "ownership changes." "Ownership changes" that have occurred in the past or that may occur in the future could result in the imposition of an annual limit on the amount of pre-ownership change NOLs and other tax attributes we can use to reduce our taxable income, potentially increasing and accelerating our liability for income taxes, and also potentially causing those tax attributes to expire unused. States may impose other limitations on the use of our NOLs. Any limitation on using NOLs could, depending on the extent of such limitation and the NOLs previously used, result in us retaining less cash after payment of U.S. federal and state income taxes during any year in which we have taxable income, rather than losses, than we would otherwise retain if such NOLs were available as an offset against such income for U.S. federal and state income tax reporting purposes. As a result, such limitations on our NOL could adversely impact our operating results.

***We intend to enter into a Tax Receivable Agreement that will require us to make payments in relation to certain tax attributes of York Space Systems and its subsidiaries to our pre-IPO owner (or certain transferees or successors), and such payments may be substantial.***

We intend to enter into a tax receivable agreement ("TRA" or "Tax Receivable Agreement") with certain shareholders (such shareholders and any transferee or successor being a "TRA Holder") that will require us to make payments to TRA Holders in an amount equal to 85% of certain tax savings (or expected tax savings) in respect of certain tax attributes of York Space Systems. The TRA contemplates payments in respect of the Covered Tax Assets (as defined below) described in "Certain Relationships and Related Party Transactions—Tax Receivable Agreement," including net operating losses, the carryforward of any unused research and development tax credits and interest disallowed pursuant to Section 163(j) of the Code, the amortization of research and experimental expenditures pursuant to Section 174 of the Code, and other tax attributes of York Space Systems accrued on or prior to the date of the Tax Receivable Agreement (including, without limitation, refunds and amortization and depreciation of other assets of York Space Systems) and any deductions or other tax attributes that may arise in connection with the offering contemplated hereby. The timing of payments under any Tax Receivable Agreement will vary depending upon a number of factors, including the amount, character

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and timing of our and our subsidiaries' taxable income in the future. These payments may be substantial and will be made only to TRA Holders, rather than to all of our shareholders. These payments could have a material adverse effect on our business, financial condition and results of operations. To the extent that we are unable to make payments under any Tax Receivable Agreement as a result of the terms of our debt agreements, such payments may be deferred and will accrue interest until paid.

***The Tax Receivable Agreement requires us to make cash payments to TRA Holders in respect of certain tax benefits to which we may become entitled, and we expect that the payments we will be required to make will be substantial.***

Prior to the consummation of this offering, we intend to enter into a Tax Receivable Agreement with TRA Holders. Pursuant to the Tax Receivable Agreement, we will be required to make cash payments to TRA Holders, collectively, equal to 85% of the tax benefits, if any, that we actually realize, or, in some circumstances, are deemed to realize, as a result of the usage of the Covered Tax Assets. We estimate that such payments may be substantial. Payments under the Tax Receivable Agreement will be based on the tax reporting positions that we determine, which tax reporting positions will be based on the advice of our tax advisors. Any payments made by us to TRA Holders under the Tax Receivable Agreement will generally reduce the amount of overall cash flow that might have otherwise been available to us. To the extent that we are unable to make payments under the Tax Receivable Agreement, such payments generally will be deferred and will accrue interest until paid. Nonpayment for a specified period, however, may constitute a breach of a material obligation under the Tax Receivable Agreement and therefore accelerate payments due under the Tax Receivable Agreement. Furthermore, although we will retain 15% of the amount of such tax benefits, the Tax Receivable Agreement may adversely impact the price of our common stock and our future obligation to make payments under the Tax Receivable Agreement could make us a less attractive target for an acquisition, particularly in the case of an acquirer that cannot use some or all of the tax benefits that may be deemed realized in connection with the acquisition under the Tax Receivable Agreement. The payments under the Tax Receivable Agreement are also not conditioned upon TRA Holders maintaining a continued ownership interest in York Space Systems. ****See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement" for more information.

The actual amount and timing of any payments under the Tax Receivable Agreement will vary depending upon a number of factors, including the amount and timing of the taxable income we generate in the future and the federal tax rates then applicable.

***The amounts that we may be required to pay to TRA Holders under the Tax Receivable Agreement may be accelerated in certain circumstances and may also significantly exceed the actual tax benefits that we ultimately realize.***

The Tax Receivable Agreement provides that if (i) certain mergers, asset sales, other forms of business combination or other changes of control were to occur, (ii) we breach any of our material obligations under the Tax Receivable Agreement or (iii) at any time, we elect an early termination of the Tax Receivable Agreement, then the Tax Receivable Agreement will terminate and our obligations, or our successor's obligations, to make payments under the Tax Receivable Agreement would accelerate and become immediately due and payable. The amount due and payable in that circumstance is based on certain assumptions, including an assumption that we would have sufficient taxable income to fully utilize all potential future tax benefits that are subject to the Tax Receivable Agreement. See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement." We may need to incur debt to finance payments under the Tax Receivable Agreement to the extent our cash resources are insufficient to meet our obligations under the Tax Receivable Agreement as a result of timing discrepancies or otherwise.

As a result of a change in control, material breach or our election to terminate the Tax Receivable Agreement early, (i) we could be required to make cash payments to TRA Holders that are greater than 85% of the actual benefits we ultimately realize in respect of the Covered Tax Assets and (ii) we would be required to

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make an immediate cash payment equal to the anticipated future tax benefits that are the subject of the Tax Receivable Agreement discounted in accordance with the Tax Receivable Agreement, which payment may be made significantly in advance of the actual realization, if any, of such future tax benefits. In these situations, our obligations under the Tax Receivable Agreement could have a substantial negative impact on our liquidity and could have the effect of delaying, deferring or preventing certain mergers, asset sales, other forms of business combination, or other changes of control. There can be no assurance that we will be able to finance our obligations under the Tax Receivable Agreement. If we were to elect to terminate the Tax Receivable Agreement immediately after this offering, we estimate that we would be required to pay under the Tax Receivable Agreement an amount equal to the present value of the gross amount of approximately $ million.

In addition, payments under the Tax Receivable Agreement will be based on the tax reporting positions that we determine, consistent with the terms of the Tax Receivable Agreement. No TRA Holder will be required under any circumstances to make a payment or return a payment to us in respect of any portion of any payment previously made to such TRA Holder under the TRA if a tax reporting position relating to a TRA tax attribute is challenged. If it is determined that excess payments have been made under the Tax Receivable Agreement, certain future payments, if any, otherwise to be made will be reduced. As a result, in certain circumstances, including, for example, if a previously claimed deduction is subsequently disallowed, payments could be made under the Tax Receivable Agreement in amounts that exceed 85% of the actual tax savings we realize in respect of the TRA tax attribute.

***We may not be able to realize all or a portion of the tax benefits that are currently expected to result from the tax attributes covered by the Tax Receivable Agreement and from payments made under the Tax Receivable Agreement.***

Our ability to realize the tax benefits that we currently expect to be available as a result of the Covered Tax Assets and the payments made pursuant to the Tax Receivable Agreement all depend on a number of assumptions, including that we earn sufficient taxable income each year during the period over which such deductions are available and that there are no adverse changes in applicable law or regulations. Additionally, if our actual taxable income were insufficient or there were additional adverse changes in applicable law or regulations, we may be unable to realize all or a portion of the expected tax benefits and our cash flows and shareholders' equity could be negatively affected. See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement."

***The Tax Receivable Agreement will continue to be payable regardless of whether TRA Holders or its beneficial owners continue to own an interest in York Space Systems.***

We will be obligated to make substantial payments under the Tax Receivable Agreement to TRA Holders for the realization or deemed realization of the benefit of the Covered Tax Assets, regardless of whether the TRA Holders continue to hold interests in York Space Systems following the offering. For example, in connection with a change of control, and certain other transactions, the TRA Holders will be entitled to receive the full value of the amounts payable under the Tax Receivable Agreement with respect to the Covered Tax Assets regardless of whether the tax benefit of the Covered Tax Assets has been realized or will be realized in the future and without regard to any impairment of the future tax benefit of the Covered Tax Assets such as under Section 382 of the Code. The payment obligations in these scenarios will effectively be treated as debt of York Space Systems and the value of payments may be material and will reduce the amount of cash paid to equity holders in connection with a change of control. Accordingly, you should be aware that these ongoing obligations under the Tax Receivable Agreement may adversely affect the value of your investment in York Space Systems.

**Risks Related to Our Indebtedness** 

***Our substantial indebtedness could materially adversely affect our financial condition.***

We have, and after this offering we expect that we will continue to have, a significant amount of indebtedness. As of September 30, 2025, our total indebtedness, excluding capitalized debt issuance costs, consisted of $200.0 million

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under our Original Term Loan Facility (as defined herein). On October 22, 2022, we entered into a credit agreement, which was amended on June 15, 2023, providing total term loan commitments in an aggregate principal amount of $200.0 million (our "Original Term Loan Facility"). In addition, in November 2025, we entered into a new credit agreement (the "Credit Agreement") to refinance our Original Term Loan Facility for total term loan commitments in an aggregate principal amount of $150.0 million (the "Term Loan Facility") and total revolving loan commitments in an aggregate principal amount of $140.0 million (the "Revolving Facility"). We used borrowings under the Term Loan Facility and cash on-hand to repay in full the Original Term Loan Facility (the entry into the Credit Agreement and the repayment of the Original Term Loan Facility, collectively, the "Credit Agreement Transactions"). As of September 30, 2025, after giving effect to the Credit Agreement Transactions, we would have had $150.0 million of term loans outstanding under the Term Loan Facility and no outstanding borrowings under the Revolving Facility; in addition, $140.0 million would have been available for borrowing under the Revolving Facility (after giving effect to outstanding letters of credit). All obligations under the Term Loan Facility and the Revolving Facility are guaranteed by certain of our subsidiaries and are secured by substantially all of our assets.

Our substantial indebtedness under the Credit Agreement, and any future indebtedness we may incur could have important consequences to the holders of our common stock, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making it more difficult for us to satisfy our obligations with respect to our and our subsidiaries' other
debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting our and our subsidiaries' ability to obtain additional financing to fund future working capital,
capital expenditures, acquisitions, or other general corporate requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requiring us to dedicate a substantial portion of our cash flows to debt service payments and to use proceeds
from various transactions to prepay debt, thereby reducing the amount of cash flows available for working capital, capital expenditures, acquisitions, and other general corporate purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing our vulnerability to general adverse economic and industry conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exposing us to the risk of increased interest rates, to the extent any of our borrowings are at variable rates of
interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting our flexibility in planning for and reacting to changes in the industry in which we compete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• placing us at a disadvantage compared to other, less leveraged competitors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing our cost of borrowing.

In addition, the Credit Agreement contains, and agreements governing our future borrowings may contain, financial covenants that require us to maintain certain liquidity and cash flow metrics, as well as restrictive covenants that limit our and certain of our subsidiaries' ability to engage in activities that may be in our long-term best interest. Our failure to comply with those covenants could result in an event of default which, if not cured or waived, could result in the acceleration of substantially all our debt. See "Description of Certain Indebtedness."

We and our subsidiaries may be able to incur significant additional indebtedness in the future. Although the Credit Agreement contains, and agreements governing our future borrowings may contain, restrictions on the incurrence of additional indebtedness, these restrictions are, or may in the future be, subject to a number of qualifications and exceptions, and the amount of additional indebtedness incurred in compliance with these restrictions could be substantial. These restrictions also will not prevent us from incurring obligations that do not constitute "indebtedness" under the Credit Agreement.

***We may not be able to generate sufficient cash to service all of our indebtedness and may be forced to take other actions to satisfy our obligations under our indebtedness, which may not be successful.***

Our ability to make scheduled principal and interest payments on or refinance our debt obligations depends on our financial condition and operating performance, which are subject to prevailing economic and competitive

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conditions and to financial, business, legislative, regulatory, and other factors, some of which are beyond our control. We cannot be sure that our business will generate sufficient cash flows from operating activities, or that future borrowings will be available, to permit us to pay the principal and interest on our indebtedness.

If our cash flows and capital resources are insufficient to fund our debt service obligations, we could face substantial liquidity problems and could be forced to reduce or delay investments and capital expenditures or to dispose of material assets or operations, seek additional debt or equity capital or restructure or refinance our indebtedness. We may not be able to effect any such alternative measures, if necessary, on commercially reasonable terms or at all and, even if successful, those alternative actions may not allow us to meet our scheduled debt service obligations. The Credit Agreement restricts, and any agreement governing any debt we incur in the future may restrict, our ability to dispose of assets and use the proceeds from those dispositions and also limits our ability to raise debt or equity capital to be used to repay other indebtedness when it becomes due. We may not be able to consummate those dispositions or to obtain proceeds in an amount sufficient to meet any debt service obligations then due. See "Description of Certain Indebtedness."

Additionally, if we cannot make scheduled payments on our debt, we will be in default, and the outstanding principal amount of indebtedness thereunder may be accelerated, commitments to loan money may be terminated and/or assets securing such borrowings may be foreclosed against, as applicable in the relevant debt instrument, and we could be forced into bankruptcy or liquidation. Any of these events could result in you losing all or a portion of your investment in the common stock.

***Agreements governing our current and future indebtedness will contain covenants that restrict our current and future operations, including our ability to respond to changes or to take certain actions.***

The Credit Agreement contains, and any future indebtedness agreements we enter into will likely contain, a number of restrictive covenants that impose significant operating and financial restrictions on us and our subsidiaries and may limit our and our subsidiaries' abilities to engage in acts that may be in our long-term best interest. See "Description of Certain Indebtedness." These covenants may include restrictions on our and our subsidiaries abilities to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur additional indebtedness and guarantee indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pay dividends or make other distributions or repurchase or redeem our capital stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prepay, redeem, or repurchase junior debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issue certain preferred stock or similar equity securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make loans and investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sell assets or property, except in certain circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sell or license intellectual property, except in certain circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dispose of our assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into transactions with affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• modify or waive certain material agreements in a manner that is adverse in any material respect to the lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into agreements restricting our subsidiaries' ability to pay dividends; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make fundamental changes in our business, corporate structure, or capital structure, including, among other
things, entering into mergers, acquisitions, consolidations, and other business combinations or selling all or substantially all of our assets.

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As a result of these restrictions, we may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limited in how we conduct our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unable to raise additional debt or equity financing to operate during general economic or business downturns; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unable to compete effectively or to take advantage of new business opportunities.

These restrictions may affect our ability to grow in accordance with our strategy. If we incur indebtedness provided or guaranteed by the U.S. government, we may be subject to additional restrictions on our operations, including limitations on employee headcount and compensation reductions and other cost reduction activities.

**Risks Related to This Offering and Ownership of Our Common Stock** 

***The market price of our common stock may be volatile or may decline steeply or suddenly regardless of our operating performance. You may not be able to resell your shares at or above the initial public offering price and may lose all or part of your investment.***

There has been no prior public market for our common stock prior to our initial public offering. The initial public offering price for our common stock will be determined through negotiations among the underwriters and us, and may vary from the market price of our common stock following this offering. If you purchase shares of common stock in this offering, you may not be able to resell those shares at or above the initial public offering price. The market price of our common stock may fluctuate or decline significantly in response to numerous factors, many of which are beyond our control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated fluctuations in our revenues or other operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• variations between our actual operating results and the expectations of securities analysts, investors, and the
financial community;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any forward-looking financial or operating information we may provide to the public or securities analysts, any
changes in this information or our failure to meet expectations based on this information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actions of securities analysts who initiate or maintain coverage of us, changes in financial estimates by any
securities analysts who follow us or our failure to meet these estimates or the expectations of investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additional shares of common stock being sold into the market by us or our existing stockholders, or the
anticipation of such sales, including if existing stockholders sell shares into the market when the applicable "lock-up" periods end;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements by us or our competitors of significant products or features, innovations, acquisitions, strategic
partnerships, joint ventures, capital commitments, divestitures, or other dispositions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of relationships with significant suppliers or other customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in operating performance and stock market valuations of companies in our industry, including our
competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in integrating any new acquisitions we may make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of services from members of management or employees or difficulty in recruiting additional employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deterioration of economic conditions in the United States and reduction in demand for our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• price and volume fluctuations in the overall stock market, including as a result of general economic trends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lawsuits threatened or filed against us, or events that negatively impact our reputation; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developments in new legislation and pending lawsuits or regulatory actions, including interim or final rulings by
judicial or regulatory bodies.

In addition, extreme price and volume fluctuations in the stock markets have affected and continue to affect the stock prices of many companies. Often, their stock prices have fluctuated in ways unrelated or disproportionate to their operating performance. In the past, stockholders have filed securities class action litigation against companies following periods of market volatility. Such securities litigation, if instituted against us, could subject us to substantial costs, divert resources and the attention of management from our business and seriously harm our business.

***An active trading market for our common stock may never develop or be sustained.***

We intend to apply to list our common stock on the NYSE under the symbol "YSS." However, we cannot be certain that an active trading market for our common stock will develop on that exchange or elsewhere or, if developed, that any market will be sustained. Furthermore, we cannot be certain that we will continue to satisfy the continued listing standards of the NYSE. If we fail to satisfy the continued listing standards, we could be de-listed, which would have a material adverse effect on the liquidity and price of our common stock. Accordingly, we cannot assure you of the liquidity of any trading market, your ability to sell your shares of our common stock when desired or the prices that you may obtain for your shares of our common stock.

***Future sales of our common stock and other actions by existing stockholders could cause our stock price to decline.***

If our existing stockholders, including employees, who have or obtain equity, sell, or indicate an intention to sell, substantial amounts of our common stock in the public market after the lock-up and legal restrictions on resale discussed in this prospectus lapse, the trading price of our common stock could decline. Upon the completion of this offering, we will have outstanding a total of shares of common stock (assuming the underwriters exercise in full their option to purchase additional shares of common stock). Of these shares, only the shares of common stock sold in this offering will be freely tradable without restrictions or further registration under the Securities Act of 1933, as amended (the "Securities Act"), except for any shares held by persons who are not our "affiliates" as defined in Rule 144 under the Securities Act and who have complied with the holding period requirements of Rule 144 under the Securities Act.

In connection with this offering, we and our officers, directors, and holders of substantially all of our common stock and securities convertible into or exercisable for our common stock, including AE Industrial Partners, have agreed, subject to certain exceptions, not to dispose of or hedge any of their common stock or securities convertible into or exchangeable for shares of common stock during the period from the date of this prospectus continuing through the date 180 days after the date of this prospectus, except with the prior written consent of on behalf of the underwriters.

When the lock-up period in these agreements expires, we, our officers and directors, AE Industrial Partners, and such other stockholders will be able to sell shares in the public market. In addition, on behalf of the underwriters may, in their sole discretion, release all or some portion of the shares subject to the lock-up agreements prior to the expiration of the lock-up period. See "Shares Eligible for Future Sale." Sales of a substantial number of such shares, or the perception that such sales may occur, upon the expiration or early release of the securities subject to the lock-up agreements could cause the price of our common stock to decline or make it more difficult for you to sell your common stock at a time and price that you deem appropriate.

In addition, certain of our stockholders will have demand and "piggy-back" registration rights with respect to our common stock that they will retain following this offering. See "Shares Eligible for Future Sale" for a discussion of the shares of our common stock that may be sold into the public market in the future, including in connection with registration rights we have granted.

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***Your ability to achieve a return on your investment will depend on appreciation in the price of our common stock because we currently do not intend to pay dividends on our common stock, and our indebtedness could limit our ability to pay dividends on our common stock.***

After completion of this offering, we currently do not anticipate paying any cash dividends for the foreseeable future. In addition, the terms of our indebtedness limit our ability to pay dividends or make other distributions on, or to repurchase or redeem, shares of our capital stock. See "Description of Certain Indebtedness." Consequently, your only opportunity to achieve a return on your investment in our company will be if the market price of our common stock appreciates and you sell your shares at a profit. There is no guarantee that the price of our common stock that will prevail in the market after this offering will ever exceed the price that you pay. See "Dividend Policy." We cannot be sure that we will pay dividends in the future or continue to pay dividends if we do commence paying dividends.

***If securities or industry analysts either do not publish research about us or publish inaccurate or unfavorable research about us, our business, or our market, if they adversely change their recommendations regarding our common stock, or if our operating results do not meet their expectations or any financial guidance we may provide, the trading price or trading volume of our common stock could decline.***

The trading market for our common stock will be influenced in part by the research and reports that securities or industry analysts may publish about us, our business, our market, or our competitors. If one or more of the analysts initiate research with an unfavorable rating or downgrade our common stock, provide a more favorable recommendation regarding our competitors, or publish inaccurate or unfavorable research about our business, our common stock price would likely decline. If one or more analysts who may cover us were to cease coverage of us or fail to regularly publish reports on us, we could lose visibility in the financial markets, which in turn could cause the trading price or trading volume of our common stock to decline.

In addition, if we do not meet any financial guidance that we may provide to the public or if we do not meet expectations of securities analysts or investors, the trading price of our common stock could decline significantly. Our operating results may fluctuate significantly from period to period as a result of changes in a variety of factors affecting us or our industry, many of which are difficult to predict. As a result, we may experience challenges in forecasting our operating results for future periods.

***Future issuances of our common stock could result in significant dilution to our stockholders, dilute the voting power of our common stock and depress the market price of our common stock.***

Future issuances of our common stock could result in dilution to existing holders of our common stock. Such issuances, or the perception that such issuances may occur, could depress the market price of our common stock. We may issue additional equity securities from time to time, including equity securities that could have rights senior to those of our common stock. As a result, purchasers of shares of common stock in this offering bear the risk that future issuances of equity securities may reduce the value of their shares and dilute their ownership interests. Also, to the extent outstanding stock-based awards are issued or become vested, there will be further dilution to the holders of our common stock.

***We will incur increased costs and devote substantial management time as a result of operating as a public company.***

As a public company, we will incur significant legal, accounting, investor relations, and other expenses that we did not incur as a private company. For example, we will be subject to the reporting requirements of the Exchange Act, and will be required to comply with the applicable requirements of the Sarbanes-Oxley Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act, as well as rules and regulations subsequently implemented by the SEC and the NYSE, including the establishment and maintenance of effective disclosure and financial controls and changes in corporate governance practices. We expect that the requirements of operating as

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a public company will increase our legal and financial compliance and investor relations costs and will make some activities more time consuming and costly. In addition, we expect that our management and other personnel will need to divert attention from operational and other business matters to devote substantial time to these public company requirements. In particular, we expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404 of the Sarbanes-Oxley Act, which will increase when we are no longer an emerging growth company, as defined by the JOBS Act. We will also need to establish an investor relations function. We cannot predict or estimate the amount of additional costs we may incur as a result of becoming a public company or the timing of those costs.

Public company reporting and disclosure obligations and a broader stockholder base as a result of our status as a public company may expose us to a greater risk of claims by stockholders, and we may experience threatened or actual litigation from time to time. If claims asserted in such litigation are successful, our business and operating results could be adversely affected, and, even if claims do not result in litigation or are resolved in our favor, these claims, and the time and resources necessary to resolve them and the diversion of management resources, could adversely affect our business and operating results.

In addition, we expect that being a public company subject to these rules and regulations may make it more difficult and more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. As a result, it may be more difficult for us to attract and retain qualified individuals to serve on our board of directors or as executive officers. We are currently evaluating these rules, and we cannot predict or estimate the amount of additional costs we may incur or the timing of such costs.

***We are an "emerging growth company" and will be able to avail ourselves of reduced disclosure requirements applicable to emerging growth companies, which could make our common stock less attractive to investors.***

We are an emerging growth company, as defined in the JOBS Act, and we intend to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies, including not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. In addition, under the JOBS Act, emerging growth companies can delay the adoption of certain new or revised accounting standards until those standards would otherwise apply to private companies. We have elected to avail ourselves of this exemption from new or revised accounting standards and, therefore, we will not be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies or that have opted out of using such extended transition period, which may make comparison of our financial statements with those of other public companies more difficult. We cannot predict if investors will find our common stock less attractive because we may rely on these exemptions. If some investors find our common stock less attractive as a result, there may be a less active trading market for our common stock and our stock price may be more volatile.

We may take advantage of these reporting exemptions until we are no longer an emerging growth company or, with respect to adoption of certain new or revised accounting standards, until we irrevocably elect to opt out of using the extended transition period. We will remain an emerging growth company until the earliest of (i) the last day of the fiscal year in which we have total annual gross revenues of $1.235 billion or more; (ii) the last day of our fiscal year following the fifth anniversary of the date of the completion of this offering; (iii) the date on which we have issued more than $1 billion in nonconvertible debt during the previous three years; or (iv) the date on which we are deemed to be a large accelerated filer under the rules of the SEC.

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***If you purchase shares of our common stock in this offering, you will experience substantial and immediate dilution in net tangible book value per share.***

The assumed initial public offering price of $ per share, the midpoint of the estimated offering price range set forth on the cover page of this prospectus, is substantially higher than the net tangible book value per share of our outstanding common stock immediately after this offering. If you purchase shares of common stock in this offering, you will experience substantial and immediate dilution in the as adjusted net tangible book value per share of $ based on the assumed initial public offering price of $ per share. That is because the price that you pay will be substantially greater than the as adjusted net tangible book value per share of common stock that you acquire. This dilution is due in large part to the fact that our earlier investors paid substantially less than the initial public offering price when they purchased their shares of our capital stock. You will experience additional dilution to the extent that new securities are issued under our equity incentive plans or we issue additional shares of common stock in the future. See "Dilution."

***Our management will have broad discretion over the use of the net proceeds from this offering, may invest or spend the proceeds raised in this offering in ways with which you may not agree and the proceeds may not yield a significant return.***

Our management will have broad discretion over the use of proceeds from this offering. We currently intend to use the net proceeds of this offering as described in the section entitled "Use of Proceeds." However, our management will have broad discretion in the application of the net proceeds from this offering and could use them for purposes other than those contemplated at the time of this offering. Accordingly, you are relying on the judgment of our management with regard to the use of these net proceeds, and you will not have the opportunity, as part of your investment decision, to assess whether the proceeds will be used appropriately. The failure by management to apply these funds effectively could result in financial losses that could have a material adverse effect on our business or cause the price of our common stock to decline. Pending their use, we may invest the net proceeds from this offering in short-term, interest-bearing instruments. These investments may not yield a favorable return, or any return, to us or our stockholders.

**Risks Related to Our Organizational Structure** 

***AE Industrial Partners has significant influence over us, and its interests may conflict with ours or yours in the future.***

AE Industrial Partners and its respective affiliates will have the ability to exercise significant influence over us after this offering, which could delay or prevent a change of corporate control or result in the entrenchment of our management and/or board of directors.

After this offering, AE Industrial Partners will beneficially own, in the aggregate, approximately % of our outstanding common stock (approximately % if the underwriters exercise in full their option to purchase additional shares of common stock). In addition, AE Industrial Partners anticipates entering into voting arrangements with certain other stockholders of the Company, pursuant to which such other stockholders will grant AE Industrial Partners the right to direct the voting of the shares of common stock held by such other stockholders with respect to the election of the Company's directors. As a result, AE Industrial Partners will have significant influence over our management and affairs.

Our concentration of ownership may harm the market price of our common stock by, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delaying, deferring or preventing a change of control, even at a per share price that is in excess of the
then-current price of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impeding a merger, consolidation, takeover or other business combination involving us, even at a per share price
that is in excess of the then-current price of our common stock; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discouraging a potential acquirer from making a tender offer or otherwise attempting to obtain control of us,
even at a per share price that is in excess of the then current price of our common stock.

***Provisions in our certificate of incorporation and bylaws, each of which will be in effect upon the completion of this offering, could make a merger, tender offer, or proxy contest difficult, thereby depressing the trading price of our common stock.***

Our certificate of incorporation and bylaws, each of which will be in effect upon the completion of this offering, contain provisions that could depress the trading price of our common stock by acting to discourage, delay or prevent a change of control of our company or changes in our management that our stockholders may deem advantageous. In particular, our certificate of incorporation and bylaws:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish a classified board of directors so that not all members are elected at one time, which could delay the
ability of stockholders to change the membership of a majority of our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• permit our board of directors to establish the number of directors and fill any vacancies (including vacancies
resulting from an expansion in the size of our board of directors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish limitations on the removal of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• authorize the issuance of "blank check" preferred stock that our board of directors could use to
implement a stockholder rights plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide that our board of directors is expressly authorized to make, alter, or repeal our bylaws without
stockholder approval and that stockholders may adopt, amend, alter, or repeal our bylaws by the affirmative vote of a majority of the voting power of our outstanding common stock (other than certain specified bylaws which will require the
affirmative vote of two-thirds of our outstanding common stock);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrict the forum for certain litigation against us to Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide that stockholders may not act by written consent, which would require stockholder action to be taken at
an annual or special meeting of our stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prohibit stockholders from calling special meetings, which would delay the ability of our stockholders to force
consideration of a proposal or to take action, including with respect to the removal of directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish advance notice requirements for nominations for election to our board of directors or for proposing
matters that can be acted upon by stockholders at annual stockholder meetings, which may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer's own slate of directors or otherwise attempting
to obtain control of us.

Section 203 of the Delaware General Corporation Law (the "DGCL") prohibits a publicly held Delaware corporation from engaging in a business combination with an interested stockholder, generally a person, individually or together with any other interested stockholder, who owns or within the last three years has owned 15% of our voting stock, unless the business combination is approved in a prescribed manner. We have elected to opt out of Section 203 of the DGCL. However, our certificate of incorporation will contain a provision that is of similar effect, except that it will exempt from its scope AE Industrial Partners, any of its affiliates and certain of their respective direct or indirect transferees as described under "Description of Capital Stock—Anti-Takeover Provisions."

Any provision of our certificate of incorporation, our bylaws or Delaware law that has the effect of delaying or deterring a change in control could limit the opportunity for our stockholders to receive a premium for their shares of common stock and could also affect the price that some investors are willing to pay for our common stock. See "Description of Capital Stock—Anti-Takeover Provisions."

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***Our certificate of incorporation will designate the Court of Chancery of the State of Delaware as the exclusive forum for certain litigation that may be initiated by our stockholders and the federal district courts of the United States as the exclusive forum for litigation arising under the Securities Act, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees, or agents.***

Our certificate of incorporation will further provide that any person or entity purchasing or otherwise acquiring or holding any interest in shares of our capital stock is deemed to have notice of and consented to the provisions of our certificate of incorporation described above. The forum selection provision in our certificate of incorporation may have the effect of discouraging lawsuits against us or our directors and officers and may limit our stockholders' ability to obtain a favorable judicial forum for disputes with us. If the enforceability of our forum selection provisions were to be challenged, we may incur additional costs associated with resolving such challenge. While we currently have no basis to expect any such challenge would be successful, if a court were to find our forum selection provisions to be inapplicable or unenforceable with respect to one or more of these specified types of actions or proceedings, we may incur additional costs associated with having to litigate in other jurisdictions, which could have an adverse effect on our business, financial condition, results of operations, cash flows, and prospects and result in a diversion of the time and resources of our employees, management, and board of directors.

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***Our certificate of incorporation will contain a provision renouncing our interest and expectancy in certain corporate opportunities.***

Under our certificate of incorporation, neither of AE Industrial Partners nor any of its respective portfolio companies, funds, or other affiliates, nor any of its officers, directors, employees, agents, stockholders, members, or partners will have any duty to refrain from engaging, directly, or indirectly, in the same business activities, similar business activities, or lines of business in which we operate. In addition, our certificate of incorporation provides that, to the fullest extent permitted by law, no officer or director of ours who is also an officer, director, employee, agent, stockholder, member, partner, or affiliate of either of AE Industrial Partners will be liable to us or our stockholders for breach of any fiduciary duty by reason of the fact that any such individual directs a corporate opportunity to AE Industrial Partners, instead of to us, or does not communicate information regarding a corporate opportunity to us that the officer, director, employee, agent, stockholder, member, partner or affiliate has directed to AE Industrial Partners. For example, a director of our company who also serves as an officer, director, employee, agent, stockholder, member, partner, or affiliate of AE Industrial Partners, or any of their respective portfolio companies, funds, or other affiliates may pursue certain acquisitions or other opportunities that may be complementary to our business and, as a result, such acquisition or other opportunities may not be available to us. These potential conflicts of interest could have a material adverse effect on our business, financial condition, results of operations, or prospects if attractive corporate opportunities are allocated by AE Industrial Partners to itself or its respective portfolio companies, funds, or other affiliates instead of to us. A description of our obligations related to corporate opportunities under our certificate of incorporation are more fully described in "Description of Capital Stock—Corporate Opportunity."

***We are a "controlled company" within the meaning of the rules and, as a result, qualify for and intend to rely on exemptions from certain corporate governance requirements.*** 

Following this offering, assuming an offering size as set forth in "Prospectus Summary—The Offering" and an initial public offering price of $(the midpoint of the estimated price range set forth on the cover page of this prospectus), AE Industrial Partners will control, through share ownership and contractual arrangements, a majority of the voting power of our outstanding voting stock with respect to the election of our directors, and as a result we will be a controlled company within the meaning of corporate governance standards. Under the NYSE rules, a company of which more than 50% of the voting power is held by another person or group of persons acting together is a controlled company and may elect not to comply with certain corporate governance requirements, including the requirements that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a majority of the board of directors consist of independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nominating and corporate governance committee be composed entirely of independent directors with a written
charter addressing the committee's purpose and responsibilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the compensation committee be composed entirely of independent directors with a written charter addressing the
committee's purpose and responsibilities.

We intend to utilize these exemptions as long as we remain a controlled company. As a result, we may not have a majority of independent directors and our nominating and corporate governance committee and compensation committee may not consist entirely of independent directors. Accordingly, you may not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements of .

Pursuant to Rule 10C-1 under the Exchange Act, the NYSE has adopted amendments to its listing standards that require, among other things, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compensation committees be composed of fully independent directors, as determined pursuant to new independence
requirements;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compensation committees be explicitly charged with hiring and overseeing compensation consultants, legal counsel,
and other committee advisors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compensation committees be required to consider, when engaging compensation consultants, legal counsel, or other
advisors, certain independence factors, including factors that examine the relationship between the consultant or advisor's employer and us.

As a "controlled company," we will not be subject to these compensation committee independence requirements. See "Management—Controlled Company Exemption."

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**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS** 

This prospectus contains forward-looking statements. Many statements included in this prospectus that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. These risks and other factors include, but are not limited to, those listed under "Risk Factors." In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "objective," "ongoing," "plan," "predict," "project," "potential," "should," "will," "would," or the negative of these terms or other comparable terminology. In particular, statements about the markets in which we operate, including growth of our various markets, statements about potential new products and product innovation and our expectations, beliefs, plans, strategies, objectives, prospects, assumptions, or future events or performance contained in this prospectus under the headings "Prospectus Summary," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Business" are forward-looking statements. Forward-looking statements include, but are not limited to, statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our market opportunity and the potential growth of that market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our strategy, outcomes, and growth prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trends in our industry and markets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the competitive environment in which we operate.

Some of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may experience cost overruns on our contracts, including before final receipt of a contract, which would
require us to absorb the excess costs and potentially reduce our cash flow and profitability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• concentration of our customers and backlog, in particular our largest customer, the SDA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may fail to implement and maintain an effective system of internal control over financial reporting, and as a
result may not be able to accurately determine or disclose our financial results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our operating results may fluctuate significantly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant competition in the global space and satellite market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our failure to manage our growth effectively and our ability to achieve and maintain profitability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any failure of our spacecraft systems and related software to operate as intended, resulting in warranty claims
for product failures, schedule delays or other problems with existing or new products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our revenue, results of operations and reputation may be negatively impacted if our products contain defects or
fail to operate in the expected manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our failure to establish and maintain important relationships with government agencies and prime contractors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our dependence on contracts entered into in the ordinary course of business and our dependence on major customers
and vendors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the scarcity or unavailability of critical components used to manufacture our products or used in our development
programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the market for spacecraft platforms and satellite software is still emerging and shifting, and the market may not
achieve the growth potential we expect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• uncertain global macro-economic and political conditions, including the implementation of tariffs;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disruptions in U.S. government operations and funding and budgetary priorities of the U.S. government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a failure of our information technology systems, physical or electronic security protections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse publicity stemming from any incident involving us, our competitors, or our customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the failure to adequately protect our proprietary intellectual property rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the inability to comply with any of our contracts or meet eligibility requirements to obtain certain government
contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limitations on investor insight into portions of our business due to our classified contracts with the U.S.
government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the potential inability to realize our backlog;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business is subject to a wide variety of extensive and evolving government laws and regulations and
contracting in the defense industry is subject to significant regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we have substantial indebtedness, and we may not be able to generate sufficient cash to service all of such
indebtedness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the other factors set forth under "Risk Factors."

We have based the forward-looking statements contained in this prospectus primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, prospects, business strategy, and financial needs. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, assumptions, and other factors described under "Risk Factors" and elsewhere in this prospectus. These risks are not exhaustive. Other sections of this prospectus include additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this prospectus. We cannot be sure that the results, events, and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those described in, or implied by, the forward-looking statements.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this prospectus, and while we believe that information forms a reasonable basis for such statements, that information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information.

The forward-looking statements made in this prospectus relate only to events as of the date on which such statements are made. We undertake no obligation to update any forward-looking statements after the date of this prospectus or to conform such statements to actual results or revised expectations, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not rely on our forward-looking statements in making your investment decision. Actual results or events could differ materially from the plans, intentions, and expectations disclosed in the forward-looking statements we make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments.

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**MARKET AND INDUSTRY DATA** 

Unless otherwise indicated, market data and industry information used throughout this prospectus is based on management's knowledge of the industry and the good faith estimates of management. We have also relied, to the extent available, upon management's review of independent industry surveys and publications and other publicly available information. All of the market data and industry information used in this prospectus involves a number of assumptions and limitations and you are cautioned not to give undue weight to such estimates. Although we believe that these sources are reliable, neither we nor the underwriters can guarantee the accuracy or completeness of this information and neither we nor the underwriters have independently verified this information. Additionally, from time to time, these sources may change their input information or methodologies, which may change the related results. While we believe the estimated market position, market opportunity, and market size information included in this prospectus is generally reliable, such information, which is derived in part from management's estimates and beliefs, is inherently uncertain and imprecise. Projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in "Risk Factors," "Special Note Regarding Forward-Looking Statements" and elsewhere in this prospectus. These and other factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties.

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**USE OF PROCEEDS** 

We estimate that we will receive net proceeds from this offering of approximately $ million (or approximately $ million if the underwriters exercise in full their option to purchase additional shares of common stock) based upon an assumed initial public offering price of $ per share, the midpoint of the estimated price range set forth on the cover page of this prospectus, after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

The principal purposes of this offering are to increase financial flexibility, create a public market for our common stock and enable access to the public equity markets for us and our shareholders. We intend to use the net proceeds we receive from this offering for working capital to fund growth and other general corporate purposes, which may include building inventory, research and development and capital expenditures. We may also use a portion of the net proceeds to acquire or make investments in businesses, products, offerings, and technologies, although we do not have agreements or commitments for any material acquisitions or investments at this time. At this time, we have not specifically identified a large single use for which we intend to use the net proceeds and, accordingly, we are not able to allocate the net proceeds among any of these potential uses in light of the variety of factors that will impact how such net proceeds are ultimately utilized by us.

Each $1.00 increase or decrease in the assumed initial public offering price of $ per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, would increase or decrease the net proceeds to us from this offering by approximately $ million, assuming the number of shares offered, as set forth on the cover page of this prospectus, remains the same, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

Each 1,000,000 increase or decrease in the number of shares offered would increase or decrease the net proceeds to us from this offering by approximately $ million, assuming that the assumed initial public offering price per share for the offering remains at $, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

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**DIVIDEND POLICY** 

We currently intend to retain any future earnings to fund the development and growth of our business. Therefore, we do not anticipate paying any cash dividends in the foreseeable future. Any future determination relating to dividend policy will be made at the discretion of our board of directors and will depend on a number of factors, including restrictions in our current and future debt instruments, our future earnings, capital requirements, financial condition, prospects, and applicable Delaware law, which provides that dividends are only payable out of surplus or current net profits.

See "Risk Factors—Risks Related to This Offering and Ownership of Our Common Stock," "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources," and "Description of Certain Indebtedness."

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**CAPITALIZATION** 

The following table describes our cash and cash equivalents and capitalization as of September 30, 2025 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on an actual basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on an as adjusted basis after giving effect to (i) the Corporate Conversion, (ii) the conversion of the Class P
Units into      shares of common stock, (iii) the conversion of the Incentive Units into      shares of common stock, (iv) the sale of      shares of common stock in this
offering and the application of the net proceeds from this offering as set forth under "Use of Proceeds," assuming in the case of each of clauses (ii), (iii) and (iv) an initial public offering price of $ per
share (the midpoint of the estimated price range set forth on the cover page of this prospectus), and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us and (v) the Credit Agreement
Transactions. The as adjusted information set forth below does not include      shares of common stock reserved for future issuance under our Equity Incentive Plan. See "Executive Compensation—Equity Incentive
Compensation."

The as adjusted information set forth in the table below is illustrative only and will be adjusted based on the actual initial public offering price and other terms of this offering determined at pricing. You should read this table in conjunction with our consolidated financial statements and the related notes, "Use of Proceeds" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this prospectus.

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| | | |
|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **Actual** | **As Adjusted** |
|  | (in thousands, except share and<br>per share amounts) | (in thousands, except share and<br>per share amounts) |
|  Cash and cash equivalents | $22537 | $|
|  Debt: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt, net<sup>(1)</sup> | $182859 | $|
|  Temporary Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemable preferred units (82,858,291 authorized, issued and outstanding, actual; $102,069 liquidation preference; no units issued and outstanding, as adjusted) | 102069 |  |
|  Member's capital (deficit): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common units (1,078,929,080 authorized, issued and outstanding, actual; authorized, issued and outstanding, as adjusted) | 1034383 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income (loss) | 342 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated Deficit | (240529) |  |
|  Total capitalization | $1079124 | $|

---

(1) The amount reflected in the "actual" column represents the $200.0 million aggregate principal
amount outstanding under the Original Term Loan Facility. The amount reflected in the "as adjusted" column includes $ million of term loans outstanding under the Term Loan Facility and $ million of
outstanding borrowings under the Revolving Facility, in each case after giving effect to the Credit Agreement Transactions. In addition, $ million remains available for borrowing under the Revolving Facility (after giving effect
to outstanding letters of credit).

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In addition, unless otherwise expressly stated or the context otherwise requires, the information in this prospectus is based on the following events and assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no exercise of the underwriters' option to purchase additional shares of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an initial public offering price of $ per share, which is the midpoint of the
estimated price range set forth on the cover of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the completion of the Corporate Conversion in connection with the completion of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the conversion of Class P Units into shares of our common stock immediately prior to the effectiveness of the
registration statement of which this prospectus forms a part; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the distribution of all outstanding shares of common stock held by Holdings to its limited partners immediately
following the Corporate Conversion and the approval of the Partnership Board to permit the distribution of restricted stock in respect of unvested Incentive Units.

The number of shares of common stock issuable upon conversion of outstanding Class P units will vary based on the actual initial public offering price. An increase of $1.00 from the midpoint of the estimated price range set forth on the cover of this prospectus would result in the issuance of fewer shares of common stock upon conversion of the Class P units. A decrease of $1.00 from the midpoint of the estimated price range set forth on the cover of this prospectus would result in the issuance of additional shares of common stock upon conversion of the Class P units.

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**DILUTION** 

If you invest in our common stock, your ownership interest in us will be diluted to the extent of the difference between the initial public offering price in this offering per share of our common stock and the pro forma as adjusted net tangible book value per share of our common stock upon consummation of this offering. Net tangible book value dilution per share to new investors represents the difference between the amount per share paid by purchasers of shares of our common stock in this offering and the pro forma as adjusted net tangible book value per share of our common stock immediately after completion of this offering.

As of September 30, 2025 (after giving effect to the Corporate Conversion), we had a historical net tangible book value of $ million, or $ per share of common stock. Net tangible book value per share is equal to our total tangible assets, less total liabilities, divided by the number of outstanding shares of our common stock.

After giving effect to (i) the Corporate Conversion, (ii) the conversion of the Class P Units into shares of common stock, (iii) the conversion of the Incentive Units into shares of common stock and (iv) the sale of shares of common stock in this offering, after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, and the application of the net proceeds of this offering as set forth under "Use of Proceeds," assuming in the case of each of clauses (ii), (iii) and (iv) an initial public offering price of $ per share, which is the midpoint of the estimated public offering price range set forth on the cover of this prospectus, our net tangible book value as of would have been $ million, or $ per share of common stock. This represents an immediate increase in net tangible book value of $ per share to our existing stockholders and an immediate dilution in net tangible book value of $ per share to investors participating in this offering at the assumed initial public offering price. The following table illustrates this per share dilution:

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| | |
|:---|:---|
|  Assumed initial public offering price per share of common stock | $|
|  Net tangible book value (deficit) per share as of September 30, 2025 | $— |
|  Increase (decrease) in net tangible book value (deficit) per share attributable to this offering | $— |
|  As adjusted net tangible book value (deficit) per share after giving effect to this offering | $|
|  Dilution per share to new investors in this offering | $|

---

A $1.00 increase (decrease) in the assumed initial public offering price of $ per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, would increase (decrease) our pro forma as adjusted net tangible book value per share after this offering by $ per share and dilution per share to new investors purchasing common stock in this offering by $ per share, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting estimated underwriting discounts and commissions and estimated offering expenses by us. Each 1,000,000 increase (decrease) in the number of shares offered by us, as set forth on the cover page of this prospectus, would increase (decrease) our pro forma as adjusted net tangible book value after this offering by $ per share and decrease (increase) the dilution per share to new investors purchasing common stock in this offering by $ per share, assuming no change in the assumed initial public offering price per share and after deducting estimated underwriting discounts and commissions and estimated offering expenses by us.

If the underwriters exercise in full their option to purchase additional shares of common stock in this offering, our pro forma as adjusted net tangible book value per share after this offering would be $ and the dilution

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in pro forma as adjusted net tangible book value per share to new investors purchasing common stock in this offering would be $, assuming no change in the initial public offering price per share and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

The following table summarizes, on an as adjusted basis as of September 30, 2025, the differences between the number of shares of common stock purchased from us, the total consideration paid (in thousands) and the average price per share paid by existing stockholders and to be paid by the new investors purchasing shares of common stock in this offering, at an assumed initial public offering price of $ per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, before deducting the underwriting discounts and commissions and estimated offering expenses payable by us in connection with this offering.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares purchased** | **Shares purchased** | **Total consideration** | **Average<br>price per<br>share** |
|  | **Number** | **Percent** | **Percent** | **Average<br>price per<br>share** |
|  Existing Investors% |  |  | $nan% | $|
|  New investors in this offering% |  |  |  |  |
|  Total% |  |  | $nan% | $|

---

A $1.00 increase (decrease) in the assumed initial public offering price of $ per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, would increase (decrease) the total consideration paid by new investors in this offering by $ million and, in the case of an increase, would increase the percentage of total consideration paid by new investors by % and, in the case of a decrease, would decrease the percentage of total consideration paid by new investors by %, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and before deducting the underwriting discounts and commissions and estimated offering expenses payable by us in connection with this offering. Each 1,000,000 increase (decrease) in the number of shares offered by us, as set forth on the cover page of this prospectus, would increase (decrease) the total consideration paid by new investors by $ million and, in the case of an increase, would increase the percentage of total consideration paid by new investors by % and, in the case of a decrease, would decrease the percentage of total consideration paid by new investors %, assuming no change in the assumed initial public offering price per share and before deducting the underwriting discounts and commissions and estimated offering expenses payable by us in connection with this offering.

The table above assumes no exercise of the underwriters' option to purchase additional shares in this offering. If the underwriters exercise in full their option to purchase additional shares of common stock, the number of shares of our common stock held by existing stockholders would be reduced to % of the total number of shares of our common stock outstanding after this offering, and the number of shares of common stock held by new investors purchasing common stock in this offering would be increased to % of the total number of shares of our common stock outstanding after this offering.

The discussion and tables above exclude shares of our common stock reserved for future issuance under our Equity Incentive Plan, as well as any future increases, including annual automatic increases, in the number of shares of common stock reserved for issuance thereunder.

We expect to require additional capital to fund our current and future operating plans. To the extent additional capital is raised through the sale of equity or convertible debt securities, the issuance of these securities could result in further dilution to our stockholders. See "Risk Factors—Risks Related to This Offering and Ownership of Our Common Stock—Future issuances of our common stock could result in significant dilution to our stockholders, dilute the voting power of our common stock and depress the market price of our common stock."

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**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS** 

*The following is a discussion and analysis of our financial condition and results of operations as of, and for, the periods presented. You should read the following discussion and analysis of the Company's financial condition and results of operations together with the sections entitled "Prospectus Summary—Summary Consolidated Financial Data," "Risk Factors," "Special Note Regarding Forward-Looking Statements," and our unaudited condensed consolidated and audited consolidated financial statements and related notes included elsewhere in this prospectus. This discussion and analysis contains forward-looking statements, including statements regarding our expectations for the future of our business and our liquidity and capital resources as well as other non-historical statements. These statements are based upon our current plans, expectations, and beliefs, and are subject to numerous risks and uncertainties, including but not limited to the risks and uncertainties described in "Risk Factors" and "Special Note Regarding Forward-Looking Statements." Our actual results may differ materially from those contained in or implied by these forward-looking statements.* 

**Business Overview** 

York Space Systems is a leading, U.S.-based, space and defense prime providing a comprehensive suite of mission-critical solutions for national security, government and commercial customers. York is one of the only space and defense primes with proprietary hardware and software capabilities designed to address customers' complex mission requirements across the critical elements of the entire space ecosystem throughout the mission lifecycle. York is the number one provider to the DoD's PWSA by number of spacecraft operating in-orbit, by number of contracts, and by variety of contract types as of September 2025. York is a partner of choice for our customers, with differentiated performance versus traditional primes based on price, speed to deployment, and sophistication of capabilities. We produce our satellites at approximately half the cost of our competitors and have been the first to deliver and launch satellites for the PWSA. York is the first and only company to demonstrate Link-16 connectivity from space, highlighting our unique and innovative capabilities.

York is purpose built to address evolving national security space challenges and to adapt to the ongoing shift in the U.S. government's mission needs and procurement processes, where economics, agility, rapid capabilities, and heritage drive customer decision making. We deliver mission critical solutions in a zero-tolerance for error environment where systems must work and we believe we are positioned to capture an outsized share of growth in our core markets. York provides customers a vertically integrated, full technology stack of solutions including design, production, integration, and operation of spacecraft with turnkey offerings to manage spacecraft and constellations throughout their entire mission lifecycle. York has significant space heritage, having 74 missions with flight heritage, created 17 products with flight heritage, and logged over four million on-orbit hours. York's position as a prime enables us to monetize the entire space vertical from launch to mission operations, from spacecraft to payloads, and from edge computing to data transfer.

York was founded in 2012 by our CEO, Dirk Wallinger, to create an innovative space technology mission prime, with a goal of meeting the evolving national security threats from space by providing mission-critical spacecraft at scale, faster, and at lower cost. We believe that York's proven production and delivery capabilities place it among a very limited number of companies who have the capability to deliver the required solutions for the Golden Dome based on its current timeline. We provide our customers with the ability to quickly and effectively field responsive space-based technologies. We have a demonstrated ability to win contracts in space and are a trusted partner to U.S. national security, intelligence and defense agencies, such as the U.S. Air Force and the SDA, as well as commercial and civil customers. Our proprietary hardware, software and mission operations solutions are designed to address the United States' national security priorities: missile defense (crucial to the Golden Dome), counter-space capabilities, and space domain awareness.

Increasing geopolitical tensions are driving near-peer adversaries to invest heavily in military space capabilities to gain advantage in orbit—the next domain in global conflict. In today's threat environment, rapidly

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deployable satellites are critical to providing denied benefit in space, maintaining space superiority and countering these emerging threats. This paradigm shift in global warfighting is driving significant growth in defense spending, with the global satellite market projected to grow by approximately $320 billion to over $600 billion from 2023 to 2032 at approximately an 8% CAGR, up from approximately $280 billion in 2022 according to Allied Market Research. This growth is supported by the Golden Dome, the space intelligence community and the DoD's PWSA program. We have invested in our infrastructure and expanded our production capabilities with a goal of meeting this evolving threat while growing our backlog to approximately $642 million and 107 spacecraft as of September 30, 2025.

We believe we distinguish ourselves from other space mission primes by offering a fully integrated portfolio of proprietary spacecraft, software and services. Our versatile spacecraft are built on a modular platform, allowing us to move quickly from design and development to deployment to meet our customers' needs for their rapid response missions. In addition, we provide software throughout the space layer, bolstered by our 2023 acquisition of Emergent, including flight control and edge computing, and we recently added more than 45 ground antennas in connection with the ATLAS Acquisition. Our software is designed to enable autonomous, real-time decision making and constellation management to support mission execution. By coupling spacecraft production with mission operations and ground integration, we offer a turnkey solution designed to reduce technical and programmatic risk for both government and commercial customers.

Our capabilities include a differentiated suite of spacecraft solutions with proven, common technologies. We offer the S-CLASS, LX-CLASS, and M-CLASS spacecraft, which are high-quality, low-cost satellite platforms that are proven and scalable to a wide array of space market needs. Our spacecraft are supported by proprietary satellite software enabling versatile integration of a variety of payloads for customers and supply chain commonalities across platforms. The various spacecraft classes are designed and engineered to address a broad cross section of the spacecraft market while maximizing payload accommodation. The LX-CLASS is double the mass of the S-CLASS and leverages the S-CLASS design, sharing more than 90% of its technology with the S-CLASS, to offer a specialized platform with enhanced capabilities. Similarly, the M-CLASS utilizes the previous satellite platform designs, sharing approximately 75% of its hardware and 95% of its software with the S-CLASS and LX-CLASS, while greatly enhancing scale and power for spacecraft mass up to 2,000 kg and 8kW+ peak power consumption. Our proven suite of platforms provide solutions from 100 to 2,000 kgs and enables us to serve a large total addressable market. This vertically integrated, cost-effective, scalable model is designed to deliver highly effective end-to-end capability for our customers.

York's spacecraft architecture framework results in significant commonality across platforms and software, allowing for scalable solutions at lower cost. York's three different platforms share approximately 75% of the same hardware and 95% of the software leading to significant cost reductions throughout the value chain while maximizing product quality. This approach also reduces NRE cost associated with platform development while reducing failure risks inherent to a unique design. Key in-house hardware components include C&DH, flight computers, ACS, EPS and production testing. These components complement our spacecraft production while our software-enabled services underpin autonomous, resilient operations and support key defense technologies.

While the standardized spacecraft architecture framework provides scalable building blocks for rapid constellation deployment, York's proprietary software supports key elements of operational success from mission planning to ongoing mission operations. Autonomous constellation planning and hands-off operations are essential for managing the increasing quantity of spacecraft deployed in orbit. Technologies include the M-MOC, a secure, autonomous, command structure that manages multiple York spacecraft, and Bastion, York's mission-ready ground software solution, which allows operators to manage entire fleets from a single ground architecture across more than 45 antennas throughout the world. York hardware and software solutions are vertically integrated across the technology stack.

Our model allows us to capture recurring revenue driven by ongoing satellite-based software and services as well as hardware replacement cycles. Once spacecraft are fielded, York provides continuous operational support,

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downlink antenna usage, and proprietary software solutions, including on-spacecraft upgrades during the full orbital lifespan. Contracts have historically provided a fixed cost for software maintenance with upgrade options available for purchase. The expected replacement cycle for the current portfolio of space vehicles is approximately five to six years. York's full lifecycle solution and ongoing operational support distinguishes York from its competitors, positioning us to act as prime for the replacement and potential expansion of competitors' aging constellations. As a result, we expect our recurring revenue to increase as the installed base of spacecraft in orbit grows, creating a highly visible revenue model, accelerating growth and increasing margins.

We believe our integrated spacecraft solutions make us a preferred government provider. Our space technology has proven itself in military exercises, demonstrating seamless integration and autonomous hands-off operations. This elevates our ability to serve more demanding missions and customers across the full mission lifecycle. We leverage our proprietary software across spacecraft classes and support all relevant industry standard payload data interfaces on our vehicles. Competitors who design single-system software solutions, outsource their software solutions and spacecraft manufacturing, or do not have a diversity of spacecraft platform systems are at a competitive disadvantage with many roadblocks to rapidly deploying advanced systems. York maintains a strong and strategically vital partnership with the DoD's PWSA. The DoD's SDA is responsible for rapidly developing and fielding next-generation space capabilities to enhance national security, while the PWSA is its flagship initiative to build resilient, proliferated LEO constellations supporting global warfighting needs as near-peer adversaries are increasing their anti-satellite, intelligence gathering, and signal jamming and spoofing operations from space. Our innovative, modular satellite platforms and rapid production capabilities, make us the leading provider to the PWSA and the largest awardee by contracts (6), spacecraft in-orbit (33), and variety of contract types as of September 2025. We have been awarded more missions than any other prime, demonstrating our leadership position across three key elements of government contracting: price, speed, and capabilities. We offer attractive pricing, superior delivery speed, and comprehensive capabilities across spacecraft, software, and ground stations. In 2024, York became the first and only company to demonstrate Link-16 connectivity in space. In 2025, York demonstrated Space-to-Ground laser links, Ka-Band downlink, signal detection and processing, orbit maneuvering, and York and SpaceX were the first to achieve LEO-to-LEO laser link between PWSA vendors, representing how York's continued technological innovation sets us apart. York has become an important provider in the long-term national security vision for resilient, proliferated space architecture.

Our cutting-edge facilities and manufacturing footprint are purpose-built to support the rapid development and production of our S-CLASS, LX-CLASS, and M-CLASS spacecraft. York is vertically integrated, assembling key spacecraft components in-house. This approach is designed to mitigate supply chain risk, support our ability to offer competitive pricing, and enable rapid fielding of solutions to our customers. Following the opening of our 60,000 square foot Potomac facility in August 2023, we have quadrupled production capability and believe we will be able to meet demand to manufacture and test over 1,000 satellites annually, supporting our position as a leader in rapid, high volume spacecraft delivery. This deliberate investment in infrastructure is meant to create a durable competitive advantage, enabling us to capitalize on the rapidly growing space economy with the ability to reliably deliver spacecraft faster and more affordably than traditional primes.

***Backlog***

We view growth in backlog as a key measure of our business growth. Backlog represents our estimate of the revenue we expect to realize in future periods as a result of performing work on contracts that have been awarded to us (net of any revenue already recognized as of the backlog date). We include the aggregate expected revenue of awarded contracts in our backlog upon the execution of a legally binding agreement, even though our contracts include certain termination rights exercisable by our customers with advance notice. We exclude unexercised contract options from our backlog. Contract liabilities recognized on our consolidated balance sheets consists of payments and billings that we have received in excess of revenue that we have recognized. Because cash receipts from these contracts have not been recognized into revenue, they are included in our backlog calculation.

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We view growth in backlog as a key measure of our future business prospects. We monitor our backlog because we believe it is a forward-looking indicator of potential sales which can be helpful to investors in evaluating the performance of our business and identifying trends over time. Although backlog reflects business associated with contracts that are considered to be firm, terminations, amendments, or contract cancellations may occur, which could result in a reduction in our total backlog and potential future revenue that never gets recognized.

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| | | |
|:---|:---|:---|
| *($ in thousands)* | **As of September 30,<br>2025** | **As of December 31,<br>2024** |
|  **Backlog** | $642019 | $861677 |

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The decrease in backlog as of September 30, 2025 compared to December 31, 2024 was primarily due to revenue being recognized on four of our significant contracts during 2025, which was partially offset by the additional contract values resulting from contract modifications.

**Recent Developments** 

***ATLAS Space Operations Acquisition***

On June 9, 2025, we invested in Preferred Stock of ATLAS Space Operations, Inc. ("ATLAS"), representing an approximate 5% equity interest. On August 29, 2025 (the "Acquisition Date"), we acquired the remaining outstanding equity of ATLAS, a leading provider of Ground Software-as-a-Service (GSaaS) solutions for space-based communication and global connectivity. ATLAS is headquartered in Traverse City, MI. Consideration for this acquisition was $85,839 thousand, which consisted of $1,501 thousand in cash and $78,588 thousand in equity consideration via a noncash contribution from Holdings. Additionally, the fair value of preferred shares held by York from the initial investment in ATLAS was $5,750 thousand which was included in the total consideration. Refer to Note 4 – Acquisitions of the accompanying notes to the unaudited condensed financial statements included elsewhere in this prospectus for additional information.

**Trends and Key Factors Affecting Performance** 

***Macroeconomic Pressures***

In recent years, geopolitical instability, including wars and conflicts, as well as impacts from other global events, have resulted in opportunities for companies in the space and defense technology market. However, certain disruptions to the global economy, including market disruptions, monetary, and fiscal policy uncertainty, supply chain challenges, high interest rates and inflationary pressures have contributed to an inflationary environment that has adversely affected, and may continue to adversely affect, the price and availability of certain products and services necessary for our operations, which in turn may adversely impact our business and operating results. In addition, the global trade environment is uncertain and rapidly evolving. Tariffs imposed by the U.S. presidential administration or retaliatory tariffs announced by other countries could result in a trade war and lead to market disruptions and supply chain interruptions for equipment. The impact of tariffs on our business and results of operations will depend on their timing, duration, and magnitude.

***Government Environment and Regulations***

Our industry is affected by government budget and spending levels, changes in demand, changes in policy positions or priorities, the domestic and global political and economic environment, and the evolving nature of the space and defense sectors. National security and advancements in space-based technologies are core focuses of the U.S. government on a bi-partisan basis and closely align with the key messages from the current U.S. presidential administration regarding space. Any changes in budget and spending levels, policies, or priorities, including the current emphasis by the current administration on access to space, may have an adverse impact on our business and operating results. In addition, U.S. government procurement regulations impose various operational requirements on government contractors. Non-compliance with any of these regulations could materially and adversely affect our operating results.

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***Pace of Government Expenditures and Private Enterprise Investment in the Space Economy***

Our future growth is largely dependent on our ability to continue to capitalize on increased government spending and private investment in the space economy, including programs such as Golden Dome. Government expenditures and private enterprise investment have fueled our growth in recent years and have resulted in our continued ability to secure increasingly valuable contracts as well as the ability to continue financing the growth and development of our business. According to McKinsey's Space report from 2024, the global space economy is projected to reach $1.8 trillion in value by 2035 driven by accelerating national security spending and commercial demand. We believe our ability to deliver reliable satellites at scale not only addresses today's market but also positions us to be a long-term leader as new commercial applications drive growing demand for space infrastructure. We expect the continued availability and growth of government expenditures and private investment in the space economy will be an important contributor to increased purchases of our products and services; however, any delays or reductions in appropriations for our programs and changes in U.S. government priorities and spending levels more broadly may negatively impact our business.

***Ability to Improve Profit Margins and Scale our Business***

The growth of our business is dependent on our ability to improve our profit margins over time while successfully scaling our business, including through continued investment in initiatives to improve our operating leverage. Our satellite architecture is built for flexibility and scaled production, and is designed to drive significant cost efficiencies. We believe continued reduction in costs and an increase in production and service volumes will enable a reduction of the cost of our satellites and an improvement of our gross margins. Additionally, we believe our modular, backward-compatible design approach allows us to maximize common components and streamline production, increasing efficiency and scalability. As we increase our satellite production, we expect to be able to continue to improve our cost structure as fixed and overhead costs are amortized over a greater number of satellite builds. In addition, our ability to expand our recurring satellite-based services is a key component of our strategy to improve our profit margins. Revenue, net income, and the timing of our cash flows also depend on our ability to perform on our contracts and expand our satellite-based services, and profitability can fluctuate depending on the mix of contracts awarded. To manage these fluctuations, we have implemented several strategies, such as closely monitoring project and related services timelines to anticipate cash flow needs. Despite these measures, the inherent variability in milestone achievements means that quarter-to-quarter comparisons of our cash flows from operations may not necessarily be indicative of future performance.

***Ability to Continue to Innovate and Expand our Product and Service Offerings***

To continue gaining market share and attracting customers, we plan to continue investing in our infrastructure to expand our production capabilities, including our satellite-based services, and to create a durable competitive advantage with the goal of enabling us to capitalize on the rapidly growing space economy. Our growth opportunity is dependent on our continued ability to expand our addressable market, win DoD PWSA contracts and Golden Dome missions, and to develop our portfolio of products and services related to our offerings. We intend to expand our operations and offerings significantly, but any difficulties in achieving or effectively managing our growth could have a negative effect on our operating results.

***Acquisitions***

We consider strategic acquisitions of businesses and other investments to expand our software and services footprint, deepen vertical integration, and accelerate entry into adjacent mission areas, with the goal of expanding our current portfolio and accessing new customers and technologies. We target companies that not only enhance our technical capabilities but also embed us more deeply into our customers' mission workflows. By integrating strategic acquisitions with our strong internal execution, we aim to build a broader product and service offering with a goal of enhancing our growth and market share. We also may explore the divestiture of businesses that no longer meet our needs or strategy or that could perform better outside of our organization. These strategic

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transactions may be costly, time consuming and challenging to consummate and/or integrate with our existing businesses, and may result in fluctuations in our operating results and financial position across periods that may be unrelated to our underlying performance. Any particular acquisition or other investment we make could prove less successful than anticipated and have a negative effect on our business.

**Results of Operations** 

We manage and assess our business based on performance on contracts, which are typically long-term and involve the design, development and manufacturing of our core offerings and related activities with varying delivery schedules. Therefore, the results of operations for a particular year, or year-over-year comparison may not be indicative of future operating results. Substantially all of our contracts are accounted for under the percentage-of-completion cost-to-cost method. As a result, revenues on contracts are recorded over time based on progress towards completion for a particular contract, including the estimate of the profit to be earned at completion.

*Components of Results of Operations* 

*Revenue—*substantially all of our revenue is derived from long-term firm-fixed-price ("FFP") production contracts for the design of small satellites, launch services, and ground services with both U.S. federal government-controlled agencies as well as domestic commercial customers. Our contracts generally span several years in duration. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. We recognize revenue upon the satisfaction of the performance obligations identified in the contract, which is achieved through the transfer of control of the promised good or service to the customer over time.

For FFP contracts satisfied over time, progress is measured using a percentage-of-completion ("POC") cost-to-cost method, which accurately reflects the transfer of control to the customer. This method assesses the extent of progress based on the ratio of costs incurred to date against the total estimated costs to complete the performance obligation. Estimating total costs to completion requires us to make informed estimates regarding subcontractor performance, material costs and availability, labor costs and productivity and overhead expenses. Frequently, the period of performance of a contract extends over a long period and, as such, revenue recognition and our profitability from a particular contract may be affected to the extent that estimated costs to completion ("EAC") are revised, delivery schedules are delayed, performance-based milestones are not achieved, or progress under a contract is otherwise impeded. Accordingly, our recorded revenues and operating profit from period to period can fluctuate significantly depending on when contractual obligations are achieved.

In the event that the estimated total costs to be incurred on a contract surpass the anticipated total revenue, we recognize a provision for the entire loss on the contract in the period when the loss is identified. For further discussion of the critical judgments and estimates related to our revenue recognition policies, see the section entitled "Critical Accounting Estimates."

*Cost of Revenues*—primarily consists of direct material and labor costs, which include salaries, bonuses, and benefits directly attributable to fulfilling our obligations under customer contracts, and related overhead. Overhead costs primarily include allocable amounts of rent, software subscriptions, depreciation and amortization expense on assets used directly in revenue producing activities, indirect materials, and production and test administrative expenses. We expect our cost of revenues to increase in absolute dollars in future periods as we enter into more contracts and make strategic acquisitions and investments.

*Selling, General, and Administrative*—primarily consists of employee-related expenses for personnel in our executive, finance and accounting, facilities, legal, human resources, and information technology and security functions, as well as other administrative employees. In addition, selling, general and administrative expenses includes fees for legal, accounting, tax and audit services, software subscriptions, facilities, sales commissions,

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other corporate costs, depreciation and amortization, marketing and advertising and transaction costs. We expect to incur additional selling, general, and administrative expenses as a result of operating as a public company, including expenses related to compliance with public company reporting obligations, and increased costs for insurance, investor relations, and professional services. As a result, we expect that our selling, general, and administrative expenses will increase in future periods and vary from period to period as a percentage of revenue.

*Research and Development*—primarily consists of employee-related labor costs, software subscriptions, and supplies and materials for new product development. R&D is expensed as incurred. We expect to continue investing in R&D and, accordingly, expect our R&D expenses to increase and vary as we continue developing and improving our products capabilities.

*Interest Expense*—consists primarily of interest expense incurred on borrowings under our Secured Credit Facilities.

*Interest Income*—consists primarily of interest income earned on cash and cash equivalents.

*Other (Expense) Income, net*—reflects miscellaneous income and expense unrelated to our core business activities.

*Income tax benefit*—includes the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement carrying amount and the tax basis of assets and liabilities, along with net operating loss carryforwards using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are provided if, based upon the weight of available evidence, it is more likely than not that some or all the deferred tax assets will not be realized. When uncertain tax positions exist, we recognize the tax benefit of tax positions to the extent that the benefit would more likely than not be realized, assuming examination by the taxing authority. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. We recognize any interest and penalties accrued related to unrecognized tax benefits as income tax expense.

***Comparison of the Nine Months Ended September 30, 2025 to the Nine Months Ended September 30, 2024***

The following table sets forth a summary of our condensed consolidated results of operations for the years indicated, and the changes between periods.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** | | |
| *($ in thousands, except percentages)* | **2025** | **% of<br>revenue** | **2024** | **% of<br>revenue** | **$ Change** | **% Change** |
|  Revenue | $280854 | 100% | $176925 | 100% | $103929 | 59% |
|  Cost of revenues | 226460 | 81% | 160160 | 91% | 66300 | 41% |
|  **Gross profit** | **54394** | **19%** | **16765** | **9%** | **37629** | **224%** |
|  **Operating expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses | $94125 | 34% | $76433 | 43% | $17692 | 23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research & development | 13796 | 5% | 15480 | 9% | (1684) | (11%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total operating expenses** | **107921** | **38%** | **91913** | **52%** | **16008** | **17%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Loss from operations** | **(53527)** | **(19** **%)** | **(75148)** | **(42** **%)** | **21621** | **(29** **%)** |
|  **Other income (expense)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (21385) | (8%) | (22529) | (13%) | 1144 | (5%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 1035 | 0% | 932 | 1% | 103 | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other (expense) income, net | 1910 | 1% | (658) | (0%) | 2568 | (390%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total other expense** | **(18440)** | **(7** **%)** | **(22255)** | **(13** **%)** | **3815** | **(17** **%)** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** | | |
| *($ in thousands, except percentages)* | **2025** | **% of<br>revenue** | **2024** | **% of<br>revenue** | **$ Change** | **% Change** |
|  **Loss before provision for income taxes** | $**(71967)** | **(26** **%)** | $**(97403)** | **(55** **%)** | $**25436** | **(26** **%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax benefit | 15923 | 6% | 23760 | 13% | (7837) | (33%) |
|  **Net loss** | $**(56044)** | **(20** **%)** | $**(73643)** | **(42** **%)** | $**17599** | **(24** **%)** |

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***Revenue***

Revenue increased by $103.9 million, or 59%, to $280.9 million during the nine months ended September 30, 2025, as compared to $176.9 million during the nine months ended September 30, 2024. The period-over-period increase in revenue was primarily related to increased volume of production and progress towards the design and build of satellites related to certain SDA contracts during the nine months ended September 30, 2025, as compared to the same period in 2024, as well as lower net unfavorable EAC adjustments of $10.8 million during the nine months ended September 30, 2025, as compared to $20.4 million of net unfavorable EAC adjustments for the same period in 2024. Refer to Note 3 - Revenues of the accompanying notes to the unaudited condensed consolidated financial statements included elsewhere in this prospectus for additional information related to our net EAC adjustments.

***Cost of Revenues***

Cost of revenues increased by $66.3 million, or 41%, to $226.4 million for the nine months ended September 30, 2025, as compared to $160.1 million for the nine months ended September 30, 2024. The period-over-period increase in cost of revenues was primarily driven by increases in direct materials and subcontractor costs of $65.0 million related to larger contracts that have increased volume of production activities during the period. Other increases were attributed to depreciation and amortization of $1.1 million and other overhead costs of $0.7 million. This was partially offset by a decrease in direct labor costs of $0.5 million.

***Gross Profit***

Gross profit increased by $37.6 million, or 224%, to $54.4 million for the nine months ended September 30, 2025, as compared to $16.8 million for the nine months ended September 30, 2024. As a percentage of revenues, gross margin was 19% and 9% for the nine months ended September 30, 2025 and 2024, respectively, reflective of our efforts to increase margins as we scale operational activity. The period-over-period increase in gross margin as a percentage of revenues was primarily attributed to increased volume of production on contracts with more favorable margins during the nine months ended September 30, 2025 as compared to the same period in 2024, as well as lower net unfavorable EAC adjustments of $10.8 million during the nine months ended September 30, 2025, as compared to $20.4 million of net unfavorable EAC adjustments for the same period in 2024. Refer to Note 3 - Revenues of the accompanying notes to the unaudited condensed consolidated financial statements included elsewhere in this prospectus for additional information related to our net EAC adjustments.

***Selling, General and Administrative ("SG&A") Expenses***

SG&A expenses increased by $17.7 million, or 23%, to $94.1 million for the nine months ended September 30, 2025, as compared to $76.4 million for the nine months ended September 30, 2024. The period-over-period increase in SG&A expenses was primarily driven by an increase in transaction costs of $7.3 million and an increase in non-capitalizable finance and legal expenses primarily related to this offering of $2.7 million. Additionally, other increases were attributed to $2.8 million of compensation and other employee- related costs, $2.6 million in advertising expenses, as well as $2.4 million increase in professional fees for audit, tax and legal services. These increases were partially offset by decreases in other miscellaneous operating expenses of $1.7 million for the nine months ended September 30, 2025, as compared to same period in 2024.

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***Research and Development***

R&D decreased by $1.7 million, or 11%, to $13.8 million for the nine months ended September 30, 2025, as compared to $15.5 million for the nine months ended September 30, 2024. The period-over-period decrease in R&D costs was primarily driven by a decrease in depreciation and amortization and compensation and other employee-related costs of $1.0 million and $1.0 million, respectively, for the nine months ended September 30, 2025 compared to the same period in 2024.

***Interest Expense***

Interest expense decreased by $1.1 million, or 5%, to $21.4 million for the nine months ended September 30, 2025, as compared to $22.5 million for the nine months ended September 30, 2024. This decrease is attributable to decreases in floating interest rate equal to Secured Overnight Financing Rate ("SOFR") under our existing Term Loan Facility during the nine months ended September 30, 2025, as compared to the same period in 2024. Refer to Note 7 – Financing Arrangements of the accompanying notes to the unaudited condensed consolidated financial statements included elsewhere in this prospectus for additional information related to our debt obligations.

***Other (Expense) Income, net***

Other (expense) income, net increased by $2.6 million to $1.9 million for the nine months ended September 30, 2025, as compared to $(0.7) million for the nine months ended September 30, 2024. This period-over-period increase was driven by a $1.2 million realized and unrealized gain on foreign exchange derivative instruments during the nine months ended September 30, 2025, as compared to a net $0.6 million realized and unrealized loss during the same period in 2024. Additionally, the change was driven by the recognition of a $0.8 million gain from our initial ATLAS investment, which was made prior to the acquisition, during the nine months ended September 30, 2025, for which there was no corresponding activity during the nine months ended September 30, 2024.

***Income Tax Benefit***

Income tax benefit decreased by $7.8 million to $15.9 million for the nine months ended September 30, 2025, as compared to income tax benefit $23.7 million for the nine months ended September 30, 2024. Based on management's assessment of the realizability of the deferred tax assets, a valuation allowance was established during the three months ended December 31, 2024 related to certain credits and indefinite life carryover of interest expense which were not more likely than not to be realized. During 2025, the Company completed the acquisition of the ATLAS. This resulted in an additional valuation allowance against the Company's deferred tax assets as the deferred tax assets obtained from ATLAS are expected to be utilized prior to the Company's deferred tax assets. This resulted in a $15.9 million charge to income tax expense. The Company also recorded a charge to income tax expense of $0.8 million during 2025 related to non-deductible transaction expenses in connection with the ATLAS acquisition. These items were offset with a reduction in the Company's state income tax rate during 2025 which resulted in an income tax benefit of $8.9 million.

On July 4, 2025, the One Big Beautiful Bill Act (the "OBBBA") was enacted, introducing amendments to the U.S. federal income tax code, including permanent reinstatement of immediate expensing for domestic research expenditures, a reduction in the benefit of the research and development credit, restoration of full expensing for qualified depreciable assets, and updates to the limitation of deductions for business interest. U.S GAAP requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. Certain provisions are effective for 2025, the effects of which have been recognized during the three months ended September 30, 2025.

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***Comparison of the Year Ended December 31, 2024 to the Year Ended December 31, 2023***

The following table sets forth a summary of our consolidated results of operations for the years indicated, and the changes between periods.

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|:---|:---|:---|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
| *($ in thousands, except percentages)* | **2024** | **% of<br>revenue** | **2023** | **% of<br>revenue** | **$ Change** | **%<br>Change** |
|  Revenue | $253531 | 100% | $238103 | 100% | $15428 | 6% |
|  Cost of revenues | 221110 | 87% | 183199 | 77% | 37911 | 21% |
|  **Gross profit** | **32421** | **13%** | **54904** | **23%** | **(22483)** | **(41** **%)** |
|  **Operating expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses | 103947 | 41% | 94073 | 40% | 9874 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research & development | 20440 | 8% | 6973 | 3% | 13467 | 193% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total operating expenses** | **124387** | **49%** | **101046** | **42%** | **23341** | **23%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss from operations | (91966) | (36%) | (46142) | (19%) | (45824) | 99% |
|  **Other income (expense)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (29923) | (12%) | (26175) | (11%) | (3748) | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 1201 | 0% | 2328 | 1% | (1127) | (48%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other (expense) income, net | (3600) | (1%) | 1227 | 1% | (4827) | (393%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total other expense** | **(32322)** | **(13** **%)** | **(22620)** | **(9** **%)** | **(9702)** | **43%** |
|  **Loss before provision for income taxes** | $**(124288)** | **(49** **%)** | $**(68762)** | **(29** **%)** | $**(55526)** | **81%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax benefit | 25377 | 10% | 39106 | 16% | (13729) | (35%) |
|  **Net loss** | $**(98911)** | **(39** **%)** | $**(29656)** | **(13** **%)** | $**(69255)** | **234%** |

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***Revenue***

Revenue increased by $15.4 million, or 6%, to $253.5 million for the year ended December 31, 2024, as compared to $238.1 million for the year ended December 31, 2023. The year-over-year increase in revenues was primarily related to increases in progress towards the design and build of satellites related to certain of our contracts as well as new SDA contracts obtained during the year ended December 31, 2024. These increases were partially offset by $22.2 million of net unfavorable EAC adjustments for the year ended December 31, 2024. The net unfavorable EAC adjustments in 2024 were primarily due to changes in estimated total transaction price resulting from contract modifications and additional unplanned labor, materials and subcontractor costs required to meet customer requirements in our sale of satellites.

***Cost of Revenues***

Cost of revenues increased by $37.9 million, or 21%, to $221.1 million for the year ended December 31, 2024, as compared to $183.2 million for the year ended December 31, 2023. The year-over-year increase in cost of revenues was primarily driven by increases in direct materials and subcontractor costs of $29.8 million related to larger contracts that have ramped up production activities during the year, as well as costs incurred for new contracts obtained for which there were no related costs during the same period in 2023. Other increases were attributed to direct labor costs of $3.6 million, depreciation and amortization of $2.7 million, and other overhead costs of $1.8 million.

***Gross Profit***

Gross profit decreased by $22.5 million, or 41%, to $32.4 million for the year ended December 31, 2024 as compared to $54.9 million for the year ended December 31, 2023. As a percentage of revenues, gross margin was 13% and 23% for the years ended December 31, 2024 and 2023, respectively. The year-over-year decrease in

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gross margin as a percentage of revenues was primarily attributed to $22.9 million net unfavorable EAC adjustments for the year ended December 31, 2024 primarily associated with one of our larger contracts. Refer to Note 3 - Revenues of the accompanying notes to the audited consolidated financial statements included elsewhere in this prospectus for additional information related to our net EAC adjustments.

***Selling, General and Administrative ("SG&A") Expenses***

SG&A expenses increased by $9.9 million, or 10%, to $104.0 million for the year ended December 31, 2024, as compared to $94.1 million for the year ended December 31, 2023. The year-over-year increase in SG&A expenses was primarily driven by an increase in compensation and other employee-related costs, business insurance and IT subscriptions of $10.7 million, $1.7 million and $1.0 million respectively. Additionally, depreciation and amortization increased by $1.0 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023. These increases were partially offset by decreases in transaction costs related to the Emergent acquisition in 2023 and deferred commission costs of $3.3 million and $1.4 million, respectively, for the year ended December 31, 2024, as compared to the year ended December 31, 2023. Please refer to Note 10 - Acquisitions of the accompanying notes to the audited consolidated financial statements included elsewhere in this prospectus for additional information.

***Research and Development***

R&D increased by $13.4 million, or 193%, to $20.4 million for the year ended December 31, 2024, as compared to $7.0 million for the year ended December 31, 2023. The year-over-year increase in research and development costs was primarily driven by an increase in compensation and other employee-related costs of $12.6 million and IT-related costs of $0.8 million related to the ramp up in new programs and strategic decisions to invest in future developments.

***Interest Expense***

Interest expense increased by $3.7 million, or 14%, to $29.9 million for the year ended December 31, 2024, as compared to $26.2 million for the year ended December 31, 2023. This increase is largely attributable to the full year effect in 2024 of incremental borrowings under our debt facility made in June 2023. Please refer to Note 6—Financing Arrangements of the accompanying notes to the audited consolidated financial statements included elsewhere in this prospectus for additional information related to our debt obligations.

***Other (Expense) Income, net***

Other (expense) income, net decreased by $4.8 million to $(3.6) million for the year ended December 31, 2024, as compared to $1.2 million for the year ended December 31, 2023. This year-over-year decrease was due to a $3.9 million realized loss on foreign exchange derivative instruments settled during the year ended December 31, 2024, as compared to a $1.0 million of unrealized gain on foreign exchange derivative instruments during the year ended December 31, 2023.

***Income Tax Benefit***

Income tax benefit decreased by $13.7 million to $25.4 million for the year ended December 31, 2024, as compared to income tax benefit of $39.1 million during the year ended December 31, 2023. Based on management's assessment of the realizability of the deferred tax assets, a valuation allowance was established in 2024 related to certain credits and indefinite life carryover of interest expense which are not more likely than not to be realized. This resulted in an $18.1 million charge to income tax expense in 2024. The research and development credit also decreased by $5.3 million in 2024. These items were offset by an increase to pre-tax loss in 2024 which resulted in an increase to income tax benefit of $11.7 million in 2024.

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**Non-GAAP Financial Measures** 

We believe that in addition to our results determined in accordance with U.S. generally accepted accounting principles ("GAAP"), non-GAAP financial measures, contribution margin, contribution margin %, EBITDA, and Adjusted EBITDA provide useful information to management, investors, and analysts in assessing our financial performance and results of operations across reporting periods by excluding items we do not believe are indicative of our core operating performance. In addition to our GAAP measures, we use these non-GAAP financial measures to evaluate our operating performance, generate future operating plans, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources, including budgeting for infrastructure.

***Contribution Margin***

We refer to revenue less direct material costs of revenue as "contribution margin" and contribution margin divided by revenue as "contribution margin %." Contribution margin and contribution margin % are each non-GAAP financial measures. The closest comparable GAAP financial measures to contribution margin and contribution margin % are gross profit and gross profit margin %, respectively. We believe contribution margin and contribution margin % are useful measures of the variable costs that we incur in order to provide services to our customers. These non-GAAP financial measures are used to supplement the financial information presented on a GAAP basis and should not be considered in isolation or as a substitute for the relevant GAAP measures and should be read in conjunction with information presented on a GAAP basis. Our presentation of contribution margin and contribution margin % should not be construed as an inference that our future results will be unaffected by variable costs.

The table below presents contribution margin and contribution margin %, respectively, for the following periods:

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|:---|:---|:---|:---|:---|
|  | **For the nine months ended<br>September 30,** | **For the nine months ended<br>September 30,** | **For the year ended<br>December 31,** | **For the year ended<br>December 31,** |
| *($ in thousands, except percentages)* | **2025** | **2024** | **2024** | **2023** |
|  Revenue | $280854 | $176925 | $253531 | $238103 |
|  Direct material costs | 193519 | 128519 | 178341 | 148574 |
|  Contribution margin (non-GAAP) | $87335 | $48406 | $75190 | $89529 |
|  Contribution margin % (non-GAAP) | 31% | 27% | 30% | 38% |

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The table below presents a reconciliation of contribution margin, which is a non-GAAP measure of our financial performance, to Gross profit, which is the most directly comparable financial measure presented in accordance with GAAP for the periods indicated:

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|:---|:---|:---|:---|:---|
|  | **For the nine months ended<br>September 30,** | **For the nine months ended<br>September 30,** | **For the year ended<br>December 31,** | **For the year ended<br>December 31,** |
| *($ in thousands, except percentages)* | **2025** | **2024** | **2024** | **2023** |
|  Revenue | $280854 | $176925 | $253531 | $238103 |
|  Less: Cost of revenues | 226460 | 160160 | 221110 | 183199 |
|  Gross profit (GAAP) | $54394 | $16765 | $32421 | $54904 |
|  Gross profit % (GAAP) | 19% | 9% | 13% | 23% |
|  Add: Direct labor costs | 23455 | 23910 | 32148 | 28518 |
|  Add: Direct overhead costs | 5288 | 4591 | 6210 | 4415 |
|  Add: Depreciation and amortization | 4198 | 3140 | 4411 | 1692 |
|  Contribution margin (non-GAAP) | $87335 | $48406 | $75190 | $89529 |
|  Contribution margin % (non-GAAP) | 31% | 27% | 30% | 38% |

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*Nine months ended September 30, 2025 compared to Nine months ended September 30, 2024* 

Contribution margin increased by $38.9 million to $87.3 million for the nine months ended September 30, 2025, as compared to $48.4 million for the nine months ended September 30, 2024. The period-over-period increase in non-GAAP contribution margin was primarily attributed to increased volume of production on certain contracts with more favorable contributions margins, as well as lower net unfavorable EAC adjustments of $10.8 million during the nine months ended September 30, 2025, as compared to $20.4 million for the same period in 2024.

*Year ended December 31, 2024 compared to Year ended December 31, 2023* 

Contribution margin decreased by $14.3 million to $75.2 million for the year ended December 31, 2024, as compared to $89.5 million for the year ended December 31, 2023. The year-over-year decrease in non-GAAP contribution margin was primarily attributed to $22.9 million net unfavorable EAC adjustments in 2024 primarily associated with one of our larger contracts. This decrease was partially offset by a higher percentage of direct material costs recognized on contracts that had more favorable contribution margins.

***EBITDA and Adjusted EBITDA***

EBITDA and Adjusted EBITDA are financial measures that are not calculated in accordance with GAAP. Net loss is the most directly comparable GAAP measure to Adjusted EBITDA. These non-GAAP financial measures are used to supplement the financial information presented on a GAAP basis and should not be considered in isolation or as a substitute for the relevant GAAP measures and should be read in conjunction with information presented on a GAAP basis. Our presentation of EBITDA and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

We define EBITDA as net income (loss) adjusted for interest expense, interest income, income tax benefit, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for changes in the fair value of derivatives, transaction costs, gains or losses on foreign exchange, and other non-recurring items.

The table below presents a reconciliation from net loss to Adjusted EBITDA for the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
| *($ in thousands)* | **For the nine months ended<br>September 30,** | **For the nine months ended<br>September 30,** | **For the year ended<br>December 31,** | **For the year ended<br>December 31,** |
|  | **2025** | **2024** | **2024** | **2023** |
|  Net loss | $(56044) | $(73643) | $(98911) | $(29656) |
|  Interest expense | 21385 | 22529 | 29923 | 26175 |
|  Interest income | (1035) | (932) | (1201) | (2328) |
|  Income tax benefit | (15923) | (23760) | (25377) | (39106) |
|  Depreciation and amortization | 36611 | 35975 | 48072 | 44395 |
|  EBITDA (non-GAAP) | $(15006) | $(39831) | $(47494) | $(520) |
|  Changes in the fair value of derivatives | (1243) | 649 | 3885 | (987) |
|  Transaction costs<sup>(1)</sup> | 7308 |  |  | 3254 |
|  One-time costs related to IPO<sup>(2)</sup> | 2694 |  |  |  |
|  Other<sup>(3)</sup> | (617) | 216 | 472 | 32 |
|  Adjusted EBITDA (non-GAAP) | $(6864) | $(38966) | $(43137) | $1779 |

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(1) Represents costs for legal, advisory fees and other costs incurred in connection with the August 2025 ATLAS
acquisition and the March 2023 Emergent acquisition. Refer to Note 4 – Acquisitions of the

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accompanying notes to the unaudited condensed financial statements and Note 10 – Acquisitions of the accompanying notes to the consolidated financial statements included elsewhere in this prospectus for additional information.

(2) Represents costs incurred related to this offering that do not meet the direct and incremental deferral
criteria to be charged against the gross proceeds of the transaction but are not expected to recur in the future.

(3) Other includes loss on foreign exchange and one-time non-cash expense.

***Limitations on the Use of Non-GAAP Financial Measures***

There are limitations to using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures provided by other companies.

Non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact on our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which items are adjusted to calculate our non-GAAP financial measures. We compensate for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in our public disclosures. Some of these limitations are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• although depreciation and amortization are non-cash charges, the assets
being depreciated and amortized may have to be replaced in the future, and EBITDA, Adjusted EBITDA, contribution margin and contribution margin % do not reflect cash capital expenditure requirements for such replacements or for new capital
expenditure requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• contribution margin and contribution margin % do not reflect fixed costs that are directly or indirectly related
to revenue generated from our customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EBITDA, Adjusted EBITDA, contribution margin and contribution margin % do not reflect the significant interest
expense, or the cash requirements necessary to service interest or principal payments, on our debt; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EBITDA, Adjusted EBITDA, contribution margin and contribution margin % do not reflect income tax payments that
may represent a reduction in cash available to us.

Non-GAAP financial performance measures are used to supplement the financial information presented on a GAAP basis. This non-GAAP financial measure should not be considered in isolation or as a substitute for the relevant GAAP measures and should be read in conjunction with information presented on a GAAP basis. Because not all companies use identical calculations, our presentation of non-GAAP measures may not be comparable to other similarly titled measures of other companies.

**Liquidity and Capital Resources** 

We measure liquidity in terms of our ability to fund the cash requirements of our business operations, including working capital needs, capital expenditures, contractual obligations, debt service, acquisitions, and other commitments with cash flows from operations and other sources of funding. Our principal sources of liquidity to date have included amounts raised through issuances of equity capital and borrowings under our financing agreements.

Our primary requirements for liquidity and capital on a short- and long-term basis are for our material cash requirements, including working capital needs, satisfaction of our indebtedness and contractual commitments, investment in expanding our breadth and footprint through acquisitions as well as investment in facilities, equipment, technologies, and research and development for our growth initiatives and general corporate needs.

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Our ability to fund our cash needs is dependent upon the successful execution of our business strategy and future operating results. Our future operating results are subject to a variety of risks and uncertainties, including, among others, general economic conditions, including as a result of heightened inflation, fluctuating interest rates and supply chain pressures, competitive dynamics in our target markets as well as legislative and regulatory factors that may be outside of our control. As part of our business and debt management strategy, we continuously evaluate opportunities to further strengthen our financial and liquidity position, including by issuing additional equity or debt securities, refinancing or otherwise restructuring our existing credit facilities, or entering into new financing arrangements. There can be no assurance that any of these actions will be sufficient to allow us to adequately service our debt obligations, meet our debt covenants, or that such actions will not result in an adverse impact on our business.

As of September 30, 2025, our cash and cash equivalents amounted to $22.5 million, and our financial debt amounted to $200.0 million. We have a limited history of operations and have incurred negative cash flows from operating activities and losses from operations in the past as reflected in the accumulated deficit of $240.5 million as of September 30, 2025. We believe that our cash will be adequate to meet our liquidity requirements for at least the 12 months following the date of this prospectus. Our future long-term capital requirements will depend on several factors, including our ability to raise additional capital and, over time, our ability to generate positive cash flows from operations. Accordingly, we may raise additional capital, whether in the public or private markets, and are currently examining different alternatives. If financing is not available, or if the terms of financing are less desirable than we expect, we may be forced to decrease our level of investment in service development or scale back our operations, which could have a material adverse impact on our business and financial prospects, seek protection under insolvency laws, or cease our operations altogether.

***Indebtedness***

In November 2025, we entered into the Credit Agreement among Yellowstone Interco Holdings, LLC ("Interco Holdings"), Yellowstone Borrower, LLC (the "Pre-IPO Borrower"), the Company, only after the Company becomes a party thereto as a borrower pursuant to the Credit Agreement, the lenders and issuing banks party thereto from time to time and Wells Fargo Bank, National Association, as the administrative agent, the collateral agent and the swingline lender. The Credit Agreement provides for the Term Loan Facility in the aggregate principal amount of $150.0 million and the Revolving Facility in the aggregate principal amount of $140.0 million. Borrowings under the Term Loan Facility and Revolving Facility bear interest at a floating rate on the unpaid principal amount thereof equal to (i) initially, (x) 3.50% per annum (or 3.00% per annum following a qualified IPO), in the case of Term SOFR Loans and (y) 2.50% per annum (or 2.00% per annum following a qualified IPO), in the case of ABR Loans, (ii) on and after the Leverage Covenant Toggle Date (as defined in the Credit Agreement) but prior to the consummation of any qualified IPO, the applicable rate per annum set forth in the pricing grid below under the caption "Term SOFR Margin" or "ABR Margin," as the case may be, based upon the Total Net Leverage Ratio (as defined in the Credit Agreement) as of the end of the fiscal quarter of the Pre-IPO Borrower:

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| | | | |
|:---|:---|:---|:---|
| **Level** | **Total Net Leverage Ratio** | **Term SOFR<br>Margin** | **ABR<br>Margin** |
| I | If the Total Net Leverage Ratio is greater than 3.00:1.00 | 3.25% | 2.25% |
| II | If the Total Net Leverage Ratio is less than or equal to 3.00:1.00 and greater than 2.00:1.00 | 3.00% | 2.00% |
| III | If the Total Net Leverage Ratio is less than or equal to 2.00:1.00 | 2.75% | 1.75% |

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and (iii) on and after both the Leverage Covenant Toggle Date and the consummation of a qualified IPO, the applicable rate per annum set forth in the pricing grid below under the caption "Term SOFR Margin" or "ABR Margin," as the case may be, based upon the Total Net Leverage Ratio as of the end of the Company's fiscal quarter:

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| | | | |
|:---|:---|:---|:---|
| **Level** | **Total Net Leverage Ratio** | **Term SOFR<br>Margin** | **ABR<br>Margin** |
| I | If the Total Net Leverage Ratio is greater than 3.00:1.00 | 2.75% | 1.75% |
| II | If the Total Net Leverage Ratio is less than or equal to 3.00:1.00 and greater than 2.00:1.00 | 2.50% | 1.50% |
| III | If the Total Net Leverage Ratio is less than or equal to 2.00:1.00 | 2.25% | 1.25% |

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All obligations under the Credit Agreement are guaranteed by Interco Holdings and certain subsidiaries of the Pre-IPO Borrower or the Company, as applicable, comprised of all domestic subsidiaries of the Pre-IPO Borrower or the Company, as applicable, except certain excluded subsidiaries and are secured by substantially all of the Pre-IPO Borrower's or the Company's, as applicable, assets. The Term Loan Facility and Revolving Facility are expected to mature on November 14, 2028.

The Credit Agreement contains customary mandatory prepayments, including with respect to asset sale proceeds, proceeds of certain recovery events, and proceeds from certain incurrences of indebtedness. The principal amount owed under the Credit Agreement shall be due and payable on the maturity date. The Credit Agreement contains customary affirmative covenants and negative covenants. The Credit Agreement contains (i) a minimum revenue covenant, in effect from March 31, 2026 to (but not including) the first business day following the occurrence of a Leverage Covenant Toggle Date, that requires us to maintain a minimum amount of revenue set forth below as of the last day of any each such fiscal quarter and measured on a trailing twelve month basis:

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| | |
|:---|:---|
| **Date** | **Minimum Revenue** |
|  March 31, 2026 | $245591268 |
|  June 30, 2026 | $264387082 |
|  September 30, 2026 | $319190794 |
|  December 31, 2026 | $372510143 |
|  March 31, 2027 | $426903024 |
|  June 30, 2027 | $501782812 |
|  September 30, 2027 | $554984539 |
|  December 31, 2027 | $616972315 |
|  March 31, 2028 | $676839498 |
|  June 30, 2028 | $722972451 |
|  September 30, 2028 | $758499673 |

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(ii) a minimum liquidity covenant, in effect from March 31, 2026 to (but not including) the first business day following the occurrence of a Leverage Covenant Toggle Date, that requires us not to permit Liquidity (defined as unrestricted cash together with amounts available for borrowing under the Revolving Facility), as of the last day of each fiscal quarter, to be less than (x) initially, $105,000,000 or (y) upon and after the repayment of the Term Loan Facility in full, 35.0% of the outstanding revolving commitment as of such date, and (iii) a maximum consolidated first lien net leverage ratio covenant, in effect commencing upon the occurrence of a Leverage Covenant Toggle Date, that requires us to maintain a consolidated total net leverage ratio of less than (x) 4.50 to 1.00 for the fiscal quarters ending March 31, 2026, June 30, 2026, September 30, 2026 and December 31, 2026, (y) 4.25 to 1.00 for the fiscal quarters ending March 31, 2027, June 30, 2027, September 30, 2027 and December 31, 2027 and (z) 4.00 to 1.00 for the fiscal quarters ending March 31, 2028, June 30, 2028 and September 30, 2028. The Credit Agreement also includes customary equity cure provisions that permit us to cure defaults in respect of either of the foregoing financial covenants.

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The obligations under the Credit Agreement (collectively, the "Credit Agreement Obligations") are and will be guaranteed by the existing and future direct and indirect material wholly owned subsidiaries of the Pre-IPO Borrower or the Company, as applicable, subject to customary exceptions (in such capacity, the "Credit Agreement Guarantors"). The Credit Agreement Obligations are secured by first priority liens on substantially all assets, subject to customary exceptions, of the Pre-IPO Borrower or the Company, as applicable, and the Credit Agreement Guarantors.

***Redeemable Preferred Units***

We have raised capital historically through preferred unit issuances. On March 31, 2023, Holdings subscribed to 46,619,831 preferred units with a price of $1.00 per unit in order to fund the Emergent acquisition. On March 6, 2024 and June 3, 2025, Holdings subscribed to an additional 10,000,000 and 25,000,000 preferred units, respectively, with a price of $1.00 per unit. The preferred units are not convertible. All our preferred units are in-substance currently redeemable through the distribution waterfall since the holder of the preferred units controls the Company and can make distributions at any time in the form of cash or other assets. If an in-substance redemption occurs, the preferred units remain legally outstanding but do not participate in any future economics.

Please refer to Note 13—Member's Capital and Redeemable Preferred Units of the accompanying notes to the unaudited condensed consolidated financial statements and Note 14 of the accompanying notes to the audited consolidated financial statements included elsewhere in this prospectus for additional information related to our preferred units.

***Class P Unit Investment***

In the fourth quarter of 2025, the Company issued and sold an aggregate of approximately 240,956 Class P Units of the Company (the "Class P Units") to several investors, including funds affiliated with AE Industrial Partners, for an aggregate purchase price of approximately $241.0 million. Each Class P Unit initially has a preference amount of $1,000 and will automatically convert into shares of our common stock immediately prior to the effectiveness of the registration statement of which this prospectus forms a part, at a conversion rate per unit equal to (i) the outstanding aggregate total preference amount of such Class P Unit, divided by (ii) the initial public offering price discounted by a discount of 20% (with such percentage set to increase by 2.5% every 6 months from the issue date of such unit; provided that, such percentage will not exceed a discount of 30% of the initial public offering price).

Please refer to Note 5—Subsequent Events of the accompanying notes to the unaudited condensed consolidated financial statement and Note 5 of the accompanying notes to the audited consolidated financial statement of Midco Holdings II, LLC included elsewhere in this prospectus for additional information related to Class P units.

***Off-Balance Sheet Arrangements***

We do not engage in any off-balance sheet activities or have any arrangements or relationships with unconsolidated entities, such as variable interest, special purpose, and structured finance entities.

***Contractual Obligations***

*Lease Commitments* 

We lease buildings that are used in production and for administrative activities. All of our leases are classified as operating leases with various expiration dates through 2034. Our total remaining fixed lease payment obligations as of September 30, 2025 and December 31, 2024 is $35.2 million and $36.1 million, respectively, with $5.4 million due in less than one year from September 30, 2025. See Note 9 – Leases of the accompanying notes to the audited consolidated financial statements included elsewhere in this prospectus for more information regarding our lease commitments.

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*Secured Credit Facilities* 

Our secured credit facilities outstanding as of September 30, 2025 and December 31, 2024 amounted to $200.0 million, with the entire principal amount due at maturity on November 10, 2027. On October 22, 2022, we entered into a credit agreement, which was amended on June 15, 2023, providing for the Original Term Loan Facility. See Note 6 – Financing Arrangements of the accompanying notes to the audited consolidated financial statements and Note 7 of the accompanying notes to the unaudited condensed consolidated financial statements included elsewhere in this prospectus for additional information related to our debt obligations. See also "—Indebtedness." In addition, in November 2025 we entered into the Credit Agreement to refinance our Original Term Loan Facility, pursuant to which we obtained term loan commitments in an aggregate principal amount of $150.0 million and revolving loan commitments in an aggregate principal amount of $140.0 million.

*Tax Receivable Agreement*

Prior to the consummation of this offering, Yellowstone Midco Holdings II, LLC expects to enter into the TRA with Holdings that will require us to make payments to Holdings (or its transferees or successors) in an amount equal to 85% of certain tax savings (or expected tax savings) in respect of certain tax attributes of York Space Systems.

***Interim Cash Flows***

The table below summarizes certain information from the condensed consolidated statements of cash flows for the periods indicated:

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| | | |
|:---|:---|:---|
|  | **Nine months ended September 30,** | **Nine months ended September 30,** |
| *($ in thousands)* | **2025** | **2024** |
|  Cash and cash equivalents at beginning of the year | $104656 | $81149 |
|  Operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss | (56044) | (73643) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reconciling adjustments to net loss | 29797 | 19065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in working capital | (61982) | 18684 |
|  Net cash used in operating activities | (88229) | (35894) |
|  Net cash used in investing activities | (15408) | (13729) |
|  Net cash provided by financing activities | 21268 | 10000 |
|  Net decrease in cash and cash equivalents | (82369) | (39623) |
|  Effect of foreign currency rate changes on cash and cash equivalents | 250 | 93 |
|  Cash and cash equivalents at end of period | $22537 | $41619 |

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*Net Cash Provided by Operating Activities* 

Net cash used in operating activities increased by $52.3 million, or 146%, to $(88.2) million during the nine months ended September 30, 2025, as compared to $(35.9) million during the nine months ended September 30, 2024. The change was primarily due to a net decrease in working capital of $80.7 million, offset by a $10.7 million net increase due to the effects of non-cash adjustments and a decrease in net loss of $17.6 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

The net decrease in cash provided by working capital of $80.7 million is primarily attributable to the timing of cash receipts and cash payments, particularly driven by accounts receivable, contract assets and contract liabilities. We actively manage our accounts receivable, contract assets, and contract liabilities, along with the related aging and collection efforts.

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The net increase in non-cash adjustments between the nine months ended September 30, 2025 and the nine months ended September 30, 2024, was primarily driven by a $10.6 million decrease in deferred tax benefit and a $1.2 million increase in non-cash retention equity awards related to the ATLAS acquisition, offset by changes in other non-cash adjustments.

*Net Cash Used in Investing Activities* 

Net cash used in investing activities increased by $1.7 million, or 12%, to $(15.4) million for the nine months ended September 30, 2025, as compared to $(13.7) million for the nine months ended September 30, 2024, primarily due to the acquisition of ATLAS that closed in the third quarter of 2025, partially offset by a decrease in capital expenditures for the nine months ended September 30, 2025, as compared to the same period in 2024.

*Net Cash Provided by Financing Activities* 

Net cash provided by financing activities increased by $11.3 million, or 113%, to $21.3 million for the nine months ended September 30, 2025, as compared to $10 million for the nine months ended September 30, 2024, due to additional proceeds from issuance of Redeemable preferred units of $25 million during the nine months ended September 30, 2025, as compared to $10 million during the nine months ended September 30, 2024, resulting in a $15 million increase in cash provided by financing activities. This increase was partially offset by a $3.7 million cash outflow for the repayment of ATLAS indebtedness subsequent to the acquisition close.

***Annual Cash Flows***

The table below summarizes certain information from the consolidated statements of cash flows for the periods indicated:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
| *($ in thousands)* | **2024** | **2023** |
|  Cash and cash equivalents at beginning of the year | $81149 | $32967 |
|  Operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss | (98911) | (29656) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reconciling adjustments to net loss | 38794 | (417) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in working capital | 91731 | 45774 |
|  Net cash provided by operating activities | 31614 | 15701 |
|  Net cash used in investing activities | (18048) | (62854) |
|  Net cash provided by financing activities | 10000 | 95465 |
|  Net increase in cash and cash equivalents | 23566 | 48312 |
|  Effect of foreign currency rate changes on cash and cash equivalents | (59) | (130) |
|  Cash and cash equivalents at end of period | $104656 | $81149 |

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*Net Cash Provided by Operating Activities* 

Net cash provided by operating activities increased by $15.9 million or 101% to $31.6 million for the year ended December 31, 2024, compared to $15.7 million for the year ended December 31, 2023. The change was primarily due to a net increase in working capital of $46.0 million, a net increase of $39.2 million in the effects of non-cash adjustments, offset by an increase in net loss of $69.3 million for the year ended December 31, 2024 compared to the year ended December 31, 2023.

The net increase in cash provided by working capital of $46.0 million is primarily attributable to the timing of cash receipts and cash payments. We actively manage our accounts receivable and contract liabilities, along with the related aging and collection efforts.

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The net increase in non-cash adjustments between the year ended December 31, 2024 and the year ended December 31, 2023 was primarily driven by a decrease in deferred tax benefit of $36.0 million and an increase in depreciation and amortization of $3.7 million.

*Net Cash Used in Investing Activities* 

Net cash used in investing activities decreased by $44.8 million or 71% to $18.0 million for the year ended December 31, 2024, compared to $62.9 million for the year ended December 31, 2023, due to the acquisition of Emergent that closed during the year ended December 31, 2023 and resulted in a $44.4 million cash outflow.

*Net Cash Provided by Financing Activities* 

Net cash provided by financing activities decreased by $85.5 million or 90% to $10.0 million for the year ended December 31, 2024 compared to $95.5 million for the year ended December 31, 2023, due to the additional proceeds from long-term debt of $34.2 million and proceeds from related party long-term debt of $14.7 million received in the year ended December 31, 2023. Additionally, proceeds from issuance of Redeemable preferred units decreased from $46.6 million in the year ended December 31, 2023 to $10.0 million in the year ended December 31, 2024, resulting in a $36.6 million decrease to cash provided by financing activities.

**Selected Quarterly Financial Data** 

The following table summarizes our selected unaudited quarterly results of operations. The information for each of these quarters has been prepared on the same basis as our audited annual consolidated financial statements and reflects, in the opinion of management, all adjustments of a normal, recurring nature that are necessary for the fair statement of the results of operations for these periods. This data should be read in conjunction with our unaudited condensed consolidated financial statements and audited consolidated financial statements included elsewhere in this prospectus. Historical results are not necessarily indicative of the results that may be expected for the full fiscal year or any other period.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** |
| *($ in thousands)* | **September 30,<br>2025** | **June 30,<br>2025** | **March 31,<br>2025** | **December 31,<br>2024** | **September 30,<br>2024** | **June 30,<br>2024** | **March 31,<br>2024** |
|  Revenue | $90763 | $83839 | $106252 | $76606 | $62456 | $40999 | $73470 |
|  Cost of revenues | 70497 | 74313 | 81650 | 60950 | 49917 | 54206 | 56037 |
|  **Gross profit** | **20266** | **9526** | **24602** | **15656** | **12539** | **(13207)** | **17433** |
|  **Operating expenses** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses | 41428 | 25865 | 26832 | 27514 | 25916 | 24884 | 25633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research & development | 4502 | 4893 | 4401 | 4960 | 5623 | 5539 | 4318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total operating expenses** | **45930** | **30758** | **31233** | **32474** | **31539** | **30423** | **29951** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Loss from operations** | **(25664)** | **(21232)** | **(6631)** | **(16818)** | **(19000)** | **(43630)** | **(12518)** |
|  **Other income (expense)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (7208) | (7118) | (7059) | (7394) | (7558) | (7496) | (7475) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 276 | 218 | 541 | 269 | 292 | 193 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other (expense) income, net | 595 | 1201 | 114 | (2942) | 1309 | (623) | (1344) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total other expense** | **(6337)** | **(5699)** | **(6404)** | **(10067)** | **(5957)** | **(7926)** | **(8372)** |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** |
| *($ in thousands)* | **September 30,<br>2025** | **June 30,<br>2025** | **March 31,<br>2025** | **December 31,<br>2024** | **September 30,<br>2024** | **June 30,<br>2024** | **March 31,<br>2024** |
|  **Loss before provision for income taxes** | $**(32001)** | $**(26931)** | $**(13035)** | $**(26885)** | $**(24957)** | $**(51556)** | $**(20890)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax benefit | 11920 | 2697 | 1306 | 1617 | 6088 | 12576 | 5096 |
|  **Net loss** | $**(20081)** | $**(24234)** | $**(11729)** | $**(25268)** | $**(18869)** | $**(38980)** | $**(15794)** |

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**Critical Accounting Estimates** 

Our consolidated financial statements have been prepared in accordance with GAAP. Preparation of the financial statements requires our management to make judgments, estimates, and assumptions that impact the reported amount of net sales and expenses, assets and liabilities, and the disclosure of contingent assets and liabilities. We consider an accounting judgment, estimate, or assumption to be critical when the estimate or assumption is complex in nature or requires a high degree of judgment and the use of different judgments, estimates, and assumptions could have a material impact on our consolidated financial statements. We periodically review our estimates and make adjustments when facts and circumstances dictate. To the extent that there are material differences between these estimates and actual results, our financial condition or results of operations will be affected.

***Revenue Recognition***

Our revenues are primarily derived from long-term FFP construction contracts with both domestic U.S. federal government-controlled agencies as well as commercial customers that generally span several years in duration. For FFP contracts, we recognize revenue over time (versus point in time recognition) using the POC method, as our performance creates an asset with no alternative use to us and we have an enforceable right to payment for performance completed to date.

Under the POC method, revenue is recognized based on the proportion of total costs incurred relative to total EAC. EAC includes all direct costs and indirect costs directly attributable to a contract or allocable based on our project cost pooling arrangements. We believe that this method represents the most faithful depiction of our performance because it directly measures value transferred to the customer. Estimates regarding our cost associated with the design, manufacture and delivery of products and services are used in determining the EAC. Contract estimates are based on various assumptions to project the outcome of future events that may span several years. These assumptions include, but are not limited to, the amount of time to complete the contract, including the assessment of the nature and complexity of the work to be performed, availability and cost of materials, components and subcontractor services, the availability and timing of funding from the customer, and the risk and impact of delayed performance and the level of indirect cost allocations. We bear the risk of changes in estimates to complete on a fixed-price contract, which may cause profit levels to vary from period to period.

Accounting for long-term contracts requires significant judgment relative to estimating total contract revenues and costs, in particular, assumptions relative to the amount of time to complete the contract, including the assessment of the nature and complexity of the work to be performed. Our estimates are based upon the professional knowledge and experience of our engineers, program managers and other personnel, who review each long-term contract monthly to assess the contract's schedule, performance, technical matters and estimated cost at completion.

If, at the time of contract award or at any time during the life of a contract it becomes probable that total contract costs will exceed total contract revenue, the expected loss is recognized immediately in the consolidated statements of operations and comprehensive loss. We evaluate the contract value and cost estimates at completion for performance obligations no less frequently than quarterly, and more frequently when circumstances significantly change. Changes in contract estimates occur for a variety of reasons including, but not limited to, changes in contract scope, labor productivity, the nature and technical complexity of the work to be performed, availability and

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cost volatility of materials, subcontractor and vendor performance, volume assumptions, inflationary trends, and schedule and performance delays. We utilize information available to us at the time when making changes in contract estimates EACs and apply consistent judgement across the full portfolio of programs.

Management's estimates of total costs to be incurred are highly subjective and depend on past experience and operations. Given our limited history of operations, its rapid development and commercialization of new products, as well as our continued focus on improving and refining our manufacturing processes, these estimates are inherently subject to a high degree of estimation uncertainty and may fluctuate significantly from period to period.

***Goodwill***

Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. We evaluate goodwill for impairment annually at October 1 and whenever events or circumstances make it more likely than not that impairment may have occurred. We have determined that our business comprises one reporting unit. We have the option to first assess qualitative factors to determine whether events or circumstances indicate it is more likely than not that the fair value of a reporting unit is greater than its carrying amount. We consider factors in performing a qualitative assessment including, but not limited to, general macroeconomic conditions, industry and market conditions, company financial performance, changes in strategy, and other relevant entity-specific events. If we elect to bypass the qualitative assessment or do not pass the qualitative assessment, a quantitative assessment is performed.

When a quantitative assessment is performed, we utilize a discounted cash flow approach, which incorporates assumptions regarding future growth rates, terminal values, and discount rates. This process compares the estimated fair value of the reporting unit to the reporting unit's carrying value, including goodwill. We recognize a goodwill impairment charge for the amount by which the reporting unit's carrying amount exceeds its fair value up to the amount of goodwill. If the fair value of a reporting unit exceeds its carrying value, goodwill of the reporting unit is considered not to be impaired. For the years ended December 31, 2024 and 2023, we elected to perform a qualitative assessment for our annual review of goodwill to determine whether or not indicators of impairment exist. As a result of the qualitative assessment, no indicators of impairment were identified that would require further testing for impairment.

***Impairment of Long-lived Assets***

The carrying values of long-lived assets, which include equipment and other assets, and all finite-lived intangible assets, are evaluated periodically for impairment when circumstances indicate the carrying value of an asset may not be recoverable. Recoverability is measured by comparing the carrying amount to the future estimated undiscounted cash flows which the asset groups are expected to generate. If such asset groups are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset groups exceeds the fair value of the asset group, which is typically determined using projected discounted future net cash flows. We have not identified any such impairment losses to date.

Using a discounted cash flow method involves significant judgment and requires us to make significant estimates and assumptions, including long-term projections of cash flows, market conditions, and appropriate discount rates. Judgments are based on historical experience, current market trends, consultations with external valuation specialists, and other information. If facts and circumstances change, the use of different estimates and assumptions could result in a materially different outcome. We generally develop these forecasts based on recent sales data for existing services, acquisitions, and estimated future growth of the market in which we operate.

**Recently Issued and Adopted Accounting Standards** 

Newly adopted accounting standards are described in Note 2 to our audited consolidated financial statements and Note 2 to our unaudited condensed consolidated financial statements included elsewhere in this prospectus.

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**Emerging Growth Company Accounting Election** 

Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can choose not to take advantage of the extended transition period and comply with the requirements that apply to non-emerging growth companies, and any such election to not take advantage of the extended transition period is irrevocable. We are an "emerging growth company" as defined in Section 2(a) of the Securities Act of 1933, as amended, and have elected to take advantage of the benefits of this extended transition period, which means that when a standard is issued or revised and has different application dates for public or private companies, we, as an emerging growth company, may adopt the new or revised standard at the time private companies are required to adopt the new or revised standard. We are expected to remain an emerging growth company at least through the end of the fiscal year ended December 31, 2026, and are expected to continue to take advantage of the benefits of the extended transition period. This may make it difficult or impossible to compare our financial results with the financial results of another public company that is either not an emerging growth company or is an emerging growth company that has chosen not to take advantage of the extended transition period exemptions for emerging growth companies because of the potential differences in accounting standards used.

**Quantitative and Qualitative Disclosures About Market Risk** 

We are exposed to market risks in the ordinary course of our business, which primarily relate to interest rate risk, foreign currency exchange risk, and inflation.

***Interest Rate Risk***

We are exposed to market risk for changes in interest rates applicable to our cash and cash equivalents and debt. We have cash and cash equivalents totaling $22.5 million and $104.7 million as of September 30, 2025 and December 31, 2024, respectively. Our cash and cash equivalents were invested in interest bearing demand deposit accounts and high-quality money market funds. We have outstanding variable-rate debt totaling $200.0 million as of September 30, 2025. A hypothetical 100-basis point increase in interest rates would increase interest expense by approximately $2.0 million, while a hypothetical 100-basis-point decrease in interest rates would decrease interest expense by approximately $2.0 million.

***Foreign Currency Exchange Risk***

Our contracts with customers are primarily denominated in U.S. dollars, with the remaining denominated in foreign currencies. Our expenses are generally denominated in the currencies of the jurisdictions in which we conduct our operations, which are primarily in the United States. Our results of current and future operations and cash flows are, therefore, subject to fluctuations due to changes in foreign currency exchange rates. We have experienced, and may continue to experience, fluctuations in net income (loss) as a result of transaction gains or losses related to remeasuring certain asset and liability balances that are denominated in foreign currencies. These exposures may change over time as business practices evolve and economic conditions change. To date, foreign currency transaction gains and losses have not been material to our consolidated financial statements.

***Inflation Risk***

We do not believe that inflation has had a material effect on our business, results of operations, or financial condition. If our costs were to become subject to significant inflationary pressures, we may not be able to fully offset such higher costs through price increases. Our inability or failure to do so could harm our business, financial condition, or results of operations.

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**BUSINESS** 

**Overview** 

York Space Systems is a leading, U.S.-based, space and defense prime providing a comprehensive suite of mission-critical solutions for national security, government and commercial customers. York is one of the only space and defense primes with proprietary hardware and software capabilities designed to address customers' complex mission requirements across the critical elements of the entire space ecosystem throughout the mission lifecycle. York is the number one provider to the DoD's PWSA by number of spacecraft operating in-orbit, by number of contracts, and by variety of contract types as of September 2025. York is a partner of choice for our customers, with differentiated performance versus traditional primes based on price, speed to deployment, and sophistication of capabilities. We produce our satellites at approximately half the cost of our competitors and have been the first to deliver and launch satellites for the PWSA. York is the first and only company to demonstrate Link-16 connectivity from space, highlighting our unique and innovative capabilities.

York is purpose built to address evolving national security space challenges and to adapt to the ongoing shift in the U.S. government's mission needs and procurement processes, where economics, agility, rapid capabilities, and heritage drive customer decision making. We deliver mission-critical solutions in a zero-tolerance for error environment where systems must work and we believe we are positioned to capture an outsized share of growth in our core markets. York provides customers a vertically integrated, full technology stack of solutions including design, production, integration, and operation of spacecraft with turnkey offerings to manage spacecraft and constellations throughout their entire mission lifecycle. York has significant space heritage, having 74 missions with flight heritage, created 17 products with flight heritage, and logged over four million on-orbit hours. York's position as a prime enables us to monetize the entire space vertical from launch to mission operations, from spacecraft to payloads, and from edge computing to data transfer.

York was founded in 2012 by our CEO, Dirk Wallinger, to create an innovative space technology mission prime, with a goal of meeting the evolving national security threats from space by providing mission-critical spacecraft at scale, faster, and at lower cost. We believe that York's proven production and delivery capabilities place it among a very limited number of companies who have the capability to deliver the required solutions for the Golden Dome based on its current timeline. We provide our customers with the ability to quickly and effectively field responsive space-based technologies. We have a demonstrated ability to win contracts in space and are a trusted partner to U.S. national security, intelligence and defense agencies, such as the U.S. Air Force and the SDA, as well as commercial and civil customers. Our proprietary hardware, software and mission operations solutions are designed to address the United States' national security priorities: missile defense (crucial to the Golden Dome), counter-space capabilities, and space domain awareness.

Increasing geopolitical tensions are driving near-peer adversaries to invest heavily in military space capabilities to gain advantage in orbit—the next domain in global conflict. In today's threat environment, rapidly deployable satellites are critical to providing denied benefit in space, maintaining space superiority and countering these emerging threats. This paradigm shift in global warfighting is driving significant growth in defense spending, with the global satellite market projected to grow by approximately $320 billion to over $600 billion from 2023 to 2032 at approximately an 8% CAGR, up from approximately $280 billion in 2022 according to Allied Market Research. This growth is supported by the Golden Dome, the space intelligence community and the DoD's PWSA program. We have invested in our infrastructure and expanded our production capabilities with a goal of meeting this evolving threat while growing our backlog to approximately $642 million and 107 spacecraft as of September 30, 2025.

We believe we distinguish ourselves from other space mission primes by offering a fully integrated portfolio of proprietary spacecraft, software and services. Our versatile spacecraft are built on a modular platform, allowing us to move quickly from design and development to deployment to meet our customers' needs for their rapid response missions. In addition, we provide software throughout the space layer, bolstered by our 2023 acquisition of Emergent, including flight control and edge computing, and we recently added more than 45

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ground antennas in connection with the ATLAS Acquisition. Our software is designed to enable autonomous, real-time decision making and constellation management to support mission execution. By coupling spacecraft production with mission operations and ground integration, we offer a turnkey solution designed to reduce technical and programmatic risk for both government and commercial customers.

Our capabilities include a differentiated suite of spacecraft solutions with proven, common technologies. We offer the S-CLASS, LX-CLASS, and M-CLASS spacecraft, which are high-quality, low-cost satellite platforms that are proven and scalable to a wide array of space market needs. Our spacecraft are supported by proprietary satellite software enabling versatile integration of a variety of payloads for customers and supply chain commonalities across platforms. The various spacecraft classes are designed and engineered to address a broad cross section of the spacecraft market while maximizing payload accommodation. The LX-CLASS is double the mass of the S-CLASS and leverages the S-CLASS design, sharing more than 90% of its technology with the S-CLASS, to offer a specialized platform with enhanced capabilities. Similarly, the M-CLASS utilizes the previous satellite platform designs, sharing approximately 75% of its hardware and 95% of its software with the S-CLASS and LX-CLASS, while greatly enhancing scale and power for spacecraft mass up to 2,000 kg and 8kW+ peak power consumption. Our proven suite of platforms provide solutions from 100 to 2,000 kgs and enables us to serve a large total addressable market. This vertically integrated, cost-effective, scalable model is designed to deliver highly effective end-to-end capability for our customers.

York's spacecraft architecture framework results in significant commonality across platforms and software, allowing for scalable solutions at lower cost. York's three different platforms share approximately 75% of the same hardware and 95% of the software leading to significant cost reductions throughout the value chain while maximizing product quality. This approach also reduces NRE cost associated with platform development while reducing failure risks inherent to a unique design. Key in-house hardware components include C&DH, flight computers, ACS, EPS and production testing. These components complement our spacecraft production while our software-enabled services underpin autonomous, resilient operations and support key defense technologies.

While the standardized spacecraft architecture framework provides scalable building blocks for rapid constellation deployment, York's proprietary software supports key elements of operational success from mission planning to ongoing mission operations. Autonomous constellation planning and hands-off operations are essential for managing the increasing quantity of spacecraft deployed in orbit. Technologies include the M-MOC, a secure, autonomous, command structure that manages multiple York spacecraft, and Bastion, York's mission-ready ground software solution, which allows operators to manage entire fleets from a single ground architecture across more than 45 antennas throughout the world. York hardware and software solutions are vertically integrated across the technology stack.

Our model allows us to capture recurring revenue driven by ongoing satellite-based software and services as well as hardware replacement cycles. Once spacecraft are fielded, York provides continuous operational support, downlink antenna usage, and proprietary software solutions, including on-spacecraft upgrades during the full orbital lifespan. Contracts have historically provided a fixed cost for software maintenance with upgrade options available for purchase. The expected replacement cycle for the current portfolio of space vehicles is approximately five to six years. York's full lifecycle solution and ongoing operational support distinguishes York from its competitors, positioning us to act as prime for the replacement and potential expansion of competitors' aging constellations. As a result, we expect our recurring revenue to increase as the installed base of spacecraft in orbit grows, creating a highly visible revenue model, accelerating growth and increasing margins.

We believe our integrated spacecraft solutions make us a preferred government provider. Our space technology has proven itself in military exercises, demonstrating seamless integration and autonomous hands-off operations. This elevates our ability to serve more demanding missions and customers across the full mission lifecycle. We leverage our proprietary software across spacecraft classes and support all relevant industry standard payload data interfaces on our vehicles. Competitors who design single-system software solutions, outsource their software solutions and spacecraft manufacturing, or do not have a diversity of spacecraft platform systems are at a competitive disadvantage with many roadblocks to rapidly deploying advanced systems. York

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maintains a strong and strategically vital partnership with the DoD's PWSA. The DoD's SDA is responsible for rapidly developing and fielding next-generation space capabilities to enhance national security, while the PWSA is its flagship initiative to build resilient, proliferated LEO constellations supporting global warfighting needs as near-peer adversaries are increasing their anti-satellite, intelligence gathering, and signal jamming and spoofing operations from space. Our innovative, modular satellite platforms and rapid production capabilities, make us the leading provider to the PWSA and the largest awardee by contracts (6), spacecraft in-orbit (33), and variety of contract types as of September 2025. We have been awarded more missions than any other prime, demonstrating our leadership position across three key elements of government contracting: price, speed, and capabilities. We offer attractive pricing, superior delivery speed, and comprehensive capabilities across spacecraft, software, and ground stations. In 2024, York became the first and only company to demonstrate Link-16 connectivity in space. In 2025, York demonstrated Space-to-Ground laser links, Ka-Band downlink, signal detection and processing, orbit maneuvering, and York and SpaceX were the first to achieve LEO-to-LEO laser link between PWSA vendors, representing how York's continued technological innovation sets us apart. York has become an important provider in the long-term national security vision for resilient, proliferated space architecture.

Our cutting-edge facilities and manufacturing footprint are purpose-built to support the rapid development and production of our S-CLASS, LX-CLASS, and M-CLASS spacecraft. York is vertically integrated, assembling key spacecraft components in-house. This approach is designed to mitigate supply chain risk, support our ability to offer competitive pricing, and enable rapid fielding of solutions to our customers. Following the opening of our 60,000 square foot Potomac facility in August 2023, we have quadrupled production capability and believe we will be able to meet demand to manufacture and test over 1,000 satellites annually, supporting our position as a leader in rapid, high volume spacecraft delivery. This deliberate investment in infrastructure is meant to create a durable competitive advantage, enabling us to capitalize on the rapidly growing space economy with the ability to reliably deliver spacecraft faster and more affordably than traditional primes.

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*York Architects the Entire Mission*![LOGO](g941199g72t70.jpg)

**York's Key Highlights** 

York is the number one provider to DoD PWSA by number of spacecraft operating in-orbit, by number of contracts, and by variety of contract types as of September 2025. We continue to differentiate from our competitors by winning on price, speed and capabilities.

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![LOGO](g941199g04a00.jpg)

We are the first and only company to demonstrate Link-16 connectivity from Space. This is a significant and critical milestone towards advancing the DoD's national security missile defense strategy. York was also the first to achieve LEO-to-LEO laser link between PWSA vendors and Space-to-Ground laser links with another vendor. We believe these two capabilities are critical for Golden Dome contracts and demonstrate York's strong position to win on that program.

![LOGO](g941199g06u00.jpg)

Over the duration of the PWSA program, we have achieved an 83% win rate on contracts bid (when measured in terms of satellites awarded versus satellites available for award) and have captured 14% of the PWSA contract value awarded. We believe our track record is a testament to the differentiated value proposition that York offers. It illustrates the alignment between York's business model and the new paradigm of the U.S. government's mission needs and procurement processes. This historical win rate gives us confidence in our ability to capture share of our estimated $140 billion TAM.

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We have significant space heritage. In addition to having the most spacecraft in-orbit for DoD PWSA, we have 74 missions with flight heritage, developed 17 different products with space heritage and logged over 4 million on-orbit hours.

![LOGO](g941199g06u01.jpg)

**Our Mission Solutions** 

We offer mission solutions across several complementary product categories: Components, Subsystems, Spacecraft Platforms, Ground Operation, Global Downlink, and Software-Enabled Services. Common technologies, components, and engineering expertise are woven across our spacecraft platforms and the software stack that plans, flies, and operates them—creating a cohesive, vertically integrated ecosystem. Where the cost of failure is high, our evolutionary, flight-proven designs, robust in-house manufacturing, and deep mission operations experience enable rapid, reliable deployments with a high-value cost profile. This integration reduces supply-chain risk, shortens lead times, and supports turnkey delivery from component manufacturing and payload integration through launch coordination, ground integration, and sustained operations.

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Spacecraft Platforms:**<br>Our S-CLASS, LX-CLASS, and M-CLASS platforms are high-quality, low-cost, versatile spacecraft designed to scale across diverse mission needs: |  |
| **S-CLASS:** A low-cost, payload-capable platform with extensive on-orbit heritage, tailored for rapid fielding and flexible use cases. Delivery for launch can be as early as 60 days after payload receipt. The base configuration provides an attractive low-cost entry point for customers, with multiple enhancement kits available to tailor performance without extending schedules. The S-CLASS is designed for a total mass of 85-200 kgs with a 2 kW peak power system capability. | ![LOGO](g941199g63u34.jpg) |
| **LX-CLASS:** Capable of up to 500 kgs total spacecraft mass and flight proven 21 times, the LX-CLASS supports heavier, more complex payloads and aligns with next-generation transport layer architectures. It shares approximately 90% of the technology with the S-CLASS to minimize risk and lead times and is capable of up to two terabits of instrument data storage. Enhancement kits provide added capability without lengthening execution timelines. The LX-CLASS is baselined with a 1.5kW peak power system and can be configured for increased performance depending on mission requirements. | ![LOGO](g941199g40j10.jpg) |

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| **M-CLASS:** Our largest, most powerful spacecraft, designed for a total mass of up to approximately 2,000 kgs and 8kW peak power system. Optimized for high-demand Earth observation and communications missions, the M-CLASS platform shares approximately 75% of the flight proven technology with the S-CLASS and the LX-CLASS to streamline procurement and production. The M-CLASS is engineered to deliver best-in-class capabilities at roughly half the cost. | ![LOGO](g941199g84b24.jpg) |

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**Critical Components** 

Our in-house critical components are designed to deliver mission assurance, production scalability, and high performance for processing, responsive tasking, and resilient constellation operations. The primary flight computer is a rugged, radiation-tolerant unit that acts as the mission manager within a distributed computing architecture, orchestrating guidance, navigation, and control; command sequencing; payload operations; power and thermal coordination; and fault detection, isolation, and recovery with deterministic real-time behavior and safe-mode resilience. Complementing the primary flight computer, the secondary flight computer augments capability with high-accuracy timing and time distribution, large-capacity mass memory management, dosimetry for radiation environment monitoring, and high-fidelity analog-to-digital acquisition to enhance data custody, autonomy, and system health insight.

Our three-axis stabilized attitude control subsystem delivers tight pointing accuracy and low jitter suitable for next-generation military and commercial payloads by integrating star trackers, inertial sensors, reaction wheels, and torque actuators with robust estimation and control algorithms, enabling long dwell, rapid re-task, and agile off-nadir slews. The power conditioning and distribution unit employs a modular architecture that scales to mission needs, providing regulated rails, battery charge management, protection features, flexible interface tailoring, and telemetry-rich monitoring that support graceful degradation, load shedding, and platform stability across dynamic load and eclipse scenarios.

Finally, our STE—comprising custom electrical ground support equipment, harness and PCB fixtures, boundary scan, hardware-in-the-loop simulation, and automated functional test—reduces cycle time and increases test coverage, boosting first-pass yield and accelerating delivery.

**Software-Enabled Services** 

Our proprietary software suites, both in orbit on the spacecraft and on the ground in our operation centers, integrates mission planning, ground operations, and autonomous flight control to deliver resilient, low-touch operations across single satellites and large constellations. Designed for rapid re-tasking and high availability, the stack streamlines end-to-end workflows reducing operator workload while increasing tempo and reliability for civil, commercial, and defense missions. Integrated coupling between flight and ground software enables closed- loop automation, deterministic behaviors under off-nominal conditions, and secure, auditable operations suitable for contested environments and rigorous mission assurance. Our satellite software allows our constellations to operate fully autonomously for days, weeks, and months—implementing continuous telemetry checks, system monitoring, tasking execution, constellation management, and safety protection monitoring all while adapting to a constantly changing, challenging environment. These robust operating capabilities make our satellite constellations more like autonomous vehicles operating independently to accomplish the goals of our customers.

Our ownership of the flight software on the satellite, the ground software operating the mission planning, and software coordinating our more than 45 ground antennas globally creates a robust global network of communication and collection nodes. This global network enables the ability to self-heal from failures and reroutes communication channels across in-orbit constellations and global ground stations. York's proprietary software and combined ecosystem ownership connect in-orbit edge processing with ground-based cloud computing enabling best-in-class autonomous operation.

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In mission operations, we execute through flight and ground software integration that supports autonomous, hands-off execution of routine activities and rapid response to evolving requirements. Telemetry trending, rule-based alerting, and scriptable command automation allow operators to define intent while the system performs validation, timing, and execution. For defense users, our environment supports integrated military exercise capabilities, including scenario injection, time-tagged playback, and secure role-based controls, enabling realistic training and rehearsal without disrupting live operations.

For attitude control and flight software, we provide flight-proven subsystem management alongside precision pointing, navigation, and control algorithms tailored to demanding imaging and communications payloads. Our systems incorporate built-in safeguards and automated recovery protocols that are designed to quickly identify issues, isolate faults, and reconfigure operations. This enables continued performance and rapid restoration to normal operations with minimal disruption. This architecture enhances continuity of service, shortens average recovery time, and supports resilient spacecraft capabilities in dynamic or contested space environments.

**Our Industry and Addressable Markets** 

York's business operates in the development, production, deployment, operation, and data downlink for spacecraft used for national security and commercial operations within the broader space economy. A global war is being fought in space and York's capabilities are critical to countering U.S. adversaries. To maintain space superiority and ensure national security from space, the DoD has focused on the following priorities: missile defense and the Golden Dome, counter-space capabilities, communications, and space domain awareness. We are the prime provider of assured, reliant, low-latency military data and connectivity to the warfighter and are positioned to provide global warning, tracking and targeting of advanced missile threats, including hypersonic missile systems used by our near-peer adversaries.

We believe our main sources of competition are companies providing spacecraft solutions that enable on-orbit and in-space services as a prime contractor. According to McKinsey's Space report from 2024, the global space economy is projected to reach $1.8 trillion in value by 2035 driven by accelerating national security and commercial demand. National security and advancements in space-based technologies are core focuses of the U.S. government on a bi-partisan basis and closely align with the key messages from the current administration regarding space. Given the critical role of space across the defense, national security, and commercial sectors, customers seek out trusted providers with proven, flexible, and responsive capabilities to deliver critical missions. As a provider of a vertically integrated, full technology stack of solutions including design, production, integration, and operation of spacecraft with turnkey offerings to manage spacecraft and constellations throughout their entire mission lifecycle, we are poised to grow in this attractive market.

We believe our TAM will be approximately $140 billion by 2028. Our solutions also address critical space needs in applications, including in-space operations, data communications, and threat security capabilities. Our expanding complementary products and services in the defense and space market enable us to capture additional verticals within this ecosystem going forward, which is expected to reach $9 billion in value by 2030 according to Research and Markets. Space Force has been exploring dynamic space operations, which involves allowing satellites to move freely in and out of orbit. Given the ongoing global race to win in "satellite dogfighting," Space Force is increasingly focused on ensuring space superiority by defending satellites with on-orbit solutions. As near peer threats rise in space and the U.S. government examines proactive orbital deterrence systems, we expect our spacecraft solution will become an essential part of the U.S. and allied nations' security posture and for our TAM to expand accordingly.

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**Competitive Strengths** 

*Purpose-built to address the most important challenges in national security space and well positioned to capitalize on Golden Dome* 

We control all the critical steps in the spacecraft lifecycle, including: design; AIT; automated test; launch coordination; on-orbit mission operations; and ground stations planning and downlink—all supported by digital work instructions, hardware-in-the-loop verification, and takt-time scheduling. This footprint, coupled with qualified dual-source supply for radiation-tolerant components, allows for learning-curve cost reductions and predictable schedules at volume. The combination of manufacturing scale, standardized qualification evidence, and integrated ground operations is difficult to replicate and shortens Authorization to Operate cycles for government programs.

Our disciplined manufacturing playbook combines high-volume production techniques and software automation to drive predictable quality and shorter cycle times at one of the lowest costs-per-satellite when compared to competitor bids on PWSA contracts. We expect this price advantage to grow as our satellite production scales to meet the demand of our defense, government, and commercial clients.

The global space economy is expanding on the back of national security imperatives, proliferated LEO constellations, and commercial demand for earth observation, communications, and space domain awareness. We expect that accelerating government prioritization of resilient space architectures and responsive launch through programs such as the Golden Dome, combined with falling component costs and maturing standardized subsystems, will create sustained demand for years to come. York's spacecraft platforms, rapid manufacturing, and software-driven operations align directly with these trends, enabling faster deployment cycles and lower delivered cost per mission.

The Golden Dome presents a significant opportunity with a projected near-term budget of approximately $27 billion and approximately $175 billion total spend allocated to missile warning and tracking, secure low latency data relay, geolocation and targeting, data links to tactical platforms, sensor custody, missile orchestration, and multi-layer defense. We believe York is well positioned to serve Golden Dome given the satellite function overlap with the PWSA program. These satellite-based services offer an additional high margin, recurring revenue stream and multiple opportunities to expand, allowing government customers to reduce acquisition timelines and costs. Extensive budgetary resources are already obligated to fund Golden Dome with significant capital infusions expected in the future.

With governments and private enterprises racing to secure their role in the new space era, York offers a proven, differentiated model that combines innovation with execution. We believe our ability to deliver reliable satellites at scale not only addresses today's market but also positions us to be a long-term leader as new commercial applications, from broadband to autonomous systems, drive growing demand for space infrastructure. York stands at the intersection of innovation and opportunity, ready to capture value from what we believe will be the fastest growing frontier of the 21st century

*A leading pure-play, space-mission prime providing critical solutions at low cost across the entire value chain and through the full mission lifecycle* 

We are a mission prime focused on delivering end-to-end solutions—from platform design and payload integration to launch, on-orbit commissioning, and sustained operations. This pure-play focus supports mission assurance and accountability while streamlining processes throughout the mission lifecycle. Standardized avionics, flight software, ground systems, and mission operations support predictable performance across mission classes, while configuration-controlled interfaces permit tailored payloads without re-architecting the spacecraft platform. This full-stack capability can reduce NRE, shorten schedule, and reduce execution risk for government and commercial customers.

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Our software evolves as missions change, constantly integrating advanced autonomous functionality and computer processing to maximize capabilities. Software upgrades are continuously "pushed" to our in-orbit spacecraft to continue to upgrade security, implement advanced safety controls, and ever increasingly imbed autonomy. The three software development groups—Flight Software, Ground Software, and Mission Planning—regularly plan, schedule and deploy software updates to ensure we provide superior performance through the full mission lifecycle.

Further differentiating our products, our spacecraft platform development efforts are market driven and align with rocket payload volume. The M-CLASS platform is designed to maximize existing and future launch capacity. We are currently capable of placing 25 M-CLASS platforms in a SpaceX Falcon 9 and several other close-to-market rockets, and we expect to be able to place 120 units in a SpaceX Starship. This packing factor is meant to maximize payload volume and enable York to continue to offer its attractive solutions at lower cost compared to our competitors. With Falcon 9 operational today, and Starship expected to begin offering services within approximately the next two years, we expect the M-CLASS will enable York to offer best in market capabilities for at least the next four to five years. York will continue to monitor new rocket developments, matched with customer demand signals, to evaluate any potential new platform development efforts needed to meet those demands.

York has changed the economics of space with a suite of innovative technologies that dramatically lower costs while accelerating time to orbit. At the heart of York's model is our modular satellite spacecraft architecture—engineered for scalability, rapid production, and mission flexibility across commercial, civil, and defense applications. By combining proprietary designs with a streamlined manufacturing process, York delivers high-performance satellites faster and more cost-effectively than traditional and emerging aerospace players. This disruptive approach positions the Company as a category leader in unlocking new markets and enabling customers to achieve their mission goals with speed and efficiency.

What truly sets York apart is its world-class technical expertise and proven execution. Backed by an experienced team of aerospace engineers and mission specialists, York manages the full lifecycle—from design and manufacturing to launch integration and on-orbit operations—with precision and reliability. This integrated capability ensures mission assurance at every step, making York a trusted partner for government agencies. The combination of proprietary innovation, technical mastery, and operational excellence creates differentiation, which we expect to enable York to scale rapidly in the space industry.

*Vertically integrated, cost-effective, rapid manufacturing model delivering value at scale with a comprehensive IP set and proprietary software* 

York's vertical integration, spanning spacecraft platforms, avionics, power and data handling, automated test, and integrated flight and ground software, drives a repeatable production system with learning-curve cost reductions. Our modular, backward-compatible design approach allows us to maximize common components and streamline production, increasing efficiency and scalability. At the same time, our advanced digital processes and disciplined production management are designed to reduce cycle times, minimize work, and ensure consistent delivery performance. Proprietary operations software and federated ground integrations lower operating costs per satellite and scale fleet management efficiently. The result is lower cost per unit, faster design-to-orbit timelines, and durable margin advantages as volumes rise.

We are pioneering scaled, modular space and defense technology solutions that redefine how missions are designed, deployed, and sustained. At the core of our offering is a satellite architecture built for flexibility and scaled production, allowing customers to configure platforms for a wide range of mission sets, from commercial communications and Earth observation to national security and defense applications. This modular approach is designed to not only accelerate deployment timelines but also drive significant cost efficiencies.

These efficiencies are reinforced by a spacecraft platform family approach that shares technology and suppliers across S-CLASS, LX-CLASS, and M-CLASS platforms, reducing qualification churn and long-lead

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risk. By coupling scaled production with flight-proven autonomy, mission planning, and collision-avoidance capabilities, York can field spacecraft rapidly for defense and commercial constellations without sacrificing reliability. The software-enabled stack supports hands-off operations and responsive tasking, which further compresses total lifecycle cost and improves asset utilization. This combined hardware-software strategy positions York to meet proliferated LEO and GEO demand with predictable delivery, scalable manufacturing, and competitive total cost of ownership.

*Deeply entrenched with key U.S. government customers with demonstrated ability to win contracts* 

York aligns our spacecraft platform baselines and accreditation artifacts to prevailing U.S. government requirement sets, enabling faster Risk Management Framework progression and quicker Authorizations to Operate, which translate into accelerated fielding and responsive tasking. This rigor, combined with pre-engineered cybersecurity and configuration-controlled software releases, underpins wins across space domain awareness, tactical ISR, and resilient communications where schedule assurance and operational autonomy are decisive. Our use of common avionics, power, and data handling across spacecraft classes reduces qualification churn and simplifies mission assurance, while pre-certified payload interfaces shorten integration timelines and reduce NRE. Together, these elements increase proposal credibility on schedule, cost, and technical readiness—key determining factors in competitive acquisitions.

Our advantages extend beyond cost to include capacity production, a mature and resilient supply chain, two classified M-MOCs and critical system ownership, and demonstrated on-orbit performance success. York has proven the capability for highly efficient manufacturing by delivering the T0 satellite constellation before competitors in 2022, then delivering Dragoon mission in seven months followed by the Bard mission one month later and finally 21 satellites launched for the T1 constellation before the other prime contractors. This production cadence exhibits a mature and robust supply chain and production delivery rhythm. With a mature production advantage, York intends to continue to improve supplier quality, automate production and testing, and eliminate NRE to lower costs and maintain a strategic advantage. Unlike competitors, York has two classified M-MOCs operating constellations today, giving York a significant capabilities advantage.

York's multi-vehicle awards, IDIQ positions, and commercial contracts signal trust in predictable execution and lifecycle cost advantages. A cultivated partner ecosystem enables bids that combine flight-proven hardware with software-enabled autonomy, mission planning, and collision-avoidance to compress delivery and commissioning milestones. Federated ground integrations and hands-off operations lower per-satellite operating costs and scale efficiently as constellations grow, enhancing asset utilization and mission responsiveness. The net effect is higher win rates, faster contract-to-orbit velocity, and improved unit economics as volumes rise, supporting York's positioning for proliferated LEO demand and defense transport-layer architectures.

![LOGO](g941199g88z53.jpg)

We have demonstrated repeat wins through multi-vehicle awards, options, and frameworks that value mission assurance, cost transparency, and delivery velocity. Standardized accreditation frameworks, pre-certified payload interfaces, and proven launch and operations performance reduce customer risk and accelerate time to deployment. Our performance history across PWSA Tranches 0, 1, and 2 as well as our successful launches with the SDA and NASA translate to strong references, faster award cycles, and growing share across defense, civil, and commercial segments. For example, our space vehicles have participated in multiple military exercises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Space Defense Agency</u>: We were a prime awardee on SDA contracts across Tranches 0, 1 and 2 with an
incumbent position leading into Tranches 3 and 4. Our longstanding relationships with key government agencies and reputation for on-time, on-budget delivery of
spacecraft strengthen our

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position to win PWSA replenishment and expansion opportunities. We have provided the most satellites to PWSA at roughly half the cost of competitors, positioning us exceptionally well to continue to receive a large share of PWSA awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Golden Dome</u>: To maintain space superiority and ensure national security from space, the U.S. Space Force
has a projected near-term budget of approximately $27 billion and approximately $175 billion total spend to fund the Golden Dome project. We believe our core capabilities and proven on-orbit capabilities make us a leading candidate to win and expand contracts in this strategically vital project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Intelligence Community</u>: As evidenced by recent legislation dictating increased competition in
traditionally sole source award areas like the IC, Congress desires a low-cost provider for missions where we provide the best value and lowest cost demonstrated capability. We believe we are positioned well
to capture a significant portion of the addressable market being one of the only proven proliferated spacecraft primes with on-orbit DoD success.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>NASA</u>: York developed and successfully coordinated the launch of BARD, a commercial satellite mission
developed with NASA and Johns Hopkins Applied Physics Laboratory. The mission supports NASA's long-term goal of transitioning its space communications architecture to a commercial model, making space infrastructure faster and more accessible.
Looking forward, we see significant opportunity to expand this relationship as NASA advances its priorities in earth science and commercial partnerships for sustained space operations.

*Recurring revenue with identified opportunities and backlog which we believe positions us well for future growth* 

York is expanding into higher-margin, recurring services such as operations-as-a-service, software licensing, software annual support contracts, managed ground, and secure data delivery, leveraging our unified platform. Recent inorganic growth initiatives, such as the 2023 acquisition of Emergent and recent ATLAS acquisition, add a software-led, single-API ground layer to improve resilience and accelerate delivery. The goal of this shift in our mix of revenue, along with disciplined supply-chain management and target-cost design, is to support sustained growth and improve return on invested capital, while prudent backlog risk-weighting preserves forecast quality. York's demonstrated competitiveness in proliferated LEO / GEO programs and integrated space-to-ground delivery strengthens our business and we believe will allow us to continue to win as large contracts come to market, positioning us to translate identified demand into booked backlog and profitable revenue at scale.

We are strategically expanding from a supplier of physical satellites to a software-driven solutions provider. While our scalable, modular hardware remains best-in-class, our long-term value creation increasingly comes from delivering advanced software capabilities—ranging from constellation management and mission operations to secure communications and data downlink services. These offerings extend the life and utility of our deployed platforms, embed us deeper into DoD workflows, and differentiate us well beyond the satellite platform itself.

This evolution helps us capture higher-margin opportunities while strengthening our role as the DoD's trusted mission partner. By pairing proven hardware with software-enabled services, we deliver end-to-end solutions that improve resilience, reduce mission risk, and generate sustained value throughout the program lifecycle. In doing so, we are a full-spectrum provider of integrated space solutions, trusted both for what we build and how we enable mission success across the defense space enterprise.

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![LOGO](g941199g90c76.jpg)

*Founder-led management team instilling a culture of innovation, execution, and efficiency* 

York's leadership blends deep flight heritage with high-volume manufacturing and software automation knowledge. Led by a strong founder and CEO, Dirk Wallinger, and a bench with deep technical expertise, the team has a history of innovation that pairs mission assurance with design-to-cost discipline. Our team has a track record of translating proven flight practices into repeatable, scalable production.

We have had success recruiting and maintaining high quality talent by leveraging our exciting missions, the breadth of our mission scope, and providing impact across the entire spectrum of space and defense. Our headquarters in Colorado places us at the center of the nation's second largest aerospace economy, giving us access to one of the largest concentrations of skilled aerospace talent and providing a strong and sustainable recruiting pipeline.

Our mission-focused leadership team, with decades of experience across advanced engineering and manufacturing sectors, is driven by a commitment to excellence and unified behind our mission. Our team possesses the leadership, operational and financial experience necessary to successfully lead York through its continued growth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dirk Wallinger, our founder and Chief Executive Officer, has more than two decades of experience in the aerospace
and defense sectors, bringing both leadership and a highly technical background to York. He has executed numerous strategic and long-term partnerships, both domestic and international, with industry leaders including Jet Propulsion Laboratory, NASA,
RUAG, Terma, US Air Force, U.S. Army, AAC Clyde, and the Netherlands Space Office. Prior to starting York, in addition to numerous roles in strategy, business, development, and architecture, he was a principal engineer on multiple space vehicles,
including GeoEye1, ORS-1, Fermi Gamma Ray Observatory, NFIRE, and numerous classified programs at Northrup Grumman, General Dynamics, and Lockheed Martin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Kevin Messerle, our Chief Financial Officer, has over 20 years of finance experience, most recently leading all
credit investments for Summit Partners in the Energy, Transportation, Automotive, and

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A&D sectors. He previously spent time at Davidson Kempner Capital Management leading the direct lending business, several investment roles at GE Capital, and was a design engineer at GE's locomotive division.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Melanie Preisser, our General Manager and EVP, has over 25 years of diverse corporate and government experience.
Prior to joining York, she held positions at the NRO, SBIRS Ground Systems, Office of the Under Secretary of Defense, and Stratolaunch. She began her career as a U.S. Airforce Company Grade Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Michael Lajczok, our Chief Technology Officer, has over 18 years of engineering experience. He assumed the CTO
position during the development and debut of the S-CLASS spacecraft. Prior to becoming CTO, he served as Vice President of Mission Solutions at York. He began his career working as a Thermal Engineer at
Northrup Grumman on numerous NASA programs and Thermal lead for SAIC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Devjyoti Rudra, our Chief Supply Chain Officer, brings over 25 years of expertise having held leadership roles in
aerospace manufacturing businesses including at GE Aviation and United Technology. Prior to joining York, he served as a Vice President at AE Industrial Partners focused on the scaling of innovating aerospace companies using lean manufacturing
practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monica Palko, our Chief Legal and Administrative Officer, has more than 30 years of legal and executive
experience. At York, she oversees contracting, compliance, governance, human capital management, and strategic administration. She previously served as Vice President and General Counsel of Lockheed Martin Space and as a Trial Attorney at the U.S.
Department of Justice. She served on the Global Board of Directors for the Association of Corporate Counsel from 2018 through 2023.

We employ a technically skilled, sizeable, and diversified workforce of more than 670 dedicated employees, with approximately 341 holding security clearances and approximately 57 more in progress as of September 30, 2025. Since 2021, our headcount has increased by 350% to meet expected future demand and scale operations and manufacturing. As of September 30, 2025, over 50% of our employees were engineers across 10 different engineering disciplines, focused on developing, refining, and manufacturing our products and solutions with the same quality and efficiency that we have established ourselves as providing.

![LOGO](g941199g79g89.jpg)

**Growth Strategy** 

*Continue to Exercise Demonstrated Ability to Win* 

Our growth strategy is anchored in strengthening and expanding our ability to win future contracts across defense space programs. We have a proven track record of cost-effective, on-time delivery under the PWSA, a

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vertically integrated production model that enables security and scale, and proprietary technology that differentiates us from competitors. By continually investing in modular designs, software-enabled solutions, and production capacity, we reinforce the attributes the DoD values most: speed, resilience, affordability, and mission assurance. These competitive advantages create a clear path for us to continue to win contracts as demand for proliferated, low-cost constellations and integrated software platforms accelerate.

Looking forward, we are deliberately strengthening our partnerships within the defense ecosystem to sustain our growth. This includes expanding our role from hardware supplier to full-spectrum solution provider, embedding our software offerings into mission operations, and pursuing adjacent opportunities in missile defense, sensing, and secure communications. By aligning our capabilities with long-term DoD priorities and demonstrating continued execution, we are positioned to win the next generation of contracts.

*Spacecraft platform baselines and scalable common technologies reduce schedule and technical risk and drive sustainable growth and margin expansion* 

We are leveraging spacecraft platform baselines and scalable common technologies to reduce schedule risk, lower technical complexity, and ensure repeatable success. By designing around a proven, modular architecture, we can deliver satellites and supporting solutions on compressed timelines with predictable performance. This approach not only strengthens our customers' confidence in our ability to execute but also creates cost advantages that enhance our competitiveness in large-scale government programs.

This disciplined technology strategy also drives sustainable growth and margin expansion. Common platforms allow us to scale production efficiently, spread R&D investment across multiple programs, and transition more seamlessly into software-enabled solutions that extend the value of our hardware. The result is a business model that is designed to combine reliable delivery with higher-margin, recurring revenue streams. By pairing standardization with scalability, we are building a foundation intended to support durable growth that positions us to capture an increasing share of defense spending while improving profitability.

*Continued Accretive M&A Complementary to Our Existing Offerings* 

York has a proven history of using mergers and acquisitions to strengthen capabilities, expand market presence, and accelerate growth—most recently demonstrated by the ATLAS Acquisition in August 2025 and Emergent in 2023. The addition of Emergent brought deep expertise in mission design, flight dynamics, and software engineering, enhancing our ability to deliver sophisticated, end-to-end mission solutions for the DoD and NASA. More recently, the ATLAS Acquisition adds a leading ground-station platform with software-defined network capability to York's portfolio, further integrating space-to-ground connectivity into end-to-end solutions. By combining York's scalable, modular spacecraft with ATLAS's proven ground infrastructure and cloud-based control systems, York expects to be able to deliver a more seamless, reliant, and secure offering that directly aligns with the DoD's demand for integrated space architectures.

Looking ahead, we will continue to pursue strategic M&A to expand our software and services footprint, deepen vertical integration, and accelerate entry into adjacent mission areas such as sensing, missile defense, and secure communications. The acquisitions of Emergent and ATLAS are emblematic of our strategy: targeting companies that not only enhance our technical capabilities but also embed us more deeply into our customers' mission workflows. By pairing strong internal execution with strategic acquisitions like ATLAS, we aim to build a broad, high-margin company with the goal of leading the next decade of national security space growth.

We plan to expand our current product range through a deliberate mix of organic and inorganic growth that targets high-margin, scalable services closely aligned with our integrated platform. Organically, we intend to deepen software-defined operations, mission planning, and data delivery services that leverage our standardized S-CLASS, LX-CLASS, and M-CLASS architectures and unified flight/ground stack to reduce cost-to-serve and increase recurring revenue density per spacecraft. Inorganically, accretive transactions like the ATLAS

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Acquisition are expected to allow us to add differentiated, software-led ground and operations capabilities that improve win probability, shorten deployment timelines, and enhance space-to-ground resilience across programs. Together, this approach is designed to expand profitable business lines such as managed ground services, operations-as-a-service, and secure data delivery, while compounding scale benefits in procurement, accreditation, and tooling.

**Operations** 

Our engineering, design, and manufacturing operations are intended to support vertically integrated, high-rate manufacturing at our U.S.-based facilities. We design and manufacture the systems for our spacecraft with extensive use of common components and subsystems across product lines, enabling rapid, scalable production and cost efficiency. To support this level of integration, we have developed fully-scaled supply chain operations and capabilities across the United States (and to a lesser extent internationally), which are enabled by sophisticated third-party enterprise resource planning (ERP) systems and tools. These ERP solutions offer end-to-end process integration, improve operational efficiency, and support data consistency throughout our organization.

We obtain components, subsystems, capital equipment, and other supplies from suppliers that we believe to be reputable and reliable. We have established and follow internal quality control processes to source suppliers, considering engineering validation, quality, cost, delivery, and lead-time factors. We have a quality management team that is responsible for managing and ensuring that supplied components meet quality standards. While we often source components used in the manufacture of our products and services from multiple sources, in some cases we also purchase various components and services from a single source. In these supplier situations, we may attempt to manage sourcing risk by closely monitoring our inventory levels to ensure adequate supply, particularly for long-lead items, and by seeking opportunities to diversify our supply chain in the future. See "Risk Factors—Risks Related to Our Business—If critical components used to manufacture our products or used in our development programs become scarce or unavailable, then we may incur delays in manufacturing and delivery of our products and in completing our development programs, which could damage our business."

Our integrated manufacturing facilities are located in the Denver, Colorado area. We also have custom software development and data engineering services centers in Austin, Texas and Laurel, Maryland which specialize in software and systems for civil, military and commercial systems. Our current manufacturing capability supports R&D, rapid prototyping, and flight level hardware in an integrated and disciplined manner, applying the correct level of rigor to the appropriate process. We leverage a strong culture of personal accountability to ensure efficiency and world class results across our operations. We are AS 9100 certified and seek to adhere to the appropriate quality and process controls on a continuous basis.

**Competition** 

We primarily compete with companies providing spacecraft such as space vehicles and related solutions. These competitors include both established aerospace primes and emerging commercial space companies. The principal competitive factors in our market include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pricing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delivery schedule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reliability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ability to customize products to meet specific needs of the customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• performance and technical features; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• customer experience.

We believe that we compete favorably across these factors.

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**Intellectual Property** 

The protection of our technology and intellectual property is an important aspect of our business. We rely on a combination of trade secrets, patents, data rights assertions, trademarks, copyrights, confidentiality procedures, contractual commitments, and other legal rights to establish and protect our intellectual property. We generally enter into confidentiality agreements and invention or work product assignment agreements with our employees and consultants to control access to, and clarify ownership of, our proprietary information.

**Regulatory** 

We are required to comply with a variety of governmental regulations, which could have a significant impact on our business, including our capital expenditures, earnings, and competitive position. We incur or will incur costs to monitor and take actions to comply with governmental regulations that are or will be applicable to our business, including, among others, federal securities laws and regulations, applicable stock exchange requirements, economic sanctions and trade embargo laws, and restrictions and regulations of the FCC, the Defense Counterintelligence and Security Agency, and other government agencies in the United States and the other countries in which we operate. The majority of our operations are based in the United States, and a key strategic objective is to further embed our business within the U.S. market. Our international operations include our production facility in Cape Town, South Africa and various ground station locations in Europe, Asia, Australia, Africa, and South America. If we expand internationally, we will be subject to additional rules and regulations, see "Risk Factors—Risks Related to Our Business—As we continue to expand our ground station footprint outside the United States, we will be exposed to a variety of risks associated with international operations that could materially and adversely affect our business."

Further, our business is subject to, and we must comply with, stringent U.S. import and export control laws, including EAR and ITAR. The EAR, which generally applies to our products, regulates the export of hardware, software, and technology that has commercial or "dual-use" applications (i.e., for both military and commercial applications) or that have military or space-related applications that are not subject to the ITAR. The ITAR, which may apply to certain components or other aspects of our operations, generally restricts the export of hardware, software, technical data and services that have more sensitive defense or strategic applications. The regulations exist to advance the national security and foreign policy interests of the United States.

The U.S. government agencies responsible for administering the ITAR and the EAR have significant discretion in the interpretation and enforcement of these regulations. The agencies also have significant discretion in approving, denying, or conditioning authorizations to engage in controlled activities. Such decisions are influenced by the U.S. government's commitments to multilateral export control regimes, particularly the Missile Technology Control Regime with respect to the spacecraft business. See "Risk Factors—Risks Related to Our Business" for a discussion of material risks to us, including, to the extent material, to our competitive position, relating to governmental regulations.

Many different types of internal controls and efforts are required to ensure compliance with such export control rules. In particular, we are required to maintain a registration under the ITAR; determine the proper licensing jurisdiction and classification of products, software and technology; and obtain licenses or other forms of U.S. government authorizations to engage in activities, including the performance of services for foreign persons, related to and that support our spaceflight business. The authorization requirements include the need to get permission to release controlled technology to foreign person employees and other foreign persons. The inability to secure and maintain necessary licenses and other authorizations could negatively affect our ability to compete successfully or to operate our spaceflight business as planned. Any changes in the export control regulations or U.S. government licensing policy, such as that necessary to implement U.S. government commitments to multilateral control regimes, may restrict our operations. Failures by us to comply with export control laws and regulations could result in civil or criminal penalties, fines, investigations, more onerous compliance requirements, loss of export privileges, debarment from government contracts, or limitations on our ability to enter into contracts with the U.S. government.

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The nature of the work we do for the federal government may also limit the parties who may invest in or acquire us. Export laws may keep us from providing potential foreign acquirers with a review of the technical data they would be acquiring. In addition, there are special requirements for foreign parties who wish to buy or acquire control or influence over companies that control technology or produce goods in the security interests of the United States. There may need to be a review under the Exon-Florio provisions of the Defense Production Act, including review by CFIUS under FIRRMA. The government may require a prospective foreign owner to establish intermediaries to actually run that part of the Company that does classified work, and establishing a subsidiary and its separate operation may make such an acquisition less appealing to such potential acquirers.

While there are no current regulatory matters that we expect to be material to our business, there can be no assurance that existing or future laws, regulations, and standards applicable to our operations will not lead to a material adverse impact on our business, results of operations, prospects, or financial condition. If new and more stringent government regulations are adopted, if industry oversight increases, or if we become subject to new international government regulations as a result of international expansion, we may incur significant expenses to comply with any new regulations or heightened industry oversight that are not addressed by our existing activities. See "Risk Factors—Risks Related to Our Business—Our business is subject to various regulatory risks that could adversely affect our operations."

**Government Contracts** 

A material portion of our revenue is derived from contracts, directly or indirectly, with the U.S. government that are subject to U.S. government contracting rules and regulations and therefore are subject to the business risks specific to the defense industry, including the ability of the U.S. government to unilaterally: (1) suspend us from receiving new contracts; (2) terminate existing contracts at its convenience and without significant notice; (3) reduce the value of existing contracts; (4) audit our payments issued; and (5) revoke required security clearances. Violations of government procurement laws could result in civil or criminal penalties.

We also need special security clearances to continue working on and advancing certain of our programs and contracts with the U.S. government. Classified programs generally will require that we comply with various Executive Orders, federal laws and regulations and customer security requirements that may include restrictions on how we develop, store, protect and share information, and may require our employees to obtain government clearances.

**Environmental, Health, and Safety Matters** 

Our operations and facilities are subject to an extensive regulatory framework of federal, state, local environmental, health, and safety laws, and regulations and permits that govern, among other things, employee health and safety, discharges of pollutants, the generation, handling, storage and disposal of potentially hazardous materials and wastes, and the investigation and remediation of certain materials, substances, and wastes. Non-compliance with such laws, regulations and permits could result in substantial fines, penalties, litigation, liabilities or obligations. In addition, such laws and regulations may require us to investigate and remediate the effects of the release or disposal of materials at sites associated with past and present operations, and any obligations to remediate and investigate could be joint and several without regard to fault.

See "Risk Factors—Risks Related to Our Business—Environmental matters, including costs associated with compliance and remediation efforts and government and third-party claims, could have a material adverse effect on our reputation and our business, financial condition, and results of operations."

**Properties** 

Our principal facilities are located in Denver, Colorado, including our corporate headquarters at MSU Denver, our electronics center for design and components manufacturing, the Harbinger Multi-Mission

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Operations Center for satellite operations, the Potomac assembly, integration, and test facility, the Wazee production facility, and the Willow office space in Greenwood Village which also serves as an assembly, integration, and test facility. We also have a production facility in Cape Town, South Africa. In addition, we have office locations in Austin, Texas, Laurel, Maryland, Washington, DC, Traverse City, Michigan, and Colorado Springs, Colorado. We lease our facilities and office locations.

**Human Capital** 

As of September 30, 2025, we had 670 full-time employees, none of whom is subject to any collective bargaining agreement. We consider our employee relations to be good. Our success depends, in part, on our continuing ability to identify, hire, attract, train, and develop highly qualified personnel and we believe our Denver-based business provides access to a deep pool of aerospace talent. The majority of our employees are engaged in engineering, manufacturing and mission operations roles, and experienced and highly skilled employees in these areas are in high demand. Competition for these employees can be intense, and there may be concerns regarding new employees' unauthorized disclosure of competitors' trade secrets. Generally, each employee is required to sign a confidentiality, non-disclosure, and non-use agreement with us.

**Legal Proceedings** 

In the ordinary course of business, we are involved in various pending and threatened litigation matters. In the future, we may be subject to additional legal proceedings, the scope and severity of which is unknown and could adversely affect our business. In addition, from time to time, we may receive letters or other forms of communication asserting claims against us.

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**MANAGEMENT** 

**Executive Officers and Director Nominees** 

Below is a list of the names, ages as of September 30, 2025, titles, and a brief account of the business experience of the individuals who serve as our executive officers or are expected to be appointed as directors prior to completion of this offering:

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Title** |
|  Dirk Wallinger | 46 | Chief Executive Officer, President, and Director Nominee |
|  Kevin Messerle | 51 | Chief Financial Officer |
|  Monica Palko | 60 | Chief Legal and Administrative Officer |
|  Devjyoti Rudra | 54 | Chief Supply Chain Officer |
|  Kirk Konert | 38 | Director Nominee |
|  Tyler Letarte | 34 | Director Nominee |
|  Tamra Erwin | 61 | Director Nominee |
|  Reggie Brothers | 66 | Director Nominee |
|  Andrew Boyd | 55 | Director Nominee |

---

**Dirk Wallinger** has served as our Chief Executive Officer and President since founding the Company in January 2012 and will continue to serve as our CEO and a director upon completion of this offering. Prior to founding the Company, Mr. Wallinger served to strategize, design and deploy numerous elements in the space vertical at Orbital Sciences, General Dynamics, Goodrich Corp. and Lockheed Martin. Mr. Wallinger also serves on the Advisory Board of the Colorado Space Business Roundtable, the Advisory Board of the SmallSat Alliance, and as a Mentor for Starburst Aerospace Accelerator. Mr. Wallinger earned a BS, Summa Cum Laude, in Mechanical Engineering from The University of Arizona. We believe that Mr. Wallinger is qualified to serve as a director given his founding of the Company, demonstrated deep industry experience and his insight into our business as our Chief Executive Officer and President.

**Kevin Messerle** has served as our Chief Financial Officer since April 2021. Prior to that, Mr. Messerle served as a Senior Investment Manager at Summit Partners from August 2015 to April 2021. Mr. Messerle also previously served as an investment professional at multiple investment firms, and as an Assistant Vice President at GE Capital (NYSE: GE) from June 2003 to June 2006. Mr. Messerle earned a BS in Mechanical Engineering from Penn State University and an MBA from the MIT Sloan School of Management.

**Monica Palko** has served as our Chief Legal and Administrative Officer since August 2021. Prior to that, Ms. Palko served as the Vice President and General Counsel, Space at Lockheed Martin (NYSE: LMT) from April 2018 to September 2020. Ms. Palko also previously served as Deputy Chief Counsel, Platforms & Services at BAE Systems (OTCMKTS: BAESY) from January 2013 to April 2018, as Vice President - Corporate Responsibility at ITT Defense & Information Solutions from March 2010 to January 2012, and as a Trial Attorney at the U.S. Department of Justice from October 1998 to May 2003. Ms. Palko earned a JD from The George Washington University of Law School and a BA in English from Hendrix College.

**Devjyoti Rudra** has served as our Chief Supply Chain Officer since September 2023. Prior to that, Mr. Rudra was a Vice President at AE Industrial Partners from November 2022 to September 2023. Mr Rudra also previously served as Chief Executive Officer at Sydrogen Energy, a manufacturer of fuel cell components, from July 2021 to May 2022, and as a Managing Director at GE Aviation (NYSE: GE) from April 2015 to July 2021. Mr. Rudra also served in various roles at United Technologies from July 2000 to April 2015. Mr. Rudra earned a BE in Mechanical Engineering from the University of Delhi, an MSE in Aerospace Engineering and an MBA in General Management from The University of Michigan.

**Kirk Konert** will serve as a director upon completion of this offering. Since December 2023, Mr. Konert has been a Managing Partner at AE Industrial Partners. Prior to that, Mr. Konert was a Partner at AE Industrial

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Partners from October 2019 to December 2023, and a Principal from August 2014 to October 2019. Mr. Konert currently serves on the board of directors of BigBear.ai (NYSE: BBAI), Calca Solutions, Redwire (NYSE: RDW), Firefly Aerospace Inc. (NASDAQ: FLY), and ThayerMahan, Mr. Konert was a Senior Associate at Sun Capital Partners from July 2011 to July 2014 and was an analyst with Wells Fargo Securities' Industrial Group from June 2009 to June 2011. Mr. Konert earned a BA in Economics at Davidson College. We believe that Mr. Konert is qualified to serve as a director given his leadership and transactional experience.

**Tyler Letarte** will serve as a director upon completion of this offering. Since December 2023, Mr. Letarte has been a Principal at AE Industrial Partners. Prior to that, Mr. Letarte was a Vice President at AE Industrial Partners from October 2020 to December 2023, a Senior Associate from July 2019 to October 2020, and an Associate from July 2018 to July 2019. Prior to that, Mr. Letarte was an Investment Banking Associate from January 2016 to June 2018 at Moelis & Company, and an Investment Banking Analyst from April 2014 to January 2016. Mr. Letarte was also an Investment Banking Analyst at J.P. Morgan from June 2013 to April 2014. Mr. Letarte earned a BBA in Finance from Villanova University. We believe that Mr. Letarte is qualified to serve as a director given his leadership and transactional experience.

**Tamra Erwin** will serve as a director upon completion of this offering. Ms. Erwin has been a member of the boards of directors of Xerox (NASDAQ: XRX) since April 2024, Skylo Technologies since March 2024, F5, Inc. (NASDAQ: FFIV) since October 2023, and Deere & Company (NYSE: DE) since April 2020. Additionally, Ms. Erwin is also a member of the advisory council of Dublin-based Aptiv (NYSE:APTV), an advisor to the CEO of Cohesity, a Senior Fellow of Mission Possible Partnership, and a Champion of Journey to Lead, a nonprofit that works to advance diversity at the top of the private sector. Between June 2023 and April 2025, Ms. Erwin was an operating partner with UK-based infrastructure investment group Digital Gravity. Prior to that, Ms. Erwin held various positions at Verizon Communications, Inc. (NYSE: VZ), including as Executive Vice President and Chief Executive Officer of Verizon Business from April 2019 to September 2022, Executive Vice President and Chief Operating Officer of Verizon Wireless from August 2016 to March 2019, and Senior Vice President and Group President, Wireline P&L Operations from February 2015 to August 2016. Ms. Erwin completed the Stanford Executive Program in Business Administration and Management at the Stanford University Graduate School of Business and holds a degree in Business from Pacific Union College. We believe that Ms. Erwin's deep industry knowledge and extensive public company executive and board leadership positions will make her a valuable addition to our board.

**Reggie Brothers** will serve as a director upon completion of this offering. Dr. Brothers has served as a director of Leonardo DRS, Inc. (NASDAQ: DRS) since January 2023 and member of its Audit Committee, a Principal of MIT Lincoln Laboratory since July 2023 and an Operating Partner of AE Industrial Partners since October of 2022. Previously, Dr. Brothers served as CEO and director of BigBear.ai (NYSE: BBAI) from June 2020 to October 2022, Chief Technology Officer at Peraton Corporation from January 2018 to June 2020, and Principal at The Chertoff Group from January 2017 to January 2018. From April 2014 to February 2017, Dr. Brothers served as the Under Secretary for Science and Technology at the Department of Homeland Security. Dr. Brothers received an undergraduate degree from Tufts University, a master's degree from Southern Methodist University and a PhD from Massachusetts Institute of Technology. We believe that Dr. Brother's 30-year career and extensive experience in senior leadership positions in science and technology spanning academia, government and industry qualifies him to serve as a director of our board.

**Andrew Boyd** will serve as a director upon completion of the offering. Since March 2025, Mr. Boyd has been an Operating Partner at AE Industrial Partners. Mr. Boyd currently serves as a director and the Chief Executive Officer of REDLattice, Inc. and on the board of directors of Censys, Inc. He also currently holds positions as a CBS News Contributor, a consultant for Faze 2 Strategy, a Senior Advisor for Trellix and a Senior Advisor for Beacon Global Strategies. Mr. Boyd was an Adjunct Professor at John Hopkins University from September 2023 until December 2024. Prior to that, Mr. Boyd spent thirteen years at the U.S. Central Intelligence Agency in various roles, including Director of the Center for Cyber Intelligence from January 2020 to July 2023, Chief of Operations in the Counterterrorism Mission Center from August 2018 to January 2020,

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and Chief of Station from June 2017 to August 2018. Before that, Mr. Boyd spent over eleven years as a Foreign Service Officer for the U.S. Department of State and five years as an Intelligence Officer for the U.S. Air Force. Mr. Boyd graduated with a B.S. in history from the United States Air Force Academy, he and received a Master of Arts in International Relations and Affairs from the Catholic University of America and a Master of Science in Strategic Policy from the National War College. We believe Mr. Boyd's significant leadership and industry experience will make him a valuable addition to our board.

**Board Composition and Risk Management Practices** 

***Board Composition***

After the completion of this offering, the authorized number of directors comprising our board of directors shall initially be and, thereafter, shall be fixed from time to time by resolution of our board of directors, subject to the terms of our certificate of incorporation and bylaws that will be in effect upon the completion of this offering. Our certificate of incorporation will provide for a board of directors comprised of three classes of directors, with each class serving a three-year term beginning and ending in different years than those of the other two classes. Only one class of directors will be elected at each annual meeting of our stockholders, with the other classes continuing for the remainder of their respective three-year terms. Our board of directors will be divided among the three classes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our class I directors will be     ,      and
     and will serve until the first annual meeting of stockholders following the completion of this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our class II directors will be     ,      and
     and will serve until the second annual meeting of stockholders following the completion of this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our class III directors will be     ,      and
     and will serve until the third annual meeting of stockholders following the completion of this offering.

This classification of our board of directors could make it more difficult for a third party to acquire, or discourage a third party from seeking to acquire, control of us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;will serve as chairperson of our board of directors.

There are no family relationships between or among any of our directors or executive officers.

***Controlled Company Exemption***

Upon the completion of this offering, we will be deemed to be a "controlled company" under NYSE rules, and we will qualify for the "controlled company" exemption to the board of directors and committee composition requirements under NYSE rules. Pursuant to this exception, we will be exempt from the requirements that (1) our board of directors be comprised of a majority of independent directors, (2) we have a nominating and corporate governance committee composed entirely of independent directors, and (3) our compensation committee be comprised solely of independent directors. The "controlled company" exemption does not modify the independence requirements for the audit committee, and we intend to comply with the requirements of the Sarbanes-Oxley Act and NYSE rules, which require that our audit committee be composed of at least three directors, one of whom must be independent upon the listing of our common stock on the NYSE, a majority of whom must be independent within 90 days of the date of this prospectus and each of whom must be independent within one year from the date of this prospectus. We intend to utilize these exemptions as long as we remain a controlled company. As a result, we will not have a majority of independent directors and our nominating and corporate governance committee and compensation committee will not consist entirely of independent directors. Accordingly, you may not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements of the NYSE.

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If at any time we cease to be a "controlled company" under NYSE rules, our board of directors will take all action necessary to comply with such rules within the applicable transition periods, including appointing a majority of independent directors to our board of directors and establishing certain committees composed entirely of independent directors.

***Board's Role in Risk Management***

Management is responsible for the day-to-day management of the risks facing our company, while our board of directors, as a whole and through its committees, has responsibility for the oversight of risk management. Our board of directors regularly reviews information regarding our credit, liquidity, and operations, as well as the risks associated therewith. Effective upon the consummation of this offering, our compensation and governance committee will be responsible for overseeing the management of risks relating to our executive compensation plans and arrangements. Effective upon consummation of this offering, our audit committee will oversee management of financial risks and cybersecurity risks. While each committee will be responsible for evaluating certain risks and overseeing the management of such risks, our full board of directors plans to keep itself regularly informed regarding such risks through committee reports and otherwise.

***Director Independence***

Pursuant to the corporate governance standards of the NYSE, a director employed by us cannot be deemed an "independent director," and each other director will qualify as "independent" only if our board of directors affirmatively determines that he has no material relationship with us, either directly or as a partner, stockholder or officer of an organization that has a relationship with us. The fact that a director may own our capital stock is not, by itself, considered a material relationship. Based on information provided by each director concerning his or her background, employment, and affiliations, our board of directors has determined that each of , and are independent in accordance with NYSE rules.

**Board Committees** 

Upon the completion of this offering, our board of directors will have three standing committees: an audit committee, a compensation committee, and a nominating and corporate governance committee, each of which has the composition and responsibilities described below. From time to time, our board of directors may establish other committees to facilitate the management of our business.

***Audit Committee***

Upon the completion of this offering, the audit committee will consist of directors: (chair of the committee), and . Our board of directors has determined that and satisfy the independence requirements for audit committee members under the listing standards of the NYSE and Rule 10A-3 of the Exchange Act. We are relying on the phase-in exemptions provided under Rule 10A-3 of the Exchange Act and the NYSE listing rules for newly-public companies with respect to the composition of our audit committee, which will transition to consist solely of independent directors in accordance with the phase-in provisions of the NYSE listing rules. has been determined to be an audit committee "financial expert" as defined under SEC rules. All members of the audit committee are able to read and understand fundamental financial statements, are familiar with finance and accounting practices and principles and are financially literate.

The purpose of the audit committee is to assist our board of directors in overseeing (1) the integrity of our financial statements, (2) our compliance with legal and regulatory requirements, (3) our independent auditors' qualifications and independence, and (4) the performance of the independent auditors and our internal audit function. The audit committee also prepares the audit committee report as required by the SEC for inclusion in our annual proxy statement.

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Our board of directors has adopted a written charter for the audit committee which will take effect upon the completion of this offering, and which satisfies the applicable rules of the SEC and the listing standards of the NYSE. This charter will be posted on our website upon the completion of this offering.

***Compensation Committee***

Upon the completion of this offering, the compensation committee will consist of directors: (chair of the committee), and . We intend to avail ourselves of the "controlled company" exemption under NYSE rules which exempts us from the requirement that we have a compensation committee composed entirely of independent directors.

The purpose of the compensation committee is to assist our board of directors in discharging its responsibilities relating to (1) setting our compensation program and compensation of our executive officers and directors, (2) monitoring our incentive and equity-based compensation plans, and (3) preparing the compensation committee report required to be included in our proxy statement under the rules and regulations of the SEC.

Our board of directors has adopted a written charter for the compensation committee which will take effect upon the completion of this offering, and which satisfies the applicable rules of the SEC and the listing standards of the NYSE. This charter will be posted on our website upon the completion of this offering.

**Nominating and Corporate Governance Committee** 

Upon completion of this offering, the nominating and corporate governance committee will consist of directors: (chair of the committee), and . We intend to avail ourselves of the "controlled company" exemption under NYSE rules which exempts us from the requirement that we have a nominating and corporate governance committee composed entirely of independent directors.

The purpose of the nominating and corporate governance committee is to assist our board of directors in discharging its responsibilities relating to (1) identifying individuals qualified to become new board of directors members, consistent with criteria approved by our board of directors, subject to our certificate of incorporation and bylaws, (2) reviewing the qualifications of incumbent directors to determine whether to recommend them for reelection and selecting, or recommending that our board of directors select, the director nominees for the next annual meeting of stockholders, (3) identifying board of directors members qualified to fill vacancies on our board of directors or any board of directors committee and recommending that our board of directors appoint the identified member or members to our board of directors or the applicable committee, subject to our certificate of incorporation and bylaws, (4) reviewing and recommending to our board of directors corporate governance principles applicable to us, (5) overseeing the evaluation of our board of directors and management, (6) overseeing our strategy on corporate social responsibility and sustainability, and (7) handling such other matters that are specifically delegated to the committee by our board of directors from time to time.

Our board of directors has adopted a written charter for the nominating and corporate governance committee which will take effect upon the completion of this offering and which satisfies the applicable rules of the SEC and the listing standards of the NYSE. This charter will be posted on our website upon the completion of this offering.

**Compensation Committee Interlocks and Insider Participation** 

None of our executive officers currently serves, or in the past fiscal year has served, as a member of the board of directors or compensation committee of any entity that has one or more executive officers serving on our board of directors or compensation committee. None of the members of the compensation committee is, nor has ever been, an officer or employee of our company.

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**Code of Ethics** 

Prior to the consummation of this offering, we will adopt a Code of Ethics for Senior Officers applicable to our Chief Executive Officer and senior financial officers. In addition, prior to the consummation of this offering we will adopt a Code of Conduct and Ethics for all officers, directors, and employees. Our Code of Ethics for Senior Officers and Code of Conduct and Ethics will be posted on our website at www.yorkspacesystems.com on the Corporate Governance page of the Investor Relations section of the website. The information contained on our website is not part of this prospectus. We intend to disclose future amendments to certain provisions of our Code of Ethics for Senior Officers, or waivers of such provisions applicable to any principal executive officer, principal financial officer, principal accounting officer or other persons performing similar functions on our website.

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**EXECUTIVE COMPENSATION** 

We are currently considered an "emerging growth company" within the meaning of the Securities Act for purposes of the SEC's executive compensation disclosure rules. In accordance with such rules, we are required to provide a Summary Compensation Table and an Outstanding Equity Awards at Fiscal Year End Table, as well as limited narrative disclosures regarding executive compensation for our last completed fiscal year. Further, our reporting obligations extend only to our "named executive officers," who are the individuals who served as our principal executive officer and our next two other most highly compensated officers, in each case, for our fiscal year ended December 31, 2024. Accordingly, our "Named Executive Officers" are:

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| | |
|:---|:---|
| **Name** | **Principal Position** |
|  Dirk Wallinger | Chief Executive Officer |
|  Kevin Messerle | Chief Financial Officer |
|  Devjyoti Rudra | Chief Supply Chain Officer |

---

**2024 Summary Compensation Table** 

The following table summarizes the compensation awarded to, earned by or paid to our Named Executive Officers for the fiscal year ended December 31, 2024.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary**<br>**($)** | **Non-Equity<br>Incentive Plan<br>Compensation**<br>**($)<sup>(2)</sup>** | **All Other<br>Compensation**<br>**($)<sup>(3)</sup>** | **Total**<br>**($)** |
|  **Dirk Wallinger (Chief Executive Officer)** | 2024 | 500000<sup>(1)</sup> | 0 | 54 | 500054 |
|  **Kevin Messerle (Chief Financial Offer)** | 2024 | 361804 | 242513 | 16152 | 620469 |
|  **Devjyoti Rudra (Chief Supply Chain Officer)** | 2024 | 356606 | 136500 | $72974<sup>(4)</sup> | 566080 |

---

(1) Amounts reported for Mr. Wallinger were earned in his capacity as an independent contractor and represent
the fees paid to him in such capacity.

(2) The amounts reported in the "Non-Equity Incentive Plan
Compensation" column represent annual cash incentive awards earned by our Named Executive Officers during 2024, which were paid to Messrs. Messerle and Rudra on May 15, 2025 and December 31, 2024, respectively.

(3) The amounts reported in the "All Other Compensation" column represent $54 paid by the Company for
general life insurance premiums for each of our Named Executive Officers and Company contributions to our 401(k) plan on behalf of Messrs. Messerle and Rudra in the amount of $16,098 and $8,728, respectively.

(4) Amounts for Mr. Rudra also include a $3,000 per month allowance to cover meal, airfare and rental car
expenses and $28,192 annual value of Company provided corporate housing, provided to Mr. Rudra while living in Colorado and working from the Company's Greenwood Village, Colorado office location.

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**Outstanding Equity Awards at 2024 Fiscal Year-End** 

The following table reflects information regarding outstanding equity-based awards held by our Named Executive Officers as of December 31, 2024.

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| | | | |
|:---|:---|:---|:---|
| | | **Stock Awards** | **Stock Awards** |
| <br>**Name** | <br>**Grant Date** | **Number of Shares or<br>Units of Stock That<br>Have Not Vested**<br>**(#)<sup>(1)</sup>** | **Market Value of Shares or<br>Units of Stock That Have<br>Not Vested**<br>**($)<sup>(3)</sup>** |
|  **Dirk Wallinger** | May 31, 2023 | 13376060 | 19127766 |
|  **Kevin Messerle** | May 31, 2023 | 8917373<sup>(2)</sup> | 12751843 |
|  **Devjyoti Rudra** | October 30, 2023 | 6242161 | 8926290 |

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(1) The Incentive Units (as defined below) granted to our Named Executive Officers have a participation threshold
of $1.00 per Incentive Unit and vest based on continued service by our Named Executive Officers through each applicable vesting date. As of December 31, 2024, all of the Incentive Units were unvested. The Incentive Units vest in three tranches
(40% are Tranche I Units, 40% are Tranche II Units and 20% are Tranche III Units), with each tranche subject to performance-based vesting or time- and performance-based vesting criteria. In connection with this offering, the Incentive Units will be
among the classes of units converted into shares of our common stock. Assuming the sale of    shares of common stock in this offering at a price per share to the public of $, which is the midpoint of the
estimated price range set forth on the cover page of this prospectus, and after giving effect to such conversion and exchange, Mr. Wallinger's 13,376,060 unvested Incentive Units would result in an aggregate of    shares of
common stock and    shares of restricted stock, Mr. Messerle's 8,917,373 unvested Incentive Units would result in an aggregate of    shares of common stock and    shares of restricted stock
and, Mr. Rudra's 6,242,161 unvested Incentive Units would result in an aggregate of    shares of common stock and    shares of restricted stock. Please see the section entitled "Equity Incentive
Compensation—Vesting of Incentive Units" below for more details regarding the Incentive Units provided to our Named Executive Officers.

(2) Pursuant to an Assignment and Assumption Agreement, dated as of April 23, 2024, Mr. Messerle
contributed his Incentive Units to the Messerle Joint Trust.

(3) Because there was no public market for our equity as of December 31, 2024, the market value of our
Incentive Units as of that date was determined based on a fair value valuation report of our equity conducted by an independent financial advisor using a combination of valuation models. The fair value methodology used to value our Incentive Units
incorporates various assumptions. Based on the information in the valuation, we determined that the market value of our Incentive Units as of December 31, 2024 was $1.43 per unit.

**Narrative Disclosure to Summary Compensation Table** 

***Employment Agreements***

*Wallinger Arrangement* 

Dirk Wallinger has served as the Company's Chief Executive Officer since its founding in January 2012. Mr. Wallinger was engaged as an independent contractor for fiscal year 2024 and does not have an active employment agreement, offer letter or service contract with us.

*Messerle Employment Arrangement* 

On March 21, 2021, Kevin Messerle entered into an employment arrangement with a wholly owned subsidiary of the Company, which was amended as of September 3, 2021 (as amended, the "Messerle Arrangement"). The Messerle Arrangement has an effective date of April 19, 2021, and provides that Mr. Messerle will serve as the Chief Financial Officer of the Company for an indefinite term. The Messerle Arrangement provides for an annual base salary of $275,000 (currently $361,804), eligibility for Mr. Messerle to

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earn an annual incentive bonus up to 75% of his base salary, a lump sum relocation bonus in the amount of $15,000, and eligibility to participate in the Company's employee benefit plans. Compensation provided to Mr. Messerle is subject to clawback under the Company's policy. The terms of the Messerle Arrangement require that he enter into a Non-Competition And Non-Solicitation Agreement and Employee Intellectual Property Rights and Non-Disclosure Agreement, which collectively provide for the following restrictive covenants: (i) noncompetition and nonsolicitation of our employees and customers during the term of employment and for 12 months thereafter, (ii) noninterference with our business, (iii) assignment of intellectual property, and (iv) perpetual confidentiality and nondisclosure.

Please see the section entitled "—Additional Narrative Disclosure—Potential Payments Upon Termination or Change in Control" for more details regarding the severance benefits provided to Mr. Messerle under the Messerle Arrangement.

*Rudra Employment Arrangement* 

On August 2, 2023, Devjyoti Rudra entered into an employment arrangement with a wholly owned subsidiary of the Company, which includes an addendum of the same date (inclusive of the addendum, the "Rudra Arrangement"). The Rudra Arrangement has an effective date of September 5, 2023, and provides that Mr. Rudra will serve as the Chief Supply Chain Officer of the Company for an indefinite term. The Rudra Arrangement provides for an annual base salary of $341,250, eligibility for Mr. Rudra to earn an annual incentive bonus up to 40% of his base salary, and eligibility to participate in the Company's employee benefit plans. Compensation provided to Mr. Rudra is subject to clawback under the Company's policy. The terms of the Rudra Arrangement require that he enter into a Non-Competition And Non-Solicitation Agreement and Employee Intellectual Property Rights and Non-Disclosure Agreement, which collectively provide the following restrictive covenants: (i) noncompetition and nonsolicitation of our employees and customers during the term of employment and for 12 months thereafter, (ii) noninterference with our business, (iii) assignment of intellectual property, and (iv) perpetual confidentiality and nondisclosure.

Please see the section entitled "—Additional Narrative Disclosure—Potential Payments Upon Termination or Change in Control" for more details regarding the severance benefits provided to Mr. Rudra under the Rudra Arrangement.

***Base Salary***

The base salaries of Messrs. Messerle and Rudra are set forth in their respective employment arrangements and are subject to annual review by our Chief Executive Officer. For fiscal year 2024, Messrs. Wallinger, Messerle and Rudra had the following base salaries, respectively: $500,000, $361,804, and $356,606.

***Annual Bonus***

With respect to fiscal year 2024, each of Messrs. Messerle and Rudra were eligible to receive an annual bonus, with the target amount of such bonus set forth in their employment arrangements with us, as described above. For fiscal year 2024, the target bonus amounts, expressed as a percentage of base salary, for each of Messrs. Messerle and Rudra were as follows: 75%, and 40%, respectively. Annual bonuses for fiscal year 2024 for Messrs. Messerle and Rudra were based on the attainment of certain Company goals and objective milestones as determined by our Chief Executive Officer. Mr. Messerle's performance goals for 2024 related to, among other metrics, financial planning, evaluation and implementation of new software, optimizing Company functions and improvement plans, improvement of cross-functional collaboration, and completion of Company audits. Mr. Rudra's performance goals for 2024 related to, among other metrics, evaluation and implementation of new software and improvement of cross-function collaboration. Mr. Wallinger did not receive a bonus for fiscal year 2024.

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***Equity Incentive Compensation***

*Incentive Units* 

Each of our Named Executive Officers have been granted Class B Units (the "Incentive Units") in Holdings, which are intended to constitute "profits interests" pursuant to IRS Revenue Procedures 93-27 and 2001-43. Under the Amended and Restated Limited Partnership Agreement of Holdings, dated November 10, 2022 (the "LP Agreement"), holders of Incentive Units are entitled to distributions at such times and in such amounts as determined by Holdings' board of supervisors (the "Partnership Board"). Each Incentive Unit is subject to a participation threshold set by the Partnership Board at the time of the grant.

*Vesting of Incentive Units* 

In 2023, consistent with the terms of the LP Agreement, which contains the terms of the York Space Systems Management Equity Plan, the Company granted Incentive Units to each of our Named Executive Officers pursuant to individual Incentive Unit Grant Agreements (the "IUGAs"). Each grant of Incentive Units is comprised of three tranches, which are subject to specific performance-based or time- and performance-based vesting conditions set forth in the IUGAs. Each grant of Incentive Units is split into tranches as follows: 40% of the Incentive Units are designated as Tranche I Units, 40% of the Incentive Units are designated as Tranche II Units and the remaining 20% of the Incentive Units are designated as Tranche III Units.

Tranche I Units vest only upon achievement of both time- and performance-based vesting as followings: Tranche I Units time vest in equal annual installments over five years, subject to the Named Executive Officer's continued service through such vesting dates, and performance vest upon achievement of an 8% IRR to AE Industrial Partners occurring on or after the first Liquidity Event (which includes this offering) that results in Investor Inflows. Notwithstanding the foregoing, all Tranche I Units will time-vest upon the consummation of an Exit Sale in connection with which the consideration paid to Holdings or to its unitholders, as the case may be, consists primarily of cash (as determined by the Partnership Board in its sole discretion).

Tranche II Units vest if, upon the consummation of an Exit Sale, the Investor Inflows through such date are 2.0 times the Investor Outflows through such date, subject to the Named Executive Officer's continued service through such vesting date. To the extent this performance vesting condition is not satisfied on or prior to an Exit Sale, then the Tranche II Units shall immediately expire and be forfeited for no consideration upon the occurrence of the same.

Tranche III Units vest if, upon the consummation of an Exit Sale, there is a least a 15% IRR to AE Industrial Partners. To the extent this performance vesting condition is not satisfied on or prior to an Exit Sale, then the Tranche III Units shall immediately expire and be forfeited for no consideration upon the occurrence of the same.

Performance vesting of the Incentive Units is determined on an iterative basis, such that, if a performance vesting would no longer be achieved after taking into account reduced Investor Inflows as a result of Incentive Units performance vesting, the number of Incentive Units that vest shall be reduced until such Investor Inflows actually achieve the applicable performance vesting criteria.

The signatories to the IUGAs have agreed: (i) not to compete with Holdings or any subsidiaries or to solicit employees and customers of Holdings or its subsidiaries during the term of employment and for a period of two years thereafter, (ii) not to disclose any confidential information of Holdings or its subsidiaries at all times, (iii) assign any Holdings or Holdings subsidiaries' intellectual property to us, and (iv) not to disparage Holdings or its subsidiaries at all times. Additionally, upon an Exit Sale, each Named Executive Officer may be required to execute customary noncompetition agreements, nonsolicitation agreements and confidentiality agreements; provided that, (i) the stated terms and conditions of such noncompetition agreements and nonsolicitation agreements shall be on substantially the same terms as set forth in any existing agreement between the Named Executive Officer, on the one hand, and Holdings or its subsidiaries, on the other hand, and (ii) such agreements shall survive the occurrence of an Exit Sale for a term not to exceed (x) if the Named Executive Officer's employment is terminated prior to the occurrence of an Exit Sale, the remaining term of such covenants under an existing agreement or (y) three years.

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Generally, if a Named Executive Officer ceases to be employed by, or ceases providing services to, us or one of our subsidiaries for any reason, unvested Incentive Units terminate for no consideration. Prior to this offering, Holdings has a repurchase right over any vested Incentive Units, which it may exercise at any time during the 210 day period following a Named Executive Officer's termination of employment or service at the then current fair market value; provided, however, if a termination of employment or service is due to Cause (as defined in the IUGA) or the Named Executive Officer's resignation without written consent of the Partnership Board or a restrictive covenant is breached, the Incentive Units will be forfeited without further consideration. This repurchase right falls away on the earlier of a public offering (including this offering) of Holdings or a subsidiary or an Exit Sale.

For purposes of the IUGAs with our Named Executive Officers, "Exit Sale" means any transaction or series of transactions pursuant to which (i) any person or group of related persons (other than AE Industrial Partners and their affiliates) in the aggregate acquire(s) (a) equity securities of Holdings possessing the voting power (other than voting rights accruing only in the event of a default or breach) to elect Partnership Board members which, in the aggregate, control a majority of the votes on the Partnership Board (whether by merger, consolidation, reorganization, combination, sale, transfer or exchange of Holdings' equity securities, securityholder or voting agreement, proxy, power of attorney or otherwise) or (b) all or substantially all of Holdings' assets determined on a consolidated basis, or (ii) Holdings, any of its equityholders, or any of its subsidiaries acquires securities of a special purpose acquisition company in connection with a transaction (however structured) involving Holdings, any of its subsidiaries, or any of its or their respective assets or equity securities, unless otherwise determined by the Partnership Board in its discretion; provided that, except as otherwise determined by the Partnership Board, a public offering of Holdings or a subsidiary of Holdings shall not constitute an Exit Sale.

For purposes of the IUGAs with our Named Executive Officers, "IRR" means the annual interest rate (compounded annually) which, when used as the discount rate to calculate the net present value as of the date thereof of the sum of (a) the aggregate value of all Investor Outflows (including any Investor Outflows made at or following a Liquidity Event), and (b) the aggregate amount of all Investor Inflows, causes such net present value to equal zero. For purposes of the net present value calculation, (x) Investor Outflows will be positive numbers, and (y) Investor Inflows will be negative numbers.

For purposes of the IUGAs with our Named Executive Officers, "Investor Inflows" means, without duplication and as determined by the Partnership Board in its sole discretion, as of any date occurring on or after a Liquidity Event, all cash (including cash dividends, cash distributions and cash proceeds, but excluding management fees, transaction-related fees and expense reimbursements) received (on a cumulative basis) by AE Industrial Partners or cash AE Industrial Partners reasonably expects to receive following such determination date, discounted to present value as determined by AE Industrial Partners in its good faith discretion, with respect to or in exchange for equity securities (including securities which are convertible into equity securities) of Holdings (whether such payments are received from Holdings or any third party) from the November 10, 2022, through such determination date.

For purposes of the IUGAs with our Named Executive Officers, "Investor Outflows" means, without duplication and as determined by the Partnership Board in its sole discretion, as of any date occurring on or after a Liquidity Event, all payments made by AE Industrial Partners (on a cumulative basis) with respect to or in exchange for equity securities (including securities which are convertible into equity securities) of Holdings (whether such payments are made to Holdings or any third party) from November 10, 2022 until such determination date.

For purposes of the IUGAs with our Named Executive Officers, "Liquidity Event" means the occurrence of any of an Exit Sale, a public offering of Holdings or the payment of an extraordinary cash dividend by Holdings in an amount equal to at least 20% of the consolidated equity value of Holdings and its subsidiaries immediately prior to such dividend, as determined by the Partnership Board in its sole discretion.

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In connection with this offering, we expect that all vested Incentive Units will be converted into shares of our common stock and unvested Incentive Units will be converted into a number of restricted shares of common stock that vest as follows: % of the restricted shares will be deemed to vest as of the closing of this offering, % of the restricted shares will vest months following the closing of this offering, and % of the restricted shares will vest months following the closing of this offering, in each case, subject to the Incentive Unit holder's continued employment or service with us through such date. Please see the section entitled "Corporate Conversion" for more information on treatment of vested Incentive Units, which will be subject to substantially similar terms as our limited liability company units.

***Other Compensation Elements***

Pursuant to the Rudra Employment Arrangement, Mr. Rudra receives a monthly allowance of $3,000 to cover meals, airfare, and rental car expenses in connection with his weekly travel between his home location in Connecticut to our Colorado office. Additionally, the Company provides Mr. Rudra with corporate housing to be used while he is working in the Company's Colorado office location.

***Additional Narrative Disclosure***

*Perquisites & Benefits* 

We currently provide broad-based health and welfare benefits that are available to our full-time employees, including our Named Executive Officers, including health, vision, and dental insurance. In addition, we currently make available a retirement plan intended to provide benefits under Section 401(k) of the Code, pursuant to which employees (including our Named Executive Officers) may elect to defer a portion of their compensation on a pre-tax basis and have it contributed to the plan. Pre-tax contributions are allocated to each participant's individual account and are then invested in selected investment alternatives according to the participants' directions. We make safe harbor matching contributions of 100% of employee's elective deferrals up to a maximum per participant per calendar year of 4% of the participant's eligible plan compensation. We are also permitted to make discretionary employment contributions. Safe harbor matching contributions to our 401(k) plan vest immediately and discretionary employer contributions to our 401(k) plan vest annually over a six-year period whereby participants have complete ownership interest in such employer contributions once they have completed six years of service, provided that all contributions will vest upon an employee attaining retirement age of 60. All contributions under our 401(k) plan are subject to certain annual dollar limitations in accordance with applicable laws, which are periodically adjusted for changes in the cost of living. Other than the 401(k) plan, we do not provide any qualified or non-qualified retirement or deferred compensation benefits to our employees, including our Named Executive Officers.

Each of our Named Executive Officers received benefits during 2024 at the same level and offering made available to other employees. Independent contractors are ineligible to participate in the Company's health and welfare plans. Mr. Wallinger, who is classified by the Company as an independent contractor, is participating in the Company's health and welfare plans. If Mr. Wallinger or his participating spouse or dependents incurs a claim under the plans, the insurer could refuse to pay the claim and/or seek reimbursement for claims previously paid on the basis that Mr. Wallinger was ineligible to participate in the plan. Mr. Wallinger does not participate in our 401(k) plan. All of our Named Executive Officers also received company-paid life insurance coverage.

*Potential Payments Upon Termination or Change in Control* 

Pursuant to the Messerle Arrangement and the Rudra Arrangement, in the event that Mr. Messerle or Mr. Rudra terminate their employment for any reason, or their employment is terminated due to death or disability, the Named Executive Officer shall be entitled to accrued compensation and benefits, including any accrued but unpaid bonus for the prior fiscal year (the "Accrued Bonus").

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Pursuant to the Messerle Arrangement and the Rudra Arrangement, in the event that Mr. Messerle's or Mr. Rudra's employment is terminated by the Company without Cause the Named Executive Officer is entitled to the following: (i) cash severance equal to12 months of the Named Executive Officer's then-current base salary (the "Severance Amount"), payable in equal period installments in accordance with normal payroll procedures, (ii) the Accrued Bonus, and (iii) Company paid COBRA premiums until the earlier to occur of either (x) six months following the termination date, or (y) the Named Executive Officer becoming eligible for medical benefits with another employer (the "COBRA Payments"). Upon a termination without Cause within a 90-day period preceding a Change in Control or if Mr. Messerle's or Mr. Rudra's termination of employment is related to a Change in Control, he is entitled to the following: (i) the Severance Amount, payable in a lump sum, (ii) the Accrued Bonus, (iii) the COBRA Payments, and (iv) for Mr. Rudra, accelerated vesting of his Incentive Units. Receipt of severance by either Mr. Messerle or Mr. Rudra is conditioned upon the applicable Named Executive Officer's execution and non-revocation of a release of claims in favor of the Company and his continued compliance with restrictive covenant obligations.

For the purposes of both the Messerle Arrangement and Rudra Arrangement, "Cause" means the Named Executive Officer's (i) the failure to perform such duties as are reasonably requested by the Company or the Board, after being provided with written notice and a reasonable opportunity to cure; (ii) material breach of the Messerle Arrangement or of any agreement with the Company or any affiliate, including but not limited to the material breach of any non-competition, non-solicitation, non-disclosure, and intellectual property assignment agreement, or a material violation of the Company's or any affiliate's code of conduct or other written policy, after written notice by the Company or the Board and a reasonable opportunity to cure; (iii) conviction of, or plea of guilty or no contest to, a felony or a crime involving moral turpitude or the commission of any other act involving willful malfeasance or material fiduciary breach with respect to the Company or any affiliate; (iv) use of illegal drugs or abuse of alcohol that materially impairs Named Executive Officer's ability to perform his duties to the Company or any affiliate; (v) gross negligence or willful misconduct with respect to the Company or any affiliate; or (vi) as "cause" is defined under applicable law; provided, that Named Executive Officer has the opportunity to cure circumstances giving rise to Cause within a 30-day period.

For the purposes of both the Messerle Arrangement and Rudra Arrangement, "Change in Control" generally means (i) the acquisition (whether by purchase, merger, consolidation, combination or other similar transaction) by any person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% (on a fully diluted basis) of the combined voting power of the then outstanding membership interests of the Company or (ii) the sale, transfer or other disposition of all or substantially all of the assets of the Company to any person other than an affiliate.

Please see the section entitled "—Equity Incentive Compensation" for more details regarding the treatment of our Named Executive Officer's Incentive Units upon a termination of employment or a Liquidity Event.

***Equity Incentive Plan***

We expect that we will adopt a new equity incentive plan in connection with this offering, the terms of which will be described in a subsequent filing.

**Director Compensation** 

We did not pay any compensation or make any equity awards or non-equity awards to any members of our board of directors during the 2024 fiscal year.

We do not currently have a formal policy with respect to compensation of our non-employee directors for service as directors. Following the completion of this offering, we anticipate that we will implement a formal policy pursuant to which our non-employee directors will be eligible to receive compensation for service on our board of directors and committees of our board of directors. In addition, each director will be reimbursed for out-of-pocket expenses in connection with his or her services. As of the time of this offering, we are evaluating the specific terms of our director compensation program.

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**PRINCIPAL STOCKHOLDERS** 

The following table sets forth the beneficial ownership of our common stock (i) as of and (ii) immediately following this offering, as adjusted to reflect the sale of shares of common stock by us, in each case, by the following individuals or groups:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our Named Executive Officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of our directors and executive officers as a group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person, or group of affiliated persons, who is known by us to beneficially own more than 5% of our common
stock.

The percentage ownership information shown in the table prior to this offering is based upon shares of common stock outstanding as of , 2025. The number of shares of common stock that will be outstanding following this offering gives effect to: (i) the completion of the Corporate Conversion, (ii) the conversion of the Class P Units into shares of common stock, (iii) the conversion of the Incentive Units into shares of common stock and (iv) the issuance of shares of common stock in this offering, in each case upon close of this offering, but does not include shares of common stock reserved for future issuance under our Equity Incentive Plan.

We have determined beneficial ownership in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting power or investment power with respect to those securities, or have the right to acquire such powers within 60 days. Under these rules, more than one person may be deemed beneficial owner of the same securities, and a person may be deemed to be a beneficial owner of securities as to which such person has no economic interest. In addition, the rules include shares of common stock issuable pursuant to the exercise of stock options or warrants that are either immediately exercisable or exercisable on or before , which is 60 days after , 2025. These shares are deemed to be outstanding and beneficially owned by the person holding those options or warrants for the purpose of computing the percentage ownership of that person, but they are not treated as outstanding for the purpose of computing the percentage ownership of any other person. The information contained in the following table is not necessarily indicative of beneficial ownership for any other purpose, and the inclusion of any shares in the table does not constitute an admission of beneficial ownership of those shares. Unless otherwise indicated, the persons or entities identified in this table have sole voting and investment power with respect to all shares shown as beneficially owned by them, subject to applicable community property laws.

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Except as otherwise noted below, the address for persons listed in the table is c/o York Space Systems, 1449 7th Street, Suite 425, Denver, CO 80204.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Common Stock Beneficially<br>Owned Before Offering** | **Common Stock Beneficially<br>Owned Before Offering** | **Common Stock**<br>**Beneficially Owned**<br>**After Offering** | **Common Stock**<br>**Beneficially Owned**<br>**After Offering** |
|  | **Shares** | **Percent** | **Shares** | **Percent** |
|  **Directors, Director Nominees, and Named Executive Officers:** |  |  |  |  |
|  Dirk Wallinger |  |  |  |  |
|  Kirk Konert |  |  |  |  |
|  Tyler Letarte |  |  |  |  |
|  Kevin Messerle |  |  |  |  |
|  Monica Palko |  |  |  |  |
|  Devjyoti Rudra |  |  |  |  |
|  Tamra Erwin |  |  |  |  |
|  Reggie Brothers |  |  |  |  |
|  Andrew Boyd |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors and executive officers as a group (individuals) |  |  |  |  |
|  **5% or Greater Stockholders:** |  |  |  |  |

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**CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS** 

**Related Party Transactions** 

Other than compensation arrangements for our directors and Named Executive Officers, including those discussed in the sections entitled "Management" and "Executive Compensation," the following is a description of each transaction since January 1, 2022 to which we were a participant or will be a participant, in which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amounts involved exceeded or will exceed $120,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any of our directors, executive officers, or holders of more than 5% of our capital stock, or any member of the
immediate family of, or person sharing the household with, the foregoing persons, had or will have a direct or indirect material interest.

**Class P Unit Investment**

In the fourth quarter of 2025, the Company issued and sold an aggregate of approximately 240,956 Class P to several investors, including funds affiliated with AE Industrial Partners, for an aggregate purchase price of approximately $241.0 million. Each Class P Unit initially has a preference amount of $1,000 and will automatically convert into shares of our common stock immediately prior to the effectiveness of the registration statement of which this prospectus forms a part, at a conversion rate per unit equal to (i) the outstanding aggregate total preference amount of such Class P Unit, divided by (ii) the initial public offering price discounted by 20% (with such percentage set to increase by 2.5% every 6 months from the issue date of such unit; provided that, such percentage will not exceed a discount of 30% of the initial public offering price). Monica Palko, our Chief Legal and Administrative Officer, purchased $250,000 of Class P Units.

**Lending Arrangements** 

In connection with the First Amendment to the Term Loan Facility, Mr. Wallinger provided the Company with $10.0 million of loans under the Term Loan Facility, effective as of June 15, 2023. As of December 31, 2024 and 2023, approximately $10.0 million was recorded as long-term debt on the Company's consolidated balance sheets related to these loans and approximately $2.4 million and $0.8 million of paid-in-kind interest on these loans had accrued as of December 31, 2024 and 2023, respectively. In November 2025, the Company repaid these loans with proceeds from the Credit Agreement.

**Purchases of Design Services and Office Furniture** 

The Company contracts with Studio D Design to design, furnish and build out offices and manufacturing areas for certain of its facilities. The Company paid approximately $0.3 million and $2.1 million for these services in the years ended December 31, 2024 and 2023, respectively. Studio D Design is owned and managed by Mr. Wallinger's wife, Danielle Wallinger.

**Tax Receivable Agreement** 

We plan to enter into a TRA with the TRA Holders prior to the completion of this offering. The TRA is expected to remain effective until the earlier of an Early Termination (as described below) or all of the Covered Tax Assets described below have been utilized or have expired and all related TRA obligations have been satisfied. The following is a summary of the material provisions of the TRA; it does not purport to be a complete description and is qualified in its entirety by reference to the full text of the TRA, which will be filed as an exhibit to the registration statement of which this prospectus forms a part.

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***Covered Tax Assets***

The TRA contemplates payments in respect of the following attributes of the Company and its subsidiaries (the "Company Group"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax credits and credit carryforwards of Company Group, including any foreign tax credits allowed under Code
Sections 901 or 960 (or analogous or similar provision of law) and any research and development tax credit carryforward allowed under Code Section 41 (or analogous or similar provision of law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deductions that have accrued for U.S. federal, state, and local income tax purposes by the Company Group and for
which the applicable deductions have been deferred by reason of Code Sections 163(e), 163(j), 170(d), 267 or other applicable section of the Code (or analogous or similar provision of law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net operating losses for U.S. federal, state, and local income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amortization and depreciation deductions attributable to any assets owned by the Company Group on the date of the
TRA, including, for the avoidance of doubt, items arising with respect to "amortizable section 197 intangibles" (as defined in Code Sections 197(c) and (d) (or analogous or similar provision of law)) and/or Code Section 174 (or analogous
or similar provision of law); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deductions available to the Company Group that relate to (i) costs and expenses incurred by the Company
Group as a result of the consummation of this offering; (ii) all success-based fees of professionals (including investment bankers and other consultants and advisors) paid by or on behalf of the Company Group (calculated taking into account any
applicable election made pursuant to Revenue Procedure 2011-29 for any fees to which it applies) in connection with this offering; (iii) the capitalized financing costs and expenses and any prepayment premium as a result of the satisfaction of
any indebtedness in connection with this offering; (iv) all sale, "stay-around," retention, change of control or similar bonuses or payments paid to current or former employees, directors or consultants of the Company Group in
connection with this offering; (v) the exercise or cancellation of any option in connection with this offering; (vi) any management agreement termination fees paid by or on behalf of the Company Group in connection with the consummation of
this offering; and (vii) any employment or social security taxes imposed with respect to any of the foregoing.

The Covered Tax Assets described above will generally be measured as of the date of the TRA, provided that, Covered Tax Assets described in the last bullet will be measured as of the consummation of this offering.

Although the actual amount and timing of the utilization of the Covered Tax Assets will vary depending upon our future taxable income, the applicable tax laws and other factors, we expect that these attributes will reduce the amount of cash taxes that the Company Group would otherwise be required to pay in future taxable years.

***Sharing of Tax Benefits***

Under the TRA, we will pay to the TRA Holders 85% of the aggregate cash tax savings that we actually realize (or are deemed to realize in certain circumstances described below) as a result of utilizing the Covered Tax Assets in any taxable year plus an interest charge that accrues at a rate of SOFR plus 300 basis points from the due date of the applicable U.S. federal income tax return utilizing the applicable Covered Tax Assets until the due date for payment (each, a "Tax Benefit Payment"). We will retain the remaining 15% of such cash tax savings.

The cash tax savings for a taxable year generally equals the excess, if any, of (i) the actual liability for U.S. federal, state and local income taxes of the Company Group (taking into account the use of the Covered Tax Assets) over (ii) the hypothetical liability that would have been due in the absence of the Covered Tax Assets, in each case determined using the "with-and-without" methodology and the other computational conventions set forth in the TRA.

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***Timing of Payments; Interest***

Within 45 days after filing the Company Group's U.S. federal income tax return for a taxable year, we will deliver to the Rights Holder Representative (as defined in the TRA) a schedule showing our calculation of the realized tax benefit and the resulting Tax Benefit Payment due to the TRA Holders for such year. Tax Benefit Payments are generally due five business days after the schedule becomes final in accordance with the TRA. If we fail to make any required payment when due, the unpaid amount accrues interest at a per annum rate equal to SOFR plus 500 basis points until paid in full, and our payment obligations under the TRA may be accelerated as discussed below.

***Early Termination and Acceleration***

The TRA permits (or, in certain cases, requires) the acceleration of our payment obligations, in which case we would be required to make a lump-sum payment on the date specified in the TRA to the TRA Holders equal to (i) the present value of all anticipated future payments under the TRA (the "Early Termination Payment"), calculated using specified valuation assumptions and a discount rate equal to SOFR plus 100 basis points, (ii) any Tax Benefit Payment that is due and payable but unpaid as of the specified date in the TRA, and (iii) any Tax Benefit Payment due for the taxable year ending prior to, with or including the date specified in the TRA (except to the extent that such amount is included in the Early Termination Payment). Acceleration can occur upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• early voluntary termination by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a change of control of the Company (including certain mergers, asset sales or other business combinations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain dispositions of subsidiaries or assets such that Covered Tax Assets are transferred outside the Company
Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a material breach by us of our obligations under the TRA that is not timely cured.

Because the Early Termination Payment is based on assumptions regarding future taxable income and other factors, the payment could materially exceed the actual tax benefits that we ultimately realize. In either case, the TRA Holders will not reimburse us for any excess payments, and we will retain any additional benefits.

***Impact on Our Liquidity and Indebtedness***

The TRA obligations are solely our obligations; our subsidiaries will have no direct obligations under the agreement, provided that the TRA requires us to take commercially reasonable actions to cause members of the Company Group to pay dividends or make loans to us to make payments under the TRA. We expect to fund payments under the TRA from cash generated by our operations and, if necessary, borrowings under our credit facilities. The TRA does not materially limit our ability to incur debt, but our credit agreements may restrict our ability to make payments under the TRA under certain circumstances, provided that, the TRA requires us to use commercially reasonable efforts not to, and to cause our subsidiaries to use commercially reasonable efforts not to, enter into any agreement or indenture or any amendment or modification to any agreement or indenture that would directly or indirectly impair or impede our ability to make payments pursuant to the TRA. If we are unable to make TRA payments when due, the unpaid amounts will accrue interest as described above, which could materially affect our results of operations and cash flows.

***Additional Provisions***

The TRA contains provisions regarding the preparation of schedules, dispute-resolution procedures, audit coordination and confidentiality. We will have responsibility for tax matters of the Company Group, although we

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must keep the Rights Holder Representative reasonably informed of matters that could affect TRA payments and the Rights Holder Representative has consent rights with respect to certain actions that might adversely impact Covered Tax Assets.

***Risk Considerations***

The obligations we incur under the TRA could be substantial and could materially adversely affect our liquidity. In certain circumstances, particularly an early termination or change of control, we could be required to make a significant lump-sum payment that may be greater than the cash tax savings that we expect to realize. Investors in this offering will benefit only from the portion of the cash tax savings we retain and will bear the cost of any TRA payments made to the Rights Holders (as defined in the TRA). See "Risk Factors—Risks Related to Litigation and Regulation."

**Registration Rights Agreement** 

In connection with this offering, we intend to enter into a registration rights agreement with AE Industrial Partners and certain other equityholders (the "Registration Rights Agreement"). AE Industrial Partners and such equityholders will be entitled to request that we register the shares held by them on a long-form or short-form registration statement on one or more occasions in the future, which registrations may be "shelf registrations." AE Industrial Partners and such equityholders will also be entitled to participate in certain of our registered offerings, subject to the restrictions in the Registration Rights Agreement. We will pay AE Industrial Partners and such equityholders' expenses in connection with their exercise of these rights. The registration rights described in this paragraph apply to (i) shares of our common stock held by AE Industrial Partners, the other equityholders party to the Registration Rights Agreement and their respective affiliates and (ii) any of our capital stock (or that of our subsidiaries) issued or issuable with respect to the common stock described in clause (i) with respect to any dividend, distribution, recapitalization, reorganization or certain other corporate transactions ("Registrable Securities"). These registration rights are also for the benefit of any subsequent holder of Registrable Securities; provided that any particular securities will cease to be Registrable Securities when they have been sold in a registered public offering, sold in compliance with Rule 144 of the Securities Act or repurchased by us or our subsidiaries. In addition, with the consent of the company and holders of a majority of Registrable Securities, any Registrable Securities held by a person other than AE Industrial Partners, the other equityholders party to the Registration Rights Agreement and their respective affiliates will cease to be Registrable Securities if they can be sold without limitation under Rule 144 of the Securities Act.

**Director Nomination Agreement** 

In connection with this offering, we will enter into a director nomination agreement (the "Director Nomination Agreement") with AE Industrial Partners that provides AE Industrial Partners the right to designate nominees to our board of directors, subject to certain conditions. The Director Nomination Agreement will provide AE Industrial Partners the right to designate (i) % of the total number of Directors comprising our board of directors (the "Total Number of Directors") as nominees for election to our board of directors for so long as AE Industrial Partners controls, in the aggregate, % or more of the total number of shares of our common stock controlled by it and its affiliates upon completion of this offering, as adjusted for any reorganization, recapitalization, stock dividend, stock split, reverse stock split or similar changes in our capitalization (the "Original Amount"); (ii) % of the Total Number of Directors for election to our board of directors for so long as AE Industrial Partners controls at least % and less than % of the Original Amount; (iii) % of the Total Number of Directors for election to our board of directors for so long as AE Industrial Partners controls at least % and less than % of the Original Amount; (iv) % of the Total Number of Directors for election to our board of directors for so long as AE Industrial Partners controls at least % and less than % of the Original Amount; and (v) nominee for election to our board of directors for so long as AE Industrial Partners controls at least % of the Original Amount. For purposes of the Director Nomination Agreement, shares will be deemed "controlled" by AE Industrial Partners if it or its affiliates beneficial owns

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such shares, or possesses the right to direct the voting of such shares with respect to the election of the Company's directors. In each case, any applicable nominee nominated pursuant to the Director Nomination Agreement must comply with applicable law and stock exchange rules. In connection with this offering, AE Industrial Partners anticipates entering into voting arrangements with certain other stockholders of the Company, pursuant to which such other stockholders will grant AE Industrial Partners the right to direct the voting of the shares of common stock held by such other stockholders with respect to the election of the Company's directors.

**Consulting Agreement with AE Industrial Partners** 

On November 10, 2022, we and AE Industrial Partners, together with AE Industrial Operating Partners, LLC ("AE Operating"), an affiliate of AE Industrial Partners, entered into an agreement for consulting services related to our operations. Pursuant to this agreement, we have utilized AE Operating, the operating and consulting arm of AE Industrial Partners, for consulting services and paid to AE Operating and AE Industrial Partners related fees and expenses. We paid approximately $2.1 million and $1.0 million for the years ended December 31, 2024 and 2023, respectively, in connection with services provided by AE Operating and AE Industrial Partners. Additionally, the Company made a $5.0 million payment to AE Industrial Partners during the year ended December 31, 2023 for certain transaction costs in connection with AE Industrial Partners' acquisition of the Company in November 2022. In connection with the completion of this offering, we expect to enter into an amended and restated consulting services agreement with AE Operating, pursuant to which the Company will pay AE Operating an annual fee of approximately $ for consulting and advisory services until the earlier of: (i) two years following the completion of our initial public offering or (ii) the time AE Industrial Partners beneficially owns less than 10% of our outstanding common stock.

**Indemnification of Officers and Directors and Insurance** 

Following completion of this offering, our certificate of incorporation and bylaws will provide that we will indemnify each of our directors and officers to the fullest extent permitted by Delaware law. In addition, we have entered, or will enter, into indemnification agreements with each of our directors and executive officers. See "Description of Capital Stock—Limitations of Liability, Indemnification and Advancement" below for more details. We also have purchased directors' and officers' liability insurance.

**Related Persons Transaction Policy** 

Prior to completion of this offering, we intend to adopt formal written procedures for the review, approval, or ratification of transactions with related persons, or the Related Persons Transaction Policy. The Related Persons Transaction Policy will provide that the audit committee of our board of directors will be charged with reviewing for approval or ratification all transactions with "related persons" (as defined in paragraph (a) of Item 404 of Regulation S-K) that are brought to the audit committee's attention. This policy is expected to take effect upon the effectiveness of the Corporate Conversion in connection with this offering. We also maintain certain compensation agreements and other arrangements with certain of our executive officers, which are described under "Executive Compensation" elsewhere in this prospectus.

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**CORPORATE CONVERSION** 

We currently operate as a Delaware limited liability company under the name Yellowstone Midco Holdings II, LLC, which directly and indirectly holds all of the equity interests in our operating subsidiaries. Substantially concurrently with the effectiveness of the registration statement of which this prospectus forms a part, Yellowstone Midco Holdings II, LLC will convert into a Delaware corporation pursuant to a statutory conversion and will change its name to York Space Systems, Inc. In this prospectus, we refer to all of the transactions related to our conversion into a corporation as the "Corporate Conversion."

The purpose of the Corporate Conversion is to reorganize our corporate structure so that the entity that is offering our common stock to the public in this offering is a corporation rather than a limited liability company and so that our existing equity holders will own our common stock rather than limited liability interests in a limited liability company.

In connection with the Corporate Conversion, all of the outstanding limited liability company units will be converted into an aggregate of shares of our common stock. The number of shares of common stock issuable to holders of limited liability units in connection with the Corporate Conversion will be determined pursuant to the applicable provisions of the plan of conversion.

We expect to be controlled by AE Industrial Partners following the Corporate Conversion. After giving effect to the Corporate Conversion and the completion of this offering, assuming an offering size as set forth in "Prospectus Summary—The Offering," participation in this offering as set forth in "Principal Stockholders," and an initial public offering price of $(the midpoint of the estimated price range set forth on the cover page of this prospectus), AE Industrial Partners will control approximately % of the voting power of our company.

As a result of the Corporate Conversion, York Space Systems, Inc. will succeed to all of the property and assets of Yellowstone Midco Holdings II, LLC and will succeed to all of the debts and obligations of Yellowstone Midco Holdings II, LLC. York Space Systems, Inc. will be governed by a certificate of incorporation filed with the Delaware Secretary of State and bylaws, the material provisions of which are described under the heading "Description of Capital Stock." On the effective date of the Corporate Conversion, each of our directors and officers will be as described elsewhere in this prospectus. See the section entitled "Management."

Except as otherwise noted herein, the consolidated financial statements and other financial information included in this prospectus and elsewhere in the registration statement of which this prospectus forms a part are those of Yellowstone Midco Holdings, LLC and its consolidated subsidiaries prior to the Corporate Conversion and do not give effect to the Corporate Conversion. We do not expect that the Corporate Conversion will have a material effect on the results of our operations.

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**DESCRIPTION OF CERTAIN INDEBTEDNESS** 

The following is a summary of the material provisions relating to our material indebtedness. The following summary does not purport to be complete and is subject to, and qualified in its entirety by reference to, the provisions of the corresponding agreement or instrument, including the definitions of certain terms therein that are not otherwise defined in this prospectus. You should refer to the relevant agreement or instrument for additional information, copies of which are filed as exhibits to the registration statement of which this prospectus is a part.

In November 2025, we entered into the Credit Agreement among Interco Holdings, the Pre-IPO Borrower, the Company, only after the Company becomes a party thereto as a borrower pursuant to the Credit Agreement, the lenders and issuing banks party thereto from time to time and Wells Fargo Bank, National Association, as the administrative agent, the collateral agent and the swingline lender. The Credit Agreement provides for the Term Loan Facility in the aggregate principal amount of $150.0 million and the Revolving Facility in the aggregate principal amount of $140.0 million. Borrowings under the Term Loan Facility and Revolving Facility bear interest at a floating rate on the unpaid principal amount thereof equal to (i) initially, (x) 3.50% per annum (or 3.00% per annum following a qualified IPO), in the case of Term SOFR Loans and (y) 2.50% per annum (or 2.00% per annum following a qualified IPO), in the case of ABR Loans, (ii) on and after the Leverage Covenant Toggle Date (as defined in the Credit Agreement) but prior to the consummation of any qualified IPO, the applicable rate per annum set forth in the pricing grid below under the caption "Term SOFR Margin" or "ABR Margin," as the case may be, based upon the Total Net Leverage Ratio (as defined in the Credit Agreement) as of the end of the fiscal quarter of the Pre-IPO Borrower:

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| | | | |
|:---|:---|:---|:---|
| **Level** | **Total Net Leverage Ratio** | **Term SOFR Margin** | **ABR Margin** |
| I | If the Total Net Leverage Ratio is greater than 3.00:1.00 | 3.25% | 2.25% |
| II | If the Total Net Leverage Ratio is less than or equal to 3.00:1.00 and greater than 2.00:1.00 | 3.00% | 2.00% |
| III | If the Total Net Leverage Ratio is less than or equal to 2.00:1.00 | 2.75% | 1.75% |

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and (iii) on and after both the Leverage Covenant Toggle Date and the consummation of a qualified IPO, the applicable rate per annum set forth in the pricing grid below under the caption "Term SOFR Margin" or "ABR Margin," as the case may be, based upon the Total Net Leverage Ratio as of the end of the Company's fiscal quarter:

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| | | | |
|:---|:---|:---|:---|
| **Level** | **Total Net Leverage Ratio** | **Term SOFR Margin** | **ABR Margin** |
| I | If the Total Net Leverage Ratio is greater than 3.00:1.00 | 2.75% | 1.75% |
| II | If the Total Net Leverage Ratio is less than or equal to 3.00:1.00 and greater than 2.00:1.00 | 2.50% | 1.50% |
| III | If the Total Net Leverage Ratio is less than or equal to 2.00:1.00 | 2.25% | 1.25% |

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All obligations under the Credit Agreement are guaranteed by Interco Holdings and certain subsidiaries of the Pre-IPO Borrower or the Company, as applicable, comprised of all domestic subsidiaries of the Pre-IPO Borrower or the Company, as applicable, except certain excluded subsidiaries and are secured by substantially all of the Pre-IPO Borrower's or the Company's, as applicable, assets. The Term Loan Facility and Revolving Facility are expected to mature on November 14, 2028.

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The Credit Agreement contains customary mandatory prepayments, including with respect to asset sale proceeds, proceeds of certain recovery events, and proceeds from certain incurrences of indebtedness. The principal amount owed under the Credit Agreement shall be due and payable on the maturity date. The Credit Agreement contains customary affirmative covenants and negative covenants. The Credit Agreement contains (i) a minimum revenue covenant, in effect from March 31, 2026 to (but not including) the first business day following the occurrence of a Leverage Covenant Toggle Date, that requires us to maintain a minimum amount of revenue set forth below as of the last day of any each such fiscal quarter and measured on a trailing twelve month basis:

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| | |
|:---|:---|
| **Date** | **Minimum Revenue** |
|  March 31, 2026 | $245591268 |
|  June 30, 2026 | $264387082 |
|  September 30, 2026 | $319190794 |
|  December 31, 2026 | $372510143 |
|  March 31, 2027 | $426903024 |
|  June 30, 2027 | $501782812 |
|  September 30, 2027 | $554984539 |
|  December 31, 2027 | $616972315 |
|  March 31, 2028 | $676839498 |
|  June 30, 2028 | $722972451 |
|  September 30, 2028 | $758499673 |

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(ii) a minimum liquidity covenant, in effect from March 31, 2026 to (but not including) the first business day following the occurrence of a Leverage Covenant Toggle Date, that requires us not to permit Liquidity (defined as unrestricted cash together with amounts available for borrowing under the Revolving Facility), as of the last day of each fiscal quarter, to be less than (x) initially, $105,000,000 or (y) upon and after the repayment of the Term Loan Facility in full, 35.0% of the outstanding revolving commitment as of such date, and (iii) a maximum consolidated first lien net leverage ratio covenant, in effect commencing upon the occurrence of a Leverage Covenant Toggle Date, that requires us to maintain a consolidated total net leverage ratio of less than (x) 4.50 to 1.00 for the fiscal quarters ending March 31, 2026, June 30, 2026, September 30, 2026 and December 31, 2026, (y) 4.25 to 1.00 for the fiscal quarters ending March 31, 2027, June 30, 2027, September 30, 2027 and December 31, 2027 and (z) 4.00 to 1.00 for the fiscal quarters ending March 31, 2028, June 30, 2028 and September 30, 2028. The Credit Agreement also includes customary equity cure provisions that permit us to cure defaults in respect of either of the foregoing financial covenants.

The Credit Agreement Obligations are and will be guaranteed by the Credit Agreement Guarantors. The Credit Agreement Obligations are secured by first priority liens on substantially all assets, subject to customary exceptions, of the Pre-IPO Borrower or the Company, as applicable, and the Credit Agreement Guarantors.

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**DESCRIPTION OF CAPITAL STOCK** 

The following descriptions are summaries of our capital stock, certain provisions of our certificate of incorporation and bylaws, as each will be in effect upon the completion of this offering, and certain provisions of Delaware law. Please note that these summaries are not intended to be exhaustive. For further information, you should also refer to the full versions of our certificate of incorporation and the bylaws, which are filed as exhibits to the registration statement of which this prospectus is a part.

**General** 

Upon the completion of this offering, our certificate of incorporation will provide for one class of common stock. In addition, our certificate of incorporation will authorize shares of undesignated preferred stock, the rights, preferences, and privileges of which may be designated from time to time by our board of directors.

Upon the completion of this offering, our authorized capital stock will consist of shares of capital stock, all with a par value of $ per share, of which shares will be designated as common stock and shares will be designated as preferred stock.

Following this offering, we expect to have shares of our common stock outstanding, held of record by stockholders. Upon completion of this offering, no shares of our preferred stock will be designated, issued or outstanding.

**Common Stock** 

***Voting Rights***

Each share of our common stock entitles its holder to one vote per share on all matters to be voted upon by the stockholders. There is no cumulative voting, which means that a holder or group of holders of more than 50% of the shares of our common stock can elect all of our directors.

***Dividend Rights***

The holders of our common stock are entitled to receive, and will share ratably in, dividends when and as declared by our board of directors from legally available sources, subject to the prior rights of the holders of our preferred stock, if any. See "Dividend Policy."

***Preemptive or Similar Rights***

Our common stock is not entitled to preemptive rights. The rights of the holders of our common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of our preferred stock that our board of directors may designate and issue in the future.

***Liquidation Rights***

Upon our liquidation, dissolution or winding-up, the assets legally available for distribution to our stockholders would be distributable ratably among the holders of our common stock and any participating preferred stock outstanding at that time after payment of liquidation preferences, if any, on any outstanding shares of preferred stock and payment of claims of creditors.

***Conversion or Redemption Rights***

Our common stock will be neither convertible nor redeemable.

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**Preferred Stock** 

Our board of directors will be authorized to issue up to shares of our preferred stock in one or more series, to establish from time to time the number of shares to be included in each series, to fix the designation, powers, preferences, and rights of the shares of each series and any qualifications, limitations, or restrictions thereof, in each case without further action by our stockholders. Subject to the terms of any series of preferred stock so designated, our board of directors is also authorized to increase or decrease the number of shares of any series of preferred stock, but not below the number of shares of that series then outstanding. Our board of directors may authorize the issuance of preferred stock with voting or conversion or other rights that could adversely affect the voting power or other rights of the holders of our common stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring, or preventing a change in our control and could adversely affect the market price of our common stock and the voting and other rights of the holders of our common stock.

**Anti-Takeover Provisions** 

Below are brief summaries of various anti-takeover provisions which will be contained primarily in our organizational documents. We believe the benefits of these provisions, including increased protection of our potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure our company, outweigh the disadvantages of discouraging takeover proposals, because negotiation of takeover proposals could result in an improvement of their terms.

***Anti-Takeover Statute***

Our certificate of incorporation will provide that we are not governed by Section 203 of the DGCL which, in the absence of such provisions, would have imposed additional requirements regarding mergers and other business combinations.

However, our certificate of incorporation, which will become effective on the consummation of this offering, will include a provision that restricts us from engaging in any business combination with an interested stockholder for three years following the date that person becomes an interested stockholder. These restrictions will not apply to any business combination involving AE Industrial Partners or any affiliate of AE Industrial Partners or their respective direct and indirect transferees, on the one hand, and us, on the other.

Additionally, we would be able to enter into a business combination with an interested stockholder if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• before that person became an interested stockholder, our board of directors approved the transaction in which the
interested stockholder became an interested stockholder or approved the business combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon consummation of the transaction that resulted in the interested stockholder becoming an interested
stockholder, the interested stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the
interested stockholder) stock held by directors who are also officers of our Company and by employee stock plans that do not provide employees with the right to determine confidentially whether shares held under the plan will be tendered in a tender
or exchange offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• following the transaction in which that person became an interested stockholder, the business combination is
approved by our board of directors and authorized at a meeting of stockholders by the affirmative vote of the holders of at least 66 2/3% of our outstanding voting stock not owned by the interested stockholder.

In general, a "business combination" is defined to include mergers, asset sales, and other transactions resulting in financial benefit to a stockholder and an "interested stockholder" is any person who, together with

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affiliates and associates, is the owner of 15% or more of our outstanding voting stock or is our affiliate or associate and was the owner of 15% or more of our outstanding voting stock at any time within the three-year period immediately before the date of determination. Under our certificate of incorporation, an "interested stockholder" generally will not include AE Industrial Partners or any affiliate of AE Industrial Partners or their respective direct and indirect transferees.

This provision of our certificate of incorporation could prohibit or delay mergers or other takeover or change in control attempts and, accordingly, may discourage attempts to acquire us even though such a transaction may offer our stockholders the opportunity to sell their stock at a price above the prevailing market price.

***Anti-Takeover Effects of Certain Provisions of Our Certificate of Incorporation and Bylaws to Be in Effect Upon the Completion of This Offering Undesignated Preferred Stock***

As discussed above, our board of directors will have the ability to issue preferred stock with voting or other rights or preferences that could impede the success of any attempt to acquire control of us. These and other provisions may have the effect of deterring hostile takeovers or delaying changes in control or management.

***Board Classification***

Our certificate of incorporation, which will be in effect upon the completion of this offering, will provide for a board of directors comprised of three classes of directors, with each class serving a three-year term beginning and ending in different years than those of the other two classes. Only one class of directors will be elected at each annual meeting of our stockholders, with the other classes continuing for the remainder of their respective three- year terms. The classification of our board of directors and the limitations on the ability of our stockholders to remove directors without cause could make it more difficult for a third party to acquire, or discourage a third party from seeking to acquire, control of us.

***Action by Written Consent; Special Meetings of Stockholders***

Our certificate of incorporation will provide that our stockholders may not act by written consent, which may lengthen the amount of time required to take stockholder actions. As a result a holder controlling a majority of our common stock would not be able to amend our bylaws or remove directors without holding a meeting of our stockholders called in accordance with our bylaws. In addition, our certificate of incorporation will provide that special meetings of the stockholders may be called only by the chairperson of our board of directors, our Chief Executive Officer, or our board of directors. Stockholders may not call a special meeting of stockholders, which may delay the ability of our stockholders to force consideration of a proposal or for holders controlling a majority of our common stock to take any action, including the removal of directors.

***Advance Notice Procedures***

Our bylaws will establish advance notice procedures with respect to stockholder proposals and stockholder nomination of candidates for election as directors. These provisions may have the effect of precluding the conduct of certain business at a meeting if the proper procedures are not followed. These provisions may also discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer's own slate of directors or otherwise attempting to obtain control of us.

***Removal of Directors; Vacancies***

Our certificate of incorporation will provide that directors may only be removed for cause by the affirmative vote of at least two thirds of the voting power of our outstanding common stock. Our board of directors has the sole power to fill any vacancy on our board of directors, whether such vacancy occurs as a result of an increase in the number of directors or otherwise.

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***No Cumulative Voting***

Because our stockholders will not have cumulative voting rights, stockholders holding a majority of the voting power of the common stock outstanding will be able to elect all of our directors. The absence of cumulative voting makes it more difficult for a minority stockholder to nominate and elect a director to our board of directors in order to influence our board of directors' decision regarding a takeover or otherwise.

**Amendment of Charter and Bylaw Provisions** 

Our certificate of incorporation will provide that the amendment of certain of the provisions of our certificate of incorporation described in this prospectus will require approval by holders of at least two-thirds of the voting power of our outstanding common stock. Our certificate of incorporation will provide that our board of directors may from time to time adopt, amend, alter, or repeal our bylaws without stockholder approval. The stockholders may adopt, amend, alter, or repeal our bylaws by the affirmative vote of a majority of the voting power of our outstanding common stock (other than certain specified bylaws which will require the affirmative vote of two-thirds of our outstanding common stock).

The combination of these provisions will make it more difficult for another party to obtain control of us by replacing our board of directors. Because our board of directors has the power to retain and discharge our officers, these provisions could also make it more difficult for another party to effect a change in management.

These provisions are intended to enhance the likelihood of continued stability in the composition of our board of directors and its policies and to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to reduce our vulnerability to hostile takeovers and to discourage certain tactics that may be used in proxy fights. However, such provisions could have the effect of discouraging others from making tender offers for our shares and may have the effect of delaying changes in our control or management.

**Corporate Opportunity** 

Section 122(17) of the DGCL permits a corporation to renounce, in advance, in its certificate of incorporation or by action of its board of directors, any interest or expectancy of a corporation in certain classes or categories of business opportunities. Where business opportunities are so renounced, certain of our officers and directors will not be obligated to present any such business opportunities to us. Upon the completion of this offering, our certificate of incorporation will provide that, to the fullest extent permitted by law, no officer or director of ours who is also an officer, director, employee, managing director, or other affiliate of AE Industrial Partners will be liable to us or our stockholders for breach of any fiduciary duty by reason of the fact that any such individual directs a corporate opportunity to AE Industrial Partners, as applicable, instead of us, or does not communicate information regarding a corporate opportunity to us that the officer, director, employee, managing director, or other affiliate has directed to AE Industrial Partners, as applicable. This provision may not be modified without the written consent of AE Industrial Partners until such time as AE Industrial Partners does not own any of our outstanding shares of common stock.

**Choice of Forum** 

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writing to the selection of an alternative forum, the federal district courts of the United States will be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act, subject to and contingent upon a final adjudication in the State of Delaware of the enforceability of such exclusive-forum provision. Any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock will be deemed to have notice of, and consented to, the forum provisions in our certificate of incorporation. However, it is possible that a court could find our forum selection provisions to be inapplicable or unenforceable.

**Limitations on Liability and Indemnification of Officers and Directors** 

The DGCL authorizes corporations to limit or eliminate the personal liability of directors or officers to corporations and their stockholders for monetary damages for breaches of directors' or officers' fiduciary duties, subject to certain exceptions. Our certificate of incorporation will include a provision that eliminates the personal liability of directors and officers for monetary damages for any breach of fiduciary duty as a director or officer, respectively, except to the extent such exemption from liability or limitation thereof is not permitted under the DGCL. The effect of these provisions will be to eliminate the rights of us and our stockholders, through stockholders' derivative suits on our behalf, to recover monetary damages from a director or officer for breach of fiduciary duty as a director or officer, respectively, including breaches resulting from grossly negligent behavior. However, exculpation will not apply to any director or officer if the director or officer has acted in bad faith, knowingly or intentionally violated the law, authorized illegal dividends or redemptions, or derived an improper benefit from his or her actions as a director or officer.

Our bylaws will provide that we must indemnify and advance expenses to our directors and officers to the fullest extent authorized by the DGCL. We also will be expressly authorized to carry directors' and officers' liability insurance providing indemnification for our directors, officers, and certain employees for some liabilities. We believe that these indemnification and advancement provisions and insurance will be useful to attract and retain qualified directors and officers.

The limitation of liability, indemnification, and advancement provisions that will be included in our certificate of incorporation and bylaws may discourage stockholders from bringing a lawsuit against directors for breaches of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our stockholders. In addition, your investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.

There is currently no pending material litigation or proceeding involving any of our directors, officers, or employees for which indemnification is sought.

**Transfer Agent and Registrar** 

The transfer agent and registrar for our common stock is . The transfer agent's address is and its phone number is .

**Listing** 

We intend to apply to list our common stock on the NYSE under the symbol "YSS."

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**SHARES ELIGIBLE FOR FUTURE SALE** 

Prior to this offering, no public market existed for our capital stock. Future sales of substantial amounts of common stock in the public market, the availability of shares for future sale, or the perception that such sales may occur, could adversely affect the market price of our common stock and/or impair our ability to raise equity capital.

Upon the completion of this offering, shares of our common stock will be outstanding, or shares of our common stock if the underwriters exercise in full their option to purchase additional shares of common stock.

All of the shares of common stock sold in this offering will be freely tradable without restrictions or further registration under the Securities Act, except for any shares sold to our "affiliates," as defined in Rule 144 under the Securities Act. The outstanding shares of our common stock held by existing stockholders are "restricted securities," as defined in Rule 144. Restricted securities may be sold in the public market only if the offer and sale is registered under the Securities Act or if the offer and sale of those securities qualifies for exemption from registration, including exemptions provided by Rule 144 or Rule 701 under the Securities Act.

We intend to file with the SEC a registration statement on Form S-8 covering the shares of common stock reserved for issuance under our Equity Incentive Plan. Such registration statement is expected to be filed and become effective as soon as practicable after completion of this offering. Upon effectiveness, the shares of common stock covered by the registration statement of which this prospectus forms a part will generally be eligible for sale in the public market, subject to vesting restrictions, any applicable lock-up agreements described below and Rule 144 limitations applicable to affiliates.

As a result of lock-up agreements described below and the provisions of Rules 144 and 701, shares of our common stock will be available for sale in the public market as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all the shares of common stock sold in this offering will be eligible for immediate sale upon the completion of
this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately      shares of our common stock will be eligible for sale upon expiration
of lock-up agreements described below, beginning 181 days after the date of this prospectus, subject in certain circumstances to the volume, manner of sale and other limitations under Rules 144 and 701.

We may issue shares of our capital stock from time to time for a variety of corporate purposes, including in capital-raising activities through future public offerings or private placements, in connection with the exercise of stock options and warrants, vesting of RSUs and other issuances relating to our employee benefit plans and as consideration for future acquisitions, investments, or other purposes. The number of shares of our capital stock that we may issue may be significant, depending on the events surrounding such issuances. In some cases, the shares we issue may be freely tradable without restriction or further registration under the Securities Act; in other cases, we may grant registration rights covering the shares issued in connection with these issuances, in which case the holders of the shares will have the right, under certain circumstances, to cause us to register any resale of such shares to the public.

**Rule 144** 

In general, persons who have beneficially owned restricted shares of our common stock for at least six months, and, subject to certain restrictions, described below, any affiliate of ours who owns either restricted or unrestricted shares of our common stock, are entitled to sell their securities without registration with the SEC under an exemption from registration provided by Rule 144.

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***Non-Affiliates***

Any person who is not deemed to have been one of our affiliates at the time of, or at any time during the three months preceding, a sale may sell an unlimited number of restricted securities under Rule 144 if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the restricted securities have been held for at least six months, including the holding period of any prior owner
other than one of our affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we have been subject to the Exchange Act periodic reporting requirements for at least 90 days before the sale;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are current in our Exchange Act reporting at the time of sale.

Any person who is not deemed to have been an affiliate of ours at the time of, or at any time during the three months preceding, a sale and has held the restricted securities for at least one year, including the holding period of any prior owner other than one of our affiliates, will be entitled to sell an unlimited number of restricted securities without regard to the length of time we have been subject to Exchange Act periodic reporting or whether we are current in our Exchange Act reporting.

***Affiliates***

Persons seeking to sell restricted securities who are our affiliates at the time of, or any time during the three months preceding, a sale would be subject to the restrictions described above. Sales of restricted or unrestricted shares of our common stock by affiliates are also subject to additional restrictions, by which such person would be required to comply with the manner of sale and notice provisions of Rule 144 and would be entitled to sell within any three-month period only that number of securities that does not exceed the greater of either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the number of shares of our common stock then outstanding, which will equal
approximately    shares immediately following the completion of this offering (or    shares if the underwriters exercise in full their option to purchase additional shares of common stock); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of our common stock during the four calendar weeks preceding the filing of a
notice on Form 144 with respect to the sale.

**Rule 701** 

In general, under Rule 701, a person who purchased shares of our common stock pursuant to a written compensatory plan or contract and who is not deemed to have been one of our affiliates during the immediately preceding 90 days may sell these shares in reliance upon Rule 144, but without being required to comply with the holding period, notice, manner of sale, public information requirements or volume limitation provisions of Rule 144. Rule 701 also permits affiliates to sell their Rule 701 shares under Rule 144 without complying with the holding period requirements of Rule 144. All holders of Rule 701 shares, however, are required to wait until 90 days after the date of this prospectus before selling such shares pursuant to Rule 701, subject to the expiration of the lock-up agreements described below.

**Lock-Up Agreements** 

In connection with this offering, we and our officers, directors, and holders of substantially all of our common stock and securities convertible into or exercisable for our common stock, including AE Industrial Partners, have agreed, subject to certain exceptions, not to dispose of or hedge any of their common stock or securities convertible into or exchangeable for shares of common stock during the period from the date of this prospectus continuing through the date 180 days after the date of this prospectus, except with the prior written consent of on behalf of the underwriters. Assuming (i) an initial public offering price of $(the

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midpoint of the estimated price range set forth on the cover page of this prospectus), (ii) no exercise of the underwriters' option to purchase additional shares of our common stock and (iii) the outstanding aggregate total preference amount of each Class P unit is $1,000, approximately shares of common stock held by the Class P unit holders will be automatically released from the lock-up restrictions described herein upon the satisfaction of the Class P Lock-up Release Condition (as defined herein). See "Underwriting."

The agreements do not contain any pre-established conditions to the waiver by the written consent of on behalf of the underwriters of any terms of the lock-up agreements. Any determination to release shares subject to the lock-up agreements would be based on a number of factors at the time of determination, including but not necessarily limited to the market price of the common stock, the liquidity of the trading market for the common stock, general market conditions, the number of shares proposed to be sold and the timing, purpose, and terms of the proposed sale.

**Registration Rights** 

After the completion of this offering, the holders of an aggregate of approximately shares of our common stock will be entitled to certain rights with respect to the registration of such shares under the Securities Act. The registration of these shares of our common stock under the Securities Act would result in these shares becoming eligible for sale in the public market without restriction under the Securities Act immediately upon the effectiveness of such registration, subject to the Rule 144 limitations applicable to affiliates. See "Certain Relationships and Related Party Transactions—Registration Rights Agreement" for a description of these registration rights.

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**MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS** 

The following discussion is a summary of certain material U.S. federal income tax consequences to Non-U.S. Holders (as defined below) of the purchase, ownership, and disposition of our common stock issued pursuant to this offering but does not purport to be a complete analysis of all potential tax considerations relating thereto. The effects of other U.S. federal tax laws, such as estate and gift tax laws, and any applicable state, local, or non-U.S. tax laws are not discussed. This discussion is based on the Code, Treasury regulations promulgated or proposed thereunder (the "Treasury Regulations"), judicial decisions and published rulings, and administrative pronouncements of the U.S. Internal Revenue Service (the "IRS"), in each case as in effect as of the date hereof. These authorities may change or be subject to differing interpretations. Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect a Non-U.S. Holder of our common stock. We have not sought and will not seek any rulings from the IRS regarding the matters discussed below. There can be no assurance the IRS or a court will not take a contrary position to those discussed below regarding the tax consequences of the purchase, ownership, and disposition of our common stock.

This discussion is limited to Non-U.S. Holders who purchase our common stock pursuant to this offering and who hold our common stock as a "capital asset" within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address all U.S. federal income tax consequences relevant to a Non-U.S. Holder's particular circumstances, including the impact of the Medicare contribution tax on net investment income. In addition, it does not address consequences relevant to Non-U.S. Holders subject to special rules, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. expatriates and former citizens or long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons subject to the alternative minimum tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding our common stock as part of a hedge, straddle, or other risk reduction strategy or as part of a
conversion transaction or other integrated investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banks, insurance companies, and other financial institutions (except to the extent specifically set forth below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• real estate investment trusts or regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• brokers, dealers, or certain electing traders in securities, commodities, or currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that elect to use a mark-to-market method of accounting for their holdings in our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "controlled foreign corporations," "passive foreign investment companies," and
corporations that accumulate earnings to avoid U.S. federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pass-through entities other than partnerships (and investors therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt organizations or governmental organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons deemed to sell our common stock under the constructive sale provisions of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who hold or receive our common stock pursuant to the exercise of any employee stock options or otherwise
as compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that own or have owned (actually or constructively) more than five percent of our capital stock (except
to the extent specifically set forth below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons subject to special tax accounting rules as a result of any item of gross income with respect to our
common stock being taken in account in an "applicable financial statement" (as defined in Section 451(b)(3) of the Code);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "qualified foreign pension funds" (within the meaning of Section 897(1)(2)) of the Code and
entities, all of the interests of which are held by qualified foreign pension funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-qualified retirement plans.

In addition, this discussion does not address the tax treatment of partnerships (or entities or arrangements that are treated as partnerships for U.S. federal income tax purposes) or persons that hold our common stock through such partnerships. If any entity or arrangement classified as a partnership for U.S. federal income tax purposes holds our common stock, the tax treatment of a partner in the partnership will depend on the status of the partner, the activities of the partnership, and certain determinations made at the partner level. Accordingly, partnerships holding our common stock and partners in such partnerships should consult their tax advisors regarding the U.S. federal income tax consequences to them of the purchase, ownership, and disposition of our common stock.

THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT TAX ADVICE. INVESTORS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP, AND DISPOSITION OF OUR COMMON STOCK ARISING UNDER THE U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL, OR NON-U.S. TAXING JURISDICTION OR UNDER ANY APPLICABLE INCOME TAX TREATY.

**Definition of a Non-U.S. Holder** 

For purposes of this discussion, a "Non-U.S. Holder" is any beneficial owner of our common stock that is neither a "United States person" nor an entity or arrangement treated as a partnership for U.S. federal income tax purposes. A United States person is any person that, for U.S. federal income tax purposes, is or is treated as any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created or
organized under the laws of the United States, any state thereof, or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate the income of which is subject to U.S. federal income tax regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust that (1) is subject to the primary supervision of a U.S. court and all substantial decisions of
which are under the control of one or more "United States persons" (within the meaning of Section 7701(a)(30) of the Code) or (2) has a valid election in effect to be treated as a United States person for U.S. federal income
tax purposes.

**Distributions** 

As described in the section entitled "Dividend Policy," we do not anticipate declaring or paying dividends to holders of our common stock in the foreseeable future. However, if we do make distributions of cash or property on our common stock, such distributions generally will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Amounts not treated as dividends for U.S. federal income tax purposes generally will constitute a non-taxable return of capital and first be applied against and reduce a Non-U.S. Holder's adjusted tax basis in its common stock, but not below zero. Any excess amounts generally will be treated as capital gain and will be treated as described below under "Sale or Other Taxable Disposition."

Subject to the discussion below on effectively connected income, backup withholding, and Sections 1471 to 1474 of the Code (such Sections commonly referred to as the Foreign Account Tax Compliance Act ("FATCA")), dividends paid to a Non-U.S. Holder of our common stock will be subject to U.S. federal

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withholding tax at a rate of 30% of the gross amount of the dividends or such lower rate specified by an applicable income tax treaty, provided that the Non-U.S. Holder furnishes to the applicable withholding agent prior to the payment of the dividends a valid IRS Form W-8BEN or W-8BEN-E (or other applicable documentation or successor form) certifying qualification for the lower treaty rate. The Non-U.S. Holder will be required to update such forms and certifications, as applicable, from time to time as required by law. A Non-U.S. Holder that does not timely furnish the required documentation, but that qualifies for a reduced treaty rate, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. Non-U.S. Holders should consult their tax advisors regarding their entitlement to benefits under any applicable income tax treaty.

If dividends paid to a Non-U.S. Holder are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment or fixed base in the United States to which such dividends are attributable), the Non-U.S. Holder will be exempt from the U.S. federal withholding tax described above if the Non-U.S. Holder satisfies applicable certification and disclosure requirements. To claim the exemption, the Non-U.S. Holder must furnish to the applicable withholding agent a valid IRS Form W-8ECI (or a successor form), certifying that the dividends are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States. The Non-U.S. Holder will be required to update such forms and certifications, as applicable, from time to time as required by law. Non-U.S. Holders should consult their tax advisors regarding any applicable tax treaties that may provide for different treatment.

Any such effectively connected dividends will generally be subject to U.S. federal income tax on a net income basis at the regular rates generally applicable to "United States persons" (as defined in the Code) unless an applicable income tax treaty provides otherwise. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on its effectively connected earnings and profits (as adjusted for certain items), which will include such effectively connected dividends. Non-U.S. Holders should consult their tax advisors regarding any applicable tax treaties that may provide for different treatment.

**Sale or Other Taxable Disposition** 

Subject to the discussion below on backup withholding and FATCA, a Non-U.S. Holder generally will not be subject to U.S. federal income tax on any gain realized upon the sale or other taxable disposition of our common stock unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the gain is effectively connected with the Non-U.S. Holder's
conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment or fixed base in the United States to which
such gain is attributable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Non-U.S. Holder is a nonresident alien individual present in the
United States for 183 days or more during the taxable year of the disposition and certain other requirements are met; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our common stock constitutes a U.S. real property interest (a "USRPI"), by reason of our status as a
U.S. real property holding corporation (a "USRPHC"), for U.S. federal income tax purposes.

Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the regular rates generally applicable to United States persons unless an applicable income tax treaty provides otherwise. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on its effectively connected earnings and profits (as adjusted for certain items), which will include such effectively connected gain.

A Non-U.S. Holder described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on any gain derived from the sale or

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other taxable disposition, which may generally be offset by U.S. source capital losses of the Non-U.S. Holder for the applicable taxable year (even though the individual is not considered a resident of the United States), provided the Non-U.S. Holder has timely filed U.S. federal income tax returns with respect to such losses.

With respect to the third bullet point above, we believe we currently are not, and do not anticipate becoming, a USRPHC. Because the determination of whether we are a USRPHC depends, however, on the fair market value of our USRPIs relative to the fair market value of our non-U.S. real property interests and our other business assets, there can be no assurance that we currently are not a USRPHC or will not become one in the future. Even if we are or were to become a USRPHC, gain arising from the sale or other taxable disposition by a Non-U.S. Holder of our common stock will not be subject to U.S. federal income tax if our common stock is "regularly traded," as defined by applicable Treasury Regulations, on an established securities market during the calendar year in which the taxable disposition occurs, and such Non-U.S. Holder owned, actually and constructively, five percent or less of our common stock throughout the shorter of (1) the five-year period ending on the date of the sale or other taxable disposition or (2) the Non-U.S. Holder's holding period. No assurance can be provided that our common stock will be regularly traded on an established securities market at all times for purposes of the rules described above. If we were to become a USRPHC and our common stock were not considered to be "regularly traded" on an established securities market during the calendar year in which the relevant disposition by a Non-U.S. Holder occurs, such Non-U.S. Holder (regardless of the percentage of stock owned) would be subject to U.S. federal income tax on a sale or other taxable disposition of our common stock and a 15% withholding tax would apply to the gross proceeds from such disposition. No assurance can be provided that our common stock will continue to be regularly traded on an established securities market for purposes of the rules described above.

Non-U.S. Holders should consult their tax advisors regarding potentially applicable income tax treaties that may provide for different treatment.

**Information Reporting and Backup Withholding** 

Payments of distributions on our common stock generally will not be subject to backup withholding, provided the applicable withholding agent does not have actual knowledge or reason to know the Non-U.S. Holder is a United States person and the Non-U.S. Holder either certifies its non-U.S. status, such as by furnishing a valid IRS Form W-8BEN, W-8BEN-E, or W-8ECI (or other applicable or successor form), or otherwise establishes an exemption. However, information returns are required to be filed with the IRS in connection with any distributions on our common stock paid to the Non-U.S. Holder, regardless of whether such distributions constitute dividends or whether any tax was actually withheld. In addition, proceeds of the sale or other taxable disposition of our common stock within the United States or conducted through certain U.S.-related brokers by a Non-U.S. Holder generally will not be subject to backup withholding or information reporting if the applicable withholding agent receives the certification described above and does not have actual knowledge or reason to know that such Non-U.S. Holder is a United States person or the Non-U.S. Holder otherwise establishes an exemption. If a Non-U.S. Holder does not provide the certification described above or the applicable withholding agent has actual knowledge or reason to know that such Non-U.S. Holder is a United States person, payments of distributions or of proceeds of the sale or other taxable disposition of our common stock may be subject to backup withholding at a rate currently equal to 24% of the gross proceeds of such distribution, sale, or taxable disposition. Proceeds of a sale or other taxable disposition of our common stock conducted through a non-U.S. office of a non-U.S. broker that does not have certain enumerated relationships with the U.S. generally will not be subject to backup withholding or information reporting.

Copies of information returns that are filed with the IRS may also be made available under the provisions of an applicable treaty or agreement to the tax authorities of the country in which the Non-U.S. Holder resides or is established.

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Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a Non-U.S. Holder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

Non-U.S. Holders should consult their tax advisors regarding information reporting and backup withholding.

**Additional Withholding Tax on Payments Made to Foreign Accounts** 

Withholding taxes may be imposed under FATCA and other administrative guidance issued thereunder, on certain types of payments made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on dividends on, or (subject to the discussion of certain proposed Treasury Regulations below) gross proceeds from the sale or other disposition of, our common stock paid to a "foreign financial institution" or a "non-financial foreign entity" (each as defined in the Code) (including, in some cases, when such foreign financial institution or non-financial foreign entity is acting as an intermediary), unless (1) the foreign financial institution undertakes certain diligence and reporting obligations, (2) if the foreign entity is not a "foreign financial entity," the non-financial foreign entity either certifies it does not have any "substantial United States owners" (as defined in the Code) or furnishes identifying information regarding each direct and indirect substantial United States owner, or (3) the foreign financial institution or non-financial foreign entity otherwise establishes that it qualifies for an exemption from these rules. If the payee is a foreign financial institution and is subject to the diligence and reporting requirements in (1) above, it must enter into an agreement with the U.S. Department of the Treasury requiring, among other things, that it undertake to identify accounts held by certain "specified United States persons" or "United States-owned foreign entities" (each as defined in the Code), annually report certain information about such accounts, and withhold 30% on certain payments to noncompliant foreign financial institutions and certain other account holders. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules.

Under the Code, applicable Treasury Regulations, and administrative guidance, withholding under FATCA generally applies to payments of dividends on our common stock. On December 13, 2018, the U.S. Department of the Treasury released proposed regulations (which may be relied upon by taxpayers until final regulations are issued), which eliminate FATCA withholding on the gross proceeds from a sale or other disposition of our common stock. We will not pay additional amounts or "gross up" payments to Non-U.S. Holders as a result of any withholding or deduction for taxes imposed under FATCA. Under certain circumstances, certain Non-U.S. Holders might be eligible for refunds or credits of such taxes. Prospective investors should consult their tax advisors regarding the potential application of withholding under FATCA to their investment in our common stock.

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**UNDERWRITING** 

The company and the underwriters named below have entered into an underwriting agreement with respect to the shares being offered. Subject to certain conditions, each underwriter has severally agreed to purchase the number of shares indicated in the following table. Goldman Sachs & Co. LLC, Jefferies LLC and Wells Fargo Securities, LLC are the representatives of the underwriters.

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| | |
|:---|:---|
| **Underwriters** | **Number of<br>Shares** |
|  Goldman Sachs & Co. LLC |  |
|  Jefferies LLC |  |
|  Wells Fargo Securities, LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  |

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The underwriters are committed to take and pay for all of the shares being offered, if any are taken, other than the shares covered by the option described below unless and until this option is exercised.

The underwriters have an option to buy up to an additional shares of common stock from the company to cover sales by the underwriters of a greater number of shares than the total number set forth in the table above. They may exercise that option for 30 days from the date of this prospectus. If any shares are purchased pursuant to this option, the underwriters will severally purchase shares in approximately the same proportion as set forth in the table above.

The following tables show the per share and total underwriting discounts and commissions to be paid to the underwriters by the company. Such amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase additional shares.

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| | | |
|:---|:---|:---|
| **Paid by the Company** | **No Exercise** | **Full Exercise** |
|  Per Share | $| $|
|  Total | $| $|

---

Shares sold by the underwriters to the public will initially be offered at the initial public offering price set forth on the cover of this prospectus. Any shares sold by the underwriters to securities dealers may be sold at a discount of up to $ per share from the initial public offering price. After the initial offering of the shares, the representatives may change the offering price and the other selling terms. The offering of the shares by the underwriters is subject to receipt and acceptance and subject to the underwriters' right to reject any order in whole or in part.

We have agreed that, for a period of 180 days after the date of this prospectus (the "restricted period") we will not (i) offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise transfer or dispose of, directly or indirectly, or file with or confidentially submit to the SEC a registration statement under the Securities Act relating to, any of our securities that are substantially similar to the shares, including but not limited to any options or warrants to purchase shares or any securities that are convertible into or exchangeable for, or that represent the right to receive, shares or any such substantially similar securities, or publicly disclose the intention to make any offer, sale, pledge, disposition or filing, or (ii) enter into, or publicly disclose the intention to enter into, any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the shares or any such other securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of shares or such other securities, in cash or otherwise, without the prior written consent of on behalf of the underwriters; provided, however, that the restrictions described above shall not apply to (A) the offer, issuance, sale and disposition of the shares in this

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offering; (B) the issuance of shares pursuant to employee stock option plans existing on, or upon the conversion or exchange of convertible or exchangeable securities outstanding as of, the date of this prospectus; (C) grants of stock options, stock awards, restricted stock, RSUs, or other equity awards and the issuance of the shares or securities convertible into or exercisable or exchangeable for the shares (whether upon the exercise of stock options or otherwise) to our employees, officers, directors, advisors or consultants pursuant to the terms of an equity compensation plan described herein; (D) the issuance, offer or entry into an agreement providing for the issuance of up to 10% of the total number of shares outstanding immediately following the offering of the shares contemplated by this prospectus in acquisitions or other strategic transactions, provided that such recipients enter into a lock-up agreement with the underwriters; (E) the filing of any registration statement on Form S-8 relating to securities granted or to be granted pursuant to any plan in effect on the date the shares are delivered and described in this prospectus or any assumed benefit plan pursuant to an acquisition or similar strategic transaction contemplated by clause (D); or (F) the submission of a confidential registration statement in connection with the exercise of any registration rights described in this prospectus and any preparations related thereto, provided that such submission or preparations do not require or result in the public filing of a registration statement with the SEC or any other public announcement of such proposed registration by the Company or any third party during the restricted period (and no such filing, public announcement, or activity shall be voluntarily made or taken by the Company or any third party during the restricted period), and provided further that the Company shall notify the representatives prior to making any such submission; and provided, further, that in the case of clauses (B) and (C), we shall (a) cause each recipient of such securities that is a member of our board of directors, an executive officer or a beneficial holder of 1% of our fully-diluted capital stock to execute and deliver to the representatives, prior to or substantially concurrently with the issuance of such securities, a lock-up agreement (which, for the avoidance of doubt, shall not extend the restricted period beyond 180 days after the date of this prospectus) to the extent not already executed and delivered by such recipients as of the date hereof and (b) enter stop transfer instructions with our transfer agent and registrar on such securities with respect to all recipients of such securities, which we agrees we will not waive or amend without prior written consent of on behalf of the underwriters.

Our directors, executive officers, and the holders of substantially all of our common stock and securities convertible into or exercisable for our common stock (such persons, the "lock-up parties") have agreed that, for the duration of the restricted period, the lock-up parties may not (and may not cause any of their direct or indirect affiliates to), without the prior written consent of on behalf of the underwriters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) offer, sell, contract to sell, pledge, grant any option, right or warrant to purchase, purchase any option or contract to sell, lend or otherwise transfer or dispose of any shares, or any options or warrants to purchase any shares, or any securities convertible into, exchangeable for or that represent the right to receive shares (such shares, options, rights, warrants or other securities, collectively, "Lock-Up Securities"), including without limitation any such Lock-Up Securities now owned or hereafter acquired by a lock-up party, (ii) engage in any hedging or other transaction or arrangement (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or any other derivative transaction or instrument, however described or defined) which is designed to or which reasonably could be expected to lead to or result in a sale, loan, pledge or other disposition (whether by the lock-up party or someone other than the lock-up party), or transfer of any of the economic consequences of ownership, in whole or in part, directly or indirectly, of any Lock-Up Securities, whether any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of shares or other securities, in cash or otherwise (any such sale, loan, pledge or other disposition, or transfer of economic consequences, a "Transfer"), (iii) make any demand for or exercise any right with respect to the registration of any Lock-Up Securities or (iv) otherwise publicly announce any intention to engage in or cause any action, activity, transaction or arrangement described in clause (i), (ii) or (iii) above.

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Notwithstanding the foregoing, the lock-up parties may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transfer the Lock-Up Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as one or more *bona fide* gifts or charitable contributions, or for *bona fide* estate planning
purposes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon death by will, testamentary document or intestate succession,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the lock-up party is a natural person, to any member of the lock-up party's immediate family (for purposes of the lock-up agreement, "immediate family" shall mean any relationship by blood, current or former marriage,
domestic partnership or adoption, not more remote than first cousin) or to any trust for the direct or indirect benefit of the lock-up party or the immediate family of the lock-up party or, if the lock-up party is a trust, to a trustor or beneficiary of the trust or the estate of a beneficiary of such trust,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to a partnership, limited liability company or other entity of which the lock-up party and the immediate family of the lock-up party are the legal and beneficial owner of all of the outstanding equity securities or similar interests,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under
clauses (a)(i) through (iv) above,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if the lock-up party is a corporation, partnership, limited liability
company, trust or other business entity, (A) to another corporation, partnership, limited liability company or other business entity that is an affiliate (as defined in Rule 405 under the Securities Act of 1933, as amended) of the lock-up party, or to any investment fund or other entity which fund or entity is controlled or managed by the lock-up party or affiliates of the lock-up party, or (B) as part of a distribution by the lock-up party to its stockholders, current or former partners, members or other equityholders or to the
estate of any such stockholders, partners, members or other equityholders,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) by operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce decree or
separation agreement or other order of a court or regulatory authority,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to us from an employee upon death, disability or termination of employment, in each case, of such employee,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) if the lock-up party is not an officer or director of the Company or a
stockholder holding 10% or more of the Company's common stock, in connection with a sale or transfer of the lock-up party's shares of common stock acquired (A) from the underwriters in this
offering (including shares of common stock purchased pursuant to our Direct Share Program) or (B) in open market transactions after the closing date of this offering,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to us in connection with the vesting, settlement or exercise of restricted stock units, options, warrants or
other rights to purchase shares (including, in each case, by way of "net" or "cashless" exercise) that are scheduled to expire or automatically vest during the restricted period, including any transfer to us for the payment
of tax withholdings or remittance payments due as a result of the vesting, settlement or exercise of such restricted stock units, options, warrants or other rights, or in connection with the conversion of convertible securities, in all such cases
pursuant to equity awards granted under a stock incentive plan or other equity award plan, or pursuant to the terms of convertible securities, each as described in the registration statement, the preliminary prospectus relating to the shares
included in the registration statement immediately prior to the time the underwriting agreement is executed and the prospectus, provided that any securities received upon such vesting, settlement, exercise or conversion shall be subject to the terms
of the lock-up agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) in connection with the conversion, exchange or reclassification of any of our outstanding securities into
shares, or any conversion, exchange or reclassification of the shares, provided that

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any such shares received upon such conversion, exchange or reclassification shall be subject to the terms of the lock-up agreement, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) with the prior written consent of    on behalf of the underwriters;

provided that (A) in the case of clauses (a)(i), (ii), (iii), (iv), (v), (vi) and (xi) above, such transfer or distribution shall not involve a disposition for value, (B) in the case of clauses (a)(i), (ii), (iii), (iv), (v), (vi) and (vii) above, it shall be a condition to the transfer or distribution that the donee, devisee, transferee or distributee, as the case may be, shall sign and deliver a lock-up agreement in the form of the lock-up agreement, (C) in the case of clauses (a) (ii), (iii), (iv), (v) and (vi) above, no filing by any party (including, without limitation, any donor, donee, devisee, transferor, transferee, distributor or distributee) under Section 16(a) of the Exchange Act, or other public filing, report or announcement reporting a reduction in beneficial ownership of Lock-Up Securities shall be required or shall be voluntarily made in connection with such transfer or distribution, and (D) in the case of clauses (a)(i), (vii), (viii), (ix), (x) and (xi) above, no filing under the Exchange Act or other public filing, report or announcement shall be voluntarily made, and if any such filing, report or announcement shall be legally required during the restricted period, such filing, report or announcement shall clearly indicate in the footnotes thereto (A) the circumstances of such transfer or distribution and (B) in the case of a transfer or distribution pursuant to clauses (a)(i) or (vii) above, that the donee, devisee, transferee or distributee has agreed to be bound by a lock-up agreement in the form of the lock-up agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enter into a written plan meeting the requirements of Rule 10b5-1 under
the Exchange Act relating to the transfer, sale or other disposition of the lock-up party's Lock-Up Securities, if then permitted by us, provided that none of the
securities subject to such plan may be transferred, sold or otherwise disposed of until after the expiration of the restricted period and no public announcement, report or filing under the Exchange Act, or any other public filing, report or
announcement, shall be voluntarily made regarding the establishment of such plan during the restricted period, and if such filing, report or announcement shall be legally required during the restricted period, such filing, report or announcement
shall clearly indicate that none of the securities subject to such plan may be transferred, sold or otherwise disposed of pursuant to such plan until after the expiration of the restricted period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) transfer the lock-up party's Lock-Up Securities pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction that is approved by our board and made to all holders of our capital stock involving a
change of control; provided that in the event that such tender offer, merger, consolidation or other similar transaction is not completed, the lock-up party's Lock-Up Securities shall remain subject to the provisions of the lock-up agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the extent the lock-up party has demand and/or piggyback
registration rights under any registration rights agreement described in this prospectus, the lock-up party may notify the Company privately that the lock-up party is or
will be exercising his, her or its demand and/or piggyback registration rights under any such registration rights agreement following the expiration of the restricted period and undertake preparations related thereto; provided that the foregoing
notification and/or preparations do not request, require or result in the public filing of a registration statement with the SEC or any other public announcement of such proposed registration by the undersigned, the Company or any third party during
the restricted period (and no such filing, public announcement or activity shall be voluntarily made or taken by the undersigned, the Company or any third party during the restricted period); provided further that the Company shall notify the
representatives upon receipt of such notice.

Notwithstanding the foregoing, solely with respect to lock-up parties that are Class P unit holders, if the closing price per share of our common stock on the NYSE is at least 15% greater than the initial public offering price per share of our common stock for at least five consecutive trading days ending on or after the date that is 90 days after the date of this prospectus (the "Class P Lock-up Release Condition"), then a number of shares of common stock will be automatically released from the foregoing restrictions as of the immediately succeeding trading day in an aggregate amount equal to the lesser of (x) 15% of the number of shares of common stock sold in this offering (including shares sold pursuant to the over-allotment option, if any) and (y) 50% of the aggregate

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number of shares of common stock issued to the Class P unit holders upon conversion of the Class P units, such released shares to be allocated on a pro rata basis with respect to each Class P unit holder.

Prior to the offering, there has been no public market for the shares. The initial public offering price has been negotiated among the company and the representatives. Among the factors to be considered in determining the initial public offering price of the shares, in addition to prevailing market conditions, will be the company's historical performance, estimates of the business potential and earnings prospects of the company, an assessment of the company's management and the consideration of the above factors in relation to market valuation of companies in related businesses.

We intend to apply to list our common stock on the NYSE under the symbol "YSS."

The underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the representatives have repurchased shares sold by or for the account of such underwriter in stabilizing or short covering transactions.

Purchases to cover a short position and stabilizing transactions, as well as other purchases by the underwriters for their own accounts, may have the effect of preventing or retarding a decline in the market price of the company's stock, and together with the imposition of the penalty bid, may stabilize, maintain, or otherwise affect the market price of the common stock. As a result, the price of the common stock may be higher than the price that otherwise might exist in the open market. The underwriters are not required to engage in these activities and may end any of these activities at any time. These transactions may be effected on the , in the over-the-counter market or otherwise.

The company estimates that its share of the total expenses of the offering, excluding underwriting discounts and commissions, will be approximately $ million. The company also agreed to reimburse the underwriters for certain Financial Industry Regulatory Authority ("FINRA")-related expenses incurred by them in connection with the offering in an amount up to $. The underwriters have agreed to reimburse certain of our expenses in connection with the offering.

The company has agreed to indemnify the several underwriters against certain liabilities, including liabilities under the Securities Act.

The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include sales and trading, commercial and investment banking, advisory, investment management,

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investment research, principal investment, hedging, market-making, brokerage, and other financial and non-financial activities and services. Certain of the underwriters and their respective affiliates have provided, and may in the future provide, a variety of these services to the company and to persons and entities with relationships with the company, for which they received or will receive customary fees and expenses.

In the ordinary course of their various business activities, the underwriters and their respective affiliates, officers, directors and employees may purchase, sell or hold a broad array of investments and actively trade securities, derivatives, loans, commodities, currencies, credit default swaps, and other financial instruments for their own account and for the accounts of their customers, and such investment and trading activities may involve or relate to assets, securities, and/or instruments of the company (directly, as collateral securing other obligations or otherwise) and/or persons and entities with relationships with the company. The underwriters and their respective affiliates may also communicate independent investment recommendations, market color or trading ideas and/or publish or express independent research views in respect of such assets, securities or instruments and may at any time hold, or recommend to clients that they should acquire, long and/or short positions in such assets, securities, and instruments.

**Selling Restrictions** 

***European Economic Area***

In relation to each Member State of the European Economic Area (each a "Member State"), no common shares (the "Shares") have been offered or will be offered pursuant to the offering to the public in that Member State prior to the publication of a prospectus in relation to the Shares which has been approved by the competent authority in that Member State or, where appropriate, approved in another Member State and notified to the competent authority in that Member State, all in accordance with the Prospectus Regulation), except that offers of Shares may be made to the public in that Member State at any time under the following exemptions under the Prospectus Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any legal entity which is a qualified investor as defined under the Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to fewer than 150 natural or legal persons (other than qualified investors as defined under the Prospectus
Regulation), subject to obtaining the prior consent of the underwriters for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other circumstances falling within Article 1(4) of the Prospectus Regulation;

provided that no such offer of Shares shall require the Issuer or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation.

For the purposes of this provision, the expression an "offer to the public" in relation to any Shares in any Member State means the communication in any form and by any means of sufficient information on the terms of the offer and any Shares to be offered so as to enable an investor to decide to purchase or subscribe for any Shares, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

***United Kingdom***

In relation to the UK, no shares have been offered or will be offered pursuant to this offering to the public in the UK prior to the publication of a prospectus in relation to the shares that either (i) has been approved by the Financial Conduct Authority, or (ii) is to be treated as if it had been approved by the Financial Conduct Authority in accordance with the transitional provision in Regulation 74 of the Prospectus (Amendment etc.) (EU Exit) Regulations 2019, except that offers of shares may be made to the public in the UK at any time under the following exemptions under the UK Prospectus Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any legal entity which is a qualified investor as defined in Article 2 of the UK Prospectus Regulation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to fewer than 150 natural or legal persons (other than qualified investors as defined in Article 2 of the UK
Prospectus Regulation), subject to obtaining the prior consent of the Representatives for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other circumstances falling within section 86 of the Financial Services and Markets Act 2000, as
amended, or the FSMA;

provided that no such offer of units shall require the issuer or any underwriter to publish a prospectus pursuant to section 85 of the FSMA or supplement a prospectus pursuant to Article 23 of the UK Prospectus Regulation.

For the purposes of this provision, the expression an "offer to the public" in relation to any units in the UK means the communication in any form and by any means of sufficient information on the terms of the offer and any units to be offered so as to enable an investor to decide to purchase or subscribe for any units, and the expression "UK Prospectus Regulation" means Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.

***Switzerland***

The shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange ("SIX") or on any other stock exchange or regulated trading facility in Switzerland. This prospectus has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland.

Neither this prospectus nor any other offering or marketing material relating to the shares or the offering may be publicly distributed or otherwise made publicly available in Switzerland. Neither this prospectus nor any other offering or marketing material relating to the offering, the Company, the shares have been or will be filed with or approved by any Swiss regulatory authority. In particular, this prospectus will not be filed with, and the offer of shares will not be supervised by, the Swiss Financial Market Supervisory Authority FINMA (FINMA), and the offer of shares has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes ("CISA"). The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of shares.

***Canada***

The securities may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions, and Ongoing Registrant Obligations. Any resale of the securities must be made in accordance with an exemption form, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment hereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory of these rights or consult with a legal advisor.

Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

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***Hong Kong***

The shares may not be offered or sold in Hong Kong by means of any document other than (i) in circumstances which do not constitute an offer to the public within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32 of the Laws of Hong Kong), or the Companies (Winding Up and Miscellaneous Provisions) Ordinance, or which do not constitute an invitation to the public within the meaning of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong), or the Securities and Futures Ordinance, or (ii) to "professional investors" as defined in the Securities and Futures Ordinance and any rules made thereunder, or (iii) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance, and no advertisement, invitation or document relating to the shares may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to shares which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" in Hong Kong as defined in the Securities and Futures Ordinance and any rules made thereunder.

***Singapore***

This prospectus has not been and will not be registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the shares may not be circulated or distributed, nor may the shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined under Section 4A of the Securities and Futures Act, Chapter 289 of Singapore, or the SFA) under Section 274 of the SFA, or (ii) to an accredited investor as defined in Section 4A of the SFA pursuant to and in accordance with the conditions specified in Section 275 of the SFA.

Singapore Securities and Futures Act Product Classification—Solely for the purposes of our obligations pursuant to Section 309B(1)(a) and 309B(1)(c) of the SFA, we have determined, and hereby notify all relevant persons (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018, or the CMP Regulations) that the shares are "prescribed capital markets products" (as defined in the CMP Regulations) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products). Any reference to any term as defined in the SFA, or any provision in the SFA is a reference to that term as modified or amended from time to time including by such of its subsidiary legislation as may be applicable at the relevant time.

***Japan***

The securities have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended), or the FIEA. The securities may not be offered or sold, directly or indirectly, in Japan or to or for the benefit of any resident of Japan (including any person resident in Japan or any corporation or other entity organized under the laws of Japan) or to others for reoffering or resale, directly or indirectly, in Japan or to or for the benefit of any resident of Japan, except pursuant to an exemption from the registration requirements of the FIEA and otherwise in compliance with any relevant laws and regulations of Japan.

***Australia***

No placement document, prospectus, product disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments Commission ("ASIC"), in relation to the offering. This prospectus does not constitute a prospectus, product disclosure statement or other disclosure document under the

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Corporations Act 2001 (the "Corporations Act"), and does not purport to include the information required for a prospectus, product disclosure statement or other disclosure document under the Corporations Act.

Any offer in Australia of the shares may only be made to persons (the "Exempt Investors") who are "sophisticated investors" (within the meaning of section 708(8) of the Corporations Act), "professional investors" (within the meaning of section 708(11) of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer the shares without disclosure to investors under Chapter 6D of the Corporations Act.

The shares applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment under the offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring shares must observe such Australian on-sale restrictions.

This prospectus contains general information only and does not take account of the investment objectives, financial situation, or particular needs of any particular person. It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors need to consider whether the information in this prospectus is appropriate to their needs, objectives, and circumstances, and, if necessary, seek expert advice on those matters.

***Brazil***

The offer and sale of the securities have not been and will not be registered with the Brazilian Securities Commission (Comissão de Valores Mobiliários, or "CVM") and, therefore, will not be carried out by any means that would constitute a public offering in Brazil under CVM Resolution no 160, dated 13 July 2022, as amended ("CVM resolution 160") or unauthorized distribution under Brazilian laws and regulations. The securities may only be offered to Brazilian professional investors (as defined by applicable CVM regulation), who may only acquire the securities through a non-Brazilian account, with settlement outside Brazil in non-Brazilian currency. the trading of these securities on regulated securities markets in Brazil is prohibited.

***Israel***

This document does not constitute a prospectus under the Israeli Securities Law, 5728-1968, or the Securities Law, and has not been filed with or approved by the Israel Securities Authority. In Israel, this prospectus is being distributed only to, and is directed only at, and any offer of the shares is directed only at, (i) a limited number of persons in accordance with the Israeli Securities Law and (ii) investors listed in the first addendum, or the

Addendum, to the Israeli Securities Law, consisting primarily of joint investment in trust funds, provident funds, insurance companies, banks, portfolio managers, investment advisors, members of the Tel Aviv Stock Exchange, underwriters, venture capital funds, entities with equity in excess of NIS 50 million and "qualified individuals," each as defined in the Addendum (as it may be amended from time to time), collectively referred to as qualified investors (in each case, purchasing for their own account or, where permitted under the Addendum, for the accounts of their clients who are investors listed in the Addendum). Qualified investors are required to submit written confirmation that they fall within the scope of the Addendum, are aware of the meaning of same and agree to it.

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**LEGAL MATTERS** 

The validity of the shares of common stock being offered by this prospectus will be passed upon for us by Kirkland & Ellis LLP, Chicago, Illinois. Certain legal matters in connection with this offering will be passed upon for the underwriters by Davis Polk & Wardwell LLP, New York, New York.

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**EXPERTS** 

The audited financial statements included in this prospectus and elsewhere in the registration statement have been so included in reliance upon the reports of Grant Thornton LLP, independent registered public accountants, upon the authority of said firm as experts in accounting and auditing.

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**WHERE YOU CAN FIND ADDITIONAL INFORMATION** 

We have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to the shares of common stock offered by this prospectus. This prospectus, which constitutes a part of the registration statement, does not contain all the information set forth in the registration statement, some of which is contained in exhibits to the registration statement as permitted by the rules and regulations of the SEC. For further information with respect to us and our common stock, we refer you to the registration statement, including the exhibits filed as a part thereof. Statements contained in this prospectus concerning the contents of any contract or any other document are not necessarily complete. If a contract or document has been filed as an exhibit to the registration statement, please see the copy of the contract or document that has been filed. Each statement in this prospectus relating to a contract or document filed as an exhibit is qualified in all respects by the filed exhibit. The SEC maintains an internet website that contains reports and other information about issuers, like us, that file electronically with the SEC. The address of that website is www.sec.gov.

Upon the completion of this offering, we will be subject to the information reporting requirements of the Exchange Act, and we will file reports, proxy statements, and other information with the SEC. These reports, proxy statements, and other information will be available on the website of the SEC referred to above.

We also maintain a website at www.yorkspacesystems.com, at which you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. Information contained on, or that can be accessed through, our website is not incorporated by reference in this prospectus, and you should not consider information on our website to be part of this prospectus and the inclusion of our website address in this prospectus is an inactive textual reference only.

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**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS** 

**Yellowstone Midco Holdings, LLC**

---

| | |
|:---|:---|
|  | **Page** |
|  **Audited Consolidated Financial Statements** |  |
|  [Report of Independent Registered Public Accounting Firm](#fin941199_1) | F-2 |
|  [Consolidated Balance Sheets](#fin941199_2) | F-3 |
|  [Consolidated Statements of Operations and Comprehensive Loss](#fin941199_3) | F-4 |
|  [Consolidated Statements of Changes in Redeemable Preferred Units and Member's Capital](#fin941199_4) | F-5 |
|  [Consolidated Statements of Cash Flows](#fin941199_5) | F-6 |
|  [Notes to Consolidated Financial Statements](#fin941199_6) | F-7 |

---

---

| | |
|:---|:---|
|  [**Condensed Consolidated Balance Sheets (Unaudited)**](#fin941199_7) | F-37 |
|  [Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)](#fin941199_8) | F-38 |
|  [Condensed Consolidated Statements of Changes in Redeemable Preferred Units and Member's Capital (Unaudited)](#fin941199_9) | F-39 |
|  [Condensed Consolidated Statements of Cash Flows (Unaudited)](#fin941199_10) | F-40 |
|  [Notes to Condensed Consolidated Financial Statements (Unaudited)](#fin941199_11)<br>| F-41 |

---

**Yellowstone Midco Holdings II, LLC** 

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| | | |
|:---|:---|:---|
|  | **Page** | **Page** |
|  **Audited Financial Statement** |  |  |
|  [Report of Independent Registered Public Accounting Firm](#fin941199_12) |  | F-55 |
|  [Balance sheet as of September 4, 2025](#fin941199_13) |  | F-56 |
|  [Notes to financial statement](#fin941199_14) |  | F-57 |

---

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| | |
|:---|:---|
| **Interim Financial Statement (unaudited)** |  |
|  [Balance sheet as of September 30, 2025 (unaudited)](#fin941199_15) | F-59 |
|  [Notes to financial statement (unaudited)](#fin941199_16) | F-60 |

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**Report of Independent Registered Public Accounting Firm** 

Board of Directors and Unitholders

Yellowstone Midco Holdings, LLC

**Opinion on the financial statements** 

We have audited the accompanying consolidated balance sheets of Yellowstone Midco Holdings, LLC (a Delaware limited liability company) and subsidiaries (the "Company") as of December 31, 2024 and 2023, the related consolidated statements of operations and comprehensive loss, changes in redeemable preferred units and member's capital, and cash flows for each of the two years in the period ended December 31, 2024, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for opinion** 

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

GRANT THORNTON LLP

/s/ GRANT THORNTON LLP

We have served as the Company's auditor since 2025.

Denver, Colorado

September 28, 2025

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**Yellowstone Midco Holdings, LLC** 

**Consolidated Balance Sheets** 

**(Dollars in thousands, except units and per unit amounts)** 

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| | | |
|:---|:---|:---|
|  | **As of<br>December 31,<br>2024** | **As of<br>December 31,<br>2023** |
|  **Assets** |  |  |
|  Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $104656 | $81149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net | 2135 | 2295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 34602 | 23273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 51645 | 44059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract assets | 21558 | 73289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalized commissions, net | 12661 | 17184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 227257 | 241249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed assets, net | 35112 | 29626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right of use assets, net | 21612 | 23234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 610832 | 610873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other intangibles, net | 423995 | 459497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1457 | 1432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**1320265** | $**1365911** |
|  **Liabilities, Temporary Equity and Member's Capital** |  |  |
|  Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract liabilities | $165636 | $93420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses | 50599 | 37230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related party payables |  | 14460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities, current | 2572 | 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes payable |  | 7640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred commissions, current | 6730 | 9881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 225537 | 164642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities, less current portion | 20519 | 22174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred commissions, less current portion | 4132 | 5482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt, net | 182249 | 181533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related party long-term debt, net | 14784 | 14727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 3071 | 2047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related party payables, less current portion | 3683 | 1219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax liability | 19959 | 38409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | $**473934** | $**430233** |
|  Commitments and contingencies (See Note 12) |  |  |
|  **Temporary Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemable preferred units (56,619,831 authorized, issued and outstanding at December 31, 2024; 46,619,831 authorized, issued and outstanding at December 31, 2023; $68,413 and $51,011 liquidation preference as of December 31, 2024 and 2023, respectively) | 68413 | 51011 |
|  **Member's Capital** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common units (1,078,929,080 authorized, issued and outstanding at December 31, 2024 and 2023) | 963213 | 970615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive loss | (810) | (374) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit | (184485) | (85574) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total member's capital | 777918 | 884667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities, temporary equity and member's capital** | $**1320265** | $**1365911** |

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*The accompanying notes are an integral part of these consolidated financial statements.* 

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**Yellowstone Midco Holdings, LLC** 

**Consolidated Statements of Operations and Comprehensive Loss** 

**(Amounts in thousands, except units and per unit amounts)** 

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| | | |
|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2024** | **2023** |
|  Revenue | $253531 | $238103 |
|  Cost of revenues | 221110 | 183199 |
|  **Gross profit** | **32421** | **54904** |
|  Operating expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses | 103947 | 94073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research & development | 20440 | 6973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 124387 | 101046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Loss from operations** | **(91966)** | **(46142)** |
|  Other income (expense) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (29923) | (26175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 1201 | 2328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other (expense) income, net | (3600) | 1227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other expense | (32322) | (22620) |
|  **Loss before provision for income taxes** | **(124288)** | **(68762)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax benefit | 25377 | 39106 |
|  **Net loss** | $**(98911)** | $**(29656)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation adjustment | (436) | (797) |
|  **Comprehensive loss** | $**(99347)** | $**(30453)** |
|  **Net loss per common unit** |  |  |
|  Net loss | (98911) | (29656) |
|  Less: Accretion of redeemable preferred units | 7402 | 4391 |
|  **Net loss available to common unitholders** | **(106313)** | **(34047)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted | $(0.10) | $(0.03) |
|  **Weighted-average common units outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted | 1078929080 | 1075271545 |

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*The accompanying notes are an integral part of these consolidated financial statements.* 

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**Yellowstone Midco Holdings, LLC** 

**Consolidated Statements of Changes in Redeemable Preferred Units and Member's Capital** 

**(Dollars in thousands, except units and per unit amounts)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Redeemable<br>Preferred Units** | **Redeemable<br>Preferred Units** | **Common Units** | **Common Units** | **Accumulated<br>deficit** | **Accumulated<br>other<br>comprehensive<br>income (loss)** | **Total<br>Member's<br>Capital** |
|  | **Units** | **Amount** | **Units** | **Amount** | **Accumulated<br>deficit** | **Accumulated<br>other<br>comprehensive<br>income (loss)** | **Total<br>Member's<br>Capital** |
|  **Balance at December 31, 2022** |  | $— | 772013564 | $963592 | $(55918) | $423 | $908097 |
|  Issuance of Redeemable preferred units | 46619831 | 46620 |  |  |  |  |  |
|  Issuance of Common units for acquisition of Emergent |  |  | 15000000 | 10842 |  |  | 10842 |
|  Non-cash member's contribution |  |  |  | 572 |  |  | 572 |
|  Recapitalization |  |  | 291915516 |  |  |  |  |
|  Foreign currency translation adjustment |  |  |  |  |  | (797) | (797) |
|  Accretion of Redeemable preferred units |  | 4391 |  | (4391) |  |  | (4391) |
|  Net loss |  |  |  |  | (29656) |  | (29656) |
|  **Balance at December 31, 2023** | **46619831** | $**51011** | **1078929080** | $**970615** | $**(85574)** | $**(374)** | $**884667** |
|  Issuance of Redeemable preferred units | 10000000 | 10000 |  |  |  |  |  |
|  Foreign currency translation adjustment |  |  |  |  |  | (436) | (436) |
|  Accretion of Redeemable preferred units |  | 7402 |  | (7402) |  |  | (7402) |
|  Net loss |  |  |  |  | (98911) |  | (98911) |
|  **Balance at December 31, 2024** | **56619831** | $**68413** | **1078929080** | $**963213** | $**(184485)** | $**(810)** | $**777918** |

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*The accompanying notes are an integral part of these consolidated financial statements.* 

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**Yellowstone Midco Holdings, LLC** 

**Consolidated Statements of Cash Flows** 

**(Dollars in thousands, except units and per unit amounts)** 

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| | | |
|:---|:---|:---|
|  | **For the year ended<br>December 31,** | **For the year ended<br>December 31,** |
|  | **2024** | **2023** |
|  **Cash flows from operating activities** |  |  |
|  Net loss | $(98911) | $(29656) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 48072 | 44395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of debt issuance costs | 773 | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash lease expense | 2555 | 2107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of capitalized commissions | 5770 | 6629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax benefit | (18376) | (54382) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net | (23) | 5135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | (11461) | (17093) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | (7346) | (8519) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract assets | 51731 | (10174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalized commissions, net | (1247) | (4825) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other long-term assets | (28) | (178) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract liabilities | 72302 | 61282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses | 13393 | 16475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred commissions | (4501) | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes payable | (7838) | 7058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related party payables | (11996) | (3781) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current liabilities | 770 | 1737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right-of-use assets and operating lease liabilities, net | (2025) | (1532) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by operating activities** | **31614** | **15701** |
|  **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital expenditures | (18048) | (18496) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of business, net of cash acquired |  | (44358) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in investing activities** | **(18048)** | **(62854)** |
|  **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from long-term debt |  | 34146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from related party long-term debt |  | 14700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of Redeemable preferred units | 10000 | 46619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by financing activities** | **10000** | **95465** |
|  **Net increase in cash** | **23566** | **48312** |
|  Effect of exchange rate changes on cash | (59) | (130) |
|  Cash and cash equivalents, beginning of period | 81149 | 32967 |
|  **Cash at end of period** | $**104656** | $**81149** |
|  **Supplemental disclosures of cash flow information** |  |  |
|  Cash payments for interest | $27093 | $25098 |
|  Cash paid for taxes | 50 | 4509 |
|  **Noncash operating, investing, and financing** |  |  |
|  Issuance of Common units for acquisition of Emergent |  | 10842 |
|  Non-cash member's contribution |  | 572 |
|  Changes in accounts payable and accruals for purchases of fixed assets | 279 | (1530) |

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*The accompanying notes are an integral part of these consolidated financial statements.* 

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**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

**Note 1. The Company and Basis of Presentation** 

Yellowstone MidCo Holdings, LLC, together with its wholly owned subsidiaries (collectively, the "Company"), is a privately held company based in Denver, Colorado.

The Company's primary operating entity, York Space Systems ("York") is a leading, U.S.-based, space and defense prime providing a comprehensive suite of mission-critical solutions for national security, government and commercial customers. York is one of the only space and defense primes with proprietary hardware and software capabilities designed to address its customers' complex mission requirements across the critical elements of the entire space ecosystem throughout the entire mission lifecycle.

York is purpose built to address evolving national security space challenges and to adapt to the ongoing shift in the U.S. government's mission needs and procurement processes, where economics, agility, rapid capabilities, and heritage drive customer decision making. York delivers mission critical solutions in a zero-tolerance for error environment where systems must work. York believes it is uniquely positioned to capture an outsized share of growth in its core markets. York provides customers a vertically integrated, full technology stack of solutions including design, production, integration, and operation of spacecraft with turnkey offerings to manage spacecraft and constellations throughout their entire mission lifecycle.

York was founded in 2012 to create an innovative space technology mission prime, with a goal of meeting the evolving national security threats from space by providing mission-critical spacecraft at scale, faster, and at lower cost.

For the years ending December 31, 2024 and 2023, 98% and 97%, respectively, of the Company's revenue was derived based in the U.S. market.

***Basis of Presentation***

The Company's Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and include the Company's accounts and the accounts of the Company's wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

**Note 2. Summary of Significant Accounting Policies** 

***Use of Estimates***

The preparation of the consolidated financial statements in accordance with U.S. GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosures of contingencies at the reporting date, as well as the reported amounts of revenue and expenses during the reporting periods. Estimates have been prepared using the most recent and best available information. Although Management believes the estimates that have been used are reasonable, actual results could materially differ from the estimates that were used. Adjustments, if any, to the estimates used are made prospectively based upon such periodic evaluation.

***Balance Sheet Classifications***

The Company classifies certain assets and liabilities as current utilizing the duration of the related contract or program as the Company's operating cycle, which is generally longer than one year. This primarily impacts receivables, contract assets, inventories, and contract liabilities under construction contracts which may extend

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**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

beyond one year. All other assets and liabilities are classified based on whether the asset will be realized or the liability will be paid within one year.

***Cash and Cash Equivalents***

Cash and cash equivalents is comprised of cash on hand and short-term deposits with an original maturity at the date of purchase for three months or less. As of December 31, 2024 and 2023, the Company had deposits at two financial institutions. Both of those institutions maintained Federal Deposit Insurance Corporation ("FDIC") deposit insurance limiting coverage to $250 per depositor at December 31, 2024 and 2023. The excess over $250 for each financial institution represents a credit risk to the Company. The Company has not experienced any losses in such accounts.

***Accounts Receivable***

Accounts receivable are based on amounts billed to customers. The Company bills customers as work progresses in accordance with agreed upon contractual terms, either at periodic intervals, upon achievement of contractual milestones or upon deliveries. The carrying amount of accounts receivable are stated at cost, net of allowance for credit losses.

The Company continually evaluates the need for an allowance for credit losses for estimated losses resulting from the inability of its customers to make required payments, which results in bad debt expense. The Company periodically determines the adequacy of this allowance by evaluating the comprehensive risk profiles of all individual customer receivable balances including, but not limited to, the customer's financial condition, credit agency reports, financial statements, credit limit and overall current economic conditions. Normally accounts receivable are due 30 days after issuance of the invoice. Delinquent receivables are written off based on individual credit evaluation and specific circumstances of the customer. The provision for expected credit losses is recorded in selling, general, and administrative expenses in the consolidated statements of operations.

***Inventories***

Inventory is stated at the lower of cost or net realizable value. Cost is calculated on a first-in, first-out ("FIFO") basis. Inventory consists primarily of parts and sub-assemblies used in the manufacturing of satellites. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expense. When evidence exists that the net realizable value of inventory is lower than its cost, the difference is recognized as a loss in earnings in the period in which it occurs. Changes in these estimates are included in cost of revenues in the consolidated statements of operations and comprehensive loss. There have been no adjustments to reduce inventory to its net realizable value for the years ended December 31, 2024 and 2023.

***Contract Assets and Liabilities***

Contract assets include unbilled amounts typically resulting from sales under contracts when the percentage-of-completion cost-to-cost method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer. When costs incurred plus recognized profit (less recognized losses) on a contract exceeds progress billings, the net amount is recorded as a contract asset. Contract assets are classified as current based on the Company's operating cycle and include amounts that may be billed and collected beyond one year due to the long-cycle nature of the Company's contracts.

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**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

Contract liabilities include advance payments and billings in excess of revenue recognized. When progress billings exceed costs incurred plus recognized profit (less recognized losses), the net amount is recorded as a contract liability. Contract liabilities are classified as current based on the Company's contract operating cycle and reported on a contract-by-contract basis, net of revenue recognized, at the end of each reporting period.

***Deferred Contract Costs***

Sales commissions earned by the Company's employees are considered incremental costs of obtaining a contract. An asset is recognized for sales commissions if the Company expects the period of benefit from these costs to be more than one year. The Company amortizes the deferred contract costs over the period of expected benefit, which is typically three to four years, consistent with the pattern of revenue recognition of the related performance obligation. The amortized costs are recorded in selling, general, and administrative expense in the Company's consolidated statements of operations and comprehensive loss. The Company expenses sales commissions as incurred when the period of benefit is less than one year. Deferred contract costs are included in capitalized commissions, net, for the current portion, and other long-term assets, for the non-current portion, on the Company's consolidated balance sheets.

***Fixed assets***

Fixed assets are measured at cost less accumulated depreciation. Depreciation and amortization are computed using a straight-line method over the estimated useful lives of the assets, which range from 3 to 8 years. Leasehold improvements are amortized over the shorter of the useful lives of the related assets or the lease term. Additions, renewals, and betterments that significantly extend the life of an asset are capitalized. Expenditures for repairs and maintenance are charged to operations, as incurred. The Company occasionally designs and builds its own machinery. The cost of these projects, including direct material and labor, and other indirect costs directly attributable to the construction, are capitalized as construction in progress. No provision for depreciation is made on construction in progress until the related assets are completed and placed in service.

Expected useful lives for fixed assets are reviewed at least annually. Estimated useful lives are as follows:

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| | | |
|:---|:---|:---|
| **Asset** | **Estimated useful life in years** | **Estimated useful life in years** |
|  Leasehold improvements |  | Shorter of estimated useful life or lease term |
|  Orbiting satellites |  | 5 |
|  Machinery and equipment |  | 5 – 8 |
|  Computer equipment |  | 3 |
|  Software |  | 3 – 5 |
|  Furniture and fixtures |  | 4 – 7 |

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For assets sold or otherwise disposed of, the cost and related accumulated depreciation and amortization are derecognized and removed from the consolidated balance sheets, and any related gain or loss is reflected in operations in the period realized.

***Finite-lived Intangible Assets***

Finite-lived intangible assets consist of customer relationships, developed technology, trade names and licenses. These finite-lived intangible assets are reported at cost, net of accumulated amortization, and are either amortized on a straight-line basis over their estimated useful lives or over the period the economic benefits of the intangible asset are consumed.

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**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

***Impairment of Long-lived Assets***

The carrying values of long-lived assets, which include equipment and other assets, and all finite-lived intangible assets, are evaluated periodically for impairment when circumstances indicate the carrying value of an asset may not be recoverable. Recoverability is measured by comparing the undiscounted future cash flows expected to be generated from the asset group to the carrying value of the asset group. If the test for recoverability identifies a possible impairment, the asset group's fair value is measured, using valuation techniques such as discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. An impairment loss is recognized for the amount by which the carrying value of the asset group exceeds its estimated fair value and is recognized as an expense in the period it is determined. No impairment losses have been recognized for the year ended December 31, 2024 and 2023.

***Goodwill***

Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. The Company evaluates goodwill for impairment annually at October 1 and whenever events or circumstances make it more likely than not that impairment may have occurred. The Company has determined that its business comprises one reporting unit. The Company has the option to first assess qualitative factors to determine whether events or circumstances indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company considers factors in performing a qualitative assessment including, but not limited to, general macroeconomic conditions, industry and market conditions, company financial performance, changes in strategy, and other relevant entity-specific events. If the Company elects to bypass the qualitative assessment or does not pass the qualitative assessment, a quantitative assessment is performed.

When a quantitative assessment is performed, the Company utilizes a discounted cash flow approach, which incorporates key assumptions such as future growth rates, terminal values, and discount rates. This process compares the estimated fair value of the reporting unit to the reporting unit's carrying value, including goodwill. The Company recognizes a goodwill impairment charge for the amount by which the reporting unit's carrying amount exceeds its fair value up to the amount of goodwill. If the fair value of a reporting unit exceeds its carrying value, goodwill of the reporting unit is considered not to be impaired. For the years ended December 31, 2024 and 2023, the Company elected to perform a qualitative assessment for its annual review of goodwill to determine whether or not indicators of impairment exist. As a result of the qualitative assessment, no indicators of impairment were identified that would require further testing for impairment.

***Redeemable Preferred Units***

The Company's Redeemable preferred units represent legal form of equity, are not mandatorily redeemable, and do not constitute unconditional obligations that may require issuance of a variable number of the Company's units. The Redeemable preferred units are classified as mezzanine (or temporary) equity as the Redeemable preferred units are in-substance currently redeemable through the distribution waterfall since the holder of the Redeemable preferred units controls the Company and can make such distribution at any time and in the form of cash or other assets. Subsequent remeasurement of the carrying value of the Redeemable preferred units is required as they are currently redeemable. The Company records Redeemable preferred units at an amount equal to the then current maximum redemption value at the end of each reporting period.

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**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

***Fair Value Measurements***

The Company measures certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Under the fair value standards, fair value is based on the exit price in the principal or most advantageous market for the asset or liability. The fair value measurement hierarchy is based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect internal market assumptions. The following hierarchy classifies the inputs used to determine fair value into three levels:

• Level 1 – Quoted prices in active markets for identical assets or liabilities.

• Level 2 – Inputs, other than quoted prices in active markets, that are observable either directly or
indirectly; and

• Level 3 – Unobservable inputs in which there is little or no market data and that are significant to
the fair value of the assets and liabilities

Valuation techniques that maximize the use of observable inputs are favored. Assets and liabilities are classified in their entirety based on the lowest priority level of input that is significant to the fair value measurement. The assessment of the significance of an input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. Reclassifications of fair value between Level 1, Level 2 and Level 3 of the fair value hierarchy, if applicable, are made at the end of each reporting period. See Note 16 – Fair Value Measurements for further details.

***Concentration of Credit Risk***

The Company's operating results are closely correlated with economic and budgetary actions of the U.S. Federal Government. Changes in any of these factors may significantly affect Management's estimates and the Company's performance. The Company has a proven set of supply chain partners; however, it is subject to the same general delays and shortages that impact the global supply chain. The Company's supply chain team works closely with these vendors to ensure that production timelines are met per customer requirements.

Approximately 93% and 90% of revenues for the years ended December 31, 2024 and 2023, respectively, were derived from one customer.

***Revenue Recognition***

The Company recognizes revenue in accordance with the five-step model under the Accounting Standards Codification ("ASC") 606, *Revenue from Contracts with Customers* ("ASC 606") which involves (i) identification of the contract(s), (ii) identification of performance obligations in the contract, (iii) determination of the transaction price, (iv) allocation of the transaction price to the previously identified performance obligations and (v) recognition of revenue as the performance obligations are satisfied.

The Company's revenues are primarily derived from firm-fixed-price ("FFP") contracts with both domestic U.S. Federal Government-controlled agencies as well as commercial customers and recognizes revenue for these arrangements over time. These contracts generally span several years in duration. Revenue arrangements where revenue is recognized at a point in time are immaterial as a percentage of total revenues to the consolidated financial statements.

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**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when the performance obligation is satisfied. The Company's contracts with customers generally do not include a right of return relative to delivered products. In certain cases, contracts are modified to account for changes in the contract specifications or requirements. In most instances, contract modifications are accounted for as part of the existing contract as modifications take place when the Company is in process of completing a performance obligation.

The Company's typical contracts include two performance obligations. The first performance obligation consists of the combined design, development, and integration of a specified number of satellites on payloads constituting a fully functional constellation of satellites once successfully launched in space, as well as the design, development, and delivery of the hardware and software components constituting a ground system missions control to strategically operate the satellites to obtain mission critical data. While acknowledging the assessment required significant judgment, the Company ultimately determined that the various promises constitute a single combined performance obligation because the Company deemed each promise to not be individually distinct within the context of the contract since the Company performs a significant service of integrating the inputs into a combined output for which the customer has contracted: that is, a fully functional constellation of satellites that reports real-time information to the customer for strategic operations of the customer. Further, the Company concluded that the hardware and software developed for the customer and installed at the customer's ground missions control are highly interdependent and highly interrelated with the satellites. The hardware and software serve as an interface to obtain the desired data from the constellation. The software enables the satellites to maneuver in space and communicate with each other and the ground systems in order to perform their intended function.

The second performance obligation consists of operations and maintenance services that operate the ground systems by sending instructions and commands to the satellites, obtaining data from the satellites, as well as maintenance and updates to the software. The Company concluded that these services constitute a series of daily time increments that are satisfied over time.

The Customer's contracts also typically include customer options to acquire additional operations and maintenance services. The pricing of these options is reflective of the standalone selling price for these services and therefore does not provide the customer with a material right that would constitute a separate performance obligation. Instead, the options are accounted for only when the customer exercises the option to purchase the additional services.

For some contracts, the Company arranges for launch services from a third-party provider. As the Company does not obtain control of the services before they are provided to the customer, the Company concluded it is acting as an agent when arranging for launch services. Upon reviewing the indicators in ASC 606, the Company does not establish pricing for the services, rather, it is entitled to a fee for its arranging services. The Company also is not primarily responsible for the launch services and does not have inventory risk or procure the services without a customer lined up.

Once the Company identifies the performance obligations, it determines the transaction price, which includes estimating the amount of variable consideration to be included in the transaction price, if any. Typical contracts include variable consideration in the form of contingent milestone payments. The milestones are established at contract inception and outline the specifications and criteria that must be met for the Company to invoice the customer for the corresponding milestone payment. The Company utilizes the most likely approach to estimate

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**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

variable consideration as most of the milestones have only two possible outcomes. The Company continuously considers the constraint guidance and typically does not constrain variable consideration as it deems it not probable that inclusion of the variable payments in the transaction price would result in a significant revenue reversal of cumulative revenue recognized to date for any single contract. The Company carefully establishes project milestones with consultation of its engineers and experts that have significant experience in achieving such milestones.

The Company allocates the transaction price to its identified performance obligation based upon their stand-alone-selling-price ("SASP"). Because the Company does not have observable SASP, it estimates SASP using a cost-plus-margin approach.

The Company recognizes revenue for its performance obligations over time as the Company's performance creates an asset with no alternative use to the Company and the Company has an enforceable right to payment for performance completed to date (for the design and build of the satellites and ground systems performance obligation) and as the customer benefits as the Company performs (for the operations and maintenance services performance obligation).

For the design and build of the satellites and ground systems performance obligation, the Company recognizes revenue using the percentage of completion method ("POC"), based on the proportion of total costs incurred relative to total estimated costs-at-completion ("EAC"). An EAC includes all direct costs and indirect costs directly attributable to a contract or allocable based on the Company's project cost pooling arrangements. The Company believes that this method represents the most faithful depiction of the Company's performance because it directly measures value transferred to the customer. Contract estimates are based on various assumptions to project the outcome of future events that may span several years. These assumptions include, but are not limited to, the amount of time to complete the contract, including the assessment of the nature and complexity of the work to be performed; the cost and availability of materials; the availability of subcontractor services and materials; and the availability and timing of funding from the customer. The Company bears the risk of changes in estimates to complete on FFP contracts, which may cause profit levels to vary from period to period. For the operations and maintenance services performance obligation, the company recognizes revenue on a straight-line basis over time.

Contracts are often modified for changes in contract value, specifications or requirements, which may result in scope and/or price changes. Most of the Company's contract modifications are for goods or services that are not distinct in the context of the contract and are therefore accounted for as part of the original performance obligation through a cumulative EAC adjustment.

Accounting for long-term contracts requires significant judgment relative to estimating total contract revenues and costs, in particular, assumptions relative to the amount of time to complete the contract, including the assessment of the nature and complexity of the work to be performed. The Company's estimates are based upon the professional knowledge and experience of its engineers, program managers and other personnel, who review each long-term contract quarterly to assess the contract's schedule, performance, technical matters and estimated cost at completion. If, at the time of the contract award or at any time during the life of a contract it becomes probable that total contract costs will exceed total contract revenue, the expected loss is recognized immediately in the consolidated statements of operations and comprehensive loss. A cumulative catch-up adjustment is recorded for changes in the transaction price or estimate at completion during the period when such revisions occur.

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**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

For long-term contracts, the portion of the payments retained by the customer is not considered a significant financing component. At contract inception, the Company also expects that the lag period between the transfer of a promised good or service to a customer and when the customer pays for that good or service will not constitute a significant financing component. Many of the Company's long-term contracts have milestone payments, which align the payment schedule with the progress towards completion on the performance obligation. On some contracts, the Company may be entitled to receive an advance payment, which is not considered a significant financing component because it is used to facilitate inventory demands at the onset of a contract and to safeguard the Company from the failure of the other party to abide by some or all of their obligations under the contract.

***U.S. Federal Government Contracts***

The Company has engineering and construction contracts with the U.S. Federal Government, which typically provide the customer with the unilateral right to cancel the contract whenever the federal buying agency deems the cancelation is in the public interest. Under a termination for convenience clause, the Company is entitled to recover all costs incurred to the termination date, plus other costs not recovered at termination (such as ongoing costs not able to be discontinued, for example, rental costs), as well as an allowance for profit or fee. The U.S. Federal Government also typically has the right to the goods produced and in process under the contract at the time of a termination. Approximately 95% and 94% of revenues for the years ended December 31, 2024 and 2023, respectively, were derived from projects contracted by the U.S. Federal Government.

***Cost of revenues***

Cost of revenues consists primarily of direct material and labor costs, which include salaries, bonuses, and benefits directly attributable to fulfilling the Company's obligations under customer contracts, and related overhead. Overhead costs primarily include allocable amounts of utilities, rent, depreciation and amortization expense on assets used directly in revenue-producing activities, indirect materials, and production and test administrative expenses.

***Selling, General, and Administrative Costs***

Selling, general and administrative expenses consist of employee-related expenses for personnel in the Company's executive, finance and accounting, facilities, legal, human resources, and information technology and securities functions, as well as other administrative employees. In addition, selling, general and administrative expenses include fees for legal, accounting, tax and audit services, software subscriptions, facilities, sales commissions, other corporate costs, depreciation and amortization, and marketing and advertising. The Company expenses advertising costs as incurred. Advertising costs for the years ended December 31, 2024 and 2023 are not material.

***Research and Development Costs***

Research and development costs consist primarily of employee-related labor costs, software subscriptions, and supplies and materials for new product development. Research and development costs are expensed in the period incurred.

***Income Taxes***

The Company is taxed as a C-corporation under the provisions of the Internal Revenue Code. Under those provisions, the Company pays federal income taxes on its taxable income. Income taxes and uncertain tax

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**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

positions are accounted for in accordance with ASC 740, *Income Taxes* ("ASC 740"). Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. All deferred tax assets and liabilities as presented as noncurrent. Valuation allowances on deferred tax assets are established when necessary to reduce deferred tax assets to the amount expected to be realized.

The tax benefits related to uncertain positions are recognized when the Company believes it is more likely than not that the position would be sustained if challenged. Tax positions meeting the more-likely-than-not recognition threshold are measured pursuant to the guidance set forth in ASC 740. Interest and penalties that may be incurred are recorded as a component of the Company's income tax expense.

Management's conclusions regarding uncertain tax positions may be subject to review and adjustment at a later date based upon ongoing analysis of tax laws, regulations and interpretations thereof as well as other factors.

***Foreign Currency Translation***

The Company's consolidated financial statements are presented in U.S. dollars ("USD"). The operations of each of the Company's entities are measured using the currency of the primary economic environment in which the subsidiary operates ("functional currency"). Assets and liabilities of foreign subsidiaries whose functional currency is the local currency are translated into U.S. dollars using period-end exchange rates. Revenues and expenses are translated at the average exchange rate in effect during each fiscal month during the year. The effects of foreign currency translation adjustments are included as a component of accumulated other comprehensive loss in the accompanying consolidated balance sheets.

***Accumulated Other Comprehensive Loss***

Adjustments resulting from unrealized gains and losses on foreign currency translation adjustments are recorded in accumulated other comprehensive loss in the accompanying consolidated balance sheets and consolidated statements of changes in redeemable preferred units and member's capital.

***Leases***

The Company enters into lease arrangements for its operations and administrative offices in the normal course of business. The Company determines if an arrangement is or contains a lease at inception of the arrangement. An arrangement is determined to be a lease if it conveys the right to control the use of identified property and equipment for a period of time in exchange for consideration. Operating lease right-of-use assets are recognized as the present value of future lease payments over the lease term as of the commencement date, plus any lease payments made prior to commencement, and less any lease incentives received. Operating lease liabilities are recognized as the present value of the future lease payments over the lease term as of the commencement date and are recorded in current and noncurrent liabilities in the consolidated balance sheets based on their contractual due dates. Operating lease expense is recognized based on the undiscounted future lease payments over the remaining lease term on a straight-line basis and is included in cost of revenues, selling, general, and administrative expenses, and research and development on the consolidated statements of operations and comprehensive loss.

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**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

Determinations with respect to lease terms (including any renewals and terminations), incremental borrowing rate used to discount lease payments, variable lease expense and future lease payments require the use of judgment based on the facts and circumstances related to each lease. As the Company's leases do not provide an implicit rate, it uses the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company considers various factors, including economic incentives, intent, past history and business need, to determine the likelihood that a renewal option will be exercised. Lease and non-lease related components (maintenance, return of underlying asset, or costs to dismantle/remove the asset) are accounted for separately. Right-of-use assets are evaluated for impairment in accordance with the Company's policy for impairment of long-lived assets.

***Derivative Financial Instruments***

The Company enters into foreign currency forward exchange contracts to economically hedge against the effects of foreign currency fluctuations on payables denominated in foreign currencies. These derivative instruments are accounted for at fair value and included in other current assets or liabilities in the accompanying consolidated balance sheets. The Company does not designate its forward exchange contracts as hedges and, as a result, changes in their fair value are reported currently as other (expense) income, net in the consolidated statement of operations and comprehensive loss.

***Equity-Based Compensation***

The Company follows the guidelines of Topic 718, *Stock Compensation* ("ASC 718"), for the accounting of share-based compensation. Effective May 2023, Yellowstone Ultimate Holdings, LP ("Holdings"), a Delaware partnership and the Company's ultimate parent, adopted a written compensatory benefit plan ("the Plan") to provide incentives to existing or new employees, officers, managers, directors, and other service providers of the Company or its subsidiaries in the form of the Holding's Class B Units (the "Incentive Units"). The value of the Incentive Units is considered a capital contribution and is recognized by the Company in the same income statement line item as the cash compensation paid to employees receiving the Incentive Units. For the years ended December 31, 2024 and 2023, no expense was recognized. Equity-based compensation cost is measured at the grant date based on the fair value of the award, which is calculated using the Black-Scholes Option Pricing Model ("OPM"). The Plan contains three tranches of Incentive Units, each subject to time, performance, and market based vesting conditions established at the inception of the Plan. Share-based compensation expense for Incentive Units is recognized when the Company concludes it is probable the performance condition will be met. Forfeitures are recognized in the period they occur. The Incentive Units are intended to qualify and be treated as "profit interests" within the meaning of IRS Revenue Procedures 93-27 and 2001-43.

***Defined Contribution Plans***

Employees participate in various defined contribution savings plans that provide for Company-matching contributions. Costs for future employee benefits are accrued over the periods in which employees earn the benefits. Total expense related to defined contribution plans was $1,511 and $808 for the years ended December 31, 2024 and 2023, respectively, which approximates the cash outlays related to the plans.

***Acquisitions***

The Company utilizes the acquisition method of accounting in accordance with ASC 805, *Business Combinations* ("ASC 805"), for all transactions and events in which it obtains control over one or more other businesses (even

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**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

if less than 100% ownership is acquired), to recognize the fair value of all assets acquired and liabilities assumed and to establish the acquisition date fair value as of the measurement date.

While the Company uses its best estimates and assumptions as part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the business combination date, the estimates and assumptions are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the business combination date, the Company records adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. For changes in the valuation of intangible assets between the preliminary and final purchase price allocation, the related amortization is adjusted in the period it occurs. Subsequent to the measurement period, any adjustment to assets acquired or liabilities assumed is included in operating results in the period in which the adjustment is identified. Transaction costs that are incurred in connection with a business combination, other than costs associated with the issuance of debt or equity securities, are expensed as incurred. The Company capitalizes acquisition-related costs and fees associated with asset acquisitions and immediately expenses acquisition-related costs and fees associated with business combinations.

Refer to Note 10 – Acquisitions for additional information related to the Company's business combinations.

***Segment Information***

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker ("CODM") in deciding how to allocate resources and in assessing performance. The Company's CODM is its Chief Executive Officer. The Company has concluded that it operates in one operating segment and one reportable segment as the CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. Please refer to Note 18 – Segment Reporting for additional information.

***Recently Adopted Accounting Pronouncements***

In November 2023, the FASB issued ASU No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures*, which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis, provide in interim periods all disclosures about a reportable segment's profit or loss and assets that are currently required annually and require a public entity that has a single reportable segment to provide all the disclosures required by the amendments in the ASU and existing requirements under Topic 280. Additionally, it requires a public entity to disclose the title and position of the CODM. The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The Company adopted ASU 2023-07 effective December 31, 2024, using a retrospective transition method. Adoption of this guidance enhanced the footnote disclosures with no impact on the Company's results of operations, cash flows and financial condition.

***Recently Issued Accounting Pronouncements***

In March 2024, the FASB issued ASU 2024-01, "Compensation – Stock Compensation (Topic 718) – Scope Application of Profits Interest and Similar Awards" ("ASU 2024-01"), which intends to improve clarity and operability without changing the existing guidance. ASU 2024-01 provides an illustrative example intended to demonstrate how entities that account for profits interest and similar awards would determine whether a profits

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**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

interest award should be accounted for in accordance with Topic 718. The new guidance is effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods. Entities can apply the guidance either retrospectively to all prior periods presented in the financial statements or prospectively to profits interest and similar awards granted or modified on or after the date of adoption. The Company is currently evaluating the impact of adoption, which is not expected to have a material impact on the Company's consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, *Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40)*. The ASU requires disclosure, in the notes to financial statements, of specified information about certain costs and expenses, including purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. Additionally, the amendment requires a qualitative description of the amounts remaining in the relevant expense captions that are not separately disaggregated quantitatively, and to disclose the total amount of selling expenses and, in annual reporting periods, an entity's definition of selling expenses. The new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. An entity may apply the amendments prospectively for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of adoption, which is expected to have an impact on disclosures only with no impact on the Company's results of operations, cash flows and financial condition.

In December 2023, the FASB issued ASU No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures*. The ASU requires qualitative disclosures for rate reconciliation about specific categories of reconciling items and individual jurisdictions that result in a significant difference between the statutory tax rate and the effective tax rate. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign, as well as by jurisdiction, if the amount is at least 5% of total income tax payments, net of refunds received. The new guidance is effective for annual periods beginning after December 15, 2025, with early adoption permitted. An entity may apply the amendments in this ASU prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods, or may apply the amendments retrospectively by providing the revised disclosures for all periods presented. The Company is currently evaluating the impact of adoption, which is expected to have an impact on disclosures with no impact on the Company's results of operations, cash flows and financial condition.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity ("ASU 2025-03"). This ASU improves the requirements for identifying the accounting acquirer in a business combination that is effected primarily by exchanging equity interests in which a variable interest entity is acquired. It is effective for fiscal years beginning after December 15, 2026 and is required to be applied prospectively to acquisitions occurring on or after the effective date. The Company will continue to evaluate the impact of this guidance, which will depend on the legal acquiree in future business combinations.

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**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

**Note 3. Revenues** 

The table below presents revenues disaggregated by type for the following periods:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31, 2024** | **December 31, 2023** |
|  Government | $239986 | $224478 |
|  Commercial and other | 13545 | 13625 |
|  **Total revenues** | $**253531** | $**238103** |

---

***Contract balances***

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, 2024** | **December 31, 2023** |
|  **Contract assets** | $**21558** | $**73289** |
|  **Contract liabilities** | $**165636** | $**93420** |

---

The decrease in contract assets during 2024 was primarily driven by billings for services previously rendered during the year ended December 31, 2023 and changes in EACs and transaction prices during the year-ended December 31, 2024.

The increase in contract liabilities during 2024 was primarily driven by the timing of large billable milestones occurring during the year ended December 31, 2024. Revenue recognized in the year ended December 31, 2024 that was included in the contract liability balance as of December 31, 2023 was $93,119. Revenue recognized in the year ended December 31, 2023 that was included in the contract liability balance as of December 31, 2022 was $29,847.

The Company evaluates the contract value and cost estimates at completion ("EAC") for performance obligations at least quarterly and more frequently when circumstances significantly change. Due to the nature of the work required to be performed on many of the Company's performance obligations, the estimate of total revenue and cost at completion is complex, subject to many variables and requires significant judgment by Management on a contract-by-contract basis. As part of this process, Management reviews information including, but not limited to, labor productivity, the nature and technical complexity of the work to be performed, availability and cost volatility of materials, subcontractor and vendor performance, volume assumptions, inflationary trends, and schedule and performance delays. When the Company's estimate of total costs to be incurred to satisfy a performance obligation exceeds the expected revenue, the Company recognizes the loss immediately. When the Company determines that a change in estimate has an impact on the associated profit of a performance obligation, the Company records the cumulative positive or negative adjustment to the statement of operations and comprehensive loss. Changes in estimates and assumptions related to the status of certain long-term contracts may have a material effect on the Company's operating results.

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**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

The below table summarizes the favorable (unfavorable) impact of the net EAC adjustments for the following periods:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2024** | **December 31, 2023** |
|  Net EAC adjustments, before income taxes | $(22916) | $(824) |
|  Net EAC adjustments, net of income taxes | (18237) | (355) |
|  Net EAC adjustments, net of income taxes, per basic and diluted share | $(0.02) | $(0.00) |

---

The net unfavorable EAC adjustments in 2024 were primarily due to changes in estimated total transaction price resulting from contract modifications and additional unplanned labor, materials and subcontractor costs required to meet customer requirements in the Company's sale of satellites, launch services and ground services. The net unfavorable EAC adjustments in 2023 were primarily due to unplanned labor, materials and subcontractor cost.

***Remaining Performance Obligations***

As of December 31, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was $861,677. The Company expects to recognize approximately 44% of its remaining performance obligations as revenue within the next 12 months and the balance thereafter.

***Deferred Contract Costs***

The following table provides information about capitalized contract costs:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
|  **Capitalized commissions, net** | $**12661** | $**17184** |

---

Sales commissions earned by the Company's sales force are considered incremental and recoverable costs of obtaining a contract. These costs are capitalized and amortized over the life of the contract consistent with the pattern of transferring the goods to the customer. Amortization of sales commissions is included in selling, general and administrative expenses in the accompanying consolidated statements of operations and comprehensive loss and totaled $5,274 and $6,629 for the years ended December 31, 2024 and 2023, respectively. Unpaid sales commissions expected to be paid within the next twelve months are deferred and recorded as deferred commissions, current on the accompanying consolidated balance sheets. Unpaid sales commissions expected to be paid greater than a period of twelve months are classified as deferred commissions, less current portion on the accompanying consolidated balance sheets.

***Loss Contracts***

The Company recognizes a contract loss when the current estimate of the consideration expected to be received is less than the current estimate of total estimated costs to complete the contract. For purposes of determining the existence of or amount of a contract loss, the Company considers total contract consideration, including any variable consideration constrained for revenue recognition purposes. The Company may experience favorable or unfavorable changes to contract losses from time to time due to changes in estimated contract costs and

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**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

modifications that result in changes to contract prices. The Company recorded losses of $12,036 and $2,187 for the year ended December 31, 2024 and December 31, 2023, respectively, within cost of revenues in the accompanying consolidated statements of operations and comprehensive loss.

**Note 4. Prepaid expenses and other current assets** 

The components of prepaid expenses and other current assets consists of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
|  Prepaid expenses | 51350 | 42934 |
|  Income tax receivable | 177 |  |
|  Other | 118 | 1125 |
|  **Prepaid expenses and other current assets** | $**51645** | $**44059** |

---

**Note 5. Fixed Assets, net** 

Fixed assets, net consists of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
|  Leasehold improvements | $16386 | $12111 |
|  Orbiting satellites | 5793 | 8583 |
|  Machinery and equipment | 6648 | 4030 |
|  Computer equipment | 4826 | 2876 |
|  Software | 2516 | 1606 |
|  Furniture and fixtures | 3665 | 2935 |
|  Construction in process | 5097 | 2457 |
|  **Total fixed assets, at cost** | **44931** | **34598** |
|  Less: accumulated depreciation | (9819) | (4972) |
|  **Total fixed assets, net** | $**35112** | $**29626** |

---

Depreciation expense was $7,361 and $4,211 for the years ended December 31, 2024 and 2023, respectively. Amortization expense related to software was $411 and $298 for the years ended December 31, 2024 and 2023, respectively. There was no impairment recognized related to fixed assets during the year ended December 31, 2024 and 2023.

**Note 6. Financing Arrangements** 

***Secured Credit Facilities***

The Company has a $150,000 secured credit facility (the "Original Term Loan Facility") with CO Finance LVS XXIII LLC ("Lender"). The Original Term Loan Facility has a maturity date of November 10, 2027, and bears interest at a rate of Secured Overnight Financing Rate ("SOFR"), plus a margin of 9.00%. Interest is accrued and paid every three months, with the initial interest payment having been paid on February 10, 2023. There is no scheduled amortization on the Original Term Loan Facility, with the entire amount payable at maturity. The Original Term Loan Facility contains covenants including a requirement for a minimum cash balance, certain

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**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

financial covenants, and negative covenants including customary restrictions related to acquisitions, divestitures, dividends, prepayments of certain indebtedness, and other corporate actions.

On June 15, 2023, the Company entered into Amendment #1 of the Original Term Loan Facility (the "First Amendment"). The First Amendment provided an incremental $50,000 to the initial $150,000 Original Term Loan Facility, collectively (the "Term Loan Facility"). Of the incremental amount, $35,000 ("First Amendment Loans") was funded by the Lender, while $15,000 ("Last Out Loans") was funded by two related parties (refer to Note 13 – Related Parties). The First Amendment Loans have the same terms and conditions as the Original Term Loan Facility. The Last Out Loans also have the same terms and conditions as the Original Term Loan Facility, with two exceptions – (i) the Last Out Loans are not repaid until the Original Term Loan Facility and First Amendment Loans have been fully repaid, and (ii) the Last Out Loans have paid-in-kind ("PIK") interest. All obligations under the Term Loan Facility are guaranteed by certain subsidiaries of the Company and are secured by substantially all of the Company's assets. The Company was in compliance with all financial debt covenants as of December 31, 2024 and 2023. The Company received a waiver to waive any potential defaults or events of default that may have occurred and be continuing under the Credit Agreement.

Long-term debt consists of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, 2024** | **December 31, 2023** |
|  Term Loan Facility principal amount outstanding | $200000 | $200000 |
|  Unamortized debt issuance costs | (2967) | (3740) |
|  **Net carrying amount** | $**197033** | $**196260** |

---

Interest expense recognized related to the Term Loan Facility was as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2024** | **December 31, 2023** |
|  Contractual interest expense | $29122 | $25320 |
|  Amortization of debt issuance costs | 773 | 834 |
|  **Total interest expense** | $**29895** | $**26154** |

---

***Aggregate Maturities***

The aggregate maturities of all long-term debt at December 31, 2024, are as follows:

---

| | |
|:---|:---|
| **Years ending December 31** | **Amount** |
| 2025 | $— |
| 2026 |  |
| 2027 | 200000 |
|  | $**200000** |

---

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**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

**Note 7. Goodwill and Intangible Assets** 

The changes in the carrying amount of goodwill are as follows:

---

| | |
|:---|:---|
|  | **Amount** |
|  **Balance at December 31, 2022** | $**570152** |
|  Additions | 40813 |
|  Effect of foreign currency translation | (92) |
|  **Balance at December 31, 2023** | $**610873** |
|  Additions |  |
|  Effect of foreign currency translation | (41) |
|  **Balance at December 31, 2024** | $**610832** |

---

There was no impairment recognized related to goodwill during the years ended December 31, 2024 and 2023.

Intangible assets, net consist of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Weighted<br>Average<br>Useful Life** | **Gross carrying<br>amount** | **Accumulated<br>Amortization** | **Net carrying<br>amount** |
|  **Finite-lived intangible assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Developed technology | 9.9 | $251477 | $(55207) | $196270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer relationships | 20.0 | 242270 | (26134) | 216136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade names | 5.2 | 11676 | (4977) | 6699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Licenses | 9.8 | 5232 | (342) | 4890 |
|  **Total other intangible assets** |  | $**510655** | $**(86660)** | $**423995** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  | **Weighted<br>Average<br>Useful Life** | **Gross carrying<br>amount** | **Accumulated<br>amortization** | **Net carrying<br>amount** |
|  **Finite-lived intangible assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Developed technology | 9.9 | $251701 | $(29670) | $222031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer relationships | 20.0 | 242286 | (13968) | 228318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade names | 5.2 | 11688 | (2681) | 9007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Licenses | 4.4 | 238 | (97) | 141 |
|  **Total other intangible assets** |  | $**505913** | $**(46416)** | $**459497** |

---

There was no impairment recognized related to intangible assets during the year ended December 31, 2024 and 2023, respectively. Amortization expense of intangible assets for the years ended December 31, 2024, and 2023, is $40,300 and $39,885, respectively, and is recorded in cost of revenues and selling, general and administrative

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**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

expenses in the consolidated statements of operations and comprehensive loss. Estimated future amortization expense for finite-lived intangibles is as follows:

---

| | |
|:---|:---|
| **Years ending December 31** | **Amount** |
| 2025 | $40547 |
| 2026 | 40374 |
| 2027 | 39975 |
| 2028 | 37701 |
| 2029 | 37505 |
|  Thereafter | 227893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total future amortization expense on intangible assets** | $**423995** |

---

**Note 8. Accounts Payable & Accrued Expenses** 

Accounts payable and accrued expenses were comprised of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
|  Accounts payable | $29465 | $21965 |
|  Accrued project costs | 14239 | 6246 |
|  Accrued interest | 3334 | 3766 |
|  Payroll and benefits accrual | 2387 | 3895 |
|  Other | 1174 | 1358 |
|  **Total accounts payable and accrued expenses** | $**50599** | $**37230** |

---

**Note 9. Leases** 

The Company has several noncancellable operating leases primarily for warehouses and office space that expire at various dates through January 2034. The Company leases all of its real estate under non-cancelable operating lease agreements. All of the Company's leases are classified as operating for the years ended December 31, 2024, and 2023. These leases contain renewal options for periods ranging from two to ten years. Because the Company is not reasonably certain to exercise these renewal options, the options are not considered in determining the lease term and associated potential option payments are excluded from lease payments. The Company's leases generally do not include termination options for either party to the lease or restrictive financial or other covenants. Payments due under the lease contract include fixed payments plus, for many of the Company's leases, variable payments. For office space leases that include variable payments, those include payments for the Company's proportionate share of the building's property taxes, insurance, and common area maintenance.

The following table presents lease expense recognized during the years ended December 31, 2024 and 2023, respectively:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31, 2024** | **December 31, 2023** |
|  Operating lease expense | $5610 | $4884 |
|  Variable lease costs | 2006 | 1816 |
|  Short-term lease costs | 220 | 143 |
|  **Total lease costs** | $**7836** | $**6843** |

---

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##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

Total lease costs are included in selling, general and administrative expenses, cost of revenues, and research and development on the consolidated statements operations and comprehensive loss.

The following table presents other supplemental information related to the Company's leases:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2024** | **December 31, 2023** |
|  Cash paid for lease liabilities | $7130 | $6095 |
|  Right-of-use assets obtained in exchange for new lease liabilities | 842 | 4974 |
|  Weighted average remaining lease term (in years) | 6.9 | 7.8 |
|  Weighted average discount rate | 13.2% | 13.2% |

---

The table below reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under non-cancelable operating leases with terms of more than one year to the total operating lease liabilities recognized on the consolidated balance sheet at December 31, 2024.

---

| | |
|:---|:---|
| **Years Ending December 31,** | **Amount** |
| 2025 | 5412 |
| 2026 | 4791 |
| 2027 | 4789 |
| 2028 | 4856 |
| 2029 | 4750 |
|  Thereafter | 11488 |
|  **Total undiscounted lease payments** | $**36086** |
|  Less: Imputed interest | (12995) |
|  **Total lease liabilities** | $**23091** |

---

**Note 10. Acquisitions** 

***Emergent Acquisition***

On March 31, 2023 (the "Acquisition Date"), the Company acquired 100% of the shares of Emergent, a leading software technology company focused on developing and fielding software, guidance, and navigation solutions for multi-spacecraft missions. Emergent offers a suite of 10 proprietary, IP-backed products, and has traditionally served U.S. Federal Government and defense agencies, including Intelligence Community agencies and NASA. Emergent is headquartered in Laurel, MD, and has offices in Austin, TX. Consideration for this acquisition was $55,191, which consisted of $44,349 in cash ($43,938 of which was raised from equity issuance at Holdings) and $10,842 in rollover equity at fair market value for selling shareholders (in the form of 15,000,000 Common units). The Company obtained $401 of cash on hand as part of the acquisition. The Company incurred $3,271 of acquisition related expenses which are recorded in selling, general and administrative expenses on the consolidated statement of operations and comprehensive loss for the year ended December 31, 2023. Acquisition related expenses include $572 of Holdings equity issued to transaction vendors.

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##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

The acquisition was accounted for as a business combination under the acquisition method of accounting. Accordingly, the assets and liabilities acquired were recorded at fair value. The determination of the fair value of assets acquired and liabilities assumed was based on Management's analysis with the assistance of an independent third-party valuation firm. The excess purchase price resulting in goodwill is primarily related to future technology development and acquired workforce. The results of operations from the Emergent acquisition were included in the consolidated financial statements from the Acquisition Date.

The following table summarizes the purchase price allocation of assets acquired and liabilities assumed:

---

| | |
|:---|:---|
| **Allocation of Purchase Price** | **Amount** |
|  Customer relationships | $11000 |
|  Software | 2100 |
|  Leasehold interest | 77 |
|  Cash acquired | 401 |
|  Net working capital | 1275 |
|  Fixed assets | 168 |
|  Other long-term assets | 738 |
|  Goodwill | 40813 |
|  Deferred tax liability | (850) |
|  Other long-term liabilities | (531) |
|  **Fair value of net assets acquired** | $**55191** |

---

The acquired customer relationships and software intangible assets have an estimated useful life of 20 years and 5 years, respectively, and their fair values were determined using an income approach. Acquired customer relationship assets were determined using the multi-period excess earnings method ("MPEEM") using a discount rate of 12%. Acquired software was determined using the relief-from-royalty method, using discount rate of 10%. The discounted cash flow models reflect the Company's estimates of future cash flows and other factors including estimates of: (i) future operating performance, including future sales, long-term growth rates, gross margins, operating expenses, discount rates and the probability of achieving the estimated cash flows, and (ii) future economic conditions. The cash flows were discounted commensurate with the level of risk associated with each asset or its projected cash flows.

**Note 11. Accounting for Income Taxes** 

***Loss Before Income Taxes***

The provision for income taxes was computed based on loss from continuing operations before income taxes for the years ended December 31, 2024 and 2023, respectively. The sources of income from continuing operations before income taxes are:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2024** | **December 31, 2023** |
|  United States | $(124124) | (74253) |
|  Foreign | (164) | 5491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Loss from continuing operations before income taxes** | $**(124288)** | $**(68762)** |

---

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##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

The components of the Company's income tax (benefit) expense were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31, 2024** | **December 31, 2023** |
|  <u>Current</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal | $(4914) | $7650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State and local | (2810) | 6678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign | 723 | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current (benefit) expense** | **(7001)** | **15276** |
|  <u>Deferred</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal | (18299) | (46423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State and local | 826 | (8276) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign | (903) | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total deferred (benefit) expense** | **(18376)** | **(54382)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total income tax (benefit) expense** | $**(25377)** | $**(39106)** |

---

A reconciliation of income taxes computed by applying the statutory U.S. income tax rate to the Company's loss before income tax provision is as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31, 2024** | **December 31, 2023** |
|  Income tax rates |  |  |
|  Federal statutory income tax rate | 21.00% | 21.00% |
|  State, net of federal benefit  | 1.26% | 1.84% |
|  Foreign rate differential | 0.12% | (0.16%) |
|  Research credits | 18.80% | 44.39% |
|  Uncertain tax positions | (6.11%) | (23.95%) |
|  Non-deductible transaction related expenses |  | 14.05% |
|  Other | (0.82%) | (0.30%) |
|  Valuation allowance | (13.84%) |  |
|  **Effective tax rate** | **20.41%** | **56.87%** |

---

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##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

The deferred tax liability is comprised of the following:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31, 2024** | **December 31, 2023** |
|  Capitalized research costs | 53959 | 11987 |
|  Accruals & other | 2107 | 1264 |
|  Contract costs |  | 36321 |
|  Credits | 29892 | 7424 |
|  Lease liability | 6291 | 6054 |
|  Limitation on business-interest expense | 36823 | 21653 |
|  Net operating losses and other carryforwards | 39410 |  |
|  Valuation allowance | (18071) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax assets | 150411 | 84703 |
|  Basis difference in intangibles | (111797) | (111916) |
|  Basis difference in fixed assets | (1290) | (5380) |
|  ROU asset | (5888) | (5816) |
|  Contract revenue | (51395) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liabilities | (170370) | (123112) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net deferred tax liability** | $**(19959)** | $**(38409)** |

---

As of December 31, 2024, the Company has federal and state research and development credit carryforwards of $29,099 and $1,034, respectively. As of December 31, 2023, the Company had federal and state research and development credit carryforwards of $6,886 and $680, respectively. The federal credits begin to expire in 2042 and state credits begin to expire in 2026. As of December 31, 2024, the Company has federal and state net operating losses of $144,258 and $144,316, respectively, which carryforward indefinitely for federal purposes and are subject to varying expiration for state purposes.

The deferred income tax assets have been offset by a valuation allowance, as realization is dependent on future earnings, if any, the timing and amount of which are uncertain. The net valuation allowance increased by $18.1 million from December 31, 2023 to December 31, 2024.

The Company's accounting for deferred taxes involves the evaluation of a number of factors concerning the realizability of its net deferred tax assets. The Company primarily considered such factors as its history of operating losses, the nature of the Company's deferred tax assets, and the timing, likelihood, and amount, if any, of future taxable income during the periods in which those temporary differences and carryforwards become deductible. At present, the Company does not believe that it is more likely than not that a portion of the deferred tax assets will be realized; accordingly, a valuation allowance has been established.

The Company recognizes a tax benefit from uncertain tax positions when it is more-likely-than-not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits.

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##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

A reconciliation of the change in the unrecognized tax benefits balance for the years ended 2024 and 2023 is as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31, 2024** | **December 31, 2023** |
|  **Unrecognized tax benefits, beginning of period** | $17073 | $608 |
|  Increase (decrease) for tax positions taken related to a prior period | 4429 | 10056 |
|  Increase (decrease) for tax positions taken related to current period | 4027 | 6409 |
|  Settlements with tax authorities |  |  |
|  Reductions due to statute of limitations |  |  |
|  **Unrecognized tax benefits, end of period** | $**25529** | $**17073** |

---

The Company does not expect a significant change in its uncertain tax positions over the next twelve months.

The Company is subject to tax and files returns in the U.S. and various state and foreign jurisdictions. The tax returns filed in previous years are subject to audit by various federal, foreign, and state taxing authorities. As of December 31, 2024, tax years prior to 2020 are no longer subject to audit. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense in the consolidated statements of operations. As of December 31, 2024, the Company had accrued no interest or penalties.

On July 4, 2025, the United States enacted the One Big Beautiful Bill Act ("OBBBA"), which, among other provisions, provides for the immediate expensing of domestic research and development expenditures for tax purposes, permanently restores 100% bonus depreciation and modifies the limitation on business-interest expense to be based on taxable income before interest, amortization, and depreciation. The Company is continuing to evaluate OBBBA's impacts, including potential effects on deferred-tax balances, and will refine these estimates as additional guidance becomes available.

**Note 12. Commitments and Contingencies** 

In the ordinary course of business, the Company may be involved in ordinary, routine legal proceedings. The Company has assessed its positions and is of the opinion that the ultimate resolution of such matters will not have a material adverse effect on the results of operations, cash flows or the financial position of the Company.

**Note 13. Related Parties** 

The consolidated financial statements include all related party transactions, other than base compensation arrangements, expense allowances, and other similar items in the ordinary course of business. The related party transactions for the Company are as follows:

***Vendor Purchases***

The Company contracted with a relative of one of the Company officers to design, furnish and build out the offices and manufacturing areas for its new facilities. During the years ended December 31, 2024 and 2023, the Company paid approximately $273 and $2,072, respectively, for these services.

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##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

The Company contracted with another Company executive to lease an office space starting in February 2021. During the years ended December 31, 2024 and 2023, the Company paid approximately $105 and $102, respectively, for this lease which is recorded in selling, general and administrative expense on the consolidated statements of operations and comprehensive loss. The Company also paid $225 for leasehold improvements to this office space during the year ended December 31, 2023.

The Company contracted with a vendor to provide software engineering services in which one of the Company's employees is a shareholder. During the years ended December 31, 2024 and 2023, the Company paid approximately $1,167 and $2,100, respectively, to this vendor for these services.

***Lending***

As part of the First Amendment, $5,000 and $10,000 of the $15,000 Last Out Loans borrowed were provided by two Company officers, respectively. There is $3,683 and $1,219 of PIK interest recorded as Related party payables, net of current in the consolidated balance sheets as of December 31, 2024 and 2023, respectively. Of the $197,033 long-term debt, net recorded in the consolidated balance sheet as of December 31, 2024, $4,928 and $9,856 net of debt issuance costs, relate to the Last Out Loans provided by the two Company officers, respectively. Of the $196,260 long-term debt, net recorded in the consolidated balance sheet as of December 31, 2023, $4,909 and $9,818 net of debt issuance costs, relate to the Last Out Loans provided by the two Company officers, respectively.

***Customer Sales***

A Company executive is the Executive Chairman of one of the Company's customers. During the years ended December 31, 2024 and 2023, the Company received $0 and $150, respectively, from this customer.

***AEI Transaction***

In November 2022, AE Industrial Partners LP ("AEI") and certain co-investors acquired the equity interests of the Company hereafter referred to as the "AEI Transaction".

A final $5,000 payment relating to AEI Transaction costs was made to AEI in 2023. Following the AEI Transaction, AEI provided $2,051 and $1,000 of consulting to the Company for the years ended December 31, 2024 and 2023, respectively. An agreement is in place for the Company to pay a consulting fee each quarter equal to the greater of $250 or 3.5% of adjusted EBITDA as defined in the agreement through 2032. These consulting fees are recorded in selling, general and administrative expense on the consolidated statements of operations and comprehensive loss.

As part of the AEI transaction, the Company deferred a payment to shareholders of $14,460. This is recorded in related party payables in the consolidated balance sheet as of December 31, 2023. The payment was made in 2024.

**Note 14. Member's Capital and Redeemable Preferred Units** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Authorized as of**<br>**December 31,** | **Authorized as of**<br>**December 31,** | **Held by Member as of**<br>**December 31,** | **Held by Member as of**<br>**December 31,** |
|  | **2024** | **2023** | **2024** | **2023** |
|  Common units | 1078929080 | 1078929080 | 1078929080 | 1078929080 |
|  Redeemable preferred units | 56619831 | 46619831 | 56619831 | 46619831 |
|  **Total** | **1135548911** | **1125548911** | **1135548911** | **1125548911** |

---

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##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

***Common units***

On March 31, 2023 the Company entered into the Second Amended and Restated LLC Agreement (the "LLC Agreement"), pursuant to which, an additional 291,915,516 Common Units were issued to Holdings in the form of a recapitalization. The LLC Agreement authorizes the Company to issue both Common units and Redeemable preferred units (together the "Units"). Concurrently, an additional 15,000,000 Common Units were issued for the purchase of Emergent (see Note 10 – Acquisitions). The holders of Common units are entitled to dividends when and if declared by the Board. There have been no distributions declared to date. As of December 31, 2024 and 2023, Holdings owns all authorized and outstanding Common units of the Company.

***Redeemable preferred units***

On March 31, 2023, Holdings subscribed to 46,619,831 Redeemable preferred units with a price of $1.00 per unit. On March 6, 2024, Holdings subscribed to an additional 10,000,000 Redeemable preferred units with a price of $1.00 per unit. As of December 31, 2024 and 2023, Holdings owns all authorized and outstanding Redeemable preferred units of the Company.

Under the terms of the LLC Agreement, distributions are in the following priorities:

Distributions: Distributions will only be made in such amounts, in such form (including in-kind property) and at such times as determined by the Managing Member in its sole discretion. Distributions, if declared by the Managing Member, will be made:

First, to the Redeemable preferred unit holders until such time as their preferred unreturned capital value has been reduced to zero; Second, to the Redeemable preferred unit holders until such time as their preferred unpaid yield value has been reduced to zero; and thereafter, to the Common unit holders.

Pursuant to the LLC Agreement, the Units contain the following key provisions as of December 31, 2024:

Dissolution/Liquidation: Upon the dissolution of the Company, the Managing Member shall wind up the affairs of the Company. Following the payment of or provision for all debts and liabilities of the Company and all expenses of liquidation, (i) a final allocation of all items of income, gain, loss, and expense shall be made and (ii) the proceeds of the liquidation and any other funds (or other remaining assets) of the Company shall be distributed to the members in accordance with the distribution waterfall above.

Voting: The voting rights of the holders of Units are limited to the removal or replacement of the Managing Member.

Preferred Yield: The Redeemable preferred units provide for a Preferred Yield which accrues on a daily basis at an annual rate of 12.5% and compounds on December 31 of each calendar year, based on the sum of the (i) capital contributions less any distributions, and (ii) the amount of Preferred Yield that has not been distributed.

The Redeemable preferred units are not convertible. The Redeemable preferred units are in-substance currently redeemable through the distribution waterfall since the holder of the Redeemable preferred units controls the Company and can make distributions at any time in the form of cash or other assets. The Redeemable preferred units are initially recorded at cash proceeds received (no issuance costs incurred) and are subsequently remeasured at their maximum redemption amount at the end of each reporting date.

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**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

**Note 15. Incentive Unit Employee Equity Plan** 

Under the Plan, Incentive Units are divided into three tranches ("Tranche I," "Tranche II," and "Tranche III"): Tranche I, Tranche II, and Tranche III Incentive Units are subject to performance-based, service-based, and market-based conditions.

- The performance condition relates to the sale of Holdings ("Exit Sale") (defined as a change in control at Holdings or a sale of substantially all of Holdings consolidated assets) for Tranche I, and an Exit Sale and additional performance requirements for Tranche II and Tranche III.

- The service condition relates to a five-year required service period of the grantee for Tranche I and continued employment of the grantee through the performance condition achievement date for Tranche II and Tranche III.

- The market-based condition relates to a target internal rate of return, as defined in the Class B Unit Incentive Plan.

The Incentive Units are measured at their grant date fair value. Share-based compensation for awards with performance conditions is based on the probable outcome of the related performance condition. The vesting for each tranche of the Incentive Units is contingent on the sale of the Parent. As such events are not considered probable until they occur and recognition of share-based compensation for the Incentive Units is deferred until the sale of the Holdings or a liquidity event occurs. Once the event occurs, unrecognized compensation cost associated with the performance-vesting Incentive Units (based on their grant date fair value) will be recognized based on the portion of the requisite service period that has been rendered.

The performance conditions have not been achieved prior to or during the reporting periods, and therefore, no compensation expense has been recognized for the years ended December 31, 2024 and 2023, respectively.

The table below presents the activity of Incentive Units:

---

| | | |
|:---|:---|:---|
|  | **Incentive<br>Units<br>Outstanding** | **Weighted<br>Average<br>Grant Date**<br>**Fair Value** |
|  **Nonvested as of December 31, 2022** | **—** | **—** |
|  Granted | 52612502 | $0.32 |
|  Vested |  |  |
|  Forfeited |  |  |
|  **Nonvested as of December 31, 2023** | **52612502** | $**0.32** |
|  Granted | 22070499 | $0.43 |
|  Vested | **—** | **—** |
|  Forfeited | **—** | **—** |
|  **Nonvested as of December 31, 2024** | **74683001** | $**0.35** |

---

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##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

The assumptions used in determining the fair value of the Incentive Units are as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31, 2024** | **December 31, 2023** |
|  Volatility | 65.0% | 60.0% |
|  Risk-free interest rate | 4.26% | 3.77% |
|  Expected time to exit (years) | 3.1 | 4.6 |

---

The volatility used in the determination of the fair value of the Incentive Units was based on analysis of the historical volatility of guideline public companies and factors specific to the Company. In the absence of a public trading market for our equity, on each grant date, the Company develops an estimate of the fair value of our equity based on the information known on the date of grant, including a review of any recent events and their potential impact on the estimated fair value per unit of the equity and recent arms-length transactions in our equity. The Company's valuations of equity were determined in accordance with the guidelines outlined in the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation (the Practice Aid).

As of December 31, 2024, there was approximately $26,345 of unrecognized share-based compensation costs related to the Incentive Units.

**Note 16. Fair Value Measurements** 

The carrying amounts of the Company's financial instruments, which include cash and cash equivalents, accounts receivable, and accounts payable and accrued expenses, are reflected on the consolidated balance sheets at amounts that approximate fair value because of their short-term maturities. The carrying amount of the Senior Credit Facilities are reflected on the consolidated balance sheets at an amount that approximates fair value as interest incurred is variable based on market rates.

***Derivatives Financial Instruments***

The following tables represent the fair value hierarchy for the financial assets and liabilities measured at fair value as of December 31, 2023.

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Foreign exchange derivative instruments | $— | $987 | $— |
|  **Total financial assets** | $**—** | $**987** | $**—** |

---

The Company economically hedges certain portions of exposure to foreign currency exchange risk by entering into derivative transactions. The derivative instruments are recognized as either prepaid expenses and other current assets or accounts payable and accrued expenses on the consolidated balance sheet at estimated fair value. The Company recognizes amounts subject to master netting arrangements on a gross basis in the consolidated balance sheet. The Company has not entered into any derivative arrangements and does not have any recurring fair value measurements as of December 31, 2024.

The Company's derivative financial instruments are valued based on an income approach (discounted cash flow) using market observable inputs, including swap curves and both forward and spot exchange rates for currencies.

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**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

Realized losses related to derivative instruments was $3,885 for the year ended December 31, 2024. Unrealized gains related to derivative instruments was $987 for the year ended December 31, 2023. Realized losses and unrealized gains are recorded in other (expense) income, net in the consolidated statement of operations and comprehensive loss. Cash flows from the foreign currency forward contracts are included in operating activities. The aggregate notional value of these contracts was $0 at December 31, 2024 and $51,321 at December 31, 2023.

**Note 17. Net Loss per Unit** 

Basic net loss per unit is computed by dividing net loss attributable to common unitholders by the weighted average number of common units outstanding during each period.

Diluted net loss per unit is computed by dividing net loss attributable to common unitholders by the weighted average number of fully dilutive common units outstanding for the period using the treasury-stock method, the if-converted method, or two-class method for participating securities, whichever is more dilutive. The Incentive Units described in Note 15 – Incentive Unit Employee Equity Plan are granted by and settled in the equity of the Company's ultimate parent and therefore are not included in the Company's net loss per unit calculations. During the periods presented, the Company did not have any dilutive equity instruments outstanding or any antidilutive equity instruments that could potentially be dilutive in future periods. As a result, diluted net loss per common unit is the same as basic net loss per common unit for the periods presented. Please refer to Note 14 – Member's Capital and Redeemable Preferred Units for additional information on the Company's units outstanding.

The following table summarizes the computation of basic and diluted net loss per unit attributable to common unitholders of the Company:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31, 2024** | **December 31, 2023** |
|  **Numerator:** |  |  |
|  Net loss as reported | $(98911) | $(29656) |
|  Less: Accretion of Redeemable preferred units | 7402 | 4391 |
|  Net loss available to common unitholders | $(106313) | $(34047) |
|  **Denominator:** |  |  |
|  Weighted average common units outstanding | 1078929080 | 1075271545 |
|  Basic and diluted |  |  |
|  **Net loss per unit – basic and diluted:** | $**(0.10)** | $**(0.03)** |

---

**Note 18. Segment Reporting** 

The Company operates in one operating segment and one reportable segment, and as a result, manages its operations and allocates resources as a single operating segment. space infrastructure, which comprises all of its operations. The Company's CODM is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. The CODM uses consolidated net income or loss that is also reported on the consolidated statements of operations and comprehensive income (loss) to evaluate the return on assets and determine

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**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

strategic initiatives related to product development and new technologies to meet the growing demands of the Company's unique customers. Consolidated net income (loss) is used to monitor budget versus actual results.

The measure of segment assets is reported on the Consolidated Balance Sheets as total assets. There are no other significant segment assets that would require disclosure or are regularly provided to the CODM. The Company has no intra-segment sales or transfers as it operates in one operating segment and one reportable segment. Information related to the geographical distribution of the Company's revenues is disclosed in Note 2—Summary of Significant Accounting Policies.

At December 31, 2024 and December 31, 2023, $32,830 and $28,221 of the Company's fixed assets, net representing net book amounts, are located in the United States. There were no other material tangible long-lived assets located outside of the U.S., individually or in the aggregate.

In accordance with ASU 2023-07, *Improvements to Reportable Segment Disclosures*, significant expenses included within consolidated net loss have been assessed and disclosed in the table below:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31, 2024** | **December 31, 2023** |
|  Revenue | $253531 | $238103 |
|  Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct materials | 178341 | 148574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses | 103947 | 94073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and development | 20440 | 6973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (29923) | (26175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 1201 | 2328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other (expense) income, net | (3600) | 1227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax benefit | 25377 | 39106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other segment items (a) | 42769 | 34625 |
|  **Net loss** | $**(98911)** | $**(29656)** |

---

(a) Other segment items is comprised other costs of revenue excluding direct materials, including direct labor,
overhead costs and depreciation and amortization

**Note 19. Subsequent Events** 

The Company has performed a review of events subsequent to the balance sheet date through September 28, 2025, the date the consolidated financial statements were issued.

**Skyloom Investment** 

On February 10, 2025, the Company closed on a Convertible Note investment ("SKLM Note") in Skyloom Global Corp. ("Skyloom"). Skyloom is a key supplier of Optimal Communication Terminals to York, and is based in Broomfield, CO. The purpose of the SKLM Note was to provide additional cash liquidity to Skyloom, to assist in the completion of a York purchase order. The SKLM Note consists of a $2,500 Initial Note (funded February 2025) and a $2,500 Second Note (funded July 2025). The SKLM Note has a two-year maturity and accrues interest at 10% per annum. The SKLM Note is unsecured but it is structurally senior to all existing debt

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##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

at Skyloom,and prohibits Skyloom from issuing any additional debt. At SKLM's sole discretion, the SKLM Note can be converted into Skyloom equity at a 15% discount to the valuation of any future equity rounds at Skyloom**.**

**Acquisition of ATLAS Space Operations** 

On June 9, 2025, the Company invested in Series C-1 Preferred Stock of ATLAS Space Operations, Inc. ("ATLAS"), representing an approximate 5% equity interest. ATLAS is a leading provider of Ground Software-as-a-Service (GSaaS) solutions for space-based communication and global connectivity. On August 29, 2025, the Company completed the acquisition of the remaining outstanding equity of ATLAS. The total purchase price was approximately $87,000 and was comprised of equity and cash. The acquisition is expected to enhance the Company's capabilities in ground operations, enabling the Company to integrate its satellite manufacturing and in-orbit operations with ground station services, thereby streamlining mission delivery and improving customer experience.

The Company is in the process of finalizing the purchase price allocation and assessing the impact of the acquisition on its consolidated financial statements. The transaction will be accounted for as a business combination under ASC 805, Business Combinations. The initial accounting for the business combination is incomplete as of the date of issuance of these financial statements.

The Company noted no other subsequent events that require recognition or disclosure in these consolidated financial statements.

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##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Condensed Consolidated Balance Sheets (Unaudited)** 

**(Dollars in thousands, except units and per unit amounts)** 

---

| | | |
|:---|:---|:---|
|  | **As of<br>September 30,<br>2025** | **As of<br>December 31,<br>2024** |
|  **Assets** |  |  |
|  Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $22537 | $104656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net | 22718 | 2135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 22766 | 34602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 28571 | 51645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract assets | 39612 | 21558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalized commissions, net | 8516 | 12661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 144720 | 227257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed assets, net | 40948 | 35112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right of use assets, net | 23591 | 21612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 674658 | 610832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other intangibles, net | 418120 | 423995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 9770 | 1457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**1311807** | $**1320265** |
|  **Liabilities, Temporary Equity, and Member's Capital** |  |  |
|  Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract liabilities | $87478 | $165636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses | 83527 | 50599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities, current | 3331 | 2572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred commissions, current | 7135 | 6730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 181471 | 225537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities, less current portion | 22217 | 20519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred commissions, less current portion | 2261 | 4132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt, net | 182859 | 182249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related party long-term debt, net | 14832 | 14784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 3670 | 3071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related party payables, net of current portion | 5636 | 3683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax liability | 2596 | 19959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | $**415542** | $**473934** |
|  Commitments and contingencies (See Note 11) |  |  |
|  **Temporary Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemable preferred units (82,858,291 authorized, issued and outstanding at September 30, 2025; 56,619,831 authorized, issued and outstanding at December 31, 2024; $102,069 and $68,413 liquidation preference as of September 30, 2025 and December 31, 2024, respectively) | 102069 | 68413 |
|  **Member's Capital** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common units (1,078,929,080 authorized, issued and outstanding at September 30, 2025 and December 31, 2024) | 1034383 | 963213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income (loss) | 342 | (810) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit | (240529) | (184485) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total member's capital | 794196 | 777918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities, temporary equity and member's capital** | $**1311807** | $**1320265** |

---

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.* 

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##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)** 

**(Dollars in thousands, except units and per unit amounts)** 

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended** | **For the nine months ended** |
|  | **September 30, 2025** | **September 30, 2024** |
|  Revenue | $280854 | $176925 |
|  Cost of revenues | 226460 | 160160 |
|  **Gross profit** | **54394** | **16765** |
|  Operating expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses | 94125 | 76433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research & development | 13796 | 15480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 107921 | 91913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Loss from operations** | **(53527)** | **(75148)** |
|  Other income (expense) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (21385) | (22529) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 1035 | 932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other (expense) income, net | 1910 | (658) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other expense | (18440) | (22255) |
|  **Loss before provision for income taxes** | **(71967)** | **(97403)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax benefit | 15923 | 23760 |
|  **Net loss** | $**(56044)** | $**(73643)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation adjustment | 1152 | 578 |
|  **Comprehensive loss** | $**(54892)** | $**(73065)** |
|  **Net loss per common unit** |  |  |
|  Net loss | $(56044) | $(73643) |
|  Less: Accretion of redeemable preferred units | 7418 | 5485 |
|  **Net loss available to common unitholders** | $(63462) | $(79128) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted | $(0.06) | $(0.07) |
|  **Weighted-average common units outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted | 1078929080 | 1078929080 |

---

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.* 

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##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Condensed Consolidated Statements of Changes in Redeemable Preferred Units and Member's Capital (Unaudited)** 

**(Dollars in thousands, except units and per unit amounts)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Redeemable Preferred<br>Units** | **Redeemable Preferred<br>Units** | **Common Units** | **Common Units** | **Accumulated<br>deficit** | **Accumulated<br>other<br>comprehensive<br>income (loss)** | **Total Member's<br>Capital** |
|  | **Units** | **Amount** | **Units** | **Amount** | **Accumulated<br>deficit** | **Accumulated<br>other<br>comprehensive<br>income (loss)** | **Total Member's<br>Capital** |
|  **Balance at December 31, 2024** | 56619831 | $68413 | 1078929080 | $963213 | $(184485) | $(810) | $777918 |
|  Issuance of Redeemable preferred units | 25000000 | 25000 |  |  |  |  |  |
|  Non-cash contribution for acquisition of ATLAS |  |  |  | 78588 |  |  | 78588 |
|  Foreign currency translation adjustment |  |  |  |  |  | 1152 | 1152 |
|  Accretion of Redeemable preferred units |  | 7418 |  | (7418) |  |  | (7418) |
|  Retention equity awards | 1238460 | 1238 |  |  |  |  |  |
|  Net loss |  |  |  |  | (56044) |  | (56044) |
|  **Balance at September 30, 2025** | **82858291** | $**102069** | **1078929080** | $**1034383** | $**(240529)** | $**342** | $**794196** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Redeemable<br>Preferred Units** | **Redeemable<br>Preferred Units** | **Common Units** | **Common Units** | **Accumulated<br>deficit** | **Accumulated<br>other<br>comprehensive<br>income (loss)** | **Total<br>Member's<br>Capital** |
|  | **Units** | **Amount** | **Units** | **Amount** | **Accumulated<br>deficit** | **Accumulated<br>other<br>comprehensive<br>income (loss)** | **Total<br>Member's<br>Capital** |
|  **Balance at December 31, 2023** | 46619831 | $51011 | 1078929080 | $970615 | $(85574) | $(374) | $884667 |
|  Issuance of Redeemable preferred units | 10000000 | 10000 |  |  |  |  |  |
|  Foreign currency translation adjustment |  |  |  |  |  | 578 | 578 |
|  Accretion of Redeemable preferred units |  | 5485 |  | (5485) |  |  | (5485) |
|  Net loss |  |  |  |  | (73643) |  | (73643) |
|  **Balance at September 30, 2024** | **56619831** | $**66496** | **1078929080** | $**965130** | $**(159217)** | $**204** | $**806117** |

---

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.* 

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##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Condensed Consolidated Cash Flow Statement (Unaudited)** 

**(Dollars in thousands, except units and per unit amounts)** 

---

| | | |
|:---|:---|:---|
|  | **For the nine months<br>ended September 30,** | **For the nine months<br>ended September 30,** |
|  | **2025** | **2024** |
|  **Cash flows from operating activities** |  |  |
|  Net loss | $(56044) | $(73643) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 36611 | 35975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of debt issuance costs | 657 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash lease expense | 1983 | 1875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of capitalized commissions | 4016 | 3514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retention equity awards | 1238 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred taxes | (13217) | (23771) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized (gain) loss on derivative instruments | (741) | 904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on equity investment | (750) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in assets and liabilities, net of effects from acquisition of business: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net | (19468) | (12615) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 9175 | (10698) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 23812 | (23481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract assets | (18054) | 53756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalized commissions, net | 129 | (1247) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other long-term assets | (286) | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract liabilities | (79337) | 23274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses | 22730 | 5856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred commissions | (1467) | (2099) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes payable |  | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related party payables | 1953 | (12632) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current liabilities | 516 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right-of-use assets and operating lease liabilities, net | (1685) | (1425) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in operating activities** | **(88229)** | **(35894)** |
|  **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital expenditures | (4311) | (13729) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity investment | (5000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of business, net of cash acquired | (1097) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of notes receivable | (5000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in investing activities** | **(15408)** | **(13729)** |
|  **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of Redeemable preferred units | 25000 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of notes payable | (3732) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by financing activities** | **21268** | **10000** |
|  **Net decrease in cash** | **(82369)** | **(39623)** |
|  Effect of exchange rate changes on cash | 250 | 93 |
|  Cash and cash equivalents, beginning of period | 104656 | 81149 |
|  **Cash at end of period** | $**22537** | $**41619** |
|  **Supplemental disclosures of cash flow information** |  |  |
|  Cash payments for interest | $18772 | $20401 |
|  Cash paid (refunded) for taxes | (2698) | 49 |
|  **Noncash operating, investing, and financing activities** |  |  |
|  Non-cash contribution | 78588 |  |
|  Deferred offering costs in accounts payable and accrued expenses | (2797) |  |
|  Changes in accounts payable and accruals for purchases of fixed assets | 224 | 956 |

---

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.* 

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##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Condensed Consolidated Financial Statements** 

**(Dollars in thousands, except units and per unit amounts)** 

**(Unaudited)** 

**Note 1. The Company and Basis of Presentation** 

Yellowstone MidCo Holdings, LLC, together with its wholly owned subsidiaries (collectively, the "Company"), is a privately held company based in Denver, Colorado.

The Company's primary operating entity, York Space Systems ("York") is a leading, U.S.-based, space and defense prime providing a comprehensive suite of mission-critical solutions for national security, government and commercial customers. York is one of the only space and defense primes with proprietary hardware and software capabilities designed to address its customers' complex mission requirements across the critical elements of the entire space ecosystem throughout the entire mission lifecycle.

York is purpose built to address evolving national security space challenges and to adapt to the ongoing shift in the U.S. government's mission needs and procurement processes, where economics, agility, rapid capabilities, and heritage drive customer decision making. York delivers mission critical solutions in a zero-tolerance for error environment where systems must work. York believes it is uniquely positioned to capture an outsized share of growth in its core markets. York provides customers a vertically integrated, full technology stack of solutions including design, production, integration, and operation of spacecraft with turnkey offerings to manage spacecraft and constellations throughout their entire mission lifecycle.

York was founded in 2012 to create an innovative space technology mission prime, with a goal of meeting the evolving national security threats from space by providing mission-critical spacecraft at scale, faster, and at lower cost.

For the nine months ended September 30, 2025 and 2024, 97% and 98%, respectively, of the Company's revenue was derived based in the U.S. market.

***Basis of Presentation***

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") and the rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial information. The unaudited condensed consolidated financial statements include the Company's accounts and the accounts of the Company's wholly owned subsidiaries. Certain information and disclosures normally included in the Company's annual financial statements have been condensed or omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2024.

In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, which are necessary for the fair statement of the unaudited condensed consolidated balance sheets, statements of operations and comprehensive loss, statements of changes in redeemable preferred units and member's capital, and statements of cash flows for these interim periods. The results for the interim period are not necessarily indicative of the results that may be expected for a full year. All intercompany balances and transactions have been eliminated in consolidation.

**Note 2. Summary of Significant Accounting Policies** 

***Use of Estimates***

The preparation of the unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities

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##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Condensed Consolidated Financial Statements (Continued)** 

**(Dollars in thousands, except units and per unit amounts)** 

**(Unaudited)** 

and the disclosures of contingencies at the reporting date, as well as the reported amounts of revenue and expenses during the reporting periods. Estimates have been prepared using the most recent and best available information. Although management believes the estimates that have been used are reasonable, actual results could materially differ from the estimates that were used. Adjustments, if any, to the estimates used are made prospectively based upon such periodic evaluation.

***Concentration of Credit Risk***

The Company's operating results are closely correlated with economic and budgetary actions of the U.S. Federal Government. Changes in any of these factors may significantly affect management's estimates and the Company's performance. The Company has a proven set of supply chain partners; however, it is subject to the same general delays and shortages that impact the global supply chain. The Company's supply chain team works closely with these vendors to ensure that production timelines are met per customer requirements.

Approximately 95% and 92% of revenues for the nine months ended September 30, 2025 and 2024, respectively, were derived from one customer. Approximately 86% of accounts receivable as of September 30, 2025 was derived from one customer.

***U.S. Federal Government Contracts***

The Company has engineering and construction contracts with the U.S. Federal Government, which typically provide the customer with the unilateral right to cancel the contract whenever the federal buying agency deems the cancelation is in the public interest. Under a termination for convenience clause, the Company is entitled to recover all costs incurred to the termination date, plus other costs not recovered at termination (such as ongoing costs not able to be discontinued, for example, rental costs), as well as an allowance for profit or fee. The U.S. Federal Government also typically has the right to the goods produced and in process under the contract at the time of a termination. Approximately 96% and 94% of revenues for the nine months ended September 30, 2025 and 2024, respectively, were derived from projects contracted by the U.S. Federal Government.

***Recently Issued Accounting Pronouncements***

In July 2025, the FASB issued ASU 2025-05, "Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets" ("ASU 2025-05"), which provides a practical expedient and an accounting policy election for estimating expected credit losses on current accounts receivable and contract assets arising from revenue transactions under ASC 606. ASU 2025-05 intends to simplify the application of the current expected credit loss (CECL) model for these financial assets. The practical expedient allows entities to assume that current conditions as of the balance sheet date will persist through the forecast period. The new guidance is effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact of adoption, which is not expected to have a material impact on the Company's unaudited condensed consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, "Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software" ("ASU 2025-06") to simplify accounting for internal-use software by removing stage-based accounting and introducing a "probable-to-complete" threshold for capitalization. It also consolidates website development guidance under Subtopic 350-40. The standard is effective for fiscal years beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. The Company is currently evaluating the impact of adoption, which is not expected to have a material impact on the Company's unaudited condensed consolidated financial statements.

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##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Condensed Consolidated Financial Statements (Continued)** 

**(Dollars in thousands, except units and per unit amounts)** 

**(Unaudited)** 

**Note 3. Revenues** 

The table below presents revenues disaggregated by type for the following periods:

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended** | **For the nine months ended** |
|  | **September 30, 2025** | **September 30, 2024** |
|  Government | $270039 | $166511 |
|  Commercial and other | 10815 | 10414 |
|  **Total revenues** | $**280854** | $**176925** |

---

***Contract balances***

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30, 2025** | **December 31, 2024** |
|  **Contract assets** | $**39612** | $**21558** |
|  **Contract liabilities** | $**87478** | $**165636** |

---

The increase in contract assets during the nine months ended September 30, 2025 was primarily driven by revenue recognized for services rendered that had not yet been billed to the customer.

The decrease in contract liabilities during the nine months ended September 30, 2025 was primarily driven by the satisfaction of performance obligations for services previously billed to the customer. Revenue recognized in the nine months ended September 30, 2025 that was included in the contract liability balance as of December 31, 2024 was $163,074. Revenue recognized for the nine months ended September 30, 2024 that was included in the contract liability balance as of December 31, 2023 was $76,854.

The Company evaluates the contract value and cost estimates at completion ("EAC") for performance obligations at least quarterly and more frequently when circumstances significantly change. Due to the nature of the work required to be performed on many of the Company's performance obligations, the estimate of total revenue and cost at completion is complex, subject to many variables and requires significant judgment by management on a contract-by-contract basis. As part of this process, management reviews information including, but not limited to, labor productivity, the nature and technical complexity of the work to be performed, availability and cost volatility of materials, subcontractor and vendor performance, volume assumptions, inflationary trends, and schedule and performance delays. When the Company's estimate of total costs to be incurred to satisfy a performance obligation exceeds the expected revenue, the Company recognizes the loss immediately. When the Company determines that a change in estimate has an impact on the associated profit of a performance obligation, the Company records the cumulative positive or negative adjustment to the statement of operations and comprehensive loss. Changes in estimates and assumptions related to the status of certain long-term contracts may have a material effect on the Company's operating results.

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**Yellowstone Midco Holdings, LLC** 

**Notes to Condensed Consolidated Financial Statements (Continued)** 

**(Dollars in thousands, except units and per unit amounts)** 

**(Unaudited)** 

The below table summarizes the favorable (unfavorable) impact of the net EAC adjustments for the following periods:

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** |
|  Net EAC adjustments, before income taxes | $(10804) | $(20384) |
|  Net EAC adjustments, net of income taxes | (8414) | (15412) |
|  Net EAC adjustments, net of income taxes, per basic and diluted share | $(0.01) | $(0.01) |

---

The net unfavorable EAC adjustments during the nine months ended September 30, 2025 were primarily due to additional unplanned labor, materials and subcontractor costs required to meet customer requirements in the Company's sale of satellites, launch services and ground segment services. The net unfavorable EAC adjustments for the nine months ended September 30, 2024 were primarily due to changes in estimated total transaction price resulting from contract modifications and unplanned labor, materials and subcontractor cost.

***Remaining Performance Obligations***

As of September 30, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was $642,019. The Company expects to recognize approximately 67% of its remaining performance obligations as revenue within the next 12 months and the balance thereafter.

***Deferred Contract Costs***

The following table provides information about capitalized contract costs:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
|  **Capitalized commissions, net** | $**8516** | $**12661** |

---

Sales commissions earned by the Company's sales force are considered incremental and recoverable costs of obtaining a contract. These costs are capitalized and amortized over the life of the contract consistent with the pattern of transferring the goods to the customer. Amortization of sales commissions is included in selling, general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss and totaled $4,016 and $3,514 for the nine months ended September 30, 2025 and 2024, respectively. Unpaid sales commissions expected to be paid within the next twelve months are deferred and recorded as deferred commissions, current on the accompanying unaudited condensed consolidated balance sheets. Unpaid sales commissions expected to be paid greater than a period of twelve months are classified as deferred commissions, less current portion on the accompanying unaudited condensed consolidated balance sheets.

***Loss Contracts***

The Company recognizes a contract loss when the current estimate of the consideration expected to be received is less than the current estimate of total estimated costs to complete the contract. For purposes of determining the

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**Yellowstone Midco Holdings, LLC** 

**Notes to Condensed Consolidated Financial Statements (Continued)** 

**(Dollars in thousands, except units and per unit amounts)** 

**(Unaudited)** 

existence or amount of a contract loss, the Company considers total contract consideration, including any variable consideration constrained for revenue recognition purposes. The Company may experience favorable or unfavorable changes to contract losses from time to time due to changes in estimated contract costs and modifications that result in changes to contract prices. The Company recorded losses of $2,942 and $10,928 for the nine months ended September 30, 2025 and 2024, respectively, within cost of revenues in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss.

**Note 4. Acquisitions** 

***ATLAS Space Operations Acquisition***

On June 9, 2025, the Company invested in Preferred Stock of ATLAS Space Operations, Inc. ("ATLAS"), representing an approximate 5% equity interest. On August 29, 2025 (the "Acquisition Date"), the Company acquired the remaining outstanding equity of ATLAS, a leading provider of Ground Software-as-a-Service (GSaaS) solutions for space-based communication and global connectivity. ATLAS is headquartered in Traverse City, MI.

Consideration for this acquisition was $85,839, which consisted of $1,501 in cash (including $1,251 in seller transaction expenses, and $250 escrow holdback) and $78,588 in equity consideration via a non-cash contribution from Yellowstone Ultimate Holdings, LP ("Holdings"). The fair value of these units was determined using an independent third-party valuation. Additionally, the fair value of preferred shares held by York from the initial investment in ATLAS was $5,750 which was included in the total consideration. The fair value of this investment was determined using a 1.15x liquidation preference and the resulting gain of $750 is recorded in other (expense) income, net on the unaudited condensed consolidated statement of operations and comprehensive loss for the period ended September 30, 2025.

The Company incurred $7,308 of acquisition-related expenses, which are recorded in selling, general and administrative expenses on the unaudited condensed consolidated statement of operations and comprehensive loss for the period ended September 30, 2025. These expenses include legal and advisory fees paid at closing, deal fees, and other related expenses. Additionally, the expenses included $1,238 of retention equity awards issued in connection with the acquisition.

The acquisition was accounted for as a business combination under the acquisition method of accounting. Accordingly, the assets and liabilities acquired were recorded at their estimated fair values. The determination of fair value was based on management's analysis with the assistance of an independent third-party valuation firm. The excess purchase price resulting in goodwill is primarily attributable to ATLAS's acquired workforce and expected synergies. None of the goodwill is expected to be deductible for income tax purposes. The results of operations from the ATLAS acquisition were included in the unaudited condensed consolidated financial statements from the Acquisition Date.

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**Yellowstone Midco Holdings, LLC** 

**Notes to Condensed Consolidated Financial Statements (Continued)** 

**(Dollars in thousands, except units and per unit amounts)** 

**(Unaudited)** 

The following table summarizes the provisional fair values of the assets acquired and liabilities assumed. Provisional fair value measurements were made for assets acquired and liabilities assumed. Adjustments to those measurements may be made in subsequent periods, up to one year from the date of acquisition, as the Company continues to evaluate the information necessary to complete the analysis.

---

| | |
|:---|:---|
| **Allocation of Purchase Price** | **Amount** |
|  Cash and cash equivalents | $404 |
|  Accounts receivable | 833 |
|  Prepaid expenses and other current assets | 55 |
|  Fixed assets, net | 3995 |
|  Right of use assets, net | 2098 |
|  Trademark | 600 |
|  Technology | 12300 |
|  Customer Relationship | 11300 |
|  Deferred income tax asset | 4300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total identifiable assets acquired | $35885 |
|  Accounts payable and accrued expenses | $(7176) |
|  Notes payable – short term | (1500) |
|  Contract Liabilities | (570) |
|  Operating lease liabilities, current | (830) |
|  Operating lease liabilities, less current portion | (1443) |
|  Notes payable – long term | (2232) |
|  Other liabilities | (7) |
|  Total liabilities assumed | (13758) |
|  Net identifiable assets acquired | 22127 |
|  Goodwill | 63712 |
|  **Fair value of net assets acquired** | $**85839** |

---

The acquired intangible assets are expected to have useful lives ranging from 5 to 20 years. Their provisional fair values were determined using income-based valuation methodologies, including the multi-period excess earnings method ("MPEEM") and the relief-from-royalty method, applying discount rates between 9% and 12%. These models reflect management's estimates of future cash flows, operating performance, and economic conditions.

**Note 5. Prepaid expenses and other current assets** 

The components of prepaid expenses and other current assets consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30, 2025** | **December 31, 2024** |
|  Prepaid expenses | $27124 | $51350 |
|  Income tax receivable | 44 | 177 |
|  Other | 1403 | 118 |
|  **Prepaid expenses and other current assets** | $**28571** | $**51645** |

---

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##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Condensed Consolidated Financial Statements (Continued)** 

**(Dollars in thousands, except units and per unit amounts)** 

**(Unaudited)** 

The decrease in prepaid expenses is primarily due to the amortization of upfront payments to subcontractors. The increase in the Other category is primarily related to the change in fair value of the Company's derivative assets. For further information regarding the Company's derivatives, refer to Note 14 – Fair Value Measurements.

**Note 6. Fixed Assets, net** 

Fixed assets, net consists of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30, 2025** | **December 31, 2024** |
|  Leasehold improvements | $16499 | $16386 |
|  Orbiting satellites | 5793 | 5793 |
|  Machinery and equipment | 13215 | 6648 |
|  Computer equipment | 5343 | 4826 |
|  Software | 2679 | 2516 |
|  Furniture and fixtures | 3867 | 3665 |
|  Construction in process | 9510 | 5097 |
|  **Total fixed assets, at cost** | **56906** | **44931** |
|  Less: accumulated depreciation | (15958) | (9819) |
|  **Total fixed assets, net** | $**40948** | $**35112** |

---

Depreciation expense was $5,617 and $5,519 for the nine months ended September 30, 2025 and 2024, respectively. Amortization expense related to software was $359 and $303 for the nine months ended September 30, 2025 and 2024, respectively. There was no impairment recognized related to fixed assets during the nine months ended September 30, 2025 and 2024, respectively.

**Note 7. Financing Arrangements** 

***Secured Credit Facilities***

The Company has a $150,000 secured credit facility (the "Original Term Loan Facility") with CO Finance LVS XXIII LLC ("Lender"). The Original Term Loan Facility has a maturity date of November 10, 2027, and bears interest at a rate of Secured Overnight Financing Rate ("SOFR"), plus a margin of 9.00%. Interest is accrued and paid every three months, with the initial interest payment having been paid on February 10, 2023. There is no scheduled amortization on the Original Term Loan Facility, with the entire amount payable at maturity. The Original Term Loan Facility contains covenants including a requirement for a minimum cash balance, certain financial covenants, and negative covenants including customary restrictions related to acquisitions, divestitures, dividends, prepayments of certain indebtedness, and other corporate actions.

On June 15, 2023, the Company entered into Amendment #1 of the Original Term Loan Facility (the "First Amendment"). The First Amendment provided an incremental $50,000 to the initial $150,000 Original Term Loan Facility, collectively (the "Term Loan Facility"). Of the incremental amount, $35,000 ("First Amendment Loans") was funded by the Lender, while $15,000 ("Last Out Loans") was funded by two related parties (refer to Note 12—Related Parties). The First Amendment Loans have the same terms and conditions as the Original Term Loan Facility. The Last Out Loans also have the same terms and conditions as the Original Term Loan Facility, with two exceptions – (i) the Last Out Loans are not repaid until the November 2022 Loan and First

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**Yellowstone Midco Holdings, LLC** 

**Notes to Condensed Consolidated Financial Statements (Continued)** 

**(Dollars in thousands, except units and per unit amounts)** 

**(Unaudited)** 

Amendment Loans have been fully repaid, and (ii) the Last Out Loans have paid-in-kind ("PIK") interest. All obligations under the Term Loan Facility are guaranteed by certain subsidiaries of the Company and aresecured by substantially all of the Company's assets. The Company was in compliance with all financial debtcovenants as of September 30, 2025 and December 31, 2024. The Company received a waiver to waive any potential defaults or events of default that may have occurred and by continuing under the Credit Agreement.

Long-term debt consists of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30, 2025** | **December 31, 2024** |
|  Term Loan Facility loan principal amount outstanding | $200000 | $200000 |
|  Unamortized debt issuance costs | (2309) | (2967) |
|  **Net carrying amount** | $**197691** | $**197033** |

---

Interest expense recognized related to the Term Loan Facility was as follows:

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended** | **For the nine months ended** |
|  | **September 30, 2025** | **September 30, 2024** |
|  Contractual interest expense | $20656 | $21940 |
|  Amortization of debt issuance costs | 657 | 568 |
|  **Total interest expense** | $**21313** | $**22508** |

---

**Note 8. Goodwill and Intangible Assets** 

The changes in the carrying amount of goodwill are as follows:

---

| | |
|:---|:---|
|  | **Amount** |
|  **Balance at December 31, 2024** | $**610832** |
|  Goodwill acquired in connection with the ATLAS acquisition (Note 4) | 63712 |
|  Effect of foreign currency translation | 114 |
|  **Balance at September 30, 2025** | $**674658** |

---

There was no impairment recognized related to goodwill during the nine months ended September 30, 2025 and 2024, respectively.

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**Yellowstone Midco Holdings, LLC** 

**Notes to Condensed Consolidated Financial Statements (Continued)** 

**(Dollars in thousands, except units and per unit amounts)** 

**(Unaudited)** 

Intangible assets, net consist of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Weighted<br>Average Useful<br>Life** | **Gross carrying<br>amount** | **Accumulated<br>Amortization** | **Net carrying<br>amount** |
|  **Finite-lived intangible assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Developed technology | 9.9 | $263478 | $(74726) | $188752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer relationships | 20.0 | 242914 | (35328) | 207586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade names | 5.2 | 24012 | (6721) | 17291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Licenses | 9.8 | 5247 | (756) | 4491 |
|  **Total other intangible assets** |  | $**535651** | $**(117531)** | $**418120** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Weighted<br>Average Useful<br>Life** | **Gross carrying<br>amount** | **Accumulated<br>amortization** | **Net carrying<br>amount** |
|  **Finite-lived intangible assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Developed technology | 9.9 | $251477 | $($55207) | $196270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer relationships | 20.0 | 242270 | (26134) | 216136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade names | 5.2 | 11676 | (4977) | 6699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Licenses | 9.8 | 5232 | (342) | 4890 |
|  **Total other intangible assets** |  | $**510655** | $**(86660)** | $**423995** |

---

There was no impairment recognized related to intangible assets during the nine months ended September 30, 2025 and 2024, respectively. Amortization expense of intangible assets for the nine months ended September 30, 2025 and 2024, is $30,635 and $30,153, respectively, and is recorded in cost of revenues and selling, general and administrative expenses in the unaudited condensed consolidated statements of operations and comprehensive loss. Estimated future amortization expense for finite-lived intangibles held as of September 30, 2025 is as follows:

---

| | |
|:---|:---|
| **Years ending December 31** | **Amount** |
|  2025 (for the remaining period) | 10619 |
| 2026 | 42374 |
| 2027 | 41974 |
| 2028 | 39693 |
| 2029 | 39485 |
|  Thereafter | 243975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total future amortization expense on intangible assets** | $**418120** |

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**Yellowstone Midco Holdings, LLC** 

**Notes to Condensed Consolidated Financial Statements (Continued)** 

**(Dollars in thousands, except units and per unit amounts)** 

**(Unaudited)** 

**Note 9. Accounts Payable & Accrued Expenses** 

Accounts payable and accrued expenses were comprised of the following:

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| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30, 2025** | **December 31, 2024** |
|  Accounts payable | $68355 | $29465 |
|  Accrued project costs | 8132 | 14239 |
|  Accrued interest | 3263 | 3334 |
|  Payroll and benefits accrual | 3768 | 2387 |
|  Other | 9 | 1174 |
|  **Total accounts payable and<br>accrued expenses** | $**83527** | $**50599** |

---

The increase in accounts payable is primarily due to the timing of payments and volume of invoices received from the Company's various vendors.The ETR for the nine months ended September 30, 2025 and the nine months ended September 30, 2024 differs from the U.S. federal income tax rate of 21.0% primarily due to an increase in the valuation allowance offset by a decrease in state tax expense.

**Note 10. Accounting for Income Taxes** 

The table below presents the Company's effective income tax rate on pre-tax income from continuing operations for the following periods:

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended** | **For the nine months ended** |
|  | **September 30, 2025** | **September 30, 2024** |
|  **Income tax (benefit)** | $(15923) | $(23760) |
|  **Effective tax rate ("ETR")** | 22.12% | 24.39% |

---

The decrease in ETR for the nine months ended September 30, 2025 compared to nine months ended September 30, 2024 was due to the increase in valuation allowance.

The Company assesses the deferred tax assets for recoverability on a quarterly basis. In assessing the realizability of deferred tax assets, the Company evaluates whether it is more-likely-than-not that a portion or all of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which the net operating loss ("NOL"), research credit and interest expense carryforwards are available. During the nine months ended September 30, 2025, the Company recognized additional tax expense of $15,917 for the nine months ended September 30, 2025, substantially all of which relates to the acquisition of additional deferred tax assets in connection with the ATLAS business combination which are now anticipated to be utilized prior to existing York assets.

On July 4, 2025, the One Big Beautiful Bill Act (the "OBBBA") was enacted, introducing amendments to the U.S. federal income tax code, including permanent reinstatement of immediate expensing for domestic research expenditures, a reduction in the benefit of the research and development ("R&D") credit, restoration of full expensing for qualified depreciable assets, and updates to the limitation of deductions for business interest. U.S GAAP requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. Certain provisions are effective for 2025, the effects of which have been recognized in the nine months ended September 30, 2025.

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**Yellowstone Midco Holdings, LLC** 

**Notes to Condensed Consolidated Financial Statements (Continued)** 

**(Dollars in thousands, except units and per unit amounts)** 

**(Unaudited)** 

**Note 11. Commitments and Contingencies** 

In the ordinary course of business, the Company may be involved in ordinary, routine legal proceedings. The Company has assessed its positions and is of the opinion that the ultimate resolution of such matters will not have a material adverse effect on the results of operations, cash flows or the financial position of the Company.

**Note 12. Related Parties** 

The unaudited condensed consolidated financial statements include all related party transactions, other than base compensation arrangements, expense allowances, and other similar items in the ordinary course of business. The related party transactions for the Company are as follows:

***Vendor Purchases***

The Company contracted with a relative of one of the Company officers to design, furnish and build out the offices and manufacturing areas for its new facilities. During the nine months ended September 30, 2025 and 2024, the Company paid approximately $268 and $116, respectively, for these services.

The Company contracted with another Company executive to lease an office space starting in February 2021. During the nine months ended September 30, 2025 and 2024, the Company paid approximately $81 and $78, respectively, for this lease which is recorded in selling, general and administrative expense on the unaudited condensed consolidated statements of operations and comprehensive loss.

The Company contracted with a vendor to provide software engineering services in which one of the Company's employees is a shareholder. During the nine months ended September 30, 2025 and 2024, the Company paid approximately $1,100 and $1,167, respectively, to this vendor for these services.

***Lending***

As part of the First Amendment, $5,000 and $10,000 of the $15,000 Last Out Loans borrowed were provided by two Company officers, respectively. There is $5,636 and $3,683 of PIK interest recorded as Related party payables, net of current in the unaudited condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024, respectively. Of the $197,691 long-term debt, net recorded in the unaudited condensed consolidated balance sheet as of September 30, 2025, $4,944 and $9,888 net of debt issuance costs, relate to the Last Out Loans provided by the two Company officers, respectively. Of the $197,033 long-term debt, net recorded in the audited consolidated balance sheet as of December 31, 2024, $4,928 and $9,856 net of debt issuance costs, relate to the Last Out Loans provided by the two Company officers, respectively.

***AEI Transaction***

In November 2022, AE Industrial Partners LP ("AEI") and certain co-investors acquired the equity interests of the Company hereafter referred to as the "AEI Transaction".

Following the AEI Transaction, AEI provided $3,459 and $1,005 of consulting to the Company for the nine months ended September 30, 2025 and 2024, respectively. An agreement is in place for the Company to pay a consulting fee each quarter equal to the greater of $250 or 3.5% of adjusted EBITDA as defined in the agreement through 2032. These consulting fees are recorded in selling, general and administrative expense on the unaudited condensed consolidated statements of operations and comprehensive loss.

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**Yellowstone Midco Holdings, LLC** 

**Notes to Condensed Consolidated Financial Statements (Continued)** 

**(Dollars in thousands, except units and per unit amounts)** 

**(Unaudited)** 

**Note 13. Member's Capital and Redeemable Preferred Units** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Authorized as of** | **Authorized as of** | **Held by Member as of** | **Held by Member as of** |
|  | **September 30, 2025** | **December 31, 2024** | **September 30, 2025** | **December 31, 2024** |
|  Common units | 1078929080 | 1078929080 | 1078929080 | 1078929080 |
|  Redeemable preferred units | 82858291 | 56619831 | 82858291 | 56619831 |
|  **Total** | **1161787371** | **1135548911** | **1161787371** | **1135548911** |

---

***Common units***

The holders of Common units are entitled to dividends when and if declared by the Board. There have been no distributions declared to date. As of September 30, 2025 and December 31, 2024, Holdings owns all authorized and outstanding Common units of the Company.

***Redeemable preferred units***

On June 3, 2025, Holdings subscribed to an additional 25,000,000 Redeemable preferred units with a price of $1.00 per unit. As of September 30, 2025 and December 31, 2024, Holdings owns all authorized and outstanding Redeemable preferred units of the Company.

Under the terms of the Second Amended and Restated LLC Agreement ("LLC Agreement"), distributions are in the following priorities:

Distributions: Distributions will only be made in such amounts, in such form (including in-kind property) and at such times as determined by the Managing Member in its sole discretion. Distributions, if declared by the Managing Member, will be made:

First, to the Redeemable preferred unit holders until such time as their preferred unreturned capital value has been reduced to zero; Second, to the Redeemable preferred unit holders until such time as their preferred unpaid yield value has been reduced to zero; and thereafter, to the Common unit holders.

Pursuant to the LLC Agreement, the Units contain the following key provisions as of September 30, 2025:

Dissolution/Liquidation: Upon the dissolution of the Company, the Managing Member shall wind up the affairs of the Company. Following the payment of or provision for all debts and liabilities of the Company and all expenses of liquidation, (i) a final allocation of all items of income, gain, loss, and expense shall be made and (ii) the proceeds of the liquidation and any other funds (or other remaining assets) of the Company shall be distributed to the members in accordance with the distribution waterfall above.

Voting: The voting rights of the holders of Units are limited to the removal or replacement of the Managing Member.

Preferred Yield: The Redeemable preferred units provide for a Preferred Yield which accrues on a daily basis at an annual rate of 12.5% and compounds on December 31 of each calendar year, based on the sum of the (i) capital contributions less any distributions, and (ii) the amount of Preferred Yield that has not been distributed.

The Redeemable preferred units are not convertible. The Redeemable preferred units are in-substance currently redeemable through the distribution waterfall since the holder of the Redeemable preferred units controls the Company and can make distributions at any time in the form of cash or other assets. The Redeemable preferred units are initially recorded at cash proceeds received (no issuance costs incurred) and are subsequently remeasured at their maximum redemption amount at the end of each reporting date.

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**Yellowstone Midco Holdings, LLC** 

**Notes to Condensed Consolidated Financial Statements (Continued)** 

**(Dollars in thousands, except units and per unit amounts)** 

**(Unaudited)** 

**Note 14. Net Loss per Unit** 

Basic net loss per unit is computed by dividing net loss attributable to common unitholders by the weighted average number of common units outstanding during each period.

Diluted net loss per unit is computed by dividing net loss attributable to common unitholders by the weighted average number of fully dilutive common units outstanding for the period using the treasury-stock method, the if-converted method, or two-class method for participating securities, whichever is more dilutive. The Company's Incentive Units are granted by and settled in the equity of the Company's ultimate parent and therefore are not included in the Company's net loss per unit calculations. During the periods presented, the Company did not have any dilutive equity instruments outstanding or any antidilutive equity instruments that could potentially be dilutive in future periods. As a result, diluted net loss per common unit is the same as basic net loss per common unit for the periods presented. Please refer to Note 13—Member's Capital and Redeemable Preferred Units for additional information on the Company's units outstanding.

The following table summarizes the computation of basic and diluted net loss per unit attributable to common unitholders of the Company:

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended** | **For the nine months ended** |
|  | **September 30, 2025** | **September 30, 2024** |
|  **Numerator:** |  |  |
|  Net loss as reported | $(56044) | $(73643) |
|  Less: Accretion of Redeemable<br>preferred units | 7418 | 5485 |
|  Net loss available to<br>common unitholders | $(63462) | $(79128) |
|  **Denominator:** |  |  |
|  Weighted average common<br>units outstanding | 1078929080 | 1078929080 |
|  Basic and diluted |  |  |
|  **Net loss per unit – basic and diluted:** | $**(0.06)** | $**(0.07)** |

---

**Note 15. Segment Reporting** 

The measure of segment assets is reported on the unaudited condensed Consolidated Balance Sheets as total assets. There are no other significant segment assets that would require disclosure or are regularly provided to the CODM. The Company has no intra-segment sales or transfers as it operates in one operating segment and one reportable segment. Information related to the geographical distribution of the Company's revenues is disclosed in Note 2—Summary of Significant Accounting Policies.

At September 30, 2025 and December 31, 2024, $38,125 and $32,830 of the Company's fixed assets, net, are located in the United States. There were no other material tangible long-lived assets located outside of the U.S., individually or in the aggregate.

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##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Condensed Consolidated Financial Statements (Continued)** 

**(Dollars in thousands, except units and per unit amounts)** 

**(Unaudited)** 

In accordance with ASU 2023-07, *Improvements to Reportable Segment Disclosures*, significant expenses included within consolidated net loss have been assessed and disclosed in the table below:

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended** | **For the nine months ended** |
|  | **September 30, 2025** | **September 30, 2024** |
|  Revenue | $280854 | $176925 |
|  Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct materials | 193519 | 128519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses | 94125 | 76433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and development | 13796 | 15480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (21385) | (22529) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 1035 | 932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other (expense) income, net | 1910 | (658) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax benefit | 15923 | 23760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other segment items (a) | 32941 | 31641 |
|  **Net loss** | $**(56044)** | $**(73643)** |

---

(a) Other segment items is comprised of other costs of revenue excluding direct materials, including direct labor,
overhead costs and depreciation and amortization

**Note 16. Subsequent Event** 

The Company has performed a review of events subsequent to the balance sheet date through November 17, 2025, the date the unaudited condensed consolidated financial statements were issued.

On October 3, 2025, Holdings entered into a Contribution and Acceptance Agreement between Holdings and Yellowstone Midco Holdings II, LLC whereby Holdings contributed and transferred its ownership in the Company to Yellowstone Midco Holdings II, LLC.

In November 2025, the Company refinanced the Term Loan Facility for a first-lien term loan A facility (the "Term Facility") in an aggregate principal amount of $150 million and a senior secured first-lien revolving credit facility in an aggregate principal amount of $140 million (the "Revolving Facility", and together with the Term Facility, the "Facilities"). The Facilities mature three years after the closing date. The Term Facility provides an option for the Company to extend maturity date for another year subject to certain conditions following a Qualified IPO. The Term Facility requires quarterly installments commencing on the last day of the first full fiscal quarter ending after the Closing Date in an aggregate annual amount equal to 2.50% for the first four fiscal quarters and thereafter 5.00% of the original principal amount of the term loans. The Company will use the net proceeds from the Facilities to repay the Term Loan Facility and for working capital and general corporate purposes. Interest rates under the Facilities are, at the option of the Company, initially SOFR plus 3.5% or ABR plus 2.5% and may be adjusted downward based on certain qualifying events and Total Net Leverage Ratios.

The Company noted no other subsequent events that require recognition or disclosure in these unaudited condensed consolidated financial statements.

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##### [**Table of Contents**](#toc)
**Report of Independent Registered Public Accounting Firm** 

Board of Directors and Unitholders

Yellowstone Midco Holdings II, LLC

**Opinion on the financial statement** 

We have audited the accompanying balance sheet of Yellowstone Midco Holdings II, LLC (a Delaware limited liability company) (the "Company") as of September 4, 2025, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of September 4, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Basis for opinion** 

The financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

---

| |
|:---|
|  GRANT THORNTON LLP |
|  /s/ GRANT THORNTON LLP |
|  We have served as the Company's auditor since 2025. |
|  Denver, Colorado |
|  November 17, 2025 |

---

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##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings II, LLC** 

**Balance Sheet** 

---

| | |
|:---|:---|
|  | **As of September 4,<br>2025** |
|  **Assets** |  |
|  Total assets | $— |
|  **Liabilities and Member's Capital** |  |
|  Total liabilities | $— |
|  **Member's capital** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common units, 100 shares authorized, issued and outstanding |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in-capital |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total member's capital | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and member's capital | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

See accompanying notes to the financial statement.

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##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings II, LLC** 

**Notes to the Financial Statement** 

**(dollars in millions)** 

**Note 1. Description of Business and Basis of Presentation** 

***Description of Business***

Yellowstone Midco Holdings II, LLC, (the "Company" or "Midco") was formed in Delaware on September 4, 2025 to directly and indirectly hold all of the equity interests in Yellowstone Midco Holdings, LLC and its operating subsidiaries.

***Corporate Conversion***

Prior to the effectiveness of a registration statement and consummation of an initial public offering (the "IPO transaction"), Midco will convert into a Delaware corporation pursuant to a statutory conversion (the "Corporate Conversion"). In connection with the Corporate Conversion, all of the outstanding limited liability company units will be converted into shares of common stock. The number of shares of common stock issuable to holders of limited liability units in connection with the Corporate Conversion will be determined pursuant to the applicable provision of the plan of conversion. Following the Corporate Conversion, Midco will remain a holding company and will continue to conduct business through its operating subsidiaries.

***Basis of Presentation***

The balance sheet is presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), and the applicable rules and regulations of the Securities and Exchange Commission. Separate statements of operations and comprehensive income, changes in member's capital and cash flows have not been presented because there have been no activities in this entity since its formation.

**Note 2. Summary of Significant Accounting Policies** 

***Use of Estimates***

The preparation of financial statements in conformity with U.S. GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates.

***Organization costs***

Costs related to the formation of Midco have been paid by Yellowstone Ultimate Holdings, LP, Midco's ultimate parent company.

**Note 3. Member's Capital** 

The capital structure of Midco consists of one class of 100 authorized common interests (the "Common Units"). On September 4, 2025, Midco entered into a Limited Liability Company Agreement (the "LLC Agreement"), pursuant to which 100 Common Units were issued for no consideration to Yellowstone Ultimate Holdings, LP, a Delaware limited partnership ("Yellowstone").

**Note 4. Commitments and Contingencies** 

The Company did not have any commitments or contingencies as of September 4, 2025.

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##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings II, LLC** 

**Notes to the Financial Statement (Continued)** 

**(dollars in millions)** 

**Note 5. Subsequent Events** 

The Company has evaluated all subsequent events through November 17, 2025, the date on which the balance sheet and notes to the financial statement were available to be issued.

On October 3, 2025, the Company entered into a Contribution and Acceptance Agreement between the Company and Yellowstone whereby Yellowstone contributed and transferred its ownership in Yellowstone Midco Holdings, LLC to the Company. Additionally, the Company and Yellowstone entered into an amendment to the LLC Agreement (the "Amended and Restated LLC Agreement"), pursuant to which (i) the Company was authorized to issue from time to time, subject to Board approval, additional Common Units and Class P Units, (ii) Midco issued 50,000,000 Common Units to Yellowstone iii) all authorized and outstanding Common Units issued prior to October 3, 2025 and owned by Yellowstone were cancelled and forfeited for no consideration.

In the fourth quarter of 2025, the Company issued and sold an aggregate of approximately 240,956 Class P Units of the Company to several investors, including funds affiliated with AE Industrial Partners, for an aggregate purchase price of approximately $241.0 million.

Each Class P Unit accrues dividends and will convert into shares of the Company's common stock immediately prior to the effectiveness of a registration statement with respect to a Qualified initial public offering at a conversion rate per unit equal to (i) the outstanding aggregate total preference amount of such Class P Unit, divided by (ii) a conversion value equal to 20% of the initial public offering price (with such percentage set to increase by 2.5% every 6 months for the issue date of such unit; provided that, such percentage will not exceed 30% of the initial public offering price). The issuance of the Class P Units was not registered under the Securities Act because the Class P Units were offered and sold in a transaction exempt from registration under Section 4(a)(2) of the Securities Act.

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##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings II, LLC** 

**Balance Sheets** 

---

| | | |
|:---|:---|:---|
|  | **As of**<br> **September 30, 2025**<br> **(unaudited)** | **As of**<br> **September 4, 2025** |
|  **Assets** |  |  |
|  Total assets | $— | $— |
|  **Liabilities and Member's Capital** |  |  |
|  Total liabilities | $— | $— |
|  **Member's capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common units, 100 shares authorized, issued and outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in-capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total member's capital | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and member's capital | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

See accompanying notes to the financial statement.

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##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings II, LLC** 

**Notes to the Financial Statement** 

**(Unaudited)** 

**(dollars in millions)** 

**Note 1. Description of Business and Basis of Presentation** 

***Description of Business***

Yellowstone Midco Holdings II, LLC, (the "Company" or "Midco") was formed in Delaware on September 4, 2025 to directly and indirectly hold all of the equity interests in Yellowstone Midco Holdings, LLC and its operating subsidiaries.

***Corporate Conversion***

Prior to the effectiveness of a registration statement and consummation of an initial public offering (the "IPO transaction"), Midco will convert into a Delaware corporation pursuant to a statutory conversion (the "Corporate Conversion"). In connection with the Corporate Conversion, all of the outstanding limited liability company units will be converted into shares of common stock. The number of shares of common stock issuable to holders of limited liability units in connection with the Corporate Conversion will be determined pursuant to the applicable provision of the plan of conversion. Following the Corporate Conversion, Midco will remain a holding company and will continue to conduct business through its operating subsidiaries.

***Basis of Presentation***

The balance sheet is presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), and the applicable rules and regulations of the Securities and Exchange Commission. Separate statements of operations, changes in member's capital and cash flows have not been presented because there have been no activities in this entity since its formation through September 30, 2025 (unaudited).

**Note 2. Summary of Significant Accounting Policies** 

***Use of Estimates***

The preparation of financial statements in conformity with U.S. GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates.

***Organization costs***

Costs related to the formation of Midco have been paid by Yellowstone Ultimate Holdings, LP, Midco's ultimate parent company.

**Note 3. Member's Capital** 

As of September 4, 2025 and September 30, 2025, the capital structure of Midco consists of one class of 100 authorized common interests (the "Common Units"). On September 4, 2025, Midco entered into a Limited Liability Company Agreement (the "LLC Agreement"), pursuant to which 100 Common Units were issued to for no consideration to Yellowstone Ultimate Holdings, LP, a Delaware limited partnership ("Yellowstone"). As of September 30, 2025, Yellowstone owns all authorized and outstanding Common Units of the Company.

**Note 4. Commitments and Contingencies** 

The Company did not have any commitments or contingencies as of September 4, 20205 or September 30, 2025.

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##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings II, LLC** 

**Notes to the Financial Statement (Continued)** 

**(Unaudited)** 

**(dollars in millions)** 

**Note 5. Subsequent Events** 

The Company has evaluated all subsequent events through November 17, 2025, the date on which the balance sheets and notes to the financial statement were available to be issued.

On October 3, 2025, the Company entered into a Contribution and Acceptance Agreement between the Company and Yellowstone whereby Yellowstone contributed and transferred its ownership in Yellowstone Midco Holdings, LLC to the Company. Additionally, the Company and Yellowstone entered into an amendment to the LLC Agreement (the "Amended and Restated LLC Agreement"), pursuant to which (i) the Company was authorized to issue from time to time, subject to Board approval, additional Common Units and Class P Units, (ii) Midco issued 50,000,000 Common Units to Yellowstone iii) all authorized and outstanding Common Units issued prior to October 3, 2025 and owned by Yellowstone were cancelled and forfeited for no consideration.

In the fourth quarter of 2025, the Company issued and sold an aggregate of approximately 240,956 Class P Units of the Company to several investors, including funds affiliated with AE Industrial Partners, for an aggregate purchase price of approximately $241.0 million.

Each Class P Unit accrues dividends and will convert into shares of the Company's common stock immediately prior to the effectiveness of a registration statement with respect to a Qualified initial public offering at a conversion rate per unit equal to (i) the outstanding aggregate total preference amount of such Class P Unit, divided by (ii) a conversion value equal to 20% of the initial public offering price (with such percentage set to increase by 2.5% every 6 months for the issue date of such unit; provided that, such percentage will not exceed 30% of the initial public offering price). The issuance of the Class P Units was not registered under the Securities Act because the Class P Units were offered and sold in a transaction exempt from registration under Section 4(a)(2) of the Securities Act.

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares**![LOGO](g941199g01a68.jpg)

**Common Stock** 

**Prospectus** 

**Goldman Sachs & Co. LLC** 

**Jefferies** 

**Wells Fargo Securities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**, 2025** 

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##### [**Table of Contents**](#toc)
**PART II** 

**INFORMATION NOT REQUIRED IN PROSPECTUS** 

**Item 13. *Other Expenses of Issuance and Distribution.*** 

The following table sets forth all costs and expenses, other than underwriting discounts and commissions, payable by us in connection with the offer and sale of the common stock being registered. All amounts shown are estimates except for the SEC registration fee, the FINRA filing fee and the exchange listing fee.

---

| | |
|:---|:---|
|  | **Amount to<br>be Paid** |
|  SEC registration fee | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* |
|  FINRA filing fee | \* |
|  Initial exchange listing fee | \* |
|  Printing and engraving expenses | \* |
|  Legal fees and expenses | \* |
|  Accounting fees and expenses | \* |
|  Transfer agent and registrar fees | \* |
|  Miscellaneous fees and expenses | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $\* |

---

\* To be provided by amendment.

**Item 14. *Indemnification of Directors and Officers.*** 

Section 102(b)(7) of the DGCL allows a corporation to provide in its certificate of incorporation that a director of the corporation will not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or officer, except where the director or officer breached the duty of loyalty, failed to act in good faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment of a dividend, or approved a stock repurchase in violation of Delaware corporate law, or obtained an improper personal benefit. Our certificate of incorporation will provide for this limitation of liability.

Section 145 of the DGCL ("Section 145") provides that a Delaware corporation may indemnify any person who was, is, or is threatened to be made, party to any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative (other than an action by or in the right of such corporation), by reason of the fact that such person is or was an officer, director, employee, or agent of such corporation or is or was serving at the request of such corporation as a director, officer, employee, or agent of another corporation or enterprise. The indemnity may include expenses (including attorneys' fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit, or proceeding, provided such person acted in good faith and in a manner he reasonably believed to be in or not opposed to the corporation's best interests and, with respect to any criminal action or proceeding, had no reasonable cause to believe that his conduct was illegal. A Delaware corporation may indemnify any persons who are, were, or are a party to any threatened, pending, or completed action or suit by or in the right of the corporation by reason of the fact that such person is or was a director, officer, employee, or agent of another corporation or enterprise. The indemnity may include expenses (including attorneys' fees) actually and reasonably incurred by such person in connection with the defense or settlement of such action or suit, provided such person acted in good faith and in a manner he reasonably believed to be in or not opposed to the corporation's best interests, provided that no indemnification is permitted without judicial approval if the officer, director, employee, or agent is adjudged to be liable to the corporation. Where an officer or director is successful on the merits or otherwise in the defense of any action referred to above, the corporation must indemnify him against the expenses which such officer or director has actually and reasonably incurred.

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##### [**Table of Contents**](#toc)
Section 145 further authorizes a corporation to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee, or agent of the corporation or is or was serving at the request of the corporation as a director, officer, employee, or agent of another corporation or enterprise, against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the corporation would otherwise have the power to indemnify him under Section 145.

Our bylaws will provide that we will indemnify our directors and officers to the fullest extent authorized by the DGCL and must also pay expenses incurred in defending any such proceeding in advance of its final disposition upon delivery of an undertaking, by or on behalf of an indemnified person, to repay all amounts so advanced if it should be determined ultimately that such person is not entitled to be indemnified under this section or otherwise.

Upon completion of this offering, we intend to enter into indemnification agreements with each of our executive officers and directors. The indemnification agreements will provide the executive officers and directors with contractual rights to indemnification, expense advancement, and reimbursement to the fullest extent permitted under the DGCL.

The indemnification rights set forth above shall not be exclusive of any other right which an indemnified person may have or hereafter acquire under any statute, provision of our certificate of incorporation or bylaws, agreement, vote of stockholders or disinterested directors, or otherwise.

We will maintain standard policies of insurance that provide coverage (1) to our directors and officers against loss arising from claims made by reason of breach of duty or other wrongful act and (2) to us with respect to indemnification payments that we may make to such directors and officers. The proposed form of underwriting agreement to be filed as Exhibit 1.1 to this registration statement provides for indemnification of our directors and officers by the underwriters party thereto against certain liabilities arising under the Securities Act or otherwise.

**Item 15. *Recent Sales of Unregistered Securities.*** 

The following sets forth information regarding securities sold or issued by us in the three years preceding the date of this registration statement. No underwriters were involved in these sales. There was no general solicitation of investors or advertising, and we did not pay or give, directly or indirectly, any commission or other remuneration, in connection with the offering of these shares. In the transactions described below, the recipients of the securities represented their intention to acquire the securities for investment only and not with a view to or for sale in connection with any distribution thereof, and appropriate legends were affixed to the securities issued in these transactions.

On September 4, 2025, in connection with its formation, the Company issued 100 units to Yellowstone Ultimate Holdings, LP for nominal consideration. The issuance of such units was not registered under the Securities Act because the units were offered and sold in a transaction exempt from registration under Section 4(a)(2) of the Securities Act.

In the fourth quarter of 2025, the Company issued and sold an aggregate of approximately 240,956 Class P Units to several investors, including funds affiliated with AE Industrial Partners, for an aggregate purchase price of approximately $241.0 million. Each Class P Unit initially has a preference amount of $1,000 and will automatically convert into shares of our common stock immediately prior the effectiveness of the registration statement of which this prospectus forms a part, at a conversion rate per unit equal to (i) the outstanding aggregate total preference amount of such Class P Unit, divided by (ii) the initial public offering price discounted by a discount of 20% (with such percentage set to increase by 2.5% every 6 months from the issue date of such unit; provided that, such percentage will not exceed a discount of 30% of the initial public offering price). The issuance of the Class P Units was not registered under the Securities Act because the Class P Units were offered and sold in a transaction exempt from registration under Section 4(a)(2) of the Securities Act.

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##### [**Table of Contents**](#toc)
**Item 16. *Exhibits and Financial Statement Schedules.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a) Exhibits***

The exhibits to this registration statement are listed in the Exhibit Index attached hereto and incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b) Financial Statement Schedules***

Financial statement schedules are omitted because the required information is not applicable, not required or included in the financial statements or the notes thereto included in the prospectus that forms a part of this registration statement.

**Item 17. *Undertakings.*** 

The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers, and controlling persons of the registrant pursuant to the provisions referenced in Item 14 of this registration statement, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer, or controlling person of the registrant in the successful defense of any action, suit, or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered hereunder, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) for purposes of determining any liability under the Securities Act, the information omitted from the form of
prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in the form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part
of this registration statement as of the time it was declared effective; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) for the purpose of determining any liability under the Securities Act, each post-effective amendment that
contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at the time shall be deemed to be the initial bona fide offering thereof.

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##### [**Table of Contents**](#toc)
**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Document** |
| &nbsp;&nbsp;&nbsp;&nbsp;1.1\* | Form of Underwriting Agreement |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | [Certificate of Formation of Yellowstone Midco Holdings II, LLC, as currently in effect](d941199dex31.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2\* | Form of Certificate of Incorporation (to be effective upon completion of this offering) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.3\* | Form of Bylaws (to be effective upon completion of this offering) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1\* | Form of Registration Rights Agreement |
| &nbsp;&nbsp;&nbsp;&nbsp;5.1\* | Opinion of Kirkland & Ellis LLP |
| 10.1 | [Credit Agreement, dated as of November 14, 2025, by and among Yellowstone Interco Holdings, LLC, Yellowstone Borrower, LLC, the lenders party thereto and Wells Fargo Bank, National Association.](d941199dex101.htm) |
| 10.2+ | [Offer Letter, dated March 21, 2021, as amended, by and between Kevin Messerle and York Space Systems, LLC](d941199dex102.htm) |
| 10.3+ | [Offer Letter, dated August 2, 2023, by and between Devjyoti Rudra and York Space Systems, LLC](d941199dex103.htm) |
| 10.4\* | Form of Indemnification Agreement |
| 10.5\* | Form of Tax Receivable Agreement (to be effective upon completion of this offering) |
| 10.6+\* | York Space Systems Omnibus Incentive Plan |
| 10.7+\* | Form of Restricted Stock Unit Award Agreement under the York Space Systems Omnibus Incentive Plan |
| 10.8+\* | Form of Option Award Agreement under the York Space Systems Omnibus Incentive Plan |
| 10.9\* | Form of Director Nomination Agreement |
| 10.10\* | Form of Amended and Restated Consulting Agreement between York Space Systems, Inc., AE Industrial Operating Partners, LLC and AE Industrial Partners, LP |
| 21.1\* | Subsidiaries of the Registrant |
| 23.1 | [Consent of Grant Thornton LLP, independent registered accounting firm for Yellowstone Midco Holdings, LLC](d941199dex231.htm) |
| 23.2 | [Consent of Grant Thornton LLP, independent registered accounting firm for Yellowstone Midco Holdings II, LLC](d941199dex232.htm) |
| 23.3\* | Consent of Kirkland & Ellis LLP (included in Exhibit 5.1) |
| 24.1 | [Power of Attorney (included on signature page)](#sig) |
| 99.1 | [Consent of Dirk Wallinger to be named as a director nominee](d941199dex991.htm) |
| 99.2 | [Consent of Kirk Konert to be named as a director nominee](d941199dex992.htm) |
| 99.3 | [Consent of Tyler Letarte to be named as a director nominee](d941199dex993.htm) |
| 99.4 | [Consent of Tamra Erwin to be named as a director nominee](d941199dex994.htm) |
| 99.5 | [Consent of Reggie Brothers to be named as a director nominee](d941199dex995.htm) |
| 99.6 | [Consent of Andrew Boyd to be named as a director nominee](d941199dex996.htm) |
| 107 | [Calculation of the Filing Fee Table](d941199dexfilingfees.htm) |

---

\* Indicates to be filed by amendment.

+ Indicates a management contract or compensatory plan or agreement.

------

##### [**Table of Contents**](#toc)
**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Denver, State of Colorado, on November 17, 2025.

---

| | |
|:---|:---|
| **Yellowstone Midco Holdings II, LLC** | **Yellowstone Midco Holdings II, LLC** |
| By: | /s/ Dirk Wallinger |
|  | Dirk Wallinger |
|  | *Chief Executive Officer* |

---

------

##### [**Table of Contents**](#toc)
**POWER OF ATTORNEY** 

**KNOW ALL PERSONS BY THESE PRESENTS**, that each person whose signature appears below constitutes and appoints Dirk Wallinger and Kevin Messerle, and each one of them, as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in their name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement, and to sign any registration statement for the same offering covered by this registration statement that is to be effective on filing pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and all post-effective amendments thereto, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Dirk Wallinger<br> Dirk Wallinger | Chief Executive Officer and Manager<br> *(Principal Executive Officer*) | November 17, 2025 |
| /s/ Kevin Messerle<br> Kevin Messerle | Chief Financial Officer <br> *(Principal Financial Officer)* | November 17, 2025 |
| /s/ Brian Frantz<br> Brian Frantz | Chief Accounting Officer<br> *(Principal Accounting Officer)* | November 17, 2025 |
| /s/ Kirk Konert<br> Kirk Konert | Manager | November 17, 2025 |
| /s/ Tyler Letarte<br> Tyler Letarte | Manager | November 17, 2025 |

---

## Exhibit 3.1

**Exhibit 3.1** 

**CERTIFICATE OF FORMATION** 

**OF** 

**YELLOWSTONE MIDCO HOLDINGS II, LLC** 

\* \* \* \*

*Adopted in accordance with the provisions of §18-101* 

*of the Delaware Limited Liability Company Act* 

\* \* \* \*

This Certificate of Formation is being executed as of September 4, 2025, for the purpose of forming a limited liability company pursuant to the Delaware Limited Liability Company Act, 6 <u>Del</u>. <u>C</u>. §§ 18-101, <u>et</u> <u>seq</u>., does hereby certify as follows:

**FIRST** 

The name of the limited liability company is Yellowstone Midco Holdings II, LLC.

**SECOND** 

The address of the limited liability company's registered office in the State of Delaware is Corporation Trust Center, 1209 Orange Street, City of Wilmington, New Castle County, Delaware 19801. The name and address of the registered agent for service of process on the limited partnership in the State of Delaware are The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, City of Wilmington, New Castle County, Delaware 19801.

IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of Formation as of the date first written above.

---

| |
|:---|
| */s/ Sandra Ruiz* |
|  Name: Sandra Ruiz |
|  Its: Authorized Person |

---

## Exhibit 10.1

**Exhibit 10.1** 

CREDIT AGREEMENT

effective as of

November 14, 2025,

by and among

YELLOWSTONE INTERCO HOLDINGS, LLC,

as Holdings,

YELLOWSTONE BORROWER, LLC,

as the Borrower,

the Lenders and Issuing Banks party hereto from time to time,

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent and Collateral Agent,

and

WELLS FARGO SECURITIES, LLC

JEFFERIES FINANCE LLC

GOLDMAN SACHS LENDING PARTNERS LLC

and

JPMORGAN CHASE BANK, N.A.,

as Joint Lead Arrangers and Joint Bookrunners

------

<u>**TABLE OF CONTENTS**</u> 

---

| | | |
|:---|:---|:---|
|  |  | Page |
|  **ARTICLE I Definitions** | **ARTICLE I Definitions** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.01 | Defined Terms | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.02 | Classification of Loans and Borrowings | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.03 | Terms Generally | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.04 | Accounting Terms; GAAP; Fiscal Periods | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.05 | Timing of Payment or Performance | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.06 | Available Amount Transactions | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.07 | Pro Forma Calculations | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.08 | Rates | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.09 | Divisions | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.10 | Currency Equivalents Generally | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.11 | Calculation of Baskets | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.12 | Additional Borrowers | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.13 | Rounding | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.14 | Letter of Credit Amounts | 88 |
|  **ARTICLE II The Credits** | **ARTICLE II The Credits** | **88** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.01 | Commitments | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.02 | Loans and Borrowings | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.03 | Requests for Borrowings | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.04 | Swingline Loans | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.05 | Letters of Credit | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.06 | Funding of Borrowings | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.07 | Interest Elections | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.08 | Termination and Reduction of Commitments | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.09 | Repayment of Loans; Evidence of Debt | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.10 | Amortization of Term Loans | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.11 | Prepayment of Loans | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.12 | Fees | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.13 | Interest | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.14 | Changed Circumstances | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.15 | Increased Costs | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.16 | [Reserved] | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.17 | Taxes | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.18 | Payments Generally; Pro Rata Treatment; Sharing of Setoffs | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.19 | Mitigation Obligations; Replacement of Lenders | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.20 | Incremental Extensions of Credit | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.21 | Extended Term Loans and Extended Revolving Credit Commitments | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.22 | Defaulting Lenders | 131 |

---

------

---

| | | |
|:---|:---|:---|
|  **ARTICLE III Representations and Warranties** | **ARTICLE III Representations and Warranties** | **133** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.01 | Organization; Power | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.02 | Authorization; Enforceability | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.03 | Governmental Approvals; No Conflicts | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.04 | Financial Condition; No Material Adverse Effect | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.05 | Properties | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.06 | Litigation and Environmental Matters | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.07 | Compliance with Laws and Agreements | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.08 | Investment Company Status | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.09 | Taxes | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.10 | ERISA | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.11 | Disclosure | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.12 | Subsidiaries | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.13 | [Reserved] | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.14 | Labor Matters | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.15 | Solvency | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.16 | Federal Reserve Regulations | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.17 | [Reserved] | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.18 | [Reserved] | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.19 | Patriot Act, Etc. | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.20 | Security Documents | 137 |
|  **ARTICLE IV Conditions** | **ARTICLE IV Conditions** | **138** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.01 | Closing Date | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.02 | Each Credit Event | 140 |
|  **ARTICLE V Affirmative Covenants** | **ARTICLE V Affirmative Covenants** | **141** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.01 | Financial Statements and Other Information | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.02 | Notices of Material Events | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.03 | Information Regarding Collateral; Loan Parties and Restricted Subsidiaries | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.04 | Existence; Conduct of Business | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.05 | Payment of Taxes | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.06 | Maintenance of Properties | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.07 | Insurance | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.08 | ERISA Events | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.09 | Books and Records; Inspection Rights | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.10 | Compliance with Laws | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.11 | Use of Proceeds and Letters of Credit | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.12 | Additional Subsidiaries; Succeeding Holdings | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.13 | Further Assurances | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.14 | Designation of Subsidiaries | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.15 | Post-Closing Matters | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.16 | Lender Calls | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.17 | Fiscal Year | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.18 | Transactions with Affiliates | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.19 | Limitation on Lines of Business | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.20 | Post-IPO Requirements | 151 |

---

ii

------

---

| | | |
|:---|:---|:---|
|  **ARTICLE VI Negative Covenants** | **ARTICLE VI Negative Covenants** | **151** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.01 | Indebtedness | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.02 | Liens | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.03 | Fundamental Changes | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.04 | Investments, Loans, Advances, Guarantees and Acquisitions | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.05 | Asset Sales | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.06 | [Reserved] | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.07 | [Reserved] | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.08 | Restricted Payments; Certain Payments of Indebtedness | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.09 | [Reserved] | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.10 | Restrictive Agreements | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.11 | Amendment of Material Documents | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.12 | Financial Covenant | 171 |
|  **ARTICLE VII Events of Default** | **ARTICLE VII Events of Default** | **172** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 7.01 | Events of Default | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 7.02 | Borrower's Right to Cure | 176 |
|  **ARTICLE VIII The Administrative Agent** | **ARTICLE VIII The Administrative Agent** | **177** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 8.01 | Authorization and Action | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 8.02 | Administrative Agent's Reliance, Limitation of Liability, Etc. | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 8.03 | Posting of Communications | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 8.04 | The Administrative Agent Individually | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 8.05 | Successor Administrative Agent and Collateral Agent | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 8.06 | Acknowledgements of Lenders and Issuing Banks | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 8.07 | Collateral Matters | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 8.08 | Credit Bidding | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 8.09 | Certain ERISA Matters | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 8.10 | Withholding Tax | 190 |
|  **ARTICLE IX Miscellaneous** | **ARTICLE IX Miscellaneous** | **190** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.01 | Notices | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.02 | Waivers; Amendments | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.03 | Expenses; Indemnity; Damage Waiver | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.04 | Successors and Assigns | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.05 | Survival | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.06 | Counterparts; Integration; Effectiveness | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.07 | Severability | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.08 | Right of Setoff | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.09 | Governing Law; Jurisdiction; Consent to Service of Process | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.10 | WAIVER OF JURY TRIAL | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.11 | Headings | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.12 | Confidentiality | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.13 | Interest Rate Limitation | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.14 | USA Patriot Act | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.15 | Release of Collateral | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.16 | No Fiduciary Duty | 213 |

---

iii

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.17 | Intercreditor Agreements Govern | 214.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.18 | Material Non-Public Information | 214.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.19 | Acknowledgment and Consent to Bail-In of Affected Financial Institutions | 214.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.20 | [Reserved] | 215.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.21 | [Reserved] | 215.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.22 | Acknowledgement Regarding Any Supported QFCs | 215.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.23 | Judgment Currency | 216.0 |

---

---

| | |
|:---|:---|
|  <u>SCHEDULES</u>: |  |
|  Schedule 2.01 | Commitments; Letter of Credit Commitments |
|  Schedule 3.06 | Litigation and Environmental Matters |
|  Schedule 3.12 | Subsidiaries |
|  Schedule 5.07 | Insurance |
|  Schedule 5.15 | Post-Closing Matters |
|  Schedule 5.18 | Existing Transactions with Affiliates |
|  Schedule 6.01 | Existing Indebtedness |
|  Schedule 6.02 | Existing Liens |
|  Schedule 6.04 | Existing Investments |
|  Schedule 6.05 | Asset Sales |
|  Schedule 6.10 | Existing Restrictions |
|  <u>EXHIBITS</u>: |  |
|  Exhibit A | Form of Assignment and Assumption |
|  Exhibit B | Form of Collateral Agreement |
|  Exhibit C | Form of Borrower Designation Agreement |
|  Exhibit D | [Reserved] |
|  Exhibit E | [Reserved] |
|  Exhibit F | Form of Compliance Certificate |
|  Exhibit G | Form of Solvency Certificate |
|  Exhibit H | [Reserved] |
|  Exhibit I | [Reserved] |
|  Exhibit J | Form of Affiliated Lender Assignment and Assumption |
|  Exhibit K-1 to K-4 | Forms of U.S. Tax Compliance Certificates |

---

iv

------

CREDIT AGREEMENT, effective as of November 14, 2025, by and among YELLOWSTONE INTERCO HOLDINGS, LLC, a Delaware limited liability company, YELLOWSTONE BORROWER, LLC, a Delaware limited liability company (the "<u>Pre-IPO Borrower</u>"), YELLOWSTONE MIDCO HOLDINGS II, LLC, a Delaware limited liability company ("<u>Parent Borrower</u>"), only after Parent Borrower becomes a party hereto as a Borrower pursuant to <u>Section</u> <u>1.12</u>, the LENDERS and ISSUING BANKS party hereto from time to time and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (in its individual capacity, "<u>Wells Fargo</u>"), as the Administrative Agent, the Collateral Agent and the Swingline Lender.

The Borrower desires to, effective upon the occurrence of the Closing Date, (a) obtain commitments from the Lenders to make term loans on the Closing Date in an aggregate principal amount of $150,000,000 and (b) obtain commitments from the Lenders to make revolving loans on and after the Closing Date in an aggregate principal amount of up to $140,000,000.

The proceeds of the Initial Term Loans will be used by the Borrower on and after the Closing Date (a) to consummate the Transactions (including, without limitation, for the payment of Transaction Costs) and (b) for working capital and other general corporate purposes (including the financing of Permitted Acquisitions and other permitted Investments and Restricted Payments), and for any other purpose not prohibited by the Loan Documents. The proceeds of Revolving Loans, Swingline Loans and Letters of Credit will be used by the Borrower for working capital and other general corporate purposes (including the financing of Permitted Acquisitions and other permitted Investments) and for any other purposes not prohibited by the Loan Documents.

Effective upon the occurrence of the Closing Date, the Lenders and the other parties hereto have agreed to effectuate the foregoing transactions on the terms and subject to the conditions set forth herein. Accordingly, the parties hereto agree as follows:

ARTICLE I

Definitions

SECTION 1.01 <u>Defined Terms</u>. As used in this Agreement, the following terms have the meanings specified below:

"<u>ABR</u>" when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, bear interest at a rate determined by reference to the Alternate Base Rate. All ABR Loans shall be denominated in dollars.

"<u>Acquired Indebtedness</u>" means, with respect to any specified Person, (a) Indebtedness of any other Person existing at the time such other Person is merged, consolidated or amalgamated with or into or becomes a Restricted Subsidiary of such specified Person and (b) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person.

"<u>Additional Credit Extension Amendment</u>" means an amendment to this Agreement (which may, at the option of the Administrative Agent and the Borrower, be in the form of an amendment and restatement of this Agreement) and any other applicable Loan Document providing for any Incremental Term Loans, loans under any Incremental Revolving Commitments, Replacement Term Loans, Refinancing Term Loans, loans under any Refinancing Revolving

------

Commitments, Extended Term Loans or loans under any Extended Revolving Credit Commitments, which shall be consistent with the applicable provisions of this Agreement relating to Incremental Term Loans, loans under any Incremental Revolving Commitments, Replacement Term Loans, Refinancing Term Loans, loans under any Refinancing Revolving Commitments, Extended Term Loans or loans under any Extended Revolving Credit Commitments, and otherwise satisfactory to the Administrative Agent and the Borrower.

"<u>Additional Lender</u>" means any Person that is not an existing Lender and has agreed to provide Incremental Facilities pursuant to Section 2.20.

"<u>Administrative Agent</u>" means Wells Fargo Bank, National Association (or any of its designated branch offices or Affiliates), in its capacity as administrative agent for the Lenders under the Loan Documents, or any successor administrative agent permitted by the terms hereof.

"<u>Administrative Questionnaire</u>" means an administrative questionnaire in a form supplied by the Administrative Agent.

"<u>Affected Financial Institution</u>" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

"<u>Affiliate</u>" means, with respect to a specified Person, any other Person that directly, or indirectly through one or more intermediaries, Controls, is Controlled by or is under common Control with the Person specified. For purposes of this Agreement and the other Loan Documents, Jefferies LLC and its Affiliates shall be deemed to be Affiliates of Jefferies Finance LLC and its Affiliates.

"<u>Affiliated Lender</u>" means a Non-Debt Fund Affiliate or a Debt Fund Affiliate.

"<u>Affiliated Lender Assignment and Assumption</u>" has the meaning provided in Section 9.04(d).

"<u>Affiliated Lender Register</u>" shall have the meaning provided in Section 9.04(f).

"<u>Agents</u>" means the Administrative Agent, the Collateral Agent and the Arrangers.

"<u>Agreement</u>" means this Credit Agreement, as the same may be amended, amended and restated, supplemented or otherwise modified from time to time.

"<u>Agreement Currency</u>" has the meaning provided in Section 9.23.

"<u>AHYDO Payments</u>" means, for any Indebtedness, any mandatory prepayment or redemption pursuant to the terms of such Indebtedness in the minimum amount necessary to cause such Indebtedness not to be treated as an "applicable high yield discount obligation" within the meaning of Section 163(i) of the Code.

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"<u>Alternate Base Rate</u>" means, at any time, the highest of (a) the Prime Rate, (b) the NYFRB Rate <u>plus</u> 0.50% and (c) Term SOFR for a one-month tenor in effect on such day <u>plus</u> 1.00%; each change in the Alternate Base Rate shall take effect simultaneously with the corresponding change or changes in the Prime Rate, the NYFRB Rate or Term SOFR, as applicable (<u>provided</u> that clause (c) shall not be applicable during any period in which Term SOFR is unavailable or unascertainable); <u>provided</u> that if the Alternate Base Rate as so determined shall ever be less than 1.00%, then the Alternate Base Rate shall be deemed to be 1.00%.

"<u>Alternate Base Rate Term SOFR Determination Day</u>" has the meaning set forth in the definition of "Term SOFR".

"<u>Alternative Currency</u>" means each currency (other than dollars) as may be approved by the Administrative Agent, the Issuing Banks and the Revolving Lenders from time to time; <u>provided</u> that each such currency is a lawful currency that is readily available, freely transferable and not restricted and able to be converted into dollars; <u>provided</u> that each request by the Borrower to approve an Alternative Currency shall identify the applicable benchmark rate that is to apply to Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, such requested additional Alternative Currency; <u>provided</u>, <u>further</u>, that in connection with any approved request for an Alternative Currency, the Administrative Agent will have the right to make any technical, administrative or operational changes that the Administrative Agent decides in its reasonable discretion (with the consent of Borrower, such consent not to be unreasonably withheld, conditioned or delayed; <u>provided</u> that the Borrower shall be deemed to have consented to such technical, administrative or operational changes unless it shall have objected thereto by written notice to the Administrative Agent within ten (10) Business Days after having received written notice thereof) may be appropriate to reflect the inclusion of such Alternative Currency and the adoption and implementation of the benchmark rate applicable thereto and to permit the administration thereof by the Administrative Agent from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.

"<u>Ancillary Document</u>" has the meaning set forth in Section 9.06(b).

"<u>Ancillary Fees</u>" has the meaning set forth in Section 9.02(b)(ix).

"<u>Anti-Corruption Laws</u>" means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or any of its Subsidiaries from time to time concerning or relating to bribery or corruption by virtue of such Person being organized or operating in such jurisdiction, including, but not limited to, the FCPA and, to the extent applicable, the UK Bribery Act.

"<u>Anti-Terrorism Law</u>" means any law in force or hereinafter enacted related to terrorism, money laundering, or economic sanctions, including Executive Order No. 13224, the Patriot Act, the International Emergency Economic Powers Act, 50 U.S.C. 1701, et. seq., the Trading with the Enemy Act, 50 U.S.C. App. 1, et. seq., 18 U.S.C. § 2332d, and 18 U.S.C. § 2339B, and any regulations or directives promulgated under these provisions.

"<u>Applicable Date of Determination</u>" means, for purposes of determining Consolidated Total Net Indebtedness and Unrestricted Cash for purposes of calculating the First Lien Net Leverage Ratio, the Secured Net Leverage Ratio or the Total Net Leverage Ratio for purposes of determining whether an incurrence test has been satisfied, subject to Section 1.07(f), the date of the transaction subject to such incurrence test.

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"<u>Applicable ECF Percentage</u>" means, for any fiscal year of the Borrower, (a) 50% if the First Lien Net Leverage Ratio (after giving effect to (i) any prepayments described in Section 2.11(a) and any Permitted Loan Purchases and (ii) any ECF Payment Amount made assuming a 50% Applicable ECF Percentage) as of the last day of such fiscal year is greater than 2.50:1.00, (b) 25% if the First Lien Net Leverage Ratio (after giving effect to (i) any prepayments described in Section 2.11(a) and any Permitted Loan Purchases and (ii) any ECF Payment Amount made assuming a 25% Applicable ECF Percentage) as of the last day of such fiscal year is greater than 2.00:1.00 but less than or equal to 2.50:1.00 and (c) 0.0% if the First Lien Net Leverage Ratio (after giving effect to any prepayments described in Section 2.11(a) and any Permitted Loan Purchases) as of the last day of such fiscal year is less than or equal to 2.00:1.00. For the avoidance of doubt, if, after giving effect to the parenthetical phrases in any of the foregoing subclauses more than one of the preceding subclauses would be applicable, the subclause with the lowest percentage shall apply.

"<u>Applicable Net Proceeds Percentage</u>" means, on the date on which any of the Borrower's Restricted Subsidiaries receives the Net Proceeds from any applicable Prepayment Event, (a) 100% if the First Lien Net Leverage Ratio for the most recently ended Test Period as of the Applicable Date of Determination, on a Pro Forma Basis (after giving effect to any such mandatory prepayment assuming a 100% Applicable Net Proceeds Percentage), is greater than 2.50:1.00, (b) 50% if the First Lien Net Leverage Ratio for the most recently ended Test Period as of the Applicable Date of Determination, on a Pro Forma Basis (after giving effect to any such mandatory prepayment assuming a 50% Applicable Net Proceeds Percentage), is greater than 2.00:1.00 but less than or equal to 2.50:1.00 and (c) 0% if the First Lien Net Leverage Ratio for the most recently ended Test Period as of the Applicable Date of Determination, on a Pro Forma Basis (after giving effect to any such mandatory prepayment assuming a 0% Applicable Net Proceeds Percentage), is less than or equal to 2.00:1.00. For the avoidance of doubt, if, after giving effect to the parenthetical phrases in any of the foregoing subclauses more than one of the preceding subclauses would be applicable, the subclause with the lowest percentage should apply.

"<u>Applicable Parties</u>" has the meaning set forth in Section 8.03(c).

"<u>Applicable Percentage</u>" means, with respect to any Revolving Lender, the percentage of the aggregate Revolving Commitments represented by such Revolving Lender's Revolving Commitment; <u>provided</u> that in the case of Section 2.22 when a Defaulting Lender shall exist, "Applicable Percentage" shall mean, with respect to any Revolving Lender, the percentage of the aggregate Revolving Commitments (disregarding any Defaulting Lender's Revolving Commitment) represented by such Revolving Lender's Revolving Commitment. If the Revolving Commitments have terminated or expired, the Applicable Percentage of the Revolving Commitments shall be determined based upon the Revolving Commitments most recently in effect, giving effect to any assignments that occur thereafter and to any Revolving Lender's status as a Defaulting Lender at the time of determination.

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"<u>Applicable Rate</u>" means for any day with respect to (a) the Initial Term Loans and any Revolving Loans denominated in dollars, (i) initially, (x) 3.50% (or 3.00% following a Qualified IPO), in the case of Term SOFR Loans and (y) 2.50% (or 2.00% following a Qualified IPO), in the case of ABR Loans, (ii) on and after the Leverage Covenant Toggle Date but prior to the consummation of any Qualified IPO, the applicable rate per annum set forth in the pricing grid below under the caption "Term SOFR Margin" or "ABR Margin", as the case may be, based upon the Total Net Leverage Ratio as of the end of the fiscal quarter of the Borrower for which consolidated financial statements have theretofore been most recently delivered pursuant to Section 5.01(a) or 5.01(b):

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| | | | |
|:---|:---|:---|:---|
| **Level** | **Total Net Leverage Ratio** | **Term SOFR<br>Margin** | **ABR Margin** |
| I | If the Total Net Leverage Ratio is greater than 3.00:1.00 | 3.25% | 2.25% |
| II | If the Total Net Leverage Ratio is less than or equal to 3.00:1.00 and greater than 2.00:1.00 | 3.00% | 2.00% |
| III | If the Total Net Leverage Ratio is less than or equal to 2.00:1.00 | 2.75% | 1.75% |

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and (iii) on and after both the Leverage Covenant Toggle Date and the consummation of a Qualified IPO, the applicable rate per annum set forth in the pricing grid below under the caption "Term SOFR Margin" or "ABR Margin", as the case may be, based upon the Total Net Leverage Ratio as of the end of the fiscal quarter of the Borrower for which consolidated financial statements have theretofore been most recently delivered pursuant to Section 5.01(a) or 5.01(b):

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| | | | |
|:---|:---|:---|:---|
| **Level** | **Total Net Leverage Ratio** | **Term SOFR<br>Margin** | **ABR Margin** |
| I | If the Total Net Leverage Ratio is greater than 3.00:1.00 | 2.75% | 1.75% |
| II | If the Total Net Leverage Ratio is less than or equal to 3.00:1.00 and greater than 2.00:1.00 | 2.50% | 1.50% |
| III | If the Total Net Leverage Ratio is less than or equal to 2.00:1.00 | 2.25% | 1.25% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to Incremental Term Loans, the margin to be added to the Alternate Base Rate or Term SOFR, as the case may be, as agreed upon by the Borrower and the Lender or Lenders providing the Incremental Term Commitment relating thereto, (c) with respect to Extended Term Loans, the margin to be added to the Alternate Base Rate or Term SOFR, as the case may be, as agreed upon by the Borrower and the applicable Extending Term Lenders, (d) with respect to any Extended Revolving Credit Commitments, the margin to be added to the Alternate Base Rate or Term SOFR, as the case may be, as agreed upon by the Borrower and the applicable Revolving Lenders, (e) with respect to any Replacement Term Loans, the margin to be added to the Alternate Base Rate or Term SOFR, as the case may be, as agreed upon by the Borrower and the applicable Lenders and (f) with respect to any Refinancing Term Loans or Refinancing Revolving Commitments, the margin to be added to the Alternate Base Rate or Term SOFR, as the case may be, as agreed upon by the Borrower and the applicable Lenders (<u>provided</u> that the Borrower may elect to deliver a Total Net Leverage Ratio calculation with respect to the period ending March 31, 2026 for purposes of calculating the "Applicable Rate" and to the extent the Borrower makes such election, the Applicable Rate shall be based on the rates per annum set forth in the pricing grid set forth in clauses (a)(ii) or (a)(iii) above under the caption "Term SOFR Margin" or "ABR Margin", as the case may be).

For purposes of clauses (a)(ii) and (a)(iii) above, the Applicable Rate shall be re-determined quarterly on a prospective basis on the third Business Day following the date of delivery to the Administrative Agent of the certified calculation of the Total Net Leverage Ratio pursuant to the applicable Compliance Certificate delivered pursuant to Section 5.01(d); <u>provided</u> that if the Borrower fails to provide such Compliance Certificate within thirty (30) days from the date such Compliance Certificate is due pursuant to Section 5.01(d), the Applicable Rate shall be set at the rates per annum set forth in Level I in the table set forth in clause (a)(ii) and (a)(iii) above, to be effective until the date on which such Compliance Certificate is delivered (on which date (but not retroactively), without constituting a waiver of any Default or Event of Default occasioned by the failure to timely deliver such Compliance Certificate, the Applicable Rate shall be set at the applicable rate per annum based upon the calculation of the Total Net Leverage Ratio set forth in such Compliance Certificate).

"<u>Applicable Time</u>" means, with respect to any Borrowings and payments in any Alternative Currency, the local time in the place of settlement for such Alternative Currency as may be reasonably determined by the Administrative Agent or the Issuing Bank, as the case may be, to be necessary for timely settlement on the relevant date in accordance with normal banking procedures in the place of payment.

"<u>Approved Electronic Platform</u>" has the meaning assigned to such term in Section 8.03(a).

"<u>Approved Fund</u>" has the meaning assigned to such term in Section 9.04(b).

"<u>Arranger</u>" means each Joint Lead Arranger in its capacity as a joint lead arranger and joint bookrunner under this Agreement.

"<u>ASC</u>" means the Financial Accounting Standards Board Accounting Standards Codification.

"<u>Assignment and Assumption</u>" means an assignment and assumption entered into by a Lender and an eligible assignee in accordance with Section 9.04 (with the consent of any party whose consent is required by Section 9.04) and accepted by the Administrative Agent, in the form of <u>Exhibit</u> <u>A</u> or any other form (including electronic records generated by the use of an electronic platform) approved by the Administrative Agent, the Borrower and, in the case of any assignment with respect to a Revolving Loan, Letter of Credit or Revolving Commitment, each Issuing Bank.

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"<u>Attributable Indebtedness</u>" means, on any date, in respect of any Capital Lease Obligation of any Person, the capitalized amount thereof that would appear as a liability on a balance sheet of such Person prepared as of such date in accordance with GAAP.

"<u>Audited Financial Statements</u>" means the audited annual consolidated financial statements of the Borrower and its Subsidiaries (including a balance sheet, statement of income or operations and statement of cash flows and members' equity) as of the end of the fiscal year ended December 31, 2024.

"<u>Availability</u>" means an amount equal to (a) the Revolving Commitments minus (b) the Total Revolving Credit Exposure (calculated, with respect to any Defaulting Lender, as if such Defaulting Lender had funded its Applicable Percentage of all outstanding Borrowings).

"<u>Available Amount</u>" means, at any date, an amount, not less than zero in the aggregate, determined on a cumulative basis equal to, without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an amount equal to (i) the greater of (x) $6,000,000 and (y) 30.0% of TTM Consolidated EBITDA as of the applicable date of determination <u>plus</u> (ii) 50.0% of Consolidated Net Income (or, if the Consolidated Net Income is a negative number, such amount shall be deemed to be $0) accrued on a cumulative basis during the period, taken as one accounting period, beginning on the Closing Date and ending on the last day of the Borrower's most recently completed fiscal quarter for which internal financial statements are available immediately preceding the date of determination (such amount attributable to this clause (a)(ii), the "<u>Retained Net Income Basket</u>"), <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the cumulative amount of (i) Net Proceeds of issuance of Equity Interests (other than Disqualified Stock and Equity Interests issued in connection with the exercise of a Cure Right) and (ii) contributions of cash (other than in connection with the exercise of a Cure Right), the Fair Market Value of Permitted Investments and the Fair Market Value of other assets, in each case, received by the Borrower after the Closing Date and on or prior to the date of determination, <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an amount equal to the net reduction in Investments made pursuant to Section 6.04(r) by the Borrower and any other Restricted Subsidiary after the Closing Date resulting from (A) the sale or other disposition (other than to the Borrower or another Restricted Subsidiary) of any such Investment and (B) repurchases, redemptions and repayments of such Investments and the receipt of any dividends or distributions from such Investments, <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the extent that any Unrestricted Subsidiary is redesignated as a Restricted Subsidiary, or has been merged, consolidated or amalgamated with or into, or transfers or conveys its assets to, or is liquidated into, the Borrower or any other Restricted Subsidiary, in each case, after the Closing Date, an amount equal to the lesser of (A) the Fair Market Value of the Borrower's or such other Restricted Subsidiary's direct or indirect interest in such Subsidiary immediately following such redesignation and (B) the aggregate amount of the Borrower's or such other Restricted Subsidiary's direct or indirect Investment in such Subsidiary pursuant to Section 6.04(r), <u>plus</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the event the Borrower and/or any other Restricted Subsidiary makes any Investment pursuant to Section 6.04(r) after the Closing Date in a Person that, as a result of or in connection with such Investment, becomes a Restricted Subsidiary, an amount equal to the existing Investment of the Borrower and/or any other Restricted Subsidiaries in such Person that was previously treated as a restricted Investment permitted pursuant to Section 6.04(r), <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Borrower Retained Prepayment Amounts arising after the Closing Date, <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to the extent not already included in the calculation of Consolidated Net Income of Holdings and its Restricted Subsidiaries, (i) the aggregate amount of all cash dividends and other cash distributions (and the Fair Market Value of any non-cash dividends or other distributions (and, in the case of distributions of Indebtedness, the principal amount of any Indebtedness)) received by the Borrower or any other Restricted Subsidiary from any joint ventures or Unrestricted Subsidiaries, (ii) the aggregate amount of all Net Proceeds, and the Fair Market Value of non-cash proceeds, received by the Borrower or any other Restricted Subsidiary in connection with the sale, transfer or other disposition of its ownership interest in any joint venture or Unrestricted Subsidiary and (iii) the aggregate amount of proceeds from receivables, royalty or license collections, off-balance sheet sales of receivables, royalties, license collections or other similar rights to payment, in each case after the Closing Date and prior to such time, without any limitation as to the original amount of the Investment therein, <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the aggregate amount of all Net Proceeds, and the Fair Market Value of non-cash proceeds, received by the Borrower or any other Restricted Subsidiary in connection with any Sale and Lease-Back Transaction and/or the sale, transfer or other disposition of its ownership interest in, or cash amounts of any returns, dividends, profits, distributions and similar amounts received on, any Investment (including in any Unrestricted Subsidiary or a joint venture) after the Closing Date and prior to such time, <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount equal to the Fair Market Value of any assets (including, without limitation, the principal amount of any Term Loans or other Indebtedness acquired by direct or indirect parents of Holdings contributed to Holdings) contributed to Holdings or received by Holdings from the issuance and sale of Equity Interests of Holdings or an equity contribution to Holdings (other than Disqualified Stock) (and thereafter contributed to the Borrower or any other Restricted Subsidiary), directly or indirectly, by any Permitted Holder or any other Person (other than Holdings or any of its Restricted Subsidiaries) after the Closing Date and prior to such time, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any amount of the Available Amount used to make Investments pursuant to Section 6.04(r) after the Closing Date and prior to such time, <u>minus</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any amount of the Available Amount used to make Restricted Payments and prepayments of Specified Indebtedness pursuant to Section 6.08(a)(x) and Section 6.08(b)(iii), respectively, after the Closing Date and prior to such time, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any amount of the Available Amount used to create, incur, assume or permit to exist any Indebtedness pursuant to Section 6.01(z) after the Closing Date and prior to such time.

"<u>Available Tenor</u>" means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the then-current Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period pursuant to this Agreement or (y) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to Section 2.14(c)(iv).

"<u>Bail-In Action</u>" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

"<u>Bail-In Legislation</u>" means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

"<u>Bankruptcy Event</u>" means, with respect to any Person, such Person (i) becomes the subject of a bankruptcy or insolvency proceeding, (ii) has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, (iii) becomes the subject of a Bail-In Action or (iv) in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment; <u>provided</u> that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, so long as such ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.

"<u>Benchmark</u>" means, initially, the Term SOFR Reference Rate; <u>provided</u> that if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the Term SOFR Reference Rate or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to<br> Section 2.14(c)(i).

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"<u>Benchmark Replacement</u>" means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the sum of (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the sum of: (a) the alternate benchmark rate that has been selected and mutually agreed upon by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for dollar-denominated syndicated credit facilities at such time in the United States and (b) the related Benchmark Replacement Adjustment.

If the Benchmark Replacement as determined pursuant to clause (1) or (2) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

"<u>Benchmark Replacement Adjustment</u>" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Available Tenor, the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero), that has been selected and mutually agreed upon by the Administrative Agent and the Borrower giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for dollar-denominated syndicated credit facilities.

"<u>Benchmark Replacement Date</u>" means the earliest to occur of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of clause (1) or (2) of the definition of "Benchmark Transition Event," the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the case of clause (3) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative;

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 <u>provided</u> that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (3) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

For the avoidance of doubt, the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Transition Event</u>" means the occurrence of one or more of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely; <u>provided</u> that at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the FRB, the Federal Reserve Bank of New York, the CME Term SOFR Administrator, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), in each case, which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; <u>provided</u> that at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a specified future date will no longer be, representative.

For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

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"<u>Benchmark Transition Start Date</u>" means, in the case of a Benchmark Transition Event, the earlier of (a) the applicable Benchmark Replacement Date and (b) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication).

"<u>Benchmark Unavailability Period</u>" means the period (if any) (x) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.14(c)(i) and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.14(c)(i).

"<u>Beneficial Ownership Certification</u>" means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

"<u>Beneficial Ownership Regulation</u>" means 31 C.F.R. § 1010.230.

"<u>Benefit Plan</u>" means any of (a) an "employee benefit plan" (as defined in ERISA) that is subject to Title I of ERISA, (b) a "plan" as defined in and subject to Section 4975(e) of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such "employee benefit plan" or "plan".

"<u>BHC Act Affiliate</u>" of a party means an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

"<u>Board of Directors</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of such board,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to a partnership, the board of directors of the general partner of the partnership,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to a limited liability company, the board of managers or the managing member or members or any controlling committee of managing members thereof, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) with respect to any other Person, the board or committee of such Person serving a similar function.

"<u>Borrower</u>" means individually and/or collectively, as the context may require (i) the Pre-IPO Borrower and (ii) after the Parent Borrower becomes a party hereto as a Borrower pursuant to Section 1.12, the Parent Borrower.

"<u>Borrower Designation Agreement</u>" means, with respect to Parent Borrower, an agreement in substantially the form of <u>Exhibit</u> <u>C</u> hereto or such other form as reasonably agreed to by the Administrative Agent, signed by the Pre-IPO Borrower and Parent Borrower.

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"<u>Borrower Retained Prepayment Amounts</u>" has the meaning specified in Section 2.11(h).

"<u>Borrowing</u>" means (a) Loans of the same Class and Type made, converted or continued on the same date and, in the case of SOFR Loans, as to which a single Interest Period is in effect, or (b) a Swingline Loan.

"<u>Borrowing Request</u>" means a written request by the Borrower for a Borrowing in accordance with Section 2.03, which shall be substantially in the form approved by the Administrative Agent and separately provided to the Borrower on or prior to the Closing Date, or such other form as shall be approved by the Administrative Agent from time to time (which approval shall not be unreasonably withheld, conditioned or delayed).

"<u>Business Day</u>" means (a) for all purposes other than as set forth in clause (b) below, any day (other than a Saturday, Sunday or legal holiday) on which banks in New York, New York, are open for the conduct of their commercial banking business and (b) with respect to all notices and determinations in connection with, and payments of principal and interest on, any SOFR Loan, or any ABR Loan as to which the interest rate is determined by reference to Term SOFR, any day that is a Business Day described in clause (a) and that is also a U.S. Government Securities Business Day; <u>provided</u> that when used in connection with a Loan denominated in an Alternative Currency, the term "Business Day" shall also exclude any day on which banks are not open for dealings in deposits with respect to the applicable Alternative Currency.

"<u>Capital Lease Obligations</u>" of any Person means, at the time the determination is to be made, the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP; <u>provided</u> that notwithstanding anything herein (including in the definition of "GAAP") to the contrary, all obligations of any Person that are or would have been characterized as operating lease obligations in accordance with GAAP prior to December 15, 2018 (whether or not such operating lease obligations were in effect on such date) shall, unless the Borrower elects otherwise, continue to be accounted for as operating lease obligations (and not as Capital Lease Obligations, Attributable Indebtedness or Indebtedness) for purposes of this Agreement and the other Loan Documents, regardless of any change in GAAP following such date that would otherwise require such obligations to be re-characterized (on a prospective or retroactive basis or otherwise) as Capital Lease Obligations.

"<u>Captive Insurance Subsidiary</u>" means a Subsidiary established by the Borrower or any of its Subsidiaries for the sole purpose of insuring the business, facilities and/or employees of the Borrower and its Subsidiaries.

"<u>Cash Equivalents</u>" means as at any date of determination, any of the following: (a) Dollars, Euros or any national currency of any Participating Member State in the European Union or local currencies held from time to time in the ordinary course of business, (b) marketable securities (i) issued or directly and unconditionally guaranteed as to interest and principal by the government of the United States of America or (ii) issued by any agency of the United States of America and the obligations of which are backed by the full faith and credit of the United States

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of America, in each case maturing within one year from the date of acquisition; (c) marketable direct obligations issued by any state of the United States of America or any political subdivision of any such state or any public instrumentality thereof, in each case maturing within one year after the date of acquisition and having a rating of at least A-1 from S&P or at least P-1 from Moody's; (d) certificates of deposit, time deposits, or overnight bank deposits having maturities of six months or less from the date of acquisition issued by any Lender or by any commercial bank organized under the laws of the United States of America or any state thereof or the District of Columbia that (i) is at least "adequately capitalized" (as defined in the regulations of its primary Federal banking regulator), (ii) has Tier 1 capital (as defined in such regulations) of not less than $250,000,000 and (iii) has a rating of at least AA- from S&P and Aa3 from Moody's; (e) commercial paper of an issuer rated at least A-1 by S&P or P-1 by Moody's, or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named rating agencies cease publishing ratings of commercial paper issuers generally, and maturing within six months from the date of acquisition; (f) securities with maturities of one year or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States of America, by any political subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign government (as the case may be) are rated at least A by S&P or A by Moody's; (g) securities with maturities of six months or less from the date of acquisition backed by standby letters of credit issued by any Lender or any commercial bank satisfying the requirements of clause (d) of this definition; and (h) shares of money market, mutual or similar funds which (i) invest exclusively in assets satisfying the requirements of clauses (a) through (g) of this definition; (ii) has net assets of not less than $250,000,000 and (iii) has the highest rating obtainable from either S&P or Moody's.

"<u>Cash Management Agreement</u>" means any agreement relating to Cash Management Obligations that is entered by and between Holdings, the Borrower or any Restricted Subsidiary and any Qualified Counterparty.

"<u>Cash Management Obligations</u>" means (1) obligations owed by Holdings, the Borrower or any Restricted Subsidiary to any Qualified Counterparty in respect of any overdraft and related liabilities arising from treasury, depository and cash management services or any automated clearing house transfers of funds entered into in the ordinary course of business and (2) the Borrower's or any Restricted Subsidiary's participation in commercial (or purchasing) card programs at any Qualified Counterparty in the ordinary course of business.

"<u>CFC</u>" means any Foreign Subsidiary that is a "controlled foreign corporation" within the meaning of Section 957(a) of the Code.

"<u>Change in Law</u>" means (a) the adoption of any law, rule, regulation or treaty after the date of this Agreement, (b) any change in any law, rule, regulation or treaty or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender or any Issuing Bank (or, for purposes of Section 2.15(b), by any lending office of such Lender or by such Lender's or such Issuing Bank's holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; <u>provided</u> that notwithstanding anything herein to the contrary, the Dodd-Frank Wall Street Reform and Consumer Protection Act and Basel III and all requests, rules, guidelines or directives thereunder or issued in connection therewith shall be deemed to be a "Change in Law", regardless of the date enacted, adopted, or issued.

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"<u>Change of Control</u>" means, after the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) at any time prior to a Qualified IPO, the Permitted Holders (either individually or collectively in any combination) cease to own, in the aggregate, directly or indirectly, beneficially, Equity Interests representing at least a majority of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Borrower, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at any time upon or after the consummation of a Qualified IPO, any person or "group" (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the Closing Date) (but excluding (w) any employee benefit plan of such person and its Subsidiaries and any Person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan, (x) any combination of Permitted Holders, (y) any one or more Parent Companies of the Borrower and in which there is no Person or "group" (other than any persons described in the preceding clause (x)), and (z) any one or more Parent Companies of Holdings in which the Sponsor, directly or indirectly, owns the largest percentage of such Parent Company's voting Equity Interests) shall have, directly or indirectly, acquired beneficial ownership of Equity Interests representing more than forty percent (40%) of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Borrower and the percentage of aggregate ordinary voting power so held is greater than the percentage of the aggregate ordinary voting power represented by the Equity Interests of the Borrower beneficially owned, directly or indirectly, in the aggregate by the Permitted Holders (either individually or collectively in any combination);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) prior to any Qualified IPO, Holdings shall cease to own 100.0% of the Equity Interests of the Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) at any time upon or after the consummation of a Qualified IPO, Parent Borrower shall cease to own 100.0% of the Equity Interests of the Pre-IPO Borrower,

unless, in the case of clause (a) above, the Permitted Holders have, at such time, directly or indirectly, the right or the ability by voting power, contract or otherwise to elect or designate for election 50% or more of the Board of Directors of the Borrower.

Notwithstanding anything to the contrary in this definition or any provision of Rule 13(d)-3 of the Exchange Act (or any successor or similar provision), (i) a Person or group shall not be deemed to beneficially own Equity Interests (x) to be acquired by such Person or group pursuant to an equity or asset purchase agreement, merger agreement, option agreement, warrant agreement or similar agreement (or voting or option or similar agreement related thereto) until the consummation of the acquisition of the Equity Interests in connection with the transactions contemplated by such agreement or (y) solely as a result of veto or approval rights in any joint venture agreement, shareholder agreement, investor rights agreement or other similar agreement,

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(ii) if any group (other than a Permitted Holder) includes one or more Permitted Holders, the issued and outstanding Equity Interests of the Borrower owned, directly or indirectly, by any Permitted Holders that are part of such group shall not be treated as being beneficially owned by such group or any other member of such group for purposes of determining whether a Change of Control has occurred, (iii) a Person or group (other than Permitted Holders) will not be deemed to beneficially own Equity Interests of another Person as a result of its ownership of Equity Interests or other securities of such other Person's direct or indirect parent holding companies (or related contractual rights) unless it owns more than 50% of the total voting power of the Equity Interests of such Person's direct or indirect parent holding companies and (iv) the right to acquire Equity Interests (so long as such Person does not have the right to direct the voting of the Equity Interests subject to such right) or any veto power in connection with the acquisition or disposition of Equity Interests will not cause a party to be a beneficial owner.

For purposes of this definition and any related definition to the extent used for purposes of this definition, at any time when 50.0% or more of the total voting power of the Equity Interests of the Borrower is directly or indirectly owned by parent holding companies, all references to the Borrower shall be deemed to refer to its ultimate parent holding company (but excluding any Permitted Holder) that directly or indirectly owns such Equity Interests.

"<u>Charges</u>" has the meaning set forth in Section 9.13.

"<u>Class</u>" means (i) when used in reference to any Loan or Borrowing, whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans, the Initial Term Loans, Incremental Term Loans of any series, Extended Term Loans of any series, Refinancing Term Loans, Replacement Term Loans of any series or Swingline Loans, (ii) when used in reference to any Commitment, refers to whether such Commitment is a Revolving Commitment, an Initial Term Loan Commitment, an Incremental Revolving Commitment or an Incremental Term Commitment relating to an additional Class of Loans, an Extended Revolving Credit Commitment or a Refinancing Revolving Commitment and (iii) when used in reference to any Lender, refers to whether such Lender has Loans, Borrowings or Commitments of a particular Class.

"<u>CLO</u>" has the meaning assigned to such term in Section 9.04(b).

"<u>Closing Date</u>" means November 14, 2025.

"<u>CME Term SOFR Administrator</u>" means CME Group Benchmark Administration Limited as administrator of the forward-looking term Secured Overnight Financing Rate (SOFR) (or a successor administrator).

"<u>Co-Investors</u>" shall mean BlackRock Private Equity Co-Investments 2021 Aggregator Cayman Ltd., BR POF IV Cayman Master Fund, L.P., BlackRock Private Opportunities Fund IV, L.P., BlackRock Private Opportunities Fund IV Master SCSp, TSCL Private Markets Cayman Fund Ltd., 1885 Private Opportunities Cayman Fund, Ltd., Heathrow Forest Opportunities Fund, L.P., Lincoln Pension Private Equity BR, L.P., NHRS Private Opportunities Fund, L.P., NDSIB Private Opportunities Fund Cayman Ltd., Mutual of Omaha OF Cayman, Ltd., BlackRock ERI Private Opportunities Master SCSp, Sullivan Way POF Cayman, Ltd, Total Alternatives Fund – Private Equity (B) LP, Total Alternatives Fund - Private Equity LP, 1824 Private Equity Fund, L.P., Tango Capital Opportunities Fund, L.P., BlackRock Private Investments Fund, OV Private Opportunities Cayman, Ltd., SONJ Opportunities Cayman, Ltd., Red River Direct Investment Fund III, L.P., MB BlackRock Holdings Cayman Ltd., c/o BlackRock Capital Investment Advisors, LLC, and each of their Controlled Affiliates.

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"<u>Code</u>" means the United States Internal Revenue Code of 1986, as amended.

"<u>Collateral</u>" means any and all "Collateral", as defined in any applicable Security Document and all other property that is from time to time pledged to secure the Obligations pursuant to any Security Document, but in any event excluding Excluded Assets.

"<u>Collateral Agent</u>" means Wells Fargo Bank, National Association, in its capacity as collateral agent for the Secured Parties under this Agreement and any Security Document, or any successor collateral agent permitted by the terms hereof.

"<u>Collateral Agreement</u>" means the Guarantee and Collateral Agreement among the Loan Parties and the Collateral Agent, substantially in the form of <u>Exhibit</u> <u>B</u>.

"<u>Collateral and Guarantee Requirement</u>" means the requirement that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Collateral Agent shall have received from each Loan Party either (i) a counterpart of the Collateral Agreement duly executed and delivered on behalf of such Loan Party or (ii) in the case of any Person that becomes a Loan Party after the Closing Date, a supplement to the Collateral Agreement, in the form specified therein, duly executed and delivered on behalf of such Loan Party, subject, in each case, to the limitations and exceptions set forth in this Agreement and the Security Documents; <u>provided</u> that in the case of a Succeeding Holdings, the Collateral Agent and the Administrative Agent shall have received joinder documentation to this Agreement, in form and substance reasonably satisfactory to the Collateral Agent and the Administrative Agent, duly executed and delivered on behalf of such Succeeding Holdings,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) prior to a Qualified IPO, all Obligations (other than, with respect to any Loan Party, any Excluded Swap Obligations of such Loan Party) shall have been unconditionally guaranteed by Holdings and each Subsidiary Loan Party other than the Pre-IPO Borrower and (ii) after the Parent Borrower becomes a party hereto as a Borrower pursuant to Section 1.12, all Obligations (other than, with respect to any Loan Party, any Excluded Swap Obligations of such Loan Party) shall have been unconditionally guaranteed by the Parent Borrower, the Pre-IPO Borrower and each Subsidiary Loan Party (each such Person described in sub-clauses (i) and (ii), a "<u>Guarantor</u>"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) the Obligations and the Guarantee thereof shall have been secured by a perfected first-priority security interest (subject to Liens permitted by Section 6.02) in (x) all the Equity Interests of the Borrower (other than the Parent Borrower) and (y) all the Equity Interests of each Material Subsidiary directly owned by the Borrower (other than the Parent Borrower) or any Guarantor; <u>provided</u> that in the case of any such directly-owned Material Subsidiary that is a first-tier CFC or first-tier FSHCO (other than a CFC or FSHCO that is a Discretionary Guarantor), such pledge shall be limited to 100% of the issued and outstanding non-voting Equity Interests (if any) thereof and 65.0% of the issued

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and outstanding voting Equity Interests thereof; <u>provided</u>, <u>further</u>, that any such pledge of the Equity Interests of a Foreign Subsidiary that is not a Discretionary Guarantor shall not be required to be perfected under the laws of its jurisdiction of organization and (ii) the Collateral Agent shall, to the extent required by the Security Documents, have received certificates or other instruments representing all such pledged certificated Equity Interests (if any) together with undated stock powers or other instruments of transfer with respect thereto endorsed in blank,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [reserved], and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Collateral Agent shall have received (i) counterparts of a Mortgage with respect to each Material Real Property (other than any Material Real Property that constitutes an Excluded Asset) duly executed and delivered by the record owner of such Material Real Property, (ii) a fully paid lender's policy of title insurance (or a marked unconditional title insurance commitment or pro forma policy having the effect of a policy of title insurance) issued by a nationally recognized title insurance company insuring the Lien of each such Mortgage as a first priority Lien (subject to Permitted Liens) on the Material Real Property described therein, naming the Collateral Agent and its respective successors and assigns as the insured, free of any other Liens (other than Permitted Liens), together with such customary lender's endorsements as the Collateral Agent may reasonably request to the extent available in the applicable jurisdiction at commercially reasonable rates, in an amount reasonably acceptable to the Collateral Agent (but in no event shall such policy be greater than Borrower's reasonable estimate fair market value of such Material Real Property), (iii) in each case if reasonably requested by the Collateral Agent, a customary legal opinion with respect to each such Mortgage, from counsel qualified to opine in each jurisdiction where a Material Real Property is located regarding the enforceability of the Mortgage, and in each case, such other customary matters as may be in form and substance reasonably satisfactory to the Collateral Agent, (iv) a survey or existing survey together with a no change affidavit of such Material Real Property, sufficient for the title company to issue a lender's title policy with the standard survey exception omitted from and customary survey endorsements included in such title policy, (v) evidence of payment of title insurance premiums and expenses and all recording, mortgage, transfer and stamp taxes and fees payable in connection with recording the Mortgage, any amendments thereto and any fixture filings in appropriate county land office(s) and (vi) a completed "Life-of-Loan" Federal Emergency Management Agency standard flood hazard determination with respect to each such Material Real Property, and if such Material Real Property is located in a special flood hazard area, a notice about special flood hazard area status and flood disaster assistance duly executed by Borrower and the applicable Loan Party relating thereto together with evidence of insurance as required pursuant to Section 5.07.

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Notwithstanding anything to the contrary in this Agreement or any Security Document, no Loan Party shall be required to pledge or grant security interests in any particular assets if (x) the costs, burden or consequences of granting or perfecting such pledges or security interests in such assets (including any title insurance, flood insurance or surveys) are excessive in relation to the practical benefits to the Lenders therefrom as reasonably determined by the Borrower and the Collateral Agent, (y) the obtaining or perfecting such pledges or security interests in such assets would result in adverse tax consequences (other than (A) *de minimis* adverse tax consequences or (B) adverse tax consequences under Section 956 of the Code attributable to assets of a Foreign Subsidiary or FSHCO that is a Discretionary Guarantor) or adverse regulatory or accounting consequences to Holdings, the Borrower or any of their Subsidiaries (in each case of this clause (y), as reasonably determined by the Borrower) or (z) mutually agreed between the Borrower and the Collateral Agent.

The Collateral Agent may grant extensions of time for the perfection of security interests in particular assets and the delivery of assets (including extensions beyond the Closing Date for the perfection of security interests in the assets of the Loan Parties on such date) where it determines, in consultation with the Borrower, that perfection cannot be accomplished without undue effort or expense by the time or times at which it would otherwise be required by this Agreement or the Security Documents.

Notwithstanding anything to the contrary contained in this Agreement or any other Loan Document, except in the case of the Equity Interests of any Foreign Subsidiary that is a Discretionary Guarantor, and the assets of such Foreign Subsidiary that can be pledged under the Laws of the jurisdiction of organization of such Foreign Subsidiary, it shall not be a breach of any representation, warranty or covenant in this Agreement or any other Loan Document to fail to, and Collateral Agent shall not be authorized to, take actions in any non-U.S. jurisdiction or required by the laws of any non-U.S. jurisdiction in order to create any security interests or to perfect such security interests, including with respect to any Intellectual Property registered in any non-U.S. jurisdiction (it being understood that, except to the extent necessary to create any security interests or to perfect such security interests with respect to the Equity Interests of any Foreign Subsidiary that is a Discretionary Guarantor any assets thereof that can be pledged under the Laws of the jurisdiction of organization of such Foreign Subsidiary that constitute Collateral, there shall be no security agreements or pledge agreements governed under the laws of any non-U.S. jurisdiction) or to take any action in order to create any security interest or to perfect any security interest in Intellectual Property other than the filing of Uniform Commercial Code financing statements and the filing of Intellectual Property Security Agreements at the United States Patent and Trademark Office or the United States Copyright Office. Except as provided in the Collateral Agreement with respect to material promissory notes or as otherwise set forth in the next sentence, perfection by possession with respect to any item of Collateral shall not be required. Control agreements and perfection by control shall not be required with respect to Collateral requiring perfection through control agreements or perfection by "control" (as defined in the Uniform Commercial Code), other than in respect of certificated Equity Interests of the Borrower (other than the Parent Borrower) and wholly-owned Restricted Subsidiaries that are Material Subsidiaries directly owned by the Loan Parties otherwise required to be pledged pursuant to the provisions of clause (c) of this

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definition of "Collateral and Guarantee Requirement" and not otherwise constituting an Excluded Asset. In no event shall (i) notices be required to be sent to account debtors or other contractual third-parties, (ii) perfection (except to the extent achieved through the filing of Uniform Commercial Code financing statements) be required with respect to letter of credit rights and commercial tort claims, (iii) any stock certificates of any Restricted Subsidiaries that are not Material Subsidiaries be required to be delivered, (iv) notices to or consents of Governmental Authorities under the Federal Assignment of Claims Act (or any state equivalent thereof) be required, (v)(x) mortgages, deeds of trust or similar real estate security documentation be required with respect to real property that does not constitute Material Real Property and (y) landlord waivers, estoppels or collateral access agreements be required with respect to any leasehold interests of any Loan Party, (vi) the Collateral Agent be authorized, or any Loan Party be obligated, to enter into any source code escrow arrangements or (vii) the Collateral Agent be authorized, or any Loan Party be obligated to register, or submit an application for registration for, any Intellectual Property.

"<u>Commitment</u>" means a Revolving Commitment, an Initial Term Loan Commitment, any Incremental Revolving Commitment or Incremental Term Commitment, any Extended Revolving Credit Commitment, any commitment in respect of Replacement Term Loans or any Refinancing Revolving Commitment or any combination thereof (as the context requires).

"<u>Commitment Fee Rate</u>" means 0.25% per annum.

"<u>Commodity Exchange Act</u>" means the Commodity Exchange Act (7 U.S.C. § 1 <u>et</u> <u>seq</u>.), as amended from time to time, and any successor statute.

"<u>Communications</u>" has the meaning set forth in Section 8.03(c).

"<u>Competitors</u>" means any Person who is not an Affiliate of a Loan Party and who engages (or whose Affiliate engages) in the same or any similar business as the Loan Parties and their Subsidiaries from time to time, including for the avoidance of doubt, any Permitted Business, including those that are reasonably related thereto or are reasonable extensions thereof

"<u>Compliance Certificate</u>" means a certificate substantially in the form of <u>Exhibit</u> <u>F</u>.

"<u>Conforming Changes</u>" means, with respect to either the use or administration of Term SOFR or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Alternate Base Rate", the definition of "Business Day", the definition of "U.S. Government Securities Business Day", the definition of "SOFR", the definition of "Term SOFR", the definition of "Interest Period" or any similar or analogous definition (or the addition of a concept of "interest period"), timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods and other technical, administrative or operational matters) that the Administrative Agent decides in its reasonable discretion (with the consent of Borrower, such consent not to be unreasonably withheld, conditioned or delayed; <u>provided</u> that the Borrower shall be deemed to have consented to such Conforming Changes unless it shall have objected thereto by written notice to the Administrative Agent within ten (10) Business Days after having received

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written notice thereof) may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides in its reasonable discretion that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent reasonably determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Administrative Agent decides (in consultation with the Borrower) is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

"<u>Consolidated EBITDA</u>" means, for any period, Consolidated Net Income for such period, <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without duplication and to the extent deducted (and not added back or excluded) in determining Consolidated Net Income for such period (except in the case of clauses (viii), (xiv), (xv)(A), (xv), (xxii) and (xxiv)), the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Consolidated Interest Expense of the Borrower and its Restricted Subsidiaries for such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Borrower and its Restricted Subsidiaries for such period, provision for taxes based on income, profits or capital, including federal, state, provincial, local, territorial, franchise, unitary, excise, property and similar taxes and foreign withholding taxes paid or accrued, including giving effect to any penalties and interest with respect thereto, and state taxes in lieu of business fees (including business license fees) and payroll tax credits, income tax credits and similar credits and including an amount equal to the amount of tax distributions made to the holders of the Equity Interests of the Borrower and its Restricted Subsidiaries or any direct or indirect parent thereof (in each case, to the extent attributable to the operations of the Borrower and its Restricted Subsidiaries), including Tax Distributions, which shall be included as though such amounts had been paid as income taxes directly by the Borrower or its Restricted Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all amounts attributable to depreciation and amortization charges and expenses of the Borrower and its Restricted Subsidiaries for such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any non-cash charges, adjustments, expenses and losses for such period, including write-offs and write-downs, and the effects of any non-cash adjustments in the consolidated financial statements of the Borrower and its Restricted Subsidiaries pursuant to GAAP, including resulting from the application of recapitalization accounting or purchase accounting, as the case may be, in relation to the Transactions or any Permitted Acquisition (or any other consummated acquisition constituting a permitted Investment) or the amortization or write-off of any amounts thereof; <u>provided</u> that to the extent that any such non-cash charge, expense or loss in this clause (iv) represents an accrual or reserve for a potential cash item in any future period, (A) the Borrower may elect not to add back such non-cash charge, expense or loss in the then-current period and (B) to the extent the Borrower elects to add back such non-cash charge, expense or loss, any actual cash payment in respect thereof in such future period will be deducted from Consolidated EBITDA to such extent in such future period,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any net after-tax losses realized upon the disposition of assets outside the ordinary course of business (including any loss realized upon the disposition of any Equity Interests of any Person) and any net losses on disposed, abandoned and discontinued operations (including in connection with any disposal thereof) and any accretion or accrual of discounted liabilities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any non-recurring or unusual fees, costs, charges, payments, expenses and losses during such period, including, without limitation, in connection with a Permitted Acquisition or other permitted Investment, permitted disposition, incurrence of Indebtedness, issuance of Equity Interests, any Qualified IPO (and any costs and expenses associated with such Qualified IPO) or other non-ordinary course transaction (whether or not consummated),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the amount of (A) Permitted Management Fees and related expenses and indemnification obligations and (B) payments by the Borrower or any of its Subsidiaries to the Permitted Investors made for any financial advisory, financing, underwriting or placement services or in respect of other investment banking activities, including in connection with acquisitions or divestitures which payments are approved by the Borrower in good faith,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) charges, fees, expenses and losses to the extent reimbursed in cash by insurance or indemnity recovery during such period or that the Borrower, in good faith, believes will be reimbursed in cash within three hundred sixty-five (365) days after the end of such period, with a corresponding deduction to Consolidated EBITDA in any subsequent period for any amounts not in fact received within such three hundred sixty-five (365)-day period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) (A) the amount of management, monitoring, consulting, transaction and advisory fees and related indemnities, charges and expenses paid or accrued during such period to or on behalf of any direct or indirect parent of the Borrower to the extent permitted to be paid or accrued under this Agreement and (B) the amortization of any management, monitoring, consulting, transaction and advisory fees paid on the Closing Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any non-cash costs or expenses incurred pursuant to any management equity plan, stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the amount of loss or discount on sale of receivables and related assets to a Receivables Subsidiary in connection with a Receivables Financing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) earn-out and contingent consideration obligations (including to the extent accounted for as bonuses, compensation or otherwise) and adjustments thereof and purchase price adjustments, in each case in connection with any acquisitions or other Investments during such period,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) any costs, charges, accruals, reserves, losses or expenses attributable to the undertaking and/or implementation of cost savings initiatives, operating expense reductions and other synergies and similar initiatives, restructuring and similar charges, severance, relocation costs, integration and facilities opening costs and other business optimization expenses (including costs and expenses relating to business optimization programs and new systems design, update and implementation costs), signing costs, retention or completion bonuses and costs, recruiting costs, transition costs, costs related to closure/consolidation of facilities, duplicative running costs and expenses, any one-time expense relating to enhanced accounting function or other transaction costs, including those associated with becoming a standalone entity or public company and public company costs and curtailments or modifications to pension and post-retirement employee benefit plans (including any settlement of pension liabilities); <u>provided</u> that the aggregate amount of addbacks added back pursuant to this clause (xiii) (other than in accordance with Regulation S-X as in effect on December 31, 2020) shall not exceed, together with the aggregate amount of addbacks added back pursuant to clauses (xiv) and (xv)(B) of this definition, 20.0% of Consolidated EBITDA (calculated after giving effect to all add-backs and adjustments) in any measurement period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) pro forma "run rate" cost savings, operating expense reductions and synergies related to the Transactions that are reasonably identifiable and projected by the Borrower in good faith to result from actions that have been taken or with respect to which substantial steps have been taken or are expected to be taken (in the good faith determination of the Borrower) within twenty-four (24) months after the Closing Date (net of cash costs incurred to achieve such cost savings, operating expense reductions and synergies); <u>provided</u> that the aggregate amount of addbacks added back pursuant to this clause (xiv) shall not exceed, together with the aggregate amount of addbacks added back pursuant to clauses (xiii) and (xv)(B) of this definition, 20.0% of Consolidated EBITDA (calculated after giving effect to all add-backs and adjustments) in any measurement period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) (A) pro forma adjustments and other items contained in any quality of earnings report provided to the Administrative Agent in connection with any Permitted Acquisition or other permitted Investment conducted by any "Big Four" or regional accounting firm or any other accounting firm of nationally recognized standing that is, in the good faith determination of the Borrower, qualified to perform the task for which it has been engaged or reasonably acceptable to the Administrative Agent and (B) pro forma "run rate" cost savings, operating expense reductions and synergies (including post-acquisition price or administration fee increases) related to acquisitions, dispositions and other specified transactions (including Specified Transactions) following the Closing Date, restructurings, cost savings initiatives and other initiatives that are reasonably identifiable and projected by the Borrower in good faith to result from actions that have been taken or with respect to which substantial steps have been taken or are expected to be taken (in the good faith determination of the Borrower) within twenty-four (24) months after such acquisition, disposition or other specified transaction, restructuring, cost savings initiative or other initiative (net of cash costs incurred to achieve such cost savings, operating expense reductions and synergies); <u>provided</u> that the aggregate amount of addbacks added back pursuant to this clause (xv)(B) (other than in accordance with Regulation S-X as in effect on December 31, 2020) shall not exceed, together with the aggregate amount of addbacks added back pursuant to clauses (xiii) and (xiv) of this definition, 20.0% of Consolidated EBITDA (calculated after giving effect to all add-backs and adjustments) in any measurement period,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) any net unrealized loss resulting from currency transaction or translation losses or losses in respect of Swap Agreements as determined in accordance with GAAP, and any net losses related to currency re-measurements of Indebtedness (including intercompany indebtedness and foreign currency hedges for currency exchange risk),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) with respect to any joint venture or any Person that is accounted for by the equity method of accounting and that is not a Restricted Subsidiary, an amount equal to the proportion of those items described in clauses (i), (ii) and (iii) above relating to such joint venture or other Person corresponding to the Borrower and the Restricted Subsidiaries' proportionate share of such joint venture's or other Person's consolidated net income (determined as if such joint venture or other Person were a Restricted Subsidiary),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) Public Company Costs,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) [reserved],

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) charges (including interest expense) consisting of income attributable to minority interests and non-controlling interests of third parties in any non-wholly owned Restricted Subsidiary, excluding cash distributions in respect thereof, and the amount of any reductions in arriving at Consolidated Net Income resulting from the application of GAAP,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) pro forma results for new contracts or service agreements entered into prior to, or after, the Closing Date, in each case, that are readily identifiable, factually supportable and have been determined in good faith by the Borrower to be reasonably anticipated to be realizable within twenty-four (24) months after entering into such contracts; <u>provided</u> that, solely for purposes of this clause (xxi), the amount of such adjustment shall be calculated for any applicable contract in accordance with the new contract run-rate template in substantially the form attached as Attachment IV to such Compliance Certificate, and shall be included with each delivery of a Compliance Certificate required by Section 5.01(d); <u>provided</u>, <u>further</u>, that the aggregate amount of addbacks added back pursuant to this clause (xxi) (other than in accordance with Regulation S-X) shall not exceed 20.0% of Consolidated EBITDA (calculated after giving effect to all add-backs and adjustments) in any measurement period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) items in, and items of the type set forth in, the management model delivered to Wells Fargo on October 15, 2025 (including any updates thereto that are reasonably acceptable to the Administrative Agent),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) any net loss from disposed, abandoned or discontinued operations or products lines,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) to the extent actually received and not already included in Consolidated Net Income, proceeds of business interruption insurance,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) payments or accruals by the Borrower and its Subsidiaries paid or accrued during such period in respect of purchase price holdbacks, earn-outs and other similar contingent obligations to the extent deducted in calculating Consolidated Net Income of the Borrower and its Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) any charges, costs, expenses or losses relating to any environmental matter and/or litigation (or the settlement thereof),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) costs, charges, accruals, reserves or expenses attributable to litigation, legal and professional consulting services, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) any director's fees and related expenses payable to any independent director or operating partner of the Borrower or any Parent Company thereof, in each case, in cash during such period, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without duplication, non-cash items (other than the accrual of revenue in accordance with GAAP consistently applied in the ordinary course of business) increasing Consolidated Net Income for the period (excluding any such non-cash item to the extent it represents the reversal of an accrual or reserve for a potential cash item in any prior period); <u>provided</u> that to the extent non-cash gains are deducted pursuant to this clause (b) for any previous period and not otherwise added back to Consolidated EBITDA, Consolidated EBITDA shall be increased by the amount of any cash receipts (or any netting arrangements resulting in reduced cash expenses) in respect of such non-cash gains received in subsequent periods to the extent not already included therein, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) without duplication, unrealized net gains in each case in respect of Swap Agreements, as determined in accordance with GAAP, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) without duplication, any net after-tax gains realized upon the disposition of assets outside the ordinary course of business (including any gain realized upon the disposition of any Equity Interests of any Person) and any net gains on disposed, abandoned and discontinued operations (including in connection with any disposal thereof).

Notwithstanding the foregoing, Consolidated EBITDA for the following fiscal quarters shall be as indicated below:

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| | |
|:---|:---|
| **Quarter Ended** | **Consolidated EBITDA** |
|  December 31, 2024 | $(594984) |
|  March 31, 2025 | $5322263 |
|  June 30, 2025 | $5716702 |
|  September 30, 2025 | $1107486 |

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For the avoidance of doubt, Consolidated EBITDA shall be calculated (i) including pro forma adjustments, in accordance with Section 1.07 with respect to events occurring on or after the Closing Date (including the cost savings, operating expense reductions and synergies and "run rate" adjustments described above) and (ii) with respect any Test Period that includes any of the fiscal quarters ended December 31, 2024 through September 30, 2025, based on the amounts specified in the table above, as adjusted, at the option of the Borrower, to reflect the add-backs and adjustments permitted under clause (a) of the definition of "Consolidated EBITDA" above for such Test Period.

"<u>Consolidated First Lien Net Indebtedness</u>" means, as of any date of determination, (a) the aggregate principal amount of Indebtedness described in clause (a) of the definition of "Consolidated Total Net Indebtedness" outstanding on such date that is secured by a Lien on the Collateral of the Loan Parties on a *pari passu* basis with or senior basis to the Lien on the Collateral securing the Obligations, but without regard to control of remedies (excluding any Indebtedness to the extent subordinated in right of payment to the Obligations) <u>minus</u> (b) all Unrestricted Cash and Permitted Investments held by the Borrower and its Restricted Subsidiaries as of such date in an aggregate amount not to exceed $100,000,000.

"<u>Consolidated Interest Expense</u>" means, with respect to any Person for any period, the sum, without duplication, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the aggregate interest expense of such Person and its Restricted Subsidiaries for such period, calculated on a consolidated basis in accordance with GAAP (including pay in kind interest payments, amortization of original issue discount, the interest component of Capital Lease Obligations and net payments and receipts (if any) pursuant to interest rate Swap Agreements (other than in connection with the early termination thereof) but excluding any non-cash interest expense attributable to the movement in the mark-to-market valuation of Indebtedness, Swap Agreements or other derivative instruments, all amortization and write-offs of deferred financing fees, debt issuance costs, commissions, discounts, fees and expenses and expensing of any bridge, commitment or other financing fees, costs of surety bonds, charges owed with respect to letters of credit, bankers' acceptances or similar facilities, all discounts, commissions, fees and other charges associated with any Receivables Financing or Factoring Transaction, and any expense resulting from the discounting of Indebtedness in connection with the application of recapitalization or purchase accounting), <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidated capitalized interest of such Person and its Restricted Subsidiaries for such period, whether paid or accrued.

"<u>Consolidated Net Income</u>" means, for any period, the net income or loss of the Borrower and its Restricted Subsidiaries for such period determined on a consolidated basis in accordance with GAAP and before any reduction in respect of preferred stock dividends; <u>provided</u> that there shall be excluded from Consolidated Net Income:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the cumulative effect of a change in accounting principles and changes as a result of the adoption or modification of accounting policies during such period to the extent included in Consolidated Net Income,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any gains or losses (less all fees, expenses and charges relating thereto) attributable to any sale of assets outside the ordinary course of business, the disposition of any Equity Interests of the Borrower or any of its Restricted Subsidiaries, or the extinguishment of any Indebtedness of the Borrower or any of its Restricted Subsidiaries, in each case, other than in the ordinary course of business,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) any Transaction Costs paid or incurred by the Borrower and its Restricted Subsidiaries in connection with the Transactions, including the payment of amounts owing under the Borrower's and its Subsidiaries' employee incentive plans, and (ii) any extraordinary, exceptional, unusual or non-recurring charges, expenses, losses or special items and any losses on sales of assets outside of the ordinary course of business (including, without limitation, one-time charges and expenses payable in connection with transition services agreements entered into in connection with the Transactions, manufacturing facility upgrades related to Environmental Laws and information technology systems upgrades, in the case of such upgrades, to the extent the Borrower reasonably determines that such upgrades are one-time or non-recurring), together with any related provision for taxes on such extraordinary, exceptional, unusual or non-recurring gain or charge, expense or loss for such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) income or losses attributable to discontinued operations (including, without limitation, operations disposed during such period whether or not such operations were classified as discontinued),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any non-cash charges (i) attributable to applying the purchase method of accounting in accordance with GAAP, (ii) resulting from the application of ASC Topic 350 or ASC Topic 360 and (iii) relating to the amortization of intangibles resulting from the application of ASC Topic 805,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all non-cash charges relating to employee benefit or other management or stock compensation plans of the Borrower or any Restricted Subsidiary to the extent that such non-cash charges are deducted in computing Consolidated Net Income; <u>provided</u> that if the Borrower or any Restricted Subsidiary of the Borrower makes a cash payment in respect of such non-cash charge in any period, such cash payment will (without duplication) be deducted from the Consolidated Net Income of the Borrower and its Restricted Subsidiaries for such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all unrealized gains and losses relating to hedging transactions and mark-to-market of Indebtedness denominated in foreign currencies resulting from the application of ASC Topic 830,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any unrealized foreign currency translation gains or losses, including in respect of Indebtedness of any Person denominated in a currency other than the functional currency of such Person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any fees, costs and expenses relating to amendments, waivers or other modifications under agreements relating to Indebtedness (including this Agreement and the other Loan Documents), and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) all amortization and write-offs of deferred financing fees, debt issuance costs, commissions, fees and expenses, costs of bonds, charges owed with respect to letters of credit, bankers' acceptances or similar facilities, and expensing of any bridge, commitment or other financing fees (including in connection with a transaction undertaken but not completed).

Notwithstanding the foregoing, (I) with respect to any Qualified Joint Venture or Subsidiary which is consolidated for purposes of GAAP, Consolidated Net Income shall include 100% of such Person's Consolidated Net Income corresponding to the Borrower's proportionate share of such Qualified Joint Venture's Consolidated Net Income calculated as set forth above with respect to such Person, (II) with respect to any other Person accounted for by the equity method of accounting, Consolidated Net Income shall include the Borrower's and its Restricted Subsidiaries' pro rata share of Consolidated Net Income of such Person, (III) for purposes of calculating the "Available Amount", Consolidated Net Income of any Restricted Subsidiary of the Borrower (other than the Borrower or any Guarantor) will be excluded to the extent that the declaration or payment of dividends or other distributions by such Restricted Subsidiary of that net income is not at the date of determination permitted by an applicable requirement of law or by operation of the terms of its charter or any judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders; <u>provided</u> that Consolidated Net Income of the Borrower and its Restricted Subsidiaries shall be increased by the amount of dividends or distributions by such Restricted Subsidiary that are actually paid in cash or Permitted Investments to (or to the extent subsequently converted into cash or Permitted Investments by) the Borrower or any Restricted Subsidiary during such period, to the extent not previously included therein and (IV) without duplication, Consolidated Net Income will include any proceeds of business interruption insurance received by the Borrower and its Restricted Subsidiaries during the applicable period.

"<u>Consolidated Total Net Indebtedness</u>" means, as of any date of determination, (a) the aggregate principal amount of Indebtedness of the Borrower and its Restricted Subsidiaries outstanding on such date consisting of Indebtedness for borrowed money, Attributable Indebtedness, purchase money debt, unreimbursed amounts under letters of credit (subject to the proviso below), obligations represented by promissory notes and all Guarantees of the foregoing, in each case (except in the case of Guarantees) in an amount that would be reflected on a balance sheet prepared as of such date on a consolidated basis in accordance with GAAP (but excluding the effects of any discounting of Indebtedness resulting from the application of acquisition accounting in connection with the Transactions or any acquisition constituting an Investment permitted under this Agreement), <u>minus</u> (b) all Unrestricted Cash and Permitted Investments held by the Borrower and its Restricted Subsidiaries as of such date in an aggregate amount not to exceed $100,000,000; <u>provided</u> that Consolidated Total Net Indebtedness shall not include Indebtedness (i) in respect of letters of credit, except to the extent of unreimbursed amounts thereunder that are not reimbursed within three (3) Business Days after becoming due and payable and (ii) owed by Unrestricted Subsidiaries. For the avoidance of doubt, obligations under Swap Agreements, Cash Management Agreements, any Receivables Financing or Factoring Transaction permitted by this Agreement do not constitute Consolidated Total Net Indebtedness.

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"<u>Consolidated Working Capital</u>" means, with respect to the Borrower and its Restricted Subsidiaries on a consolidated basis at any date of determination, Current Assets at such date of determination minus Current Liabilities at such date of determination, in each case, excluding the amount of any contract assets and contract liabilities as of such date of determination (as determined in accordance with GAAP).

"<u>Contract Consideration</u>" has the meaning provided in the definition of "Excess Cash Flow."

"<u>Control</u>" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. "<u>Controlling</u>" and "<u>Controlled</u>" have meanings correlative thereto.

"<u>Corresponding Tenor</u>" means, with respect to any Available Tenor, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding any Business Day adjustment) as such Available Tenor.

"<u>Covenant Exchange Rate</u>" has the meaning set forth in Section 1.10(a).

"<u>Covered Entity</u>" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"<u>Covered Party</u>" has the meaning assigned to it in Section 9.22.

"<u>Cure Amount</u>" has the meaning specified in Section 7.02(a).

"<u>Cure Right</u>" has the meaning specified in Section 7.02(a).

"<u>Current Assets</u>" means, with respect to the Borrower and its Restricted Subsidiaries on a consolidated basis, at any date of determination, all assets (other than cash and Permitted Investments) that would, in accordance with GAAP, be classified on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries as "current assets" (or similar term) at such date of determination, other than amounts related to current or deferred Taxes based on income or profits, assets held for sale, loans (permitted) to third parties, pension assets, deferred bank fees and derivative financial instruments, and excluding the effects of adjustments pursuant to GAAP resulting from the application of recapitalization accounting or purchase accounting, as the case may be, in relation to any consummated acquisition.

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"<u>Current Liabilities</u>" means, with respect to the Borrower and its Restricted Subsidiaries on a consolidated basis, at any date of determination, all liabilities that would, in accordance with GAAP, be classified on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries as current liabilities at such date of determination, including the amount of short-term and long-term deferred revenue of the Borrower and its Restricted Subsidiaries in accordance with GAAP, other than (a) the current portion of any Indebtedness described in clause (a) of the definition of "Consolidated Total Net Indebtedness" and derivative financial instruments, (b) the current portion of accrued interest, (c) liabilities relating to current or deferred Taxes based on income or profits, (d) accruals of any costs or expenses related to restructuring reserves or severance, (e) any liabilities in respect of revolving loans, swingline loans or letter of credit obligations under any revolving credit facility, (f) the current portion of any Capital Lease Obligation (including Revolving Loans), (g) the current portion of any other long-term liabilities, (h) liabilities in respect of unpaid earn-outs, (i) amounts related to derivative financial instruments and assets held for sale, (j) gift card liabilities and (k) any current liabilities related to items covered by clauses (c)(ii) of the definition of "Consolidated Net Income", and excluding the effects of adjustments pursuant to GAAP resulting from the application of recapitalization accounting or purchase accounting, as the case may be, in relation to any consummated acquisition.

"<u>Daily Simple SOFR</u>" means, for any day (a "<u>SOFR Rate Day</u>"), a rate per annum equal to SOFR for the day (such day, the "<u>SOFR Determination Date</u>") that is five (5) U.S. Government Securities Business Days prior to (i) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator's Website; <u>provided</u> that if Daily Simple SOFR as so determined shall ever be less than the Floor, then Daily Simple SOFR shall be deemed to be the Floor. Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Borrower. If by 5:00 p.m. (New York City time) on the second (2nd) U.S. Government Securities Business Day immediately following any SOFR Determination Date, SOFR in respect of such SOFR Determination Date has not been published on the SOFR Administrator's Website and a Benchmark Replacement Date with respect to the Daily Simple SOFR has not occurred, then SOFR for such SOFR Determination Date will be SOFR as published in respect of the first preceding U.S. Government Securities Business Day for which such SOFR was published on the SOFR Administrator's Website.

"<u>Debt Fund Affiliate</u>" means any Affiliate of a Permitted Investor (other than a natural person) that is primarily engaged in, or advises funds or other investment vehicles that are engaged in, making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course and whose managers have fiduciary duties to the third-party investors in such fund or investment vehicle independent of their duties to such Permitted Investor.

"<u>Declined Proceeds</u>" has the meaning specified in Section 2.11(h).

"<u>Default</u>" means any event or condition that, with the giving of notice, lapse of time, or both, would, unless cured or waived, become an Event of Default.

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"<u>Defaulting Lender</u>" means any Lender that (a) has failed, within three (3) Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or Swingline Loans or (iii) pay over to the Administrative Agent, any Issuing Bank, the Swingline Lender or any other Lender any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender's good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Borrower, the Administrative Agent, any Issuing Bank, the Swingline Lender or any other Lender in writing, or has made a public statement to the effect, that it does not intend or expect to comply with (i) any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender's good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot be satisfied) or (ii) its funding obligations generally under other agreements in which it commits to extend credit, (c) has failed, within three (3) Business Days after written request by the Administrative Agent, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans or participations in then-outstanding Letters of Credit and Swingline Loans under this Agreement; <u>provided</u> that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon the Administrative Agent's, receipt of such certification in form and substance reasonably satisfactory to it, (d) has become the subject of a Bankruptcy Event or (e) has failed at any time to comply with the provisions of Section 2.18(c) with respect to purchasing participations from the other Lenders, whereby such Lender's share of any payment received, whether by setoff or otherwise, is in excess of its pro rata share of such payments due and payable to all of the Lenders.

"<u>Default Right</u>" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"<u>Discretionary Guarantor</u>" means any Restricted Subsidiary (other than the Borrower) that the Borrower, in its sole discretion and in the case of a Foreign Subsidiary, with the consent of the Administrative Agent not to be unreasonably withheld, conditioned or delayed, and subject to collateral arrangements (including foreign security) to be negotiated in good faith by the Administrative Agent and the Borrower giving due regard to local law restrictions and limitations but in any event in a manner, if possible under applicable foreign law, substantially consistent with (and, giving effect to applicable foreign law, no less favorable to the Borrower than) the existing U.S. collateral arrangements, elects to cause to be a Guarantor by providing a Guarantee in respect of the Obligations pursuant to documentation and subject to customary limitations in such jurisdiction as may be reasonably agreed between the Administrative Agent and the Borrower.

"<u>Disqualified Institutions</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Persons identified in writing as such (i) by the Borrower to the Arrangers on or prior to the Closing Date and (ii) by the Borrower to the Administrative Agent from time to time after the Closing Date in the form of an update to the list of Disqualified Institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) any Competitors that (A) are identified in the list of Disqualified Institutions pursuant to clause (a)(i) of this definition and (B) after the Closing Date, have been specified in writing by the Borrower to the Administrative Agent from time to time in the form of an update to the list of Disqualified Institutions and (ii) any affiliates of such Competitors identified pursuant to clause (b)(i) of this definition (other than a Competitor's debt fund affiliate unless specifically identified as a Disqualified Institution);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Affiliates of such Persons set forth in clauses (a) and (b) above that (i)(A) are readily identifiable as an affiliate thereof on the basis of such affiliate's name or the Borrower has provided written notification thereof to the Administrative Agent pursuant to clause (a)(i) or (b)(i)(B) of this definition and (B) after the Closing Date, have been specified in writing by the Borrower to the Administrative Agent from time to time in the form of an update to the list of Disqualified Institutions or (ii) are actually known as an Affiliate of such entities by the responsible officers of the Arrangers or the applicable assigning or participating Lender involved in processing the applicable assignment or participation or otherwise readily identifiable as such by name (in the case of Affiliates of Competitors under this clause (c)(ii), other than any such Affiliate that is a bona fide debt fund or investment fund that is engaged in making, purchasing, holding or otherwise investing in commercial loans or similar extensions of credit in the ordinary course of business); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Excluded Parties;

<u>provided</u> that to the extent Persons are identified as Disqualified Institutions in writing by the Borrower to the Administrative Agent after the Closing Date pursuant to clauses (a)(ii), (b)(ii) or (c)(i)(B) above, the inclusion of such entities as Disqualified Institutions shall not retroactively apply to any Loan or Commitment of any Person that was not a Disqualified Institution as of the Trade Date with respect to a pending assignment or participation of such Loan or Commitment or to prior assignments or participations of any Loan or Commitment, in each case, in respect of any such pending or previously assigned or participated Loan or Commitment hereunder. Any updates, modifications or supplements to the list of Disqualified Institutions shall become effective one (1) Business Day after delivery thereof in writing. The identity of Disqualified Institutions may be communicated (I) by the Administrative Agent to a Lender upon request and (II) by any Lender to any prospective Lender, Participant or assignee, subject to the acknowledgment and acceptance by such prospective Lender, Participant or assignee that the identity of Disqualified Institutions is being disseminated on a confidential basis and that such prospective Lender, Participant or assignee shall be bound by the same confidentiality restrictions as those applicable to the Lender making such communication, but will not be otherwise posted or distributed to any Person. Notwithstanding the foregoing, the Borrower, by written notice to the Administrative Agent, may from time to time in its sole discretion remove any entity from the list of Disqualified Institutions (or otherwise modify such list to exclude any particular entity), and such entity removed or excluded from the list of Disqualified Institutions shall no longer be a Disqualified Institution for any purpose under this Agreement or any other Loan Document.

"<u>Disqualified Stock</u>" means any Equity Interest that, by its terms (or by the terms of any security or other Equity Interests into which it is convertible or for which it is exchangeable), in each case, at the option of the holder thereof or upon the happening of any event or condition: (a) matures or is mandatorily redeemable (other than solely for Qualified Preferred Stock), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control, asset sale or similar event so long as any rights of the holders thereof upon the occurrence of a change

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of control or asset sale or similar event shall be subject to the prior repayment in full of the Loans and all other Obligations (other than (i) contingent indemnification obligations as to which no claim has been asserted and (ii) obligations under treasury services agreements or obligations under secured hedge agreements not then due and payable) that are accrued and payable and the termination of the Commitments and the termination of all outstanding Letters of Credit (unless the outstanding amount of the L/C Exposure related thereto has been cash collateralized, back-stopped by a letter of credit in form and substance, and issued by a letter of credit issuer, reasonably satisfactory to the applicable Issuing Bank and in a face amount equal to 103% of the outstanding amount of the applicable L/C Exposure in respect thereof, or deemed reissued under another agreement reasonably acceptable to the applicable Issuing Bank)), (b) is redeemable at the sole option of the holder thereof (other than solely for Qualified Preferred Stock and other than as a result of a change of control, asset sale or similar event so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale shall be subject to the prior repayment in full of the Loans and all other Obligations (other than (i) contingent indemnification obligations as to which no claim has been asserted and (ii) obligations under treasury services agreements or obligations under secured hedge agreements not then due and payable) that are accrued and payable and the termination of the Commitments and the termination of all outstanding Letters of Credit (unless the outstanding amount of the L/C Exposure related thereto has been cash collateralized, back-stopped by a letter of credit in form and substance, and issued by a letter of credit issuer, reasonably satisfactory to the applicable Issuing Bank and in a face amount equal to 103% of the outstanding amount of the applicable L/C Exposure in respect thereof, or deemed reissued under another agreement reasonably acceptable to the applicable Issuing Bank)), in whole or in part or (c) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Stock, in each case, prior to the date that is ninety-one (91) days after the Latest Maturity Date of the Term Loans at the time of issuance of such Equity Interests; <u>provided</u>, <u>however</u>, that only the portion of Equity Interests that so matures or is mandatorily redeemable, is redeemable at the option of the holder thereof or is or becomes so convertible or exchangeable shall be deemed to be Disqualified Stock; <u>provided</u>, <u>further</u>, <u>however</u>, that if such Equity Interests are issued pursuant to a plan for the benefit of future, current or former employees, directors, officers, members of management or consultants of the Borrower (or any direct or indirect parent thereof), the Borrower or any other Restricted Subsidiaries or by any such plan to such employees, directors, officers, members of management or consultants, such Equity Interests shall not constitute Disqualified Stock solely because they may be permitted or required to be repurchased by the Borrower (or any direct or indirect parent thereof), the Borrower or any other Restricted Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such employee's, director's, officer's, management member's or consultant's termination of employment or service, as applicable, death or disability.

"<u>Dollar Equivalent</u>" means, for any amount, at the time of determination thereof, (a) if such amount is expressed in dollars, such amount, (b) if such amount is expressed in an Alternative Currency, the equivalent of such amount in dollars determined by using the rate of exchange for the purchase of dollars with the Alternative Currency last provided (either by publication or otherwise provided to the Administrative Agent) by Reuters on the Business Day (New York City time) immediately preceding the date of determination or if such service ceases to be available or ceases to provide a rate of exchange for the purchase of dollars with the Alternative Currency, as provided by such other publicly available information service which provides that rate of exchange at such time in place of Reuters chosen by the Administrative Agent in its reasonable discretion

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(or if such service ceases to be available or ceases to provide such rate of exchange, the equivalent of such amount in dollars as determined by the Administrative Agent using any method of determination it deems appropriate in its reasonable discretion) and (c) if such amount is denominated in any other currency, the equivalent of such amount in dollars as determined by the Administrative Agent using any method of determination it deems appropriate in its reasonable discretion.

"<u>dollars</u>" or "<u>$</u>" refers to lawful money of the United States of America.

"<u>Domestic Subsidiary</u>" means any Subsidiary incorporated or organized under the laws of the United States of America, any State thereof or the District of Columbia.

"<u>ECF Deductions</u>" has the meaning specified in Section 2.11(c).

"<u>ECF Payment Amount</u>" has the meaning specified in Section 2.11(c).

"<u>ECF Payment Date</u>" has the meaning specified in Section 2.11(c).

"<u>EEA Financial Institution</u>" means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clause (a) or (b) of this definition and is subject to consolidated supervision with its parent.

"<u>EEA Member Country</u>" means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

"<u>EEA Resolution Authority</u>" means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"<u>Effective Yield</u>" means, as of any date of determination, as to any Indebtedness, the yield thereof, whether in the form of interest rate, margin, original issue discount, upfront fees, a Term SOFR floor or an ABR floor, or otherwise, in each case, incurred or payable by the Borrower generally to all the lenders of such Indebtedness; <u>provided</u> that upfront fees and original issue discount shall be equated to an interest rate based upon an assumed four year average life to maturity (e.g., 100 basis points of original issue discount equals 25 basis points of interest rate margin for a four year average life to maturity); <u>provided</u>, <u>further</u>, that "Effective Yield" shall exclude any structuring, ticking, unused line, commitment, amendment, consent, underwriting, exit, success and arranger fees, other similar fees and other fees not paid generally to all lenders in the primary syndication of such Indebtedness.

"<u>Electronic Signature</u>" means an electronic symbol, or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record.

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"<u>Embargoed Property</u>" means any property (a) in which a Sanctioned Person holds a fifty percent (50.0%) or greater beneficial interest; (b) that is due to or from a Sanctioned Person; (c) that is located in a Sanctioned Country; or (d) that would otherwise cause a violation by the Lenders, the Administrative Agent or the Collateral Agent of any applicable Anti-Terrorism Law if the Lenders were to obtain an encumbrance on, lien on, pledge of or security interest in such property, or provide services in consideration of such property.

"<u>Environment</u>" means ambient air, indoor air, surface water, groundwater, drinking water, land surface, sediments, and subsurface strata and natural resources such as wetlands, flora and fauna.

"<u>Environmental Laws</u>" means all laws (including the common law), rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by or with any Governmental Authority, relating to pollution or protection of the Environment, the preservation or reclamation of or damage to natural resources, the presence, management, storage, treatment, transport, exposure to, Release or threatened Release of any Hazardous Material, or to occupational health and safety matters (to the extent relating to the exposure to Hazardous Materials).

"<u>Environmental Liability</u>" means liabilities, obligations, damages, claims, actions, suits, judgments, orders, fines, penalties, fees, expenses and costs (including administrative oversight costs, natural resource damages, investigation or remediation costs), whether contingent or otherwise, arising out of or relating to (a) non-compliance with any Environmental Law, (b) the generation, use, handling, transportation, storage or treatment of any Hazardous Materials, (c) exposure of any Person to Hazardous Materials, (d) the Release or threatened Release of any Hazardous Materials or (e) any contract, agreement or other binding consensual arrangement, to the extent liability is assumed or imposed with respect to any of the foregoing.

"<u>Equity Interests</u>" means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest from the issuer thereof (but excluding any debt security that is convertible into, or exchangeable for, any of the foregoing).

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder.

"<u>ERISA Affiliate</u>" means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code, and including Section 414(m) and (o) of the Code solely for purposes of Section 412 of the Code and Section 302 of ERISA.

"<u>ERISA Event</u>" means (a) any "reportable event", as defined in Section 4043(c) of ERISA or the regulations issued thereunder, with respect to a Plan (other than an event for which the thirty (30)-day notice period is waived), (b) any failure by any Plan to satisfy the minimum funding standard under Section 412 of the Code or Section 302 of ERISA, whether or not waived, (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a

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waiver of the minimum funding standard with respect to any Plan or Multiemployer Plan, (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan, (e) the receipt by the Borrower or any ERISA Affiliates from the PBGC or a plan administrator of any written notice relating to an intention to terminate any Plan or Multiemployer Plan or to appoint a trustee to administer any Plan or Multiemployer Plan, (f) the receipt by the Borrower or any ERISA Affiliates of any written notice relating to the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan, (g) the withdrawal of the Borrower or any of its ERISA Affiliates from a Plan subject to Section 4063 of ERISA during a plan year in which such entity was a "substantial employer" (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA, (h) the receipt by the Borrower or any ERISA Affiliate of any written notice, concerning a determination that a Multiemployer Plan is, or is expected to be insolvent within the meaning of Title IV of ERISA or that a Multiemployer Plan is in "endangered" or "critical" status (within the meaning of Section 432 of the Code or Section 305 of ERISA), (i) the receipt by the Borrower or any ERISA Affiliate of any written notice concerning a determination that a Plan is, or is expected to be, in "at risk" status (within the meaning of Section 430 of the Code or Section 303 of ERISA) or (j) the occurrence of a non-exempt prohibited transaction (within the meaning of Section 406 of ERISA or Section 4975 of the Code) with respect to any Plan.

"<u>EU Bail-In Legislation Schedule</u>" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

"<u>Event of Default</u>" has the meaning assigned to such term in Section 7.01.

"<u>Excess Cash Flow</u>" means, for any period, an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum, without duplication, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Consolidated Net Income for such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an amount equal to the amount of all non-cash charges to the extent deducted in arriving at such Consolidated Net Income, but excluding any such non-cash charges representing an accrual or reserve for potential cash items in any future period and excluding amortization of any prepaid cash item that was paid in a prior period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) decreases in Consolidated Working Capital for such period (other than (1) reclassification of items from short-term to long-term or vice versa in accordance with GAAP and (2) any such decreases arising from acquisitions (outside of the ordinary course of business) or asset sales (other than in the ordinary course of business) by the Borrower and its Restricted Subsidiaries completed during such period or the application of purchase accounting),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an amount equal to the aggregate net non-cash loss on asset sales by the Borrower and its Restricted Subsidiaries during such period (other than asset sales in the ordinary course of business) to the extent deducted in arriving at such Consolidated Net Income, and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) cash receipts in respect of Swap Agreements during such period to the extent not otherwise included in Consolidated Net Income; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum, without duplication, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount equal to the amount of all non-cash credits (including, to the extent constituting non-cash credits, without limitation, amortization of deferred revenue acquired as a result of any Permitted Acquisition or other consummated acquisition permitted hereunder) included in arriving at such Consolidated Net Income in such period (but excluding any non-cash credit to the extent representing the reversal of an accrual or reserve described in clause (a)(ii) above), cash charges, losses, costs, fees or expenses to the extent excluded in arriving at such Consolidated Net Income during such period, and Transaction Costs to the extent not deducted in arriving at such Consolidated Net Income and paid in cash during such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at the election of the Borrower and without duplication of amounts deducted pursuant to clause (xi) below in prior periods, the amount of capital expenditures or acquisitions of Intellectual Property accrued or made in cash during such period, except to the extent that such capital expenditures or acquisitions were financed with the proceeds of long-term Indebtedness (other than revolving Indebtedness, including Revolving Loans) of the Borrower and its Restricted Subsidiaries (unless such Indebtedness has been repaid) other than intercompany loans,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the aggregate amount of all principal payments of Indebtedness of the Borrower and its Restricted Subsidiaries (including (1) the principal component of payments in respect of Capital Lease Obligations, (2) the amount of any scheduled repayment of Term Loans pursuant to Section 2.10 and (3) the amount of a mandatory prepayment of Term Loans pursuant to Section 2.11(c) to the extent required due to an asset sale that resulted in an increase to Consolidated Net Income and not in excess of the amount of such increase) minus (A) all other prepayments of Term Loans and (B) all prepayments of Revolving Loans and other revolving loans (unless there is an equivalent permanent reduction in the Revolving Credit Commitments or the applicable commitments with respect to such other revolving loans, as applicable) made during such period, except to the extent financed with the proceeds of other long-term Indebtedness (other than revolving Indebtedness, including Revolving Loans) of the Borrower or the other Restricted Subsidiaries (unless such Indebtedness has been repaid) other than intercompany loans,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an amount equal to the aggregate net non-cash gain on asset sales by the Borrower and its Restricted Subsidiaries during such period (other than asset sales in the ordinary course of business) to the extent included in arriving at such Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) increases in Consolidated Working Capital for such period (other than (1) reclassification of items from short-term to long-term or vice versa in accordance with GAAP and (2) any such increases arising from acquisitions (outside of the ordinary course of business) or asset sales (other than in the ordinary course of business) by the Borrower and its Restricted Subsidiaries completed during such period or the application of purchase accounting),

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) payments by the Borrower and its Restricted Subsidiaries during such period in respect of long-term liabilities of the Borrower and its Restricted Subsidiaries other than Indebtedness, to the extent not already deducted from Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) at the election of the Borrower and without duplication of amounts deducted pursuant to clause (xi) below in prior fiscal periods, the aggregate amount of cash consideration paid by the Borrower and its Restricted Subsidiaries (on a consolidated basis) in connection with Investments (including Permitted Acquisitions) made during such period permitted under this Agreement, except to the extent financed with the proceeds of other long-term Indebtedness (other than revolving Indebtedness, including Revolving Loans) of the Borrower or the other Restricted Subsidiaries (unless such Indebtedness has been repaid) other than intercompany loans,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) at the option of the Borrower, the amount of Restricted Payments paid in cash during such period (on a consolidated basis) by the Borrower and its Restricted Subsidiaries (other than Restricted Payments made pursuant to Section 6.08(a)(xviii)), except to the extent financed with the proceeds of other long-term Indebtedness (other than revolving Indebtedness, including Revolving Loans) of the Borrower or the other Restricted Subsidiaries (unless such Indebtedness has been repaid) other than intercompany loans,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the aggregate amount of expenditures actually made by the Borrower and its Restricted Subsidiaries in cash during such period (including expenditures for the payment of financing fees) to the extent that such expenditures are not expensed during such period or are not deducted in calculating Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the aggregate amount of any premium, make-whole, or penalty payments actually paid in cash by the Borrower and its Restricted Subsidiaries during such period that are made in connection with any prepayment of Indebtedness to the extent that such payments are not deducted in calculating Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) without duplication of amounts deducted from Excess Cash Flow in other periods, and at the option of the Borrower, (1) the aggregate consideration required to be paid in cash by the Borrower or any of its Restricted Subsidiaries pursuant to binding contracts (the "<u>Contract Consideration</u>") entered into prior to or during such period or prior to the date any applicable Excess Cash Flow prepayment is due and (2) any planned cash expenditures by the Borrower or any of its Restricted Subsidiaries (the "<u>Planned Expenditures</u>"), in the case of each of clauses (1) and (2), relating to Permitted Acquisitions, other permitted Investments, capital expenditures, Restricted Payments, any scheduled payment of Indebtedness permitted by the terms of this Agreement or Tax Distributions, in each case, to be consummated or made, as applicable, during the period of four consecutive fiscal quarters of the Borrower following the end of such period (except to the extent financed with any of the proceeds received from (A) the issuance or incurrence

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of long-term Indebtedness (other than revolving Indebtedness, including Revolving Loans) of the Borrower or the other Restricted Subsidiaries (unless such Indebtedness has been repaid) other than intercompany loans or (B) the issuance of Equity Interests); <u>provided</u> that to the extent that the aggregate amount of cash actually utilized to finance such Permitted Acquisitions, other permitted Investments, capital expenditures, Restricted Payments, scheduled payments of Indebtedness permitted by the terms of this Agreement or Tax Distribution during such following period of four consecutive fiscal quarters is less than the Contract Consideration and Planned Expenditures, the amount of such shortfall shall be added to the calculation of Excess Cash Flow at the end of such period of four consecutive fiscal quarters,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the amount of Taxes paid in cash or tax reserves set aside or payable (without duplication) in such period plus the amount of any Tax Distributions paid during such period to the extent they exceed the amount of tax expense deducted in determining Consolidated Net Income for such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) cash expenditures in respect of Swap Agreements during such fiscal year to the extent not deducted in arriving at such Consolidated Net Income, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) payments by the Borrower and its Restricted Subsidiaries during such period pursuant to the Tax Receivable Agreement, to the extent not already deducted from Consolidated Net Income;

<u>provided</u>, that, notwithstanding anything to the contrary in the foregoing, to the extent that cash flow from operating activities, as determined in accordance with GAAP, is less than zero for any period, then Excess Cash Flow shall be deemed to be zero for the relevant period.

"<u>Exchange Act</u>" means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"<u>Excluded Assets</u>" has the meaning assigned to such term in the Collateral Agreement.

"<u>Excluded Parties</u>" means, with respect to any Person, any of its affiliates that are (a) engaged as principals primarily in private equity, mezzanine financing or venture capital (other than bona fide debt fund affiliates) or (b) potentially engaged directly or indirectly in a sale of the Borrower and its Subsidiaries and their respective businesses as a sell-side representative, in each case, other than a limited number of senior employees who are required, in accordance with industry regulations or the Excluded Parties' internal policies and procedures, to act in a supervisory capacity and other than the Excluded Parties' legal, compliance, risk management, credit or investment committee members.

"<u>Excluded Subsidiary</u>" means (i) any Subsidiary to the extent (and for so long as) a Guarantee by such Subsidiary would be prohibited or restricted by applicable law, rule or regulation or by any restriction in any contract existing on the Closing Date or, so long as any such restriction in any contract is not entered into in contemplation of such Subsidiary becoming a Restricted Subsidiary, at the time such Subsidiary becomes a Restricted Subsidiary (including any requirement to obtain the consent, approval, license or authorization of any Governmental Authority (including any regulatory authority) or third party), (ii) any Subsidiary that is not a

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wholly owned Subsidiary of the Borrower or a Guarantor, (iii)(A) any Subsidiary that is a Foreign Subsidiary or a FSHCO (other than a Foreign Subsidiary or FSHCO that is a Discretionary Guarantor) and (B) any direct or indirect Subsidiary of a CFC (unless such Subsidiary, or the CFC of which it is a Subsidiary, is a Discretionary Guarantor), (iv) Unrestricted Subsidiaries (and any direct or indirect Subsidiary thereof), (v) Captive Insurance Subsidiaries, (vi) not-for-profit Subsidiaries, (vii) special purpose entities, (viii) any Subsidiary that is not a Material Subsidiary, (ix) any Subsidiary where the Administrative Agent and the Borrower reasonably agree that the cost or other consequences of obtaining a Guarantee by such Subsidiary would be excessive in light of the practical benefit to the Lenders afforded thereby, (x) any Subsidiary to the extent a Guarantee by such Subsidiary would result in adverse tax, regulatory or accounting consequences (other than *de minimis* tax consequences and adverse tax consequences under Section 956 of the Code attributable to the provision of a guarantee by a Foreign Subsidiary or FSHCO that is a Discretionary Guarantor) as reasonably determined by the Borrower, (xi) for the avoidance of doubt, any direct or indirect Subsidiary of an Excluded Subsidiary (other than any such direct or indirect Subsidiary that is a Discretionary Guarantor or that is described in clause (iii)(A)) and (xii) any Receivables Subsidiary. No Discretionary Guarantor shall be considered to be an Excluded Subsidiary as a result of any circumstance existing at the time it became a Discretionary Guarantor.

"<u>Excluded Swap Obligation</u>" means, with respect to any Guarantor, (a) any Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal or unlawful under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) (i) by virtue of such Guarantor's failure for any reason to constitute an "eligible contract participant", as defined in the Commodity Exchange Act and the regulations thereunder (determined after giving effect to any keepwell, support or other agreement for the benefit of such Guarantor), at the time the Guarantee of (or grant of such security interest by, as applicable) such Guarantor becomes effective with respect to such Swap Obligation or (ii) in the case of a Swap Obligation that is subject to a clearing requirement pursuant to section 2(h) of the Commodity Exchange Act, because such Guarantor is a "financial entity", as defined in section 2(h)(7)(C) of the Commodity Exchange Act, at the time the Guarantee of (or grant of such security interest by, as applicable) such Guarantor becomes or would become effective with respect to such Swap Obligation or (b) any other Swap Obligation designated as an "Excluded Swap Obligation" of such Guarantor as specified in any agreement between the relevant Loan Parties and hedge bank applicable to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal or unlawful in accordance with the first sentence of this definition.

"<u>Excluded Taxes</u>" means, with respect to the Administrative Agent, any Lender, any Issuing Bank or any other recipient of any payment to be made by or on account of any obligation of the Borrower or any other Loan Party hereunder, (a) Taxes imposed on (or measured by) its net income (however denominated) (including any backup withholding with respect thereto) and franchise Taxes imposed on it, in each case as a result of (i) such recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office, located in the jurisdiction imposing such Tax, or (ii) such Taxes being Other Connection Taxes,

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(b) any branch profits Taxes, or any similar Tax, imposed by any jurisdiction described in clause (a) above, (c) in the case of a Lender, any U.S. federal withholding Taxes that are (or would be) required to be withheld from amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires the applicable interest in the applicable Commitment or, if such Lender acquires an applicable interest in a Loan other than by funding such Loan pursuant to a prior Commitment, on the date such Lender acquires the applicable interest in such Loan (in each case other than pursuant to an assignment request by the Borrower under Section 2.19(b)), or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.17(a), amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender acquired the applicable interest in the applicable Commitment or Loan or to such Lender immediately before it changed its lending office, (d) any Taxes attributable to such recipient's failure to comply with Section 2.17(e) or Section 2.17(f) and (e) any Taxes imposed under FATCA.

"<u>Existing Credit Agreement</u>" means that certain Credit Agreement, dated as of November 10, 2022 (as amended, restated, amended and restated, supplemented or otherwise modified prior to the Closing Date), by and among the Borrower, Holdings, the lenders from time to time party thereto, Alter Domus (US) LLC, as disbursing agent and collateral agent, and U.S. Bank Trust Company, National Association, as separate collateral agent.

"<u>Existing Revolving Credit Commitment Class</u>" has the meaning set forth in Section 2.21(a).

"<u>Existing Term Loan Class</u>" has the meaning set forth in Section 2.21(a).

"<u>Extendable Bridge Loans/Interim Debt</u>" means customary "bridge" loans, escrow or other arrangements which by their terms will be automatically converted, subject only to customary conditions, into loans or other Indebtedness that have, or will be automatically extended, subject only to customary conditions, such that they have, a maturity date not earlier than the Latest Maturity Date of all Term Loans then in effect.

"<u>Extended Revolving Credit Commitments</u>" has the meaning set forth in Section 2.21(a).

"<u>Extended Term Loans</u>" has the meaning set forth in Section 2.21(a).

"<u>Extending Revolving Lender</u>" has the meaning set forth in Section 2.21(c).

"<u>Extending Term Lender</u>" has the meaning set forth in Section 2.21(c).

"<u>Extension Election</u>" has the meaning set forth in Section 2.21(c).

"<u>Extension Request</u>" has the meaning set forth in Section 2.21(a).

"<u>Facility</u>" means the Term Loans and/or the Revolving Credit Commitments, as the context may require.

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"<u>Factoring Transaction</u>" means any transaction or series of transactions that may be entered into by the Borrower or any other Restricted Subsidiary pursuant to which the Borrower or such Restricted Subsidiary may sell, convey, assign or otherwise transfer Receivables Assets (which may include a backup or precautionary grant of security interest in such Receivables Assets so sold, conveyed, assigned or otherwise transferred or purported to be sold, conveyed, assigned or otherwise transferred) to any Person that is not a Restricted Subsidiary; <u>provided</u> that any such Person that is a Restricted Subsidiary meets the qualifications in clauses (1) through (3) of the definition of "Receivables Subsidiary".

"<u>Fair Market Value</u>" means, with respect to any asset or property, the price that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving distress or necessity of either party, determined in good faith by the Board of Directors, chief executive officer, chief financial officer or other similar officer of the Borrower.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code as of the date hereof (and any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code as of the date hereof (or any amended or successor version described above) and any intergovernmental agreement, treaty or convention among Governmental Authorities (and related legislation, rules or official administrative guidance) implementing the foregoing.

"<u>FCPA</u>" means the United States Foreign Corrupt Practices Act of 1977, as amended.

"<u>Federal Funds Rate</u>" means, for any day, the rate per annum equal to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; <u>provided</u> that if such rate is not so published for any day which is a Business Day, the Federal Funds Rate for such day shall be the average of the quotation for such day on such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by the Administrative Agent. Notwithstanding the foregoing, if the Federal Funds Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

"<u>Fee Letter</u>" means that certain Fee Letter, dated as of October 22, 2025, by and between Wells Fargo and the Borrower.

"<u>Financial Covenant Default</u>" has the meaning specified in Section 7.02(a).

"<u>Financial Covenant</u>" has the meaning specified in Section 6.12(b).

"<u>First Lien Net Leverage Ratio</u>" means, with respect to any Test Period, the ratio of (a) Consolidated First Lien Net Indebtedness as of the last day of such Test Period, calculated on a Pro Forma Basis to (b) TTM Consolidated EBITDA for such Test Period, calculated on a Pro Forma Basis.

"<u>Fixed Incremental Amount</u>" has the meaning assigned to such term in the definition of "Maximum Incremental Amount".

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"<u>Flood Insurance Laws</u>" shall mean, collectively, (a) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (b) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statue thereto, (c) the National Flood Insurance Reform Act of 1994 as now or hereafter in effect or any successor statute thereto, (d) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto and (e) the Biggert-Waters Flood Insurance Reform Act of 2012 as now or hereafter in effect or any successor statute thereto.

"<u>Floor</u>" means a rate of interest equal to 0.00%.

"<u>Foreign Casualty Event</u>" has the meaning specified in Section 2.11(i).

"<u>Foreign Disposition</u>" has the meaning specified in Section 2.11(i).

"<u>Foreign Lender</u>" means any Lender that is not a United States person within the meaning of Section 7701(a)(30) of the Code.

"<u>Foreign Subsidiary</u>" means any Subsidiary that is not a Domestic Subsidiary.

"<u>FRB</u>" means the Board of Governors of the Federal Reserve System of the United States.

"<u>FSHCO</u>" means any Domestic Subsidiary that owns (directly or indirectly) no material assets other than equity interests (or equity interests and indebtedness), each as determined for U.S. federal income tax purposes, of one or more (a) CFCs (other than any CFC that is a Discretionary Guarantor) or (b) other FSHCOs (other than any FSHCO that is a Discretionary Guarantor).

"<u>GAAP</u>" means generally accepted accounting principles in the United States of America, including those set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect from time to time. If at any time the SEC permits or requires domestic companies subject to the reporting requirements of the Securities Exchange Act to use IFRS in lieu of GAAP for financial reporting purposes, the Borrower may elect by written notice to the Administrative Agent to so use IFRS in lieu of GAAP and, upon any such notice, references herein to GAAP shall thereafter be construed to mean (a) for periods beginning on and after the date specified in such notice, IFRS as in effect from time to time and (b) for prior periods, GAAP as defined in the first sentence of this definition. Notwithstanding any change to IFRS, all ratios and computations contained in this Agreement shall be computed, in all material respects, in conformity with GAAP.

"<u>Governmental Authority</u>" means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any department, ministry, agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

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"<u>Guarantee</u>" of or by any Person (the "<u>guarantor</u>") means, without duplication, any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other monetary obligation of any other Person (the "<u>primary obligor</u>") in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other monetary obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other monetary obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other monetary obligation or (d) as an account party or applicant in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or monetary obligation; <u>provided</u> that the term "Guarantee" shall not include endorsements for collection or deposit in the ordinary course of business, or customary and reasonable indemnity obligations in effect on the Closing Date or entered into in connection with any acquisition or disposition permitted under this Agreement (other than such obligations with respect to Indebtedness for borrowed money). The amount of any Guarantee of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which the Guarantee is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee as determined by the guaranteeing Person in good faith.

"<u>Guarantors</u>" has the meaning set forth in the definition of "Collateral and Guarantee Requirement" and shall include each Discretionary Guarantor and each Subsidiary Loan Party that shall have become a Guarantor pursuant to Section 5.12(a).

"<u>Hazardous Materials</u>" means all explosive, radioactive, infectious, biological, chemical, hazardous or toxic materials, substances, wastes or other pollutants or contaminants, including petroleum or petroleum byproducts, asbestos or asbestos-containing materials, perfluoroalkyl and polyfluoroalkyl substances, polychlorinated biphenyls, radon gas and all other materials, substances or wastes regulated pursuant to any Environmental Law, in each case due to their dangerous or deleterious properties or characteristics.

"<u>Holdings</u>" means (i) Yellowstone Interco Holdings, LLC, a Delaware limited liability company, or (ii) any other entity (such entity, a "<u>Succeeding Holdings</u>") that becomes the immediate parent of the Borrower; <u>provided</u> that any Succeeding Holdings shall be incorporated or organized under the laws of the United States of America, any State thereof or the District of Columbia.

"<u>IFRS</u>" means International Financial Reporting Standards and applicable accounting requirements set by the International Accounting Standards Board or any successor thereto (or the Financial Accounting Standards Board, the Accounting Principles Board of the American Institute of Certified Public Accountants, or any successor to either such board, or the SEC, as the case may be), as in effect from time to time.

"<u>Illegality Notice</u>" has the meaning set forth in Section 2.14(b).

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"<u>Incremental Amendment Date</u>" has the meaning set forth in Section 2.20(d).

"<u>Incremental Extensions of Credit</u>" has the meaning set forth in Section 2.20(b).

"<u>Incremental Facility</u>" and "<u>Incremental Facilities</u>" have the respective meanings set forth in Section 2.20(a).

"<u>Incremental Lenders</u>" has the meaning set forth in Section 2.20(c).

"<u>Incremental Loan Request</u>" has the meaning set forth in Section 2.20(a).

"<u>Incremental Revolving Commitment</u>" has the meaning set forth in Section 2.20(a).

"<u>Incremental Revolving Lender</u>" has the meaning set forth in Section 2.20(c).

"<u>Incremental Revolving Loan</u>" has the meaning set forth in Section 2.20(b).

"<u>Incremental Starter Amount</u>" has the meaning assigned to such term in the definition of "Maximum Incremental Amount."

"<u>Incremental Term Commitments</u>" has the meaning set forth in Section 2.20(a).

"<u>Incremental Term Lender</u>" has the meaning set forth in Section 2.20(c).

"<u>Incremental Term Loan</u>" has the meaning set forth in Section 2.20(b).

"<u>Incurrence Ratio</u>" has the meaning assigned to such term in the definition of "Maximum Incremental Amount".

"<u>Indebtedness</u>" of any Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments (other than customs, surety and appeal bonds, performance bonds and other obligations of like nature), (c) all obligations of such Person in respect of the deferred and unpaid purchase price of property or services, (d) all obligations of others described in the clauses (a) through (c) and clauses (e) through (h) of this definition secured by any Lien on property owned or acquired by such Person, whether or not the obligations secured thereby have been assumed, but in an amount limited to the lesser of (i) the Fair Market Value of such property as determined by such Person in good faith and (ii) the amount of Indebtedness secured by the Lien thereon, (e) all Guarantees by such Person of the obligations of any other Person described in the clauses (a) through (d) and clauses (f) through (h) of this definition (other than by endorsement of negotiable instruments for collection in the ordinary course of business or consistent with past practices), (f) all Capital Lease Obligations of such Person, (g) all obligations, contingent or otherwise, of such Person as an account party or applicant in respect of letters of credit and letters of guaranty and (h) all obligations, contingent or otherwise, of such Person in respect of bankers' acceptances, in each case, if and to the extent that any of the foregoing would appear as a liability on the balance sheet of such Person prepared in accordance with GAAP. Notwithstanding the foregoing, the term "Indebtedness" shall not include (A) contingent obligations, including Guarantees, incurred in the ordinary course of business or consistent with past practices, or in respect of operating leases, and

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not in respect of borrowed money, (B) deferred or prepaid revenues or deposits, (C) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the respective seller, (D) any amounts that any member of management, the employees or consultants of the Borrower or any Subsidiary of the Borrower may become entitled to under any cash incentive, deferred compensation or employee benefit plan in existence from time to time, (E) earn-outs and similar contingent payment obligations, non-compete arrangements, indemnification obligations and purchase price adjustments in connection with any Permitted Acquisition or other permitted Investment, (F) Indebtedness of the Borrower or any direct or indirect parent thereof appearing on the balance sheet of the Borrower or any Restricted Subsidiary solely by reason of push-down accounting, (G) any balance that constitutes a trade payable, accrued expense or similar obligation to a trade creditor incurred in the ordinary course of business or consistent with past practices, (H) obligations under any agreement that has been defeased or satisfied and discharged pursuant to the terms of such agreement or with respect to which an equivalent amount is held in escrow in respect of such obligations, (I) accruals for payroll and other liabilities accrued in the ordinary course of business or consistent with past practices or (J) in the case of the Borrower and its Restricted Subsidiaries, exclude all intercompany Indebtedness having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business or otherwise incurred through substantially concurrent interim transfers, loans or advances to facilitate a Permitted Acquisition or other Investment permitted hereunder. The amount of any net obligation under any Swap Agreement on any date shall be deemed to be the Swap Termination Value thereof as of such date.

"<u>Indemnified Taxes</u>" means (a) Taxes other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in the preceding clause (a), Other Taxes.

"<u>Indemnitee</u>" has the meaning set forth in Section 9.03(b).

"<u>Information</u>" has the meaning set forth in Section 9.12.

"<u>Initial Term Loan Commitments</u>" has the meaning set forth in Section 2.01.

"<u>Initial Term Loans</u>" has the meaning set forth in Section 2.01.

"<u>Initial Term Loan Maturity Date</u>" means (a) the third anniversary of the Closing Date or (b) if each of the Maturity Extension Conditions are satisfied (or waived) on or prior to the third anniversary of the Closing Date, the fourth anniversary of the Closing Date.

"<u>Intellectual Property</u>" has the meaning assigned to such term in the Collateral Agreement.

"<u>Intellectual Property Security Agreement</u>" has the meaning assigned to such term in the Collateral Agreement.

"<u>Intercreditor Agreements</u>" means, collectively, any Junior Lien Intercreditor Agreement, any Pari Intercreditor Agreement and any other intercreditor agreement entered into by the Administrative Agent or the Collateral Agent in connection with this Agreement in form and substance reasonably satisfactory to the Borrower and the Administrative Agent.

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"<u>Interest Election Request</u>" means a written request by the Borrower to convert or continue a Borrowing in accordance with Section 2.07, which shall be substantially in the form approved by the Administrative Agent and separately provided to the Borrower on or prior to the Closing Date, or such other form as shall be approved by the Administrative Agent from time to time.

"<u>Interest Payment Date</u>" means (a) with respect to any ABR Loan (other than a Swingline Loan), the last day of each March, June, September and December, and on the applicable Maturity Date, (b) with respect to any SOFR Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a SOFR Borrowing with an Interest Period of more than three months' duration, each day prior to the last day of such Interest Period that occurs at intervals of three months' duration after the first day of such Interest Period, and on the applicable Maturity Date and (c) with respect to any Swingline Loan, the day that such Loan is required to be repaid and on the applicable Maturity Date.

"<u>Interest Period</u>" means, with respect to any SOFR Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, three or six months thereafter (or twelve months if agreed to by the Borrower, the Administrative Agent and all Lenders participating therein) and, in each case, as the Borrower may elect in the Borrowing Request; <u>provided</u> that (a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the immediately preceding Business Day, (b) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period and (c) no tenor that has been removed from this definition pursuant to Section 2.14(c)(iv) shall be available for specification in such Borrowing Request or Interest Election Request. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.

"<u>Investments</u>" has the meaning set forth in Section 6.04.

"<u>IPO Reorganization Transactions</u>" means (a) any re-organization or other similar activities among Holdings, the Borrower and its Restricted Subsidiaries in connection with and reasonably related to consummating a Qualified IPO, so long as, after giving effect thereto, (i) the Loan Parties are in compliance with the Collateral and Guarantee Requirement and Sections 5.12 and 5.13, (ii) after giving effect thereto, neither the value of the security interest of the Collateral Agent and the Lenders in the Collateral, taken as a whole (including as to the perfection and priority thereof), nor the value of the guarantees of the Guarantors, in each case, taken as a whole, is not materially impaired, and (iii) no Event of Default shall have occurred and be continuing or would result therefrom and (b) the conversion of the Class P Units of Parent Borrower into common stock of Parent Borrower in accordance with their terms upon the consummation of a Qualified IPO.

"<u>IRS</u>" means the United States Internal Revenue Service.

"<u>ISDA CDS Definitions</u>" has the meaning specified in Section 9.02(g).

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"<u>Issuing Bank</u>" means with respect to Letters of Credit issued hereunder on or after the Closing Date, Wells Fargo and any other Revolving Lender (or any of their designated Affiliates and partners) that agrees to become an Issuing Bank under this Agreement in writing with the approval (not to be unreasonably withheld, conditioned or delayed) of the Administrative Agent and the Borrower, in such Person's capacity as Issuing Bank hereunder and together with its permitted successors. For the avoidance of doubt, each Issuing Bank shall only be required to issue standby Letters of Credit, unless such Issuing Bank affirmatively agrees otherwise.

"<u>Joint Lead Arrangers</u>" means Wells Fargo Securities, LLC, Jefferies Finance LLC, Goldman Sachs Lending Partners LLC and JPMorgan Chase Bank, N.A.

"<u>Judgment Currency</u>" has the meaning provided in Section 9.23.

"<u>Junior Lien Intercreditor Agreement</u>" means an intercreditor agreement or another similar agreement in form and substance reasonably acceptable to the Administrative Agent and the Borrower, among the Administrative Agent, the Collateral Agent, the Borrower and the representatives for purposes thereof for holders of one or more classes of Indebtedness that is secured by a Lien on the Collateral on a junior basis to the Lien on the Collateral securing the Initial Term Loans.

"<u>Latest Maturity Date</u>" means, at any date of determination and with respect to the specified Loans or Commitments (or in the absence of any such specification, all outstanding Loans and Commitments hereunder), the latest Maturity Date applicable to any such Loans or Commitments hereunder at such time, including, without limitation, the latest maturity date of any Extended Term Loan, any Extended Revolving Credit Commitment, any Incremental Term Loans and any Incremental Revolving Commitments, in each case as extended in accordance with this Agreement from time to time.

"<u>LC Disbursement</u>" means a payment made by an Issuing Bank pursuant to a Letter of Credit.

"<u>L/C Exposure</u>" means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time <u>plus</u> (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The L/C Exposure of any Revolving Lender at any time shall be its Applicable Percentage of the aggregate L/C Exposure at such time.

"<u>L/C Reimbursement Obligations</u>" has the meaning set forth in the definition of "Loan Document Obligations".

"<u>LCT Election</u>" has the meaning set forth in Section 1.07(f).

"<u>LCT Test Date</u>" has the meaning set forth in Section 1.07(f).

"<u>Lender-Related Person</u>" has the meaning set forth in Section 9.03(d).

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"<u>Lenders</u>" means each Person that is a lender on the Closing Date and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption or an Additional Credit Extension Amendment, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. Unless the context otherwise requires, the term "Lenders" includes the Swingline Lender and each Issuing Bank.

"<u>Letter of Credit</u>" means any letter of credit issued or deemed issued pursuant to this Agreement.

"<u>Letter of Credit Commitment</u>" means, with respect to each Issuing Bank, the commitment of such Issuing Bank to issue Letters of Credit hereunder. The initial amount of each Issuing Bank's Letter of Credit Commitment is set forth on Schedule 2.01, or if an Issuing Bank has entered into an Assignment and Assumption or has otherwise assumed a Letter of Credit Commitment after the Closing Date, the amount set forth for such Issuing Bank as its Letter of Credit Commitment in the Register maintained by the Administrative Agent. The Letter of Credit Commitment of an Issuing Bank may be modified from time to time by agreement between such Issuing Bank and the Borrower, and notified to the Administrative Agent.

"<u>Letter of Credit Sublimit</u>" has the meaning set forth in Section 2.05(b).

"<u>Leverage Covenant</u>" has the meaning provided in Section 6.12(b).

"<u>Leverage Covenant Toggle Date</u>" shall mean the date on which the Borrower submits a written notice to the Administrative Agent of its election to cease testing the Revenue Covenant and Liquidity Covenant and to begin testing the Leverage Covenant in lieu thereof, which notice may be submitted at any time.

"<u>Lien</u>" means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset or other arrangement to provide priority or preference with respect to such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party (other than customary rights of first refusal and tag, drag and similar rights in joint venture agreements (other than any such agreement in respect of any Restricted Subsidiary)) with respect to such securities; <u>provided</u> that in no event shall an operating lease, license or sub-license to Intellectual Property or an agreement to sell be deemed to constitute a Lien.

"<u>Limited Condition Transaction</u>" means (a) any acquisition or other Investment by Holdings, the Borrower or one or more of its Restricted Subsidiaries permitted hereunder whose consummation is not conditioned on the availability of, or on obtaining, third party financing, and (b) any (i) Restricted Payment, (ii) sale, transfer, lease, license or other disposition of any asset permitted by Section 6.05 or (iii) payment in respect of Specified Indebtedness permitted by Section 6.08(b) to the extent declared but not paid due to a statutory waiting period, or any redemption, repurchase, defeasance, satisfaction and discharge or repayment of Indebtedness requiring irrevocable notice in advance thereof, in each case as applicable, whose consummation is not conditioned on the availability of, or on obtaining, third party financing.

"<u>Liquidity</u>" means as of any date of determination, the sum of (a) the aggregate amount of Unrestricted Cash of the Loan Parties and their Subsidiaries at such time, plus (b) Availability.

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"<u>Liquidity Covenant</u>" has the meaning provided in Section 6.12(a).

"<u>Loan Document Obligations</u>" means (a) the due and punctual payment by the Borrower of (i) the principal of, and interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on, the Loans, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, (ii) each payment required to be made by the Borrower under this Agreement in respect of any Letter of Credit, when and as due, including payments in respect of reimbursement of disbursements, interest thereon (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) ("<u>L/C Reimbursement Obligations</u>"), and (iii) all other monetary obligations of the Borrower to any of the Secured Parties under this Agreement and each other Loan Document, including obligations to pay fees, expense reimbursement obligations and indemnification obligations, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), (b) the due and punctual performance of all other obligations of the Borrower under or pursuant to this Agreement and each other Loan Document and (c) the due and punctual payment and performance in full of all the obligations of each other Loan Party under or pursuant to the Collateral Agreement and each other Loan Document.

"<u>Loan Documents</u>" means, collectively, this Agreement, the Notes, if any, executed and delivered pursuant to Section 2.09(e), any Additional Credit Extension Amendment, the Security Documents, any Intercreditor Agreement, the Fee Letter, any Borrower Designation Agreement and any other amendment or joinder to the foregoing.

"<u>Loan Parties</u>" means Holdings, the Borrower, and the Subsidiary Loan Parties.

"<u>Loans</u>" means the loans made by the Lenders to the Borrower pursuant to this Agreement or an Additional Credit Extension Amendment.

"<u>Management Agreement</u>" means that certain Consulting Agreement, dated as of November 10, 2022, by and among Yellowstone Midco Holdings, LLC (f/ka Checkmate Technologies LLC), a Delaware limited liability company, AE Industrial Operating Partners, LLC, a Delaware limited liability company, and AE Industrial Partners, LP, a Delaware limited partnership, and its Affiliates from time to time party thereto, as in effect on the Closing Date and as amended, restated, amended and restated, supplemented or otherwise modified from time to time.

"<u>Management</u> <u>Equityholders</u>" shall mean any of (a) any current or former director, officer, employee or member of management of Holdings or any of its Subsidiaries or any Parent Company thereof (including with respect to warrants and options in Holdings or any Parent Company thereof), (b) any trust, partnership, limited liability company, corporate body or other entity established by any such director, officer, employee or member of management of Holdings or any of its Subsidiaries or any Parent Company thereof to hold an investment in Holdings or any Parent Company thereof in connection with such Person's estate or tax planning and (c) any Person who acquires an investment in Holdings or any Parent Company thereof by will or by the laws of intestate succession as a result of the death of any such director, officer or member of management of Holdings or any of its Subsidiaries or any Parent Company thereof.

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"<u>Margin Stock</u>" has the meaning assigned to such term in Regulation U of the FRB as from time to time in effect.

"<u>Material Adverse Effect</u>" means a material adverse effect on (a) the business, operations, assets, liabilities, financial condition or results of operations of the Borrower and the other Restricted Subsidiaries, taken as a whole, (b) the ability of the Loan Parties (taken as a whole) to perform their payment obligations under the Loan Documents or (c) the material rights and remedies, taken as a whole, of the Administrative Agent, the Collateral Agent and the Lenders under the Loan Documents, taken as a whole (other than due to the action or inaction of the Administrative Agent, the Collateral Agent, the Lenders or any other Secured Party).

"<u>Material Indebtedness</u>" means Indebtedness (other than the Loans, Letters of Credit, Attributable Indebtedness and purchase money Indebtedness), or obligations in respect of one or more Swap Agreements, of any one or more of the Borrower and its Restricted Subsidiaries in an aggregate principal amount exceeding the Threshold Amount as of the date of such of determination. For purposes of determining Material Indebtedness, the "principal amount" of the obligations of the Borrower or any Restricted Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or such Restricted Subsidiary would be required to pay if such Swap Agreement were terminated at such time.

"<u>Material Intellectual Property</u>" means any Intellectual Property owned or licensed by the Borrower and its Restricted Subsidiaries that is material to the business and the continuing operations of the Borrower and its Restricted Subsidiaries (taken as a whole).

"<u>Material Real Property</u>" means any fee-owned real property with a Fair Market Value in excess of $10,000,000, in each case, determined as of the Closing Date or, if later, the date of the acquisition thereof if acquired after the Closing Date. As of the Closing Date, there is no Material Real Property.

"<u>Material Subsidiary</u>" means, at any date of determination, each wholly owned Restricted Subsidiary (i) whose Total Assets at the last day of the Test Period ending on the last day of the most recently ended fiscal period for which financial statements pursuant to Section 5.01(a) or (b) have been delivered were equal to or greater than 5.00% of the Total Assets of the Borrower and its Restricted Subsidiaries at such date (in the case of any determination relating to any Specified Transaction, on a Pro Forma Basis including the Total Assets of any Person being acquired in connection therewith) or (ii) whose Consolidated EBITDA during such Test Period was equal to or greater than 5.00% of the Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for such period (in the case of any determination relating to any Specified Transaction, on a Pro Forma Basis including the Consolidated EBITDA of any Person being acquired in connection therewith), in each case, determined in accordance with GAAP; <u>provided</u> that if, at any time and from time to time after the Closing Date, Restricted Subsidiaries that are not Material Subsidiaries based on the 5.00% thresholds above (other than Excluded Subsidiaries (except pursuant to clause (viii) of the definition of "Excluded Subsidiaries")) have, in the aggregate (after eliminating

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intercompany obligations), (a) Total Assets at the last day of such Test Period equal to or greater than 10.0% of the Total Assets of the Borrower and its Restricted Subsidiaries at such date or (b) Consolidated EBITDA during such Test Period equal to or greater than 10.0% of the Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for such period, in each case, determined in accordance with GAAP, then the Borrower shall, on or prior to the date that is ten (10) Business Days after the date on which financial statements for the last quarter of such Test Period are delivered pursuant to this Agreement, designate in writing to the Administrative Agent one or more of such Restricted Subsidiaries as Material Subsidiaries until this proviso is no longer applicable. The Borrower shall be deemed to be a Material Subsidiary.

"<u>Maturity Date</u>" means (a) with respect to the Initial Term Loans, the Initial Term Loan Maturity Date, (b) with respect to the Revolving Commitments, the Revolving Maturity Date, (c) with respect to any Replacement Term Loans, Incremental Term Loans or Incremental Revolving Commitments, the final maturity date as specified in the applicable Additional Credit Extension Amendment, (d) with respect to any Class of Extended Term Loans or Extended Revolving Credit Commitments, the final maturity date as specified in the applicable Additional Credit Extension Amendment and (e) with respect to any Class of Refinancing Term Loans or Refinancing Revolving Commitments, the final maturity date as specified in the applicable Additional Credit Extension Amendment; <u>provided</u> that, in each case, if such day is not a Business Day, the Maturity Date shall be the Business Day immediately succeeding such day.

"<u>Maturity Extension Conditions</u>" means, with respect to any determination of the applicable Maturity Date, satisfaction of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the consummation of a Qualified IPO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Borrower has provided written notice of its election to extend the applicable Maturity Date at least five (5) Business Days prior to the then-current applicable Maturity Date (the "<u>Maturity Extension Notice</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Event of Default has occurred and is continuing as of the date that the Maturity Extension Notice is delivered.

"<u>Maturity Extension Notice</u>" has the meaning set forth in the definition of "Maturity Date Extension Conditions."

"<u>Maximum Incremental Amount</u>" means the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) $110,000,000 (the "<u>Incremental Starter Amount</u>"), <u>plus</u> (ii) to the extent not financed with long-term indebtedness (excluding any revolving credit facility, including Revolving Loans, and any other Refinancing Indebtedness), an amount equal to the sum of all commitment reductions, voluntary prepayments (including redemptions), repurchases and/or cancellations, including, without limitation, pursuant to Section 2.19 and Section 9.04 (in the principal amount of such obligations repurchased and regardless of the purchase price actually paid to make such repurchase), of the Term Loans, any Loans incurred under Incremental Facilities, any Permitted Incremental Equivalent Debt and any other Indebtedness, in each case, to the extent such Indebtedness is (x) secured by a Lien on the Collateral on a *pari passu* basis with the Lien on the Collateral securing the Initial Term Loans, (y) secured by a Lien on the Collateral

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on a junior basis to the Lien on the Collateral securing the Initial Term Loans, or (z) unsecured, secured only by assets not constituting Collateral or secured by a Lien on the Collateral on a junior lien basis to any Lien on the Collateral securing any Second Lien Indebtedness; <u>provided</u> that in the event such Indebtedness under clause (y) or (z) was originally incurred in reliance on the Incurrence Ratio (unless subsequently reclassified as incurred in reliance on any fixed basket, including the Incremental Starter Amount), any such commitment reduction, voluntary prepayment, repurchases and/or other retirement of such Indebtedness shall only increase capacity under the Fixed Incremental Amount that can be used to incur Indebtedness that is unsecured, secured only by assets not constituting Collateral and/or secured by a Lien on the Collateral on a junior lien basis to any Lien on Collateral securing any Second Lien Indebtedness, <u>plus</u> (iii) any permanent reductions of the Revolving Credit Commitments or any commitments under any other revolving credit facility, <u>minus</u> (iv) the amounts issued or incurred in reliance on this clause (a) as an Incremental Facility and/or Permitted Incremental Equivalent Debt, after giving effect to any reclassification of any Incremental Facility and/or Permitted Incremental Equivalent Debt as having been issued or incurred in reliance on the Incurrence Ratio (this clause (a), the "<u>Fixed Incremental Amount</u>"); plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an unlimited amount so long as, on a Pro Forma Basis for the applicable Test Period as of the relevant date of determination, determined after giving effect to the incurrence of any such Incremental Facility (and assuming any Incremental Revolving Commitments then being established are fully drawn) or any such Permitted Incremental Equivalent Debt and any Permitted Acquisition or any other acquisition consummated in connection therewith, any Indebtedness repaid with the proceeds thereof and any Investment, disposition or debt incurrence in connection therewith and all other pro forma adjustments in connection therewith, with respect to any such Incremental Facility or Permitted Incremental Equivalent Debt that is (A) secured by a Lien on the Collateral on a *pari passu* basis with the Lien on the Collateral securing the Initial Term Loans, the First Lien Net Leverage Ratio on a Pro Forma Basis shall not exceed 3.00:1.00; (B) secured by a Lien on the Collateral that is junior to the Lien on the Collateral securing the Initial Term Loans, the Secured Net Leverage Ratio on a Pro Forma Basis shall not exceed 3.50:1.00 or (C) unsecured or secured only by assets not constituting Collateral, the Total Net Leverage Ratio on a Pro Forma Basis shall not exceed 4.00:1.00 (the ratios in sub-clauses (A), (B) and (C), collectively, or any such ratio individually, as applicable, the "<u>Incurrence Ratio</u>"); <u>provided</u> that at the Borrower's option (acting in its sole discretion), (I) the Borrower may elect to be deemed to have utilized capacity under the Incurrence Ratio (to the extent compliant therewith) prior to utilization of capacity under the Fixed Incremental Amount, (II) Indebtedness may be incurred under the Fixed Incremental Amount and the Incurrence Ratio, and proceeds from any such incurrence under the Fixed Incremental Amount and the Incurrence Ratio may be utilized in a single transaction or series of related transactions, by first calculating the incurrence under the Incurrence Ratio (without inclusion of (i) any amounts to be incurred under the Fixed Incremental Amount or (ii) any concurrent (x) utilization of any other permitted Indebtedness basket hereunder or (y) any borrowings under the Revolving Credit Facility or any other revolving credit facility) and then calculating the incurrence under the Incurrence Ratio, (III) if the Incurrence Ratio and the Fixed Incremental Amount are available and the Borrower does not make an election, then the Borrower will be deemed to have elected to use the Incurrence Ratio prior to using any amounts available under the Fixed Incremental Amount, (IV) to the extent any Incremental Facility is established in the form of delayed draw term commitments, then, at the election of the Borrower, compliance with any leverage ratio therefore shall be tested either (x) at the time such delayed

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draw term commitments are established, assuming such commitments are fully drawn and outstanding for such purpose (and thereafter shall be treated as fully drawn and outstanding for such purpose and not be subject to satisfaction of any incurrence test to be drawn) or (y) at the time such delayed draw commitments are drawn and (V) in the event that any Incremental Facilities or Permitted Incremental Equivalent Debt (or a portion thereof) incurred under the Fixed Incremental Amount subsequently meet the criteria of Indebtedness incurred under the Incurrence Ratio, such Indebtedness shall automatically and immediately be reclassified, at any time, and to any or all extent at such time, as Indebtedness that the Borrower incurred under the Incurrence Ratio unless the Borrower, in its sole discretion, at such time elects otherwise, and the Fixed Incremental Amount, as the case may be, shall be deemed to be increased by the amount so reclassified; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of any Incremental Facility that is being incurred using the Fixed Incremental Amount that serves to effectively extend the maturity of the Term Loans, any other Incremental Facility, Permitted Incremental Equivalent Debt or Refinancing Indebtedness in respect of any of the foregoing, in each case, in an amount equal to the portion of the Term Loans, any other Incremental Facility, Permitted Incremental Equivalent Debt or Refinancing Indebtedness, in each case, to be replaced with such Incremental Facility.

"<u>Maximum Rate</u>" has the meaning set forth in Section 9.13.

"<u>MFN Protection</u>" has the meaning set forth in Section 2.20(h).

"<u>Moody's</u>" means Moody's Investors Service, Inc. and any successor to the rating agency business thereof.

"<u>Mortgage</u>" means a mortgage, deed of trust, hypothecation, debenture, legal charge or other similar security document granting a Lien on any Mortgaged Property in favor of the Collateral Agent for the benefit of the Secured Parties to secure the Obligations, as the same may be amended, amended and restated, supplemented or otherwise modified from time to time.

"<u>Mortgaged Property</u>" means each Material Real Property with respect to which a Mortgage is required to be granted pursuant to Section 5.12.

"<u>Multiemployer Plan</u>" means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

"<u>Net Cash Proceeds</u>" means, with respect to any event, (a) the cash proceeds received in respect of such event, net of (b) the sum of (i) all reasonable fees and out-of-pocket expenses paid to third parties (other than Affiliates) in connection with such event, and (ii) the amount of all taxes paid (or reasonably estimated to be payable), including, without duplication, any tax distribution made (or reasonably estimated to be made) as a result thereof or in connection therewith.

"<u>Net Proceeds</u>" means, with respect to any event (other than any disposition of any Receivables Assets in a Qualified Receivables Factoring or Qualified Receivables Financing), (a) the cash proceeds received in respect of such event including (i) any cash received in respect of any non-cash proceeds (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or

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otherwise, but excluding any interest payments), but only as and when received, (ii) in the case of a casualty, insurance proceeds (but in any event, excluding proceeds of business interruption insurance) and (iii) in the case of a condemnation or similar event, condemnation awards and similar payments, net of (b) the sum of (i) all reasonable fees and out-of-pocket expenses paid to third parties (other than Affiliates) in connection with such event, (ii) in the case of a sale, transfer or other disposition of an asset (including pursuant to a casualty or a condemnation or similar proceeding), the amount of all payments required to be made as a result of such event to repay Indebtedness (other than Loans and other Indebtedness secured by Liens on Collateral ranking *pari passu* or junior to the Liens on the Collateral securing the Obligations) secured by such asset or otherwise subject to mandatory prepayment as a result of such event, (iii) the amount of all taxes paid (or reasonably estimated to be payable), including, without duplication, any tax distribution made (or reasonably estimated to be made) as a result thereof or in connection therewith, including any applicable Tax Distributions and Tax Receivable Agreement payments, and the amount of any reserves established to fund liabilities reasonably estimated to be payable, as a result of such event (as determined reasonably and in good faith by a Responsible Officer), (iv) in the case of any disposition or casualty event by a non-wholly-owned Restricted Subsidiary, the *pro rata* portion of the Net Proceeds thereof (calculated without regard to this clause (iv)) attributable to minority interests and not available for distribution to or for the account of the Borrower or a wholly-owned Restricted Subsidiary as a result thereof, (v) the amount of any reasonable reserve established in accordance with GAAP against any adjustment to the sale price or any liabilities (other than any taxes deducted pursuant to clause (iii) above) (x) related to any of the applicable assets and (y) retained by the Borrower or any of its Restricted Subsidiaries including, without limitation, pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations (<u>provided</u>, <u>however</u>, the amount of any subsequent reduction of such reserve (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Proceeds of such disposition or casualty event occurring on the date of such reduction) and (vi) any funded escrow established pursuant to the documents evidencing any such sale or disposition to secure any indemnification obligations or adjustments to the purchase price associated with any such sale or disposition (<u>provided</u> that to the extent that any amounts are released from such escrow to the Borrower or a Restricted Subsidiary, such amounts net of any related expenses shall constitute Net Proceeds); <u>provided</u> that no net proceeds calculated in accordance with the foregoing of less than the greater of (x) $3,000,000 and (y) 15.0% of TTM Consolidated EBITDA realized in a single transaction or series of related transactions shall constitute Net Proceeds, and only amounts in excess of such threshold shall be required to be offered to prepay the Loans pursuant to Section 2.11(d).

"<u>Net Short Lender</u>" has the meaning specified in Section 9.02(f).

"<u>Non-Consenting Lender</u>" has the meaning set forth in Section 9.02(b).

"<u>Non-Core Assets</u>" means, in connection with any acquisition (including any Permitted Acquisition) permitted hereunder, non-core assets acquired as part of such acquisition.

"<u>Non-Debt Fund Affiliate</u>" means any Affiliate of the Borrower (other than Holdings, the Borrower or any Subsidiary of the Borrower) that is not a Debt Fund Affiliate.

"<u>Non-Extending Lender</u>" has the meaning set forth in Section 2.21(f).

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"<u>Non-Loan Party</u>" means any Restricted Subsidiary of the Borrower that is not a Loan Party.

"<u>Note</u>" has the meaning set forth in Section 2.09(e).

"<u>NYFRB</u>" means the Federal Reserve Bank of New York.

"<u>NYFRB Rate</u>" means, for any day, the greater of (a) the Federal Funds Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day; <u>provided</u> that if any of the aforesaid rates shall be less than zero, such rate shall be deemed to be zero for the purposes of calculating such rate.

"<u>Obligations</u>" means (a) Loan Document Obligations, (b) obligations of any Loan Party arising under any Secured Hedge Agreement (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) and (c) Cash Management Obligations (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding); <u>provided</u> that the "Obligations" shall in no event include any Excluded Swap Obligations.

"<u>OFAC</u>" means the Office of Foreign Assets Control of the U.S. Department of the Treasury.

"<u>OID</u>" means original issue discount.

"<u>Organizational Documents</u>" means, with respect to any Person, collectively, (a) such Person's articles or certificate of incorporation, articles or certificate of organization, certificate of limited partnership, certificate of formation, or comparable documents filed or recorded with the applicable Governmental Authority of such Person's jurisdiction of formation and (b) such Person's, bylaws, limited liability company agreement, partnership agreement or other comparable organizational or governing documents.

"<u>Other Connection Taxes</u>" means, with respect to the Administrative Agent, any Lender, Issuing Bank or other recipient, Taxes imposed as a result of any present or former connection between such Person and the jurisdiction imposing such Tax (other than a connection arising from such Person having executed, delivered, become a party to, performed its obligations or received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to, or enforced, any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

"<u>Other Taxes</u>" means any and all present or future recording, stamp, mortgage, court, documentary, intangible, filing, transfer, or similar Taxes arising from any payment made under this Agreement or any Loan Document or from the execution, delivery, enforcement, registration, filing or recording of, from the receipt or perfection of a security interest under, or otherwise with respect to, this Agreement or any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment or designation of a new office made pursuant to Section 2.19).

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"<u>Otherwise Applied</u>" means, with respect to any Net Proceeds, the amount of such Net Proceeds that was (a) required to prepay the Loans pursuant to Section 2.11 or (b) otherwise previously applied under the Loan Documents.

"<u>Outbound Investment Rules</u>" means the regulations administered and enforced by the United States Treasury Department under U.S. Executive Order 14105 of August 9, 2023; as of the date of this Agreement, and as codified at 31 C.F.R. § 850.101 et seq.

"<u>Overnight Bank Funding Rate</u>" means, for any day, the rate comprised of both overnight federal funds and overnight SOFR borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate.

"<u>Parent Company</u>" shall mean, with respect to any Person, any direct or indirect parent thereof who owns, directly or indirectly, 100% of the Equity Interests of such Person.

"<u>Pari Intercreditor Agreement</u>" means an intercreditor agreement or another similar agreement in form and substance reasonably acceptable to the Administrative Agent and the Borrower, among the Borrower, the Administrative Agent, the Collateral Agent and the representatives for purposes thereof for holders of one or more classes of Indebtedness that are secured by a Lien on the Collateral ranking *pari passu* with the Lien on the Collateral securing the Initial Term Loans.

"<u>Participant</u>" has the meaning set forth in Section 9.04(c).

"<u>Participant Register</u>" has the meaning set forth in Section 9.04(c).

"<u>Patriot Act</u>" has the meaning set forth in Section 9.14.

"<u>Payment</u>" has the meaning assigned to it in Section 8.06(c).

"<u>Payment Notice</u>" has the meaning assigned to it in Section 8.06(c).

"<u>PBGC</u>" means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

"<u>Periodic Term SOFR Determination Day</u>" has the meaning set forth in the definition of "Term SOFR".

"<u>Permits</u>" means, with respect to any Person, any permit, supplier or provider number, accreditation, approval, authorization, license, registration, certificate, concession, grant, franchise, waiver, variance or permission from, and any other contractual obligations with, any Governmental Authority, in each case whether or not having the force of law and applicable to or binding upon such Person or any of its property or operations or to which such Person or any of its property or operations is subject.

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"<u>Permitted Acquisition</u>" means any Investment or series of related Investments by the Borrower or any Restricted Subsidiary (including the direct or indirect (a) acquisition of all or substantially all of the property of any Person, or all or substantially all of the assets constituting a business unit, division, product line or line of business of any Person, (b) acquisition of greater than 50.0% of the Equity Interests of any Person or (c) acquisition of minority Equity Interests of any Person), if each of the following conditions is met, or if the Required Lenders have otherwise consented in writing thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Specified Default has occurred and is continuing at the time the definitive agreement for such acquisition is executed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Persons, assets or business to be acquired (other than Non-Core Assets, if any, with respect to such acquisition) shall be, shall be engaged in, or shall be used in connection with a line of business constituting a Permitted Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Loan Parties shall comply with Section 5.12, if and when applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the aggregate amount of consideration paid by the Loan Parties to finance Permitted Acquisitions of Persons that will not become Loan Parties and assets to be owned by Persons that will not become Loan Parties shall not exceed, an amount equal to the sum of (A) the greater of (x) $4,000,000 and (y) 20.0% of TTM Consolidated EBITDA <u>plus</u> (B) the amount of any equity contributions made to the Borrower in connection with Permitted Acquisitions of Persons that will not become Loan Parties or assets to be owned by Persons that will not become Loan Parties.

"<u>Permitted Acquisition Agreement</u>" means any agreement of merger, purchase or acquisition relating to a Permitted Acquisition.

"<u>Permitted Acquisition Company Representations</u>" means, with respect to the representations and warranties contained in any Permitted Acquisition Agreement with respect to a Permitted Acquisition, such representations and warranties regarding the target of such Permitted Acquisition in the Permitted Acquisition Agreement as are material to the interests of the Lenders financing such Permitted Acquisition (in their respective capacities as such), but only to the extent that the Borrower or any of its Restricted Subsidiaries or any of their respective Affiliates has the right to terminate its or their obligations under the Permitted Acquisition Agreement (or the right not to consummate the acquisition pursuant to the Permitted Acquisition Agreement) as a result of a breach of such representations and warranties in such Permitted Acquisition Agreement.

"<u>Permitted Business</u>" means (i) any business engaged in by the Borrower or any of its Restricted Subsidiaries on the Closing Date and (ii) any business or other activities that are reasonably similar, ancillary, corollary, synergistic, complementary or related to, or a reasonable extension, development or expansion of, the businesses in which the Borrower and its Restricted Subsidiaries are engaged on the Closing Date.

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"<u>Permitted Encumbrances</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Liens permitted in respect of amounts not required to be paid pursuant to Section 5.05;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) carriers', warehousemen's, mechanics', materialmen's, repairmen's and other like Liens, arising in the ordinary course of business and securing obligations that are not overdue by more than thirty (30) days or if more than thirty (30) days overdue, are unfiled and no other action has been taken to enforce such Liens or that are being contested in good faith and by appropriate actions, in each case if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP or the equivalent accounting principles in the relevant local jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Liens incurred in the ordinary course of business in compliance with workers' compensation, unemployment insurance, other social security benefits or other insurance-related obligations (including, but not limited to, in respect of deductibles, self-insured retention amounts and premiums and adjustments thereto),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Liens incurred to secure the performance of bids, trade contracts, leases, public or statutory obligations, progress payments, customs, surety and appeal bonds, performance bonds and other obligations of a like nature, or as security for contested taxes or import duties or for the payment of rent, in each case, incurred in the ordinary course of business,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Liens (i) securing judgments for the payment of money not constituting an Event of Default under <u>Section</u> <u>7.01(</u><u>i</u><u>)</u>, (ii) arising out of judgments or awards against the Borrower or any of its Restricted Subsidiaries with respect to which an appeal or other proceeding for review is then being pursued and (iii) constituting notices of *lis pendens* and associated rights related to litigation being contested in good faith by appropriate proceedings for which adequate reserves have been made,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) survey exceptions, encumbrances, covenants, easements or reservations of rights for others for, licenses, zoning restrictions, rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, defects or irregularities of title and other similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not either detract from the value of the affected property or interfere with the ordinary conduct of business of the Borrower or any Restricted Subsidiary, in each case in any material respect, taken as a whole,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) landlords' and lessors' and other like Liens in respect of rent not in default for more than thirty (30) days or if more than thirty (30) days overdue, are unfiled and no other action has been taken to enforce such Liens or that are being contested in good faith and by appropriate actions, in each case if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP or the equivalent accounting principles in the relevant local jurisdiction,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) ground leases, leases, subleases, occupancy agreements or assignments of or in respect of real or personal property,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Liens arising from precautionary Uniform Commercial Code financing statement or similar filings, including, without limitation, filings in respect of operating leases or consignments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) leases, subleases, licenses or sublicenses (including of Intellectual Property) granted to others in the ordinary course of business, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (i) zoning, building, entitlement and other land use regulations by Governmental Authorities with which the normal operation of the business materially complies, and (ii) any zoning or similar law or right reserved to or vested in any Governmental Authority to control or regulate the use of any real property that does not materially interfere with the ordinary conduct of the business taken as a whole;

<u>provided</u> that the term "Permitted Encumbrances" shall not include any Lien securing Indebtedness for borrowed money.

"<u>Permitted Holder</u>" means any of the following: (a) any of the Permitted Investors or their respective Affiliates, (b) any investment fund or vehicle managed by a Permitted Investor or any Affiliate thereof, and any Affiliate of or successor to any such investment fund or vehicle, (c) each partner, officer, director, principal or member of the Permitted Investors or any Affiliate of the Permitted Investors, (d) the Co-Investors (<u>provided</u> that the Co-Investors shall be treated as Permitted Holders of only the amount of outstanding voting stock of Holdings or the Relevant Public Company that such Co-Investors held on a fully diluted basis as of the Closing Date) and (e) the Management Equityholders (provided that the Management Equityholders shall be treated as Permitted Holders of only the amount of outstanding voting stock of Holdings or the Relevant Public Company that such Management Equityholders held on a fully diluted basis as of the Closing Date).

"<u>Permitted Incremental Equivalent Debt</u>" means Indebtedness issued, incurred or otherwise obtained by the Borrower or any Restricted Subsidiary in respect of one or more series of senior or subordinated notes (including any Registered Equivalent Notes issued in exchange therefor)) or loans that, in each case, are unsecured, secured by assets not constituting Collateral, or secured by a Lien on the Collateral on a *pari passu* basis with, or junior basis to, the Lien on the Collateral securing the Initial Term Loans, in each case that is or are issued or made in lieu of Incremental Facilities; <u>provided</u> that (a) the principal amount of any such Permitted Incremental Equivalent Debt issued, incurred or otherwise obtained following the Closing Date shall not exceed the Maximum Incremental Amount (as in effect at the time of determination, including giving effect to any reclassification on or prior to such date of determination) and the incurrence of such Permitted Incremental Equivalent Debt shall (solely to the extent incurred in reliance on the Fixed Incremental Amount) result in a dollar-for-dollar reduction of the amount of Indebtedness that may be incurred under the Fixed Incremental Amount in respect of any Incremental Facilities (subject, in each case, to reclassification pursuant to the definition of "Maximum Incremental Amount"), (b) if such Permitted Incremental Equivalent Debt constitutes Indebtedness for borrowed money and is secured by a Lien on the Collateral, then the holders of

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such Indebtedness shall have become party to an Intercreditor Agreement, (c) the maturity date of any such Permitted Incremental Equivalent Debt (other than Extendable Bridge Loans/Interim Debt) shall be no earlier than the maturity date of the then-outstanding Term Loans and the Weighted Average Life to Maturity of such Permitted Incremental Equivalent Debt (other than Extendable Bridge Loans/Interim Debt) shall not be shorter than the then-remaining Weighted Average Life to Maturity of the then-outstanding Term Loans, (d) except as otherwise expressly set forth in this definition, the terms and conditions applicable to such Permitted Incremental Equivalent Debt shall otherwise be as agreed by the Borrower and the providers of such Permitted Incremental Equivalent Debt (with, for the avoidance of doubt, no requirement that the Administrative Agent (except to the extent affecting the rights and duties of, or any fees or other amounts payable to, the Administrative Agent) or any lender not providing such Permitted Incremental Equivalent Debt, in each case, consent to such Permitted Incremental Equivalent Debt) and (e) the amount of Permitted Incremental Equivalent Debt incurred by Non-Loan Parties shall be subject to a sublimit equal to the greater of (x) $4,000,000 and (y) 20.0% of TTM Consolidated EBITDA. Notwithstanding anything to the contrary herein, Permitted Incremental Equivalent Debt shall not be subject to the MFN Protection.

"<u>Permitted Investments</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) dollars, Alternative Currencies and, in the case of any Restricted Subsidiary which is not a Domestic Subsidiary, any other currencies held from time to time in the ordinary course of business,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) direct obligations of, or obligations of the principal of and interest on which are unconditionally guaranteed by, the United States of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within two (2) years from the date of acquisition thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) direct obligations issued by any state of the United States of America or any political subdivision of any such state, or any public instrumentality thereof, in each case having maturities of not more than two (2) years from the date of acquisition,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) investments in commercial paper maturing within two (2) years from the date of acquisition thereof and having, at such date of acquisition, a credit rating from S&P or Moody's of at least A-2 or P-2, respectively,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) investments in certificates of deposit, banker's acceptances and time deposits maturing within two (2) years from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, (i) any Lender or any Affiliate thereof or (ii) any domestic office of any commercial bank organized under the laws of the United States of America or any political subdivision thereof (x) whose commercial paper is rated at least A-2 or P-2 by S&P or Moody's, respectively, or (y) that has a combined capital and surplus and undivided profits of not less than $250,000,000,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Indebtedness or preferred stock issued by Persons with a rating of A or higher from S&P or A-2 or higher from Moody's with maturities of two (2) years or less from the date of acquisition,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) fully collateralized repurchase agreements with a term of not more than thirty (30) days for securities described in clause (b) above and entered into with a financial institution satisfying the criteria described in clause (e) above,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) investments with average maturities of twelve (12) months or less from the date of acquisition in money market funds rated A or better by S&P or A-2 or better by Moody's,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) investments in money market funds that comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, as amended, substantially all of whose assets are invested in investments of the type described in clauses (a) through (h) above, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) in the case of investments by any Restricted Subsidiary that is a Foreign Subsidiary, (i) such local currencies in those countries in which such Foreign Subsidiary transacts business from time to time in the ordinary course of business and (ii) investments of comparable tenor and credit quality to those described in the foregoing clauses (a) through (i) customarily utilized in countries in which such Foreign Subsidiary is located or in which such investment is made.

Notwithstanding the foregoing, Permitted Investments shall include amounts denominated in currencies other than those set forth in clause (a) above; <u>provided</u> that such amounts are converted into any currency listed in clause (a) above as promptly as practicable and in any event within ten (10) Business Days following the receipt of such amounts.

"<u>Permitted Investors</u>" means any of (a) AE Industrial Partners Fund II, LP, (b) AE Industrial Partners Fund III, LP and (c) any successors of a Person set forth in clause (a), clause (b) or this clause (c) and (d) any of their Affiliates, and funds or partnerships managed or advised by any of them or any of their respective Affiliates but not including, however, any portfolio company of any of the foregoing.

"<u>Permitted Liens</u>" has the meaning set forth in Section 6.02.

"<u>Permitted Management Fees</u>" means management, monitoring, oversight, consulting, advisory and other fees (including refinancing, transaction, termination and exit fees) in accordance with the Management Agreement.

"<u>Permitted Payment Restriction</u>" means any encumbrance or restriction (each, a "<u>restriction</u>") on the ability of any Qualified Joint Venture to pay dividends or make any other distributions on its Equity Interests to the Borrower or any Restricted Subsidiary, which restriction would not materially impair the Borrower's ability to make scheduled payments of cash interest and to make required principal payments on the Loans, as reasonably determined by the Borrower.

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"<u>Permitted Refinancing</u>" means any modification, amendment, refinancing, refunding, renewal, replacement, exchange or extension of any Indebtedness of the Borrower or any of its Restricted Subsidiaries or any portion thereof incurred in reliance on this definition; <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the principal amount (or accreted value, if applicable) of such Permitted Refinancing does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so modified, amended, refinanced, refunded, renewed, replaced, exchanged or extended (plus all accrued interest on the Indebtedness and the amount of all fees, commissions, discounts and expenses, including premiums, incurred in connection therewith and the amount of any existing commitments utilized thereunder),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) other than with respect to Indebtedness permitted under Section 6.01(f) and with respect to the initial maturity date for Extendable Bridge Loans/Interim Debt, such modification, amendment, refinancing, refunding, renewal, replacement, exchange or extension has a final maturity date equal to or later than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being modified, amended, refinanced, refunded, renewed, replaced, exchanged or extended (which, in the case of bridge loans, shall be determined by reference to the notes or loans into which such bridge loans are converted or for which such bridge loans are exchanged at maturity and will be subject to other customary offers to repurchase or mandatory prepayments upon a change of control, asset sale or event of loss and customary acceleration rights after an event of default),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Indebtedness being modified, amended, refinanced, refunded, renewed, replaced, exchanged or extended is Subordinated Indebtedness, such Permitted Refinancing is subordinated in right of payment to the Obligations on terms (taken as a whole) at least as favorable to the holders of the Obligations as those contained in the documentation governing the Subordinated Indebtedness being modified, amended, refinanced, refunded, renewed, replaced, exchanged or extended,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such Indebtedness is incurred (i) by the Borrower or by any Restricted Subsidiary who is the obligor on the Indebtedness being modified, amended, refinanced, refunded, renewed, replaced, exchanged or extended or (ii) by any Loan Party if the obligor on the Indebtedness being modified, amended, refinanced, refunded, renewed, replaced, exchanged or extended is a Loan Party; or by any Non-Loan Party if the obligor on the Indebtedness being modified, amended, refinanced, refunded, renewed, replaced, exchanged or extended is a Non-Loan Party or (iii) by any other Person to the extent permitted under this Agreement, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) such Indebtedness is not secured by any assets other than the assets that secured (and after-acquired property that would have) the Indebtedness being modified, amended, refinanced, refunded, renewed, replaced, exchanged or extended, and the products and proceeds thereof, and if the Liens securing such Indebtedness were subject to a Junior Lien Intercreditor Agreement with the Collateral Agent, the Liens securing such new Indebtedness shall be subject to a Junior Lien Intercreditor Agreement, as applicable, with the Collateral Agent on terms not less favorable to the Secured Parties than the terms of such existing Junior Lien Intercreditor Agreement, as applicable.

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"<u>Permitted Securities</u>" means (a) common stock of the Borrower or (b) Qualified Preferred Stock, in each case (x) issued to the Permitted Investors for cash or (y) issued to any other Person that makes an equity investment in the Borrower in connection with the Transactions.

"<u>Permitted Tax Restructuring</u>" means any reorganizations and other activities related to Tax planning and/or reorganization (as determined by the Borrower in good faith) entered into prior to, on or after the Closing Date, so long as after giving effect thereto, the value of the security interest of the Lenders (or the Collateral Agent for the benefit of the Lenders) in the Collateral, taken as a whole, is not materially impaired by such reorganization.

"<u>Person</u>" means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

"<u>Plan</u>" means any "employee pension benefit plan" (as defined in Section 3(2) of ERISA) that is subject to the provisions of Title IV or Section 302 of ERISA or Section 412 of the Code, and in respect of which the Borrower or any of its ERISA Affiliates is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an "employer" as defined in Section 3(5) of ERISA, but excluding any Multiemployer Plan.

"<u>Planned Expenditures</u>" has the meaning provided in the definition of "Excess Cash Flow."

"<u>Pre-IPO Borrower</u>" has the meaning set forth in the introductory paragraph.

"<u>Prepayment Event</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any sale, transfer or other disposition of any property or asset of the Borrower or any other Restricted Subsidiary in excess of the greater of (x) $3,000,000 and (y) 15.0% of TTM Consolidated EBITDA per transaction (or series of related transactions) pursuant to Sections 6.05(e), (q) and (t) (<u>provided</u> that any dispositions made pursuant to Section 6.05(e) shall only be considered a Prepayment Event to the extent the property subject to such transaction was acquired prior to the Closing Date and such acquisition was funded by the issuance of Equity Interests by the Borrower (or capital contributions in respect thereof) substantially simultaneously with such acquisition), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any casualty or other insured damage to, or any taking under power of eminent domain or by condemnation or similar proceeding of, any property or asset of the Borrower or any other Restricted Subsidiary with a fair value immediately prior to such event in excess of the greater of (x) $3,000,000 and (y) 15.0% of TTM Consolidated EBITDA.

"<u>Prime Rate</u>" means as of any date of determination, that certain rate quoted in The Wall Street Journal as the U.S. "prime rate" on such date or, if The Wall Street Journal ceases to quote such rate or if the rate reported as of such time is not ascertainable, the highest per annum interest rate published in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) (or any comparable successor publication) as the "bank prime loan" rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as reasonably determined by the Administrative Agent) or any similar release by the FRB (as reasonably determined by the Administrative Agent).

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"<u>Pro Forma Basis</u>" and "<u>Pro Forma Effect</u>" mean, with respect to compliance with any test or covenant or calculation of any ratio hereunder, the determination or calculation of such test, covenant or ratio (including in connection with Specified Transactions) in accordance with Section 1.07.

"<u>Pro Forma Compliance</u>" means, with respect to the Financial Covenant, compliance on a Pro Forma Basis in accordance with Section 1.07.

"<u>Proposed Change</u>" has the meaning set forth in Section 9.02(b).

"<u>PTE</u>" means a prohibited transaction class exemption issued by the U.S. Department of Labor as any such exemption may be amended from time to time.

"<u>Public Company Costs</u>" means, as to any Person, costs relating to compliance with the provisions of the Securities Act and the Exchange Act (or similar regulations applicable in other listing jurisdictions), as applicable to companies with equity securities held by the public, costs associated with, or in anticipation of, or preparation for, compliance with the requirements of the Sarbanes Oxley Act of 2002 (or similar non-U.S. regulations) and the rules and regulations promulgated in connection therewith (or similar regulations applicable in other listing jurisdictions), the rules of national securities exchange companies with listed equity, directors' or managers' compensation, fees and expense reimbursement, costs relating to investor relations, shareholder meetings and reports to shareholders, directors' and officers' insurance and other executive costs, legal and other professional fees, and listing fees, in each case, whether arising by virtue of the initial listing of such Person's equity securities on a national securities exchange (or similar non-U.S. exchange) or in respect of the ongoing operation of such Person as a listed equity or its listed debt securities following the initial listing of such Person's equity securities or debt securities, respectively, on a national securities exchange (or similar non-U.S. exchange).

"<u>QFC</u>" has the meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

"<u>QFC Credit Support</u>" has the meaning assigned to it in Section 9.22.

"<u>Qualified Counterparty</u>" means any Person which is a party to a Swap Agreement or a Cash Management Agreement with Holdings, the Borrower or any Restricted Subsidiary and that is or was an Agent, an Affiliate of an Agent, a Lender, an Affiliate of a Lender or other provider on the Closing Date or at the time it enters into such Swap Agreement or Cash Management Agreement, as applicable, and that is designated as a "Qualified Counterparty" by the Borrower to the Collateral Agent, in each case in its capacity as a party thereto.

"<u>Qualified IPO</u>" means (a) the issuance and sale by the Borrower or any parent of the Borrower of its common Equity Interests in an underwritten primary public offering (other than a public offering pursuant to a registration statement on Form S-8) pursuant to an effective registration statement filed with the SEC or in a commonly underwritten offering (or series of related offerings of securities to the public pursuant to a final prospectus in accordance with the Securities Act (whether alone or in connection with a secondary public offering)) or (b) a transaction where the equity interests of any Parent Company of the Pre-IPO Borrower become publicly registered on any United States national securities exchange, and in each case of clause (a) or (b), the Borrower receives at least $250,000,000 of Net Cash Proceeds.

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"<u>Qualified Joint Venture</u>" means any joint venture that satisfies each of the following requirements: (1) except for Permitted Payment Restrictions, there are no consensual restrictions, directly or indirectly, on the ability of such joint venture to pay dividends or make distributions to the holders of its Equity Interests; (2) the Equity Interests of such joint venture consist solely of (a) Equity Interests owned by the Borrower or one or more Loan Parties, and (b) Equity Interests owned by Strategic Investors and (3) the primary business of such Qualified Joint Venture is a Permitted Business.

"<u>Qualified Preferred Stock</u>" means common stock or preferred stock of the Borrower that (a) does not require the payment of cash dividends (it being understood that cumulative dividends shall be permitted), (b) is not mandatorily redeemable pursuant to a sinking fund obligation or otherwise prior to the date that is ninety-one (91) days after the Latest Maturity Date at the time of incurrence thereof (other than upon an event of default or change of control; <u>provided</u> that any such payment is subordinated (whether by contract or pursuant to the Borrower's charter or the certificate of designations of such preferred stock) in right of payment to the Obligations on the terms set forth in the certificate of incorporation of the Borrower in existence on the Closing Date or such other terms reasonably satisfactory to the Administrative Agent), (c) contains no maintenance covenants, other covenants materially adverse to the Lenders (in their respective capacities as such) or remedies (other than voting rights) and (d) is convertible only into common equity of the Borrower or securities that would constitute Qualified Preferred Stock.

"<u>Qualified Receivables Factoring</u>" means any Factoring Transaction that meets the following conditions: (a) such Factoring Transaction is non-recourse to, and does not obligate, the Borrower or any other Restricted Subsidiary, or their respective properties or assets (other than Receivables Assets) in any way other than pursuant to Standard Securitization Undertakings, (b) all sales, conveyances, assignments and/or contributions of Receivables Assets by the Borrower or any other Restricted Subsidiary are made at Fair Market Value in the context of a Factoring Transaction (as determined in good faith by the Borrower), net of Receivables Fees and (c) such Factoring Transaction (including financing terms, covenants, termination events (if any) and other provisions thereof) is on market terms at the time such Factoring Transaction is first entered into (as determined in good faith by the Borrower) and may include Standard Securitization Undertakings. The grant of a security interest (other than pursuant to clause (a) above or as a backup or precautionary grant of security interest in such Receivables Assets so sold, contributed, conveyed, assigned or otherwise transferred pursuant to clause (b) above) in any accounts receivable of the Borrower or any other Restricted Subsidiary (other than a Receivables Subsidiary) to secure any credit agreement shall not be deemed to be a Qualified Receivables Factoring.

"<u>Qualified Receivables Financing</u>" means any Receivables Financing that meets the following conditions: (a) all sales, conveyances, assignments and/or contributions of Receivables Assets by the Borrower or any other Restricted Subsidiary to any Receivables Subsidiary are made at Fair Market Value in the context of a Receivables Financing (as determined in good faith by the Borrower), net of Receivables Fees and (b) the financing terms, covenants, termination events and other provisions thereof shall be on market terms at the time such Receivables Financing is first

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entered into (as determined in good faith by the Borrower) and may include Standard Securitization Undertakings. The grant of a security interest (other than pursuant to clause (a) above or as a backup or precautionary grant of security interest in such Receivables Assets so sold, contributed, conveyed, assigned or otherwise transferred pursuant to clause (b) above) in any accounts receivable of the Borrower or any other Restricted Subsidiary (other than a Receivables Subsidiary) to secure any credit agreement shall not be deemed to be a Qualified Receivables Financing.

"<u>Receivables Assets</u>" means accounts receivable (whether now existing or arising in the future) of the Borrower or any other Restricted Subsidiary and any assets related thereto including, without limitation, all collateral securing such accounts receivable, all contracts and all guarantees or other payment support obligations (including, without limitation, letters of credit, promissory notes or trade credit insurance, which are of the type customarily (as determined in good faith by the Borrower) used as payment support) in respect of such accounts receivable, proceeds of such accounts receivable and other assets which are customarily transferred or in respect of which security interests are customarily granted in connection with non-recourse, asset securitization or factoring transactions involving accounts receivable and any Swap Agreements entered into by the Borrower or any such Restricted Subsidiary in connection with such accounts receivable.

"<u>Receivables Fees</u>" means distributions or payments made directly or by means of discounts with respect to any participation interest issued or sold in connection with, and other fees paid to a Person that is not a Restricted Subsidiary in connection with, any Receivables Financing or Factoring Transaction.

"<u>Receivables Financing</u>" means any transaction or series of transactions that may be entered into by the Borrower or any other Restricted Subsidiary pursuant to which the Borrower or such other Restricted Subsidiary may sell, contribute, convey, assign or otherwise transfer Receivables Assets to (a) a Receivables Subsidiary (in the case of a transfer by the Borrower or any other Restricted Subsidiary) and (b) any other Person (in the case of a transfer by a Receivables Subsidiary), which, in either case, may include a backup or precautionary grant of security interest in such Receivables Assets so sold, contributed, conveyed, assigned or otherwise transferred.

"<u>Receivables Repurchase Obligation</u>" means (a) any obligation of a seller of receivables in a Qualified Receivables Factoring or Qualified Receivables Financing to repurchase receivables arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a receivable or portion thereof becoming subject to any asserted defense, dispute, off-set or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller, or failing to meet the eligibility criteria of a Qualified Receivables Factoring or Qualified Receivables Financing, or (b) any right of a seller of receivables in a Qualified Receivables Factoring or Qualified Receivables Financing to repurchase defaulted receivables for the purposes of claiming sales tax bad debt relief.

"<u>Receivables Subsidiary</u>" means a wholly owned Restricted Subsidiary of the Borrower (or another Person formed for the purposes of engaging in a Qualified Receivables Financing or a Qualified Receivables Factoring with the Borrower and/or one or more other Subsidiaries (including a special purpose securitization vehicle (or similar entity)) in which the Borrower or any other Subsidiary or a direct or indirect parent of the Borrower makes an Investment (or which

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otherwise owes to the Borrower or any other Subsidiaries any deferral of part of the purchase price of the Receivables Assets for the purpose of credit enhancement given under the Qualified Receivables Financing or a Qualified Receivables Factoring) and to which the Borrower or any other Subsidiaries or a direct or indirect parent of the Borrower sells, conveys, assigns or otherwise transfers Receivables Assets (which may include a backup or precautionary grant of a security interest in such Receivables Assets sold, conveyed, assigned or otherwise transferred or purported to be so sold, conveyed, assigned or otherwise transferred)) which engages in no activities other than in connection with the purchase, acquisition or financing of Receivables Assets of the Borrower and the other Subsidiaries or a direct or indirect parent of the Borrower, all proceeds thereof and all rights (contractual or otherwise), collateral and other assets relating thereto, and any business or activities incidental or related to such business, and which is designated by the Board of Directors of the Borrower or any direct or indirect parent thereof (as provided below) as a Receivables Subsidiary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by the Borrower or any other Restricted Subsidiary (other than a Receivables Subsidiary, excluding guarantees of obligations (other than the principal of, and interest on, Indebtedness) pursuant to Standard Securitization Undertakings), (ii) is recourse to or obligates the Borrower or any other Restricted Subsidiary (other than a Receivables Subsidiary) in any way other than pursuant to Standard Securitization Undertakings or (iii) subjects any property or asset of the Borrower or any other Restricted Subsidiary (other than a Receivables Subsidiary), directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with which neither the Borrower nor any other Restricted Subsidiary (other than a Receivables Subsidiary) has any material contract, agreement, arrangement or understanding other than on terms which the Borrower reasonably believes to be no less favorable to the Borrower or such other Restricted Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Borrower, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to which neither the Borrower nor any other Restricted Subsidiary has any obligation to maintain or preserve such entity's financial condition or cause such entity to achieve certain levels of operating results.

Any such designation by the Board of Directors of the Borrower or any direct or indirect parent of the Borrower shall be evidenced to the Administrative Agent by filing with the Administrative Agent a certified copy of the resolution of the Board of Directors of the Borrower or such parent giving effect to such designation and an officer's certificate certifying that such designation complied with the foregoing conditions.

"<u>Refinancing Indebtedness</u>" means collectively, (a) any Refinancing Term Loans and (b) any Refinancing Revolving Commitments.

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"<u>Refinancing Revolving Commitments</u>" means any Incremental Revolving Commitments that are designated by a Responsible Officer of the Borrower as "Refinancing Revolving Commitments" in the applicable Additional Credit Extension Amendment; <u>provided</u> that on the date of effectiveness thereof the Borrower reduces the aggregate amount of a Class of Revolving Commitments, Extended Revolving Credit Commitments or previously established Incremental Revolving Commitments by a corresponding amount.

"<u>Refinancing Term Loans</u>" means any Incremental Term Loans that are designated by a Responsible Officer of the Borrower as "Refinancing Term Loans" in the applicable Additional Credit Extension Amendment.

"<u>Register</u>" has the meaning set forth in Section 9.04(b).

"<u>Registered Equivalent Notes</u>" means, with respect to any notes originally issued in a Rule 144A or other private placement transaction under the Securities Act, substantially identical notes (having the same guarantee obligations) issued in a dollar-for-dollar exchange therefor pursuant to an exchange offer registered with the SEC.

"<u>Regulated Bank</u>" means a commercial bank with a consolidated combined capital and surplus of at least $5,000,000,000 that is (i) a U.S. depository institution the deposits of which are insured by the Federal Deposit Insurance Corporation, (ii) a corporation organized under section 25A of the U.S. Federal Reserve Act of 1913, (iii) a subsidiary, branch, agency or commercial lending company of a foreign bank operating pursuant to approval by and under the supervision of the FRB under 12 CFR part 211, (iv) a non-U.S. branch of a foreign bank managed and controlled by a U.S. branch referred to in clause (iii) or (v) any other U.S. or non-U.S. depository institution or any branch, agency or similar office thereof supervised by a bank regulatory authority in any jurisdiction.

"<u>Rejection Notice</u>" has the meaning specified in Section 2.11(h).

"<u>Related Parties</u>" means, with respect to any specified Person, such Person's Affiliates and the respective directors, members, partners, officers, employees, agents, advisors and other representatives of such Person and such Person's Affiliates.

"<u>Release</u>" means any release, spill, emission, leaking, dumping, injection, pouring, deposit, disposal, discharge, dispersal, leaching or migration into or through the Environment or within, into or from any building or facility.

"<u>Relevant Governmental Body</u>" means the FRB or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the FRB or the Federal Reserve Bank of New York, or, in each case, any successor thereto.

"<u>Relevant Public Company</u>" means Holdings or any Parent Company thereof that is the registrant with respect to a Qualified IPO.

"<u>Replacement Term Loans</u>" has the meaning assigned to such term in Section 9.02(c).

"<u>Required Lenders</u>" means, at any time, Lenders having Revolving Exposures, outstanding Term Loans and unused Commitments representing more than 50.0% of the aggregate Revolving Exposures, outstanding Term Loans and unused Commitments at such time (disregarding any of the foregoing of a Defaulting Lender); <u>provided</u> that for purposes of this definition, the outstanding principal amount of Loans in an Alternative Currency as of any date of determination shall be determined using the Dollar Equivalent thereof.

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"<u>Required Revolving Lenders</u>" means, at any time, Lenders having Revolving Exposures and unused Revolving Commitments representing more than 50.0% of the sum of the aggregate Revolving Exposures and unused Revolving Commitments at such time (disregarding any of the foregoing of a Defaulting Lender); <u>provided</u> that for purposes of this definition, the outstanding principal amount of Loans in an Alternative Currency as of any date of determination shall be determined using the Dollar Equivalent thereof.

"<u>Required Term Lenders</u>" means, at any time, Lenders having outstanding Term Loans and unused Commitments in respect of Term Loans representing more than 50.0% of the aggregate outstanding Term Loans and unused Commitments in respect of Term Loans at such time (disregarding any of the foregoing of a Defaulting Lender); <u>provided</u> that for purposes of this definition, the outstanding principal amount of Loans in an Alternative Currency as of any date of determination shall be determined using the Dollar Equivalent thereof.

"<u>Resolution Authority</u>" means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"<u>Responsible Officer</u>" means the chief executive officer, president, vice president, chief financial officer, chief operating officer, chief administrative officer, secretary or assistant secretary, treasurer or assistant treasurer or other similar officer or Person performing similar functions of a Loan Party. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party. Unless otherwise qualified, all references to a "Responsible Officer" shall refer to a Responsible Officer of the Borrower.

"<u>Restricted Payment</u>" means any dividend or other distribution (whether in cash, securities or other property) on account of any Equity Interests in the Borrower or any other Restricted Subsidiary, or any payment thereon (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests; <u>provided</u> that the repurchase, redemption or other acquisition or retirement for value of any Equity Interests of a Restricted Subsidiary by the Borrower or any other Restricted Subsidiary shall not constitute a Restricted Payment but shall constitute an Investment.

"<u>Restricted Subsidiary</u>" means any Subsidiary of a Person other than an Unrestricted Subsidiary of such Person. Unless otherwise indicated, all references to Restricted Subsidiaries shall mean Restricted Subsidiaries of the Borrower.

"<u>Retained Net Income Basket</u>" has the meaning set forth in the definition of "Available Amount".

"<u>Reuters</u>" means, as applicable, Thomson Reuters Corp., Refinitiv, or any successor thereto.

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"<u>Revaluation Date</u>" means (a) with respect to any Loan denominated in any Alternative Currency, each of the following: (i) the date of the Borrowing of such Loan and (ii) each date of a conversion into or continuation of such Loan pursuant to the terms of this Agreement; (b) with respect to any Letter of Credit denominated in an Alternative Currency, each of the following: (i) the date on which such Letter of Credit is issued, (ii) the first Business Day of each calendar month and (iii) the date of any amendment of such Letter of Credit that has the effect of increasing the face amount thereof; and (c) any additional date as the Administrative Agent may reasonably determine at any time when an Event of Default exists.

"<u>Revenue</u>" means, for any period, the revenue of the Borrower and its Restricted Subsidiaries for such period determined on a consolidated basis in accordance with GAAP.

"<u>Revenue Covenant</u>" has the meaning provided in Section 6.12(a).

"<u>Revolving Availability Period</u>" means the period from and including the Closing Date to but excluding the earlier of (a) the Revolving Maturity Date and (b) the date of termination of the Revolving Commitments.

"<u>Revolving Commitment</u>" means, with respect to each Lender, the commitment, if any, of such Lender to make Revolving Loans hereunder, the initial amount of which commitment is set forth on Schedule 2.01 opposite such Lender's name under the heading "Revolving Commitment", expressed as an amount representing the maximum possible aggregate amount of such Lender's Revolving Exposure hereunder, as such commitment may be reduced or increased from time to time pursuant to this Agreement. The amount of the Lenders' Revolving Commitment as of the Closing Date is $140,000,000.

"<u>Revolving Credit Commitments</u>" means the Revolving Commitment, Incremental Revolving Commitments, Extended Revolving Credit Commitments and Refinancing Revolving Commitments, collectively, or individually, as the context may require.

"<u>Revolving Credit Facility</u>" means, at any time, the aggregate amount of Revolving Credit Commitments at such time.

"<u>Revolving Exposure</u>" means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender's Revolving Loans at such time.

"<u>Revolving Lender</u>" means a Lender with a Revolving Commitment or, if the Revolving Commitments have terminated or expired, a Lender with Revolving Exposure.

"<u>Revolving Loan</u>" means the Loans made from time to time pursuant to Section 2.01(a).

"<u>Revolving Maturity Date</u>" means (a) the third anniversary of the Closing Date or (b) if each of the Maturity Extension Conditions are satisfied on or prior to the third anniversary of the Closing Date, the fourth anniversary of the Closing Date.

"<u>S&P</u>" means Standard & Poor's Ratings Services, a Standard & Poor's Financial Services LLC business or any successor to the rating agency business thereof.

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"<u>Sale and Lease-Back Transaction</u>" means any arrangement providing for the leasing by the Borrower or any of the other Restricted Subsidiaries of any real property or tangible personal property, which property has been or is to be sold or transferred by the Borrower or such Restricted Subsidiary to a third Person in contemplation of such leasing, in each case, other than any (x) short-term leases or (y) intercompany leasing arrangements.

"<u>Sanctioned Country</u>" means, at any time, a country, region or territory which is itself the subject or target of any comprehensive, country-based Sanctions (at the time of this Agreement, the Crimea, Zaporizhzhia and Kherson Regions of Ukraine, Cuba, Iran, North Korea, the so-called Donetsk People's Republic and the so-called Luhansk People's Republic).

"<u>Sanctioned Person</u>" means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC, the U.S. Department of State, or, to the extent applicable, the European Union, His Majesty's Treasury of the United Kingdom, or the United Nations Security Council, (b) any other Person located, organized or ordinarily resident in a Sanctioned Country or (c) any Person 50% or more of the Equity Interests of which are owned by, or which is controlled by, one or more Persons referenced in clause (a) or (b).

"<u>Sanctions</u>" means all applicable economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State, or, to the extent applicable, (b) the European Union, His Majesty's Treasury of the United Kingdom, or the United Nations Security Council.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission or any Governmental Authority succeeding to any of its principal functions.

"<u>Second Lien Indebtedness</u>" means any Indebtedness that is secured by a Lien on the Collateral on a junior basis to the Lien on the Collateral securing the Initial Term Loans but not secured on a junior lien basis to any other Indebtedness that is itself secured by a Lien on the Collateral on a junior lien basis to the Obligations.

"<u>Secured Hedge Agreement</u>" means any Swap Agreement that is entered into by and between Holdings, the Borrower or any Restricted Subsidiary and any Qualified Counterparty.

"<u>Secured Indebtedness</u>" at any date means the aggregate principal amount of Total Indebtedness outstanding at such date that consists of Indebtedness that in each case is then secured by Liens on any property or assets of the Borrower or any of its Restricted Subsidiaries.

"<u>Secured Net Leverage Ratio</u>" means, with respect to any Test Period, the ratio of (a) Consolidated Total Net Indebtedness outstanding as of the last day of such Test Period, calculated on a Pro Forma Basis, that is secured by a Lien on the Collateral to (b) TTM Consolidated EBITDA for such Test Period.

"<u>Secured Parties</u>" means the Lenders, the Collateral Agent, the Administrative Agent, each Issuing Bank, the Swingline Lender, each Qualified Counterparty, each Indemnitee and the permitted successors and permitted assigns of each of the foregoing.

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"<u>Securities Act</u>" means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Security Documents</u>" means the Collateral Agreement, the Intellectual Property Security Agreements (if applicable), the Mortgages (if any), each reaffirmation agreement or other similar agreement delivered in connection with any or all of the foregoing and each other security agreement or other instrument or document executed and delivered pursuant to Section 5.12 or 5.13 to secure any of the Obligations.

"<u>Senior Indebtedness</u>" has the meaning set forth in Section 9.02(b)(ix).

"<u>series</u>" means, with respect to any Extended Term Loans, Refinancing Term Loans, Incremental Term Loans or Replacement Term Loans, all such Term Loans that have the same maturity date, amortization and interest rate provisions and that are designated as part of such "series" pursuant to the applicable Additional Credit Extension Amendment.

"<u>SOFR</u>" means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

"<u>SOFR Administrator</u>" means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

"<u>SOFR Determination Date</u>" has the meaning set forth in the definition of "Daily Simple SOFR".

"<u>SOFR Loan</u>" means any Loan bearing interest at a rate based on Term SOFR as provided in Section 2.13(b).

"<u>SOFR Rate Day</u>" has the meaning set forth in the definition of "Daily Simple SOFR".

"<u>Solvent</u>" and "<u>Solvency</u>" mean, with respect to any Person on any date of determination, that on such date (a) the aggregate fair value (on a going concern basis) of the assets and property of such Person and its Subsidiaries, on a consolidated basis, exceeds, on a consolidated basis, their debts and liabilities, subordinated, contingent or otherwise, (b) the aggregate present fair saleable value (on a going concern basis) of the assets and property of such Person and its Subsidiaries, on a consolidated basis, is greater than the amount that will be required to pay the probable liability, on a consolidated basis, of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured in the ordinary course of business, (c) such Person and its Subsidiaries, on a consolidated basis, are able to pay their debts and liabilities, subordinated, contingent or otherwise, as such liabilities become absolute and matured and (d) such Person and its Subsidiaries, on a consolidated basis, are not engaged in, and are not about to engage in, business for which they have unreasonably small capital. The amount of any contingent liability at any time shall be computed by such Person as the amount that would reasonably be expected to become an actual and matured liability in the ordinary course of business.

"<u>Specified Default</u>" means an Event of Default pursuant to Section 7.01(a), (b), (g) (with respect to the Borrower) or (h) (with respect to the Borrower).

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"<u>Specified Indebtedness</u>" has the meaning set forth in Section 6.08(b).

"<u>Specified Representations</u>" means those representations and warranties made by the Loan Parties in Section 3.01(a) (with respect to organizational existence only), Section 3.01(b) (as relates to the execution, delivery and performance of the Loan Documents), Section 3.02 (as relates to due authorization, execution, delivery and enforceability of the Loan Documents), Section 3.03 (with respect to charter documents and limited to execution, delivery and performance of the Loan Documents, borrowing under, guaranteeing under and granting of security interests in the Collateral), Section 3.08, Section 3.15, Section 3.16, the last sentence of Section 3.19(a), Section 3.19(b)(i) and (b)(ii) and Section 3.20 (subject to customary certain funds provisions).

"<u>Specified Transactions</u>" means (a) the Transactions, (b) any acquisition (including a Permitted Acquisition), any disposition outside of the ordinary course of business, any sale, transfer or other disposition that results in a Person ceasing to be a Restricted Subsidiary, any involuntary disposition, any Investment that results in a Person becoming a Restricted Subsidiary, in each case, whether by merger, consolidation or otherwise, any incurrence or repayment of Indebtedness (other than in the ordinary course for working capital purposes), any Restricted Payment, any designation of a Restricted Subsidiary as an Unrestricted Subsidiary and any redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary or (c) any other event that by the terms of the Loan Documents requires Pro Forma Compliance with a test or covenant or requires such test or covenant to be calculated on a Pro Forma Basis.

"<u>Sponsor</u>" means any of (a) AE Industrial Partners Fund II, LP, (b) AE Industrial Partners Fund III, LP and (c) any successors of a Person set forth in <u>clause</u> <u>(a)</u>, <u>clause</u> <u>(b)</u> or this <u>clause</u> <u>(c)</u> and any of their Affiliates, and funds or partnerships managed or advised by any of them or any of their respective Affiliates but not including, however, any portfolio company of any of the foregoing.

"<u>Standard Securitization Undertakings</u>" means representations, warranties, covenants, indemnities and guarantees of performance entered into by the Borrower or any other Subsidiary which the Borrower or such Subsidiary has determined in good faith to be customary in a Factoring Transaction or Receivables Financing including, without limitation, those relating to the servicing of the assets of a Receivables Subsidiary, it being understood that any Receivables Repurchase Obligation shall be deemed to be a Standard Securitization Undertaking.

"<u>Strategic Investors</u>" means strategic joint venture partners.

"<u>Subject Default</u>" has the meaning set forth in Section 1.03(b).

"<u>Subordinated Indebtedness</u>" means Indebtedness of the Borrower or any Restricted Subsidiary that is contractually subordinated in right of payment to the Obligations expressly by its terms.

"<u>Subsequent Transaction</u>" has the meaning set forth in Section 1.07(f).

"<u>subsidiary</u>" means, with respect to any Person (the "<u>parent</u>") at any date, any corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests representing more than 50.0% of the ordinary voting power are, as of such date, owned, controlled or held directly or indirectly by the parent.

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"<u>Subsidiary</u>" means, unless otherwise indicated, any subsidiary of the Borrower.

"<u>Subsidiary Loan Party</u>" means any Domestic Subsidiary of the Borrower (other than an Excluded Subsidiary) that is a Loan Party and, without duplication, any Discretionary Guarantor.

"<u>Succeeding Holdings</u>" has the meaning set forth in the definition of "Holdings".

"<u>Supported QFC</u>" has the meaning assigned to it in Section 9.22.

"<u>Swap Agreement</u>" means any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; <u>provided</u> that no phantom stock or similar plan providing for payments on account of services provided by current or former directors, officers, employees or consultants of Holdings, the Borrower or its Restricted Subsidiaries shall be a Swap Agreement.

"<u>Swap Obligation</u>" means, with respect to any Loan Party, any obligation to pay or perform under any agreement, contract or transaction that constitutes a "swap" within the meaning of Section 1a(47) of the Commodity Exchange Act.

"<u>Swap Termination Value</u>" means, in respect of any one or more Swap Agreements, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Agreements, (a) for any date on or after the date such Swap Agreements have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in <u>clause</u> <u>(a)</u>, the amount(s) determined as the mark-to-market value(s) for such Swap Agreements, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Agreements (which may include a Lender or any Affiliate of a Lender).

"<u>Swingline Exposure</u>" means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time. The Swingline Exposure of any Lender at any time shall be its Applicable Percentage of the aggregate Swingline Exposure at such time.

"<u>Swingline Lender</u>" means Wells Fargo, in its capacity as lender of Swingline Loans hereunder, together with its permitted successors in such capacity.

"<u>Swingline Loan</u>" means a Loan made pursuant to Section 2.04.

"<u>Swingline Sublimit</u>" has the meaning set forth in Section 2.04(a).

"<u>Tax Distribution</u>" has the meaning set forth in Section 6.08(a)(v).

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"<u>Tax Receivable Agreement</u>" means that certain Tax Receivable Agreement to be entered into in connection with or in anticipation of a Qualified IPO, by and between Yellowstone Midco Holdings II, LLC, a Delaware limited liability company, and Yellowstone Ultimate Holdings, LP, a Delaware limited partnership, and the other persons party thereto from time to time, which such Tax Receivable Agreement shall not have been amended or modified (taken as a whole) in a manner materially adverse to the Lenders from the form reviewed by the Administrative Agent on November 13, 2025 unless such amendment or modification shall be reasonably acceptable to the Administrative Agent (such acceptance not to be unreasonably withheld, conditioned or delayed) (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, so long as such amendments, restatements, amendments and restatements, supplements or other modifications, taken as a whole, would not be materially adverse to the Lenders).

"<u>Taxes</u>" means any and all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other similar charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

"<u>Term Lender</u>" means, at any time, any Lender that has a Term Loan and/or Commitment with respect to a Term Loan at such time.

"<u>Term Loans</u>" means the Initial Term Loans, Incremental Term Loans of each series, Replacement Term Loans, Refinancing Term Loans and Extended Term Loans of each series, collectively, or individually, as the context may require.

"<u>Term SOFR</u>" means,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for any calculation with respect to a SOFR Loan, the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time for a tenor comparable to the applicable Interest Period on the day (such day, the "<u>Periodic Term SOFR Determination Day</u>") that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; <u>provided</u>, <u>however</u>, that if as of 5:00 p.m. (Eastern time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for any calculation with respect to an ABR Loan on any day, the Term SOFR Reference Rate for a tenor of one month on the day (such day, the "<u>Alternate Base Rate Term SOFR Determination Day</u>") that is two (2) U.S. Government Securities Business Days prior to such day, as such rate is published by the Term SOFR Administrator; <u>provided</u>, <u>however</u>, that if as of 5:00 p.m. (Eastern time) on any Alternate Base Rate Term SOFR Determination Day the Term SOFR Reference Rate for the

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applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Alternate Base Rate Term SOFR Determination Day;

<u>provided</u> that in each case, if Term SOFR as so determined shall ever be less than the Floor, then Term SOFR shall be deemed to be the Floor.

"<u>Term SOFR Administrator</u>" means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion).

"<u>Term SOFR Reference Rate</u>" means the forward-looking term rate based on SOFR.

"<u>Test Period</u>" means, for any date of determination under this Agreement, the four consecutive fiscal quarters of the Borrower most recently ended as of such date of determination for which financial statements have been delivered.

"<u>Threshold Amount</u>" means an amount equal to $25,000,000.

"<u>Total Assets</u>" means, as of any date of determination, the amount that would, in conformity with GAAP, be set forth opposite the caption "total assets" (or any like caption) on the most recent consolidated balance sheet of the Borrower and its Restricted Subsidiaries at such date (and, in the case of any determination relating to any Specified Transaction, on a Pro Forma Basis including any property or assets being acquired in connection therewith).

"<u>Total Indebtedness</u>" means, as of any date, the aggregate principal amount of Indebtedness of the Borrower and the other Restricted Subsidiaries outstanding as of such date, in the amount that would be reflected on a balance sheet prepared as of such date on a consolidated basis in accordance with GAAP.

"<u>Total Net Leverage Ratio</u>" means, with respect to any Test Period, the ratio of (a) Consolidated Total Net Indebtedness as of the last day of such Test Period, calculated on a Pro Forma Basis to (b) TTM Consolidated EBITDA for such Test Period.

"<u>Total Revolving Credit Exposure</u>" means, at any time, the sum of (a) the outstanding principal amount of the Revolving Loans and Swingline Loans at such time and (b) the total L/C Exposure at such time.

"<u>Trade Date</u>" means the date on which any applicable Lender entered into a binding agreement to sell and assign or participate all or a portion of its rights and/or obligations under this Agreement, which assignment or participation, as applicable, shall, notwithstanding anything herein to the contrary, in any event be subject to any and all consents required pursuant to Section 9.04(b).

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"<u>Transaction Costs</u>" means any fees, costs or expenses incurred or paid by the Permitted Investors or otherwise by or on behalf of Holdings, the Borrower or any of their Subsidiaries in connection with the Transactions or in connection with the negotiation, execution, delivery and performance of this Agreement and the other Loan Documents and the transactions contemplated hereby and thereby.

"<u>Transactions</u>" means, collectively, (a) the entry into and consummation of the transactions contemplated by this Agreement and the other Loan Documents, (b) the repayment in full of all Indebtedness outstanding under the Existing Credit Agreement and (c) and the consummation of any other transactions in connection with the foregoing (including the payment of Transaction Costs).

"<u>TTM Consolidated EBITDA</u>" means Consolidated EBITDA on a Pro Forma Basis for the most recently ended Test Period.

"<u>Type</u>", when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to Term SOFR or the Alternate Base Rate.

"<u>UK Financial Institutions</u>" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

"<u>UK Resolution Authority</u>" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"<u>Unadjusted Benchmark Replacement</u>" ****means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"<u>Unaudited Financial Statements</u>" means the unaudited quarterly consolidated financial statements of the Borrower and its Subsidiaries (consisting of a balance sheet, statement of income or operations and a statement of cash flows) as of the end of the fiscal quarter ended June 30, 2025.

"<u>Uniform Commercial Code</u>" means the Uniform Commercial Code as the same may from time to time be in effect in the State of New York or the Uniform Commercial Code (or similar code or statute) of another jurisdiction, to the extent it may be required to apply to any item or items of Collateral.

"<u>Unrestricted Cash</u>" means, as of any date of determination, the aggregate amount of unrestricted cash and Permitted Investments on the consolidated balance sheet of the Borrower and its Restricted Subsidiaries that are not "restricted" for purposes of GAAP; <u>provided</u>*,* <u>however</u>*,* that the aggregate amount of Unrestricted Cash shall not include any cash or Cash Equivalents that are subject to a Lien (other than any Permitted Lien).

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"<u>Unrestricted Subsidiary</u>" means each of any Subsidiary of the Borrower designated by the Board of Directors of the Borrower as an Unrestricted Subsidiary pursuant to Section 5.14 subsequent to the Closing Date.

"<u>U.S. Government Securities Business Day</u>" means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities; <u>provided</u> that for purposes of notice requirements in Sections 2.03, 2.07(b), 2.08(c) and 2.11(g), in each case, such day is also a Business Day.

"<u>U.S.</u> <u>Special Resolution Regimes</u>" has the meaning assigned to it in Section 9.22.

"<u>U.S. Tax Compliance Certificate</u>" has the meaning set forth in Section 2.17(e)(ii)(B)(3).

"<u>Weighted Average Life to Maturity</u>" means, when applied to any Indebtedness at any date, the quotient obtained by dividing: (i) the sum of the products obtained by multiplying (a) the amount of each then-remaining scheduled installment, sinking fund, serial maturity or other required scheduled payments of principal, including payment at final scheduled maturity, in respect thereof, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment, by (ii) the sum of all such payments; <u>provided</u> that the effects of any prepayments made on such Indebtedness prior to the date of calculation shall be disregarded in making such calculation.

"<u>Wells Fargo</u>" has the meaning set forth in the preamble to this Agreement.

"<u>wholly owned</u>" means with respect to any Person, a subsidiary of such Person all the outstanding Equity Interests of which (other than (x) directors' qualifying shares and (y) shares issued to foreign nationals or other third parties to the extent required by applicable law) are owned by such Person and/or by one or more wholly owned subsidiaries of such Person.

"<u>Withdrawal Liability</u>" means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in ERISA.

"<u>Write-Down and Conversion Powers</u>" means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

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SECTION 1.02 <u>Classification of Loans and Borrowings</u>. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a "Revolving Loan") or by Type (e.g., a "SOFR Loan") or by Class and Type (e.g., a "SOFR Revolving Loan"). Borrowings also may be classified and referred to by Class (e.g., a "Revolving Borrowing") or by Type (e.g., a "SOFR Borrowing") or by Class and Type (e.g., a "SOFR Revolving Borrowing").

SECTION 1.03 <u>Terms Generally</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include", "includes" and "including" shall be deemed to be followed by the phrase "without limitation." The word "will" shall be construed to have the same meaning and effect as the word "shall." Unless the context requires otherwise (a)(x) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented, amended and restated or otherwise modified (subject to any restrictions on such amendments, restatements, supplements, amendments and restatements or other modifications set forth herein) and (y) references to any law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such law, (b) any reference herein to any Person shall be construed to include such Person's permitted successors and assigns, (c) the words "herein", "hereof" and "hereunder," and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) unless expressly stated otherwise, all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) the words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets, rights and properties, including cash, securities, accounts and contract rights and (f) all references to "in the ordinary course of business" (or equivalent phrase) of the Borrower or any Subsidiary thereof means (i) in the ordinary course of business of, or in furtherance of an objective that is in the ordinary course of business of, the Borrower or such Subsidiary, as applicable, (ii) customary and usual in the industry or industries of the Borrower and its Subsidiaries in any jurisdiction in which the Borrower or any Subsidiary does business, as applicable, or (iii) generally consistent with the past or current practice of the Borrower or such Subsidiary, as applicable, or any similarly situated businesses in any jurisdiction in which the Borrower or any Subsidiary does business, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to any Default or Event of Default, the words "exists," "is continuing" or similar expressions with respect thereto shall mean that the Default or Event of Default has occurred and has not yet been cured or waived. In the case of any cure or waiver, the Borrower, the applicable Loan Parties, the Lenders and the Administrative Agent shall be restored to their former positions and rights hereunder and under the other Loan Documents, and any Default or Event of Default cured or waived shall be deemed to be cured and not continuing. Notwithstanding anything to the contrary herein, no such cure or waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. For the avoidance of doubt, if (i) any Default or Event of Default under this Agreement (a "<u>Subject Default</u>") occurs under any covenant or obligation under any Loan Documents (other than, for the avoidance of doubt, Event of Default arising under <u>Section</u> <u>7.01(a)</u> or any Event of Default under <u>Section</u> <u>6.12</u>), (ii) the Borrower has delivered any notice required to be delivered to the Administrative Agent promptly upon obtaining actual knowledge that such Subject Default exists,

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(iii)(A) the event, condition or inaction giving rise to such Subject Default no longer exists and is not continuing, including as a result of the Borrower or applicable Subsidiary having taken the required action giving rise to such Subject Default or (B) such Subject Default shall otherwise have been cured or waived, and (iv) there has not been any acceleration of Loans or Obligations following such Subject Default, then such Subject Default and each other Default or Event of Default that may have resulted from the making or deemed making of any representation or warranty as to, or the taking of any action or consummation of any transaction conditioned upon, the absence of any existing or continuing Default or Event of Default, in each case, related to the Subject Default, shall automatically be deemed to have been cured and no longer continuing; provided that the Subject Default and each other Default or Event of Default shall not be deemed cured and no longer continuing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if there is a taking of any action by any Loan Party or Subsidiary of a Loan Party that is not permitted during, and as a result of, the continuance of such Subject Default and the Borrower had actual knowledge at the time of taking any such action that the Subject Default had occurred and was continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (x) in the case of a Subject Default for which a Responsible Officer of the Borrower failed to give notice to the Administrative Agent and the Lenders of such Subject Default in accordance with <u>Section</u> <u>5.02(a)</u> of this Agreement and (y) a Responsible Officer of the Borrower had actual knowledge of such failure to give such notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the case of an Event of Default for which the Administrative Agent (at the direction of the Required Lenders) has accelerated the Loans and terminated the Commitments pursuant to <u>Section</u> <u>7.01</u>.

SECTION 1.04 <u>Accounting Terms; GAAP; Fiscal Periods</u>.

Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP as in effect from time to time; <u>provided</u> that if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision (including any definition) hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower in writing that the Required Lenders request an amendment to any provision (including any definition) hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision has been amended in accordance herewith. In addition, notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to (A) any election under ASC Topic 825 to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at "fair value", as defined therein and (B) the portion of any Indebtedness attributable to any non-wholly owned Subsidiary that corresponds to the non-controlling interest share owned by third parties in such non-wholly owned Subsidiary. Notwithstanding anything to the contrary in this Agreement or any other Loan Document, references in this Agreement and the other Loan Documents to any fiscal quarter end or fiscal year end shall be deemed to refer to the date on or about the applicable month end on which the Borrower's and its Subsidiaries' fiscal quarter or fiscal year, as the case may be, actually ends in accordance with their fiscal calendar.

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SECTION 1.05 <u>Timing of Payment or Performance</u>. When the payment of any obligation, or the performance of any covenant, duty or obligation, under any Loan Document is stated to be due or performance required on a day that is not a Business Day, the date of such payment (other than as specifically provided herein, including as described in the definition of "Interest Period") or performance shall extend to the immediately succeeding Business Day.

SECTION 1.06 <u>Available Amount Transactions</u>. If more than one action occurs on any given date the permissibility of the taking of which is determined hereunder by reference to the amount of the Available Amount immediately prior to the taking of such action, the permissibility of the taking of each such action shall be determined independently and in no event may any two or more such actions be treated as occurring simultaneously.

SECTION 1.07 <u>Pro Forma Calculations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary herein, all financial ratios and tests, including the First Lien Net Leverage Ratio, the Secured Net Leverage Ratio and the Total Net Leverage Ratio, and compliance with covenants determined by reference to Consolidated EBITDA or Total Assets, shall be calculated in the manner prescribed by this Section 1.07; <u>provided</u> that notwithstanding anything to the contrary in Section 1.07(b), (c), (d) or (f), (A) when calculating the First Lien Net Leverage Ratio for purposes of Section 6.12 (other than for the purpose of determining Pro Forma Compliance with Section 6.12), the events described in this Section 1.07 that occurred subsequent to the end of the applicable Test Period shall not be given Pro Forma Effect and cash and Permitted Investments included on the consolidated balance sheet of the Borrower and its Restricted Subsidiaries as of the date of the event for which the calculation of any such ratio is made shall be taken into account in lieu of cash or Permitted Investments as of the last day of the relevant Test Period and (B) when calculating any such ratio or test for purposes of the incurrence of any Indebtedness, cash and Permitted Investments resulting from the incurrence of any such Indebtedness shall be excluded from the pro forma calculation of any applicable ratio or test. In addition, whenever a financial ratio or test is to be calculated on a Pro Forma Basis, the reference to the "Test Period" for purposes of calculating such financial ratio or test shall be deemed to be a reference to, and shall be based on, the most recently ended Test Period for which financial statements of the Borrower have been delivered prior to the Closing Date or pursuant to Section 5.01(a) or Section 5.01(b) (it being understood that for purposes of determining Pro Forma Compliance with Section 6.12, if no Test Period with an applicable level cited in Section 6.12 has passed, the applicable level shall be the level for the first Test Period cited in Section 6.12 with an indicated level).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of calculating any financial ratio or test or compliance with any covenant determined by reference to Consolidated EBITDA or Total Assets, Specified Transactions (with any incurrence or repayment of any Indebtedness in connection therewith to be subject to Section 1.07(d)) that (i) have been made during the applicable Test Period or (ii) if applicable, as described in Section 1.07(a), have been made subsequent to such Test Period and

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prior to or substantially concurrently with the event for which the calculation of any such ratio or test is made shall be calculated on a Pro Forma Basis assuming that all such Specified Transactions (and any increase or decrease in Consolidated EBITDA, Total Assets and the component financial definitions used therein attributable to any Specified Transaction) had occurred on the first day of the applicable Test Period (or, in the case of Total Assets, on the last day of the applicable Test Period). If since the beginning of any applicable Test Period any Person that subsequently became a Restricted Subsidiary or was merged, amalgamated or consolidated with or into the Borrower or any of its Restricted Subsidiaries since the beginning of such Test Period shall have made any Specified Transaction that would have required adjustment pursuant to this Section 1.07, then such financial ratio or test (or Total Assets) shall be calculated to give Pro Forma Effect thereto in accordance with this Section 1.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Whenever Pro Forma Effect is to be given to a Specified Transaction, the pro forma calculations shall be made in good faith by a Responsible Officer of the Borrower and, in the case of any "Test Period" determined by reference to financial statements of the Borrower most recently delivered prior to the Closing Date or pursuant to Section 5.01(a) or Section 5.01(b), and may include, for the avoidance of doubt, the amount of "run-rate" cost savings, operating expense reductions and synergies resulting from or relating to, any Specified Transaction (including the Transactions) to the extent permitted by the definition of "Consolidated EBITDA" (it being understood that Pro Forma Effect shall be given to the deemed Consolidated EBITDA figures at the end of the definition thereof for any Test Periods including periods ending prior to the Closing Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that the Borrower or any Restricted Subsidiary incurs (including by assumption or guarantees) or repays (including by repurchase, redemption, repayment, retirement, discharge, defeasance or extinguishment) any Indebtedness (in each case, other than Indebtedness incurred or repaid (other than any repayment from the proceeds of other Indebtedness) under any revolving credit facility for ordinary course working capital purposes) during the applicable Test Period or subsequent to the end of the applicable Test Period and prior to or simultaneously with the event for which the calculation of any such ratio is made, then such financial ratio or test shall be calculated giving Pro Forma Effect to such incurrence, assumption, guarantee, repurchase, redemption, repayment, retirement, discharge, defeasance or extinguishment of Indebtedness, or such issuance, repurchase or redemption of Disqualified Stock, in each case to the extent required, as if the same had occurred on the last day of the applicable Test Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) As relates to any action being taken solely in connection with a Limited Condition Transaction, for purposes of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) determining compliance with any provision of this Agreement which requires the calculation of any financial ratio or test, including the First Lien Net Leverage Ratio, the Secured Net Leverage Ratio and the Total Net Leverage Ratio,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) testing availability under baskets set forth in this Agreement (including baskets determined by reference to Consolidated EBITDA or Total Assets),

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) determining the accuracy of any representation or warranty, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) determining whether any Default or Event of Default has occurred, is continuing or would result from any action,

in each case, at the option of the Borrower (the Borrower's election to exercise such option in connection with any Limited Condition Transaction, an "<u>LCT Election</u>"), the date of determination of whether any such action is permitted hereunder shall be deemed to be the date that the definitive agreements for such Limited Condition Transaction are entered into, the date of an irrevocable declaration in respect of such Limited Condition Transaction is made or the date the irrevocable prepayment or redemption notice of such Limited Condition Transaction is provided to the applicable holders, as the case may be (the "<u>LCT Test Date</u>") (and not, for the avoidance of doubt, the date of consummation of such Limited Condition Transaction unless specifically selected by the Borrower), and if, after giving Pro Forma Effect to the Limited Condition Transaction (and the other transactions to be entered into in connection therewith, including any incurrence of Indebtedness (including any Incremental Facilities and Permitted Incremental Equivalent Debt) and the use of proceeds thereof, as if they had occurred on the first day of the most recent Test Period ending prior to the LCT Test Date (except with respect to any incurrence or repayment of Indebtedness for purposes of the calculation of any leverage-based test or ratio, which shall in each case be treated as if they had occurred on the last day of such Test Period)), the Borrower or any of its Restricted Subsidiaries would have been permitted to take such action on the relevant LCT Test Date in compliance with such ratio, test or basket, representation and warranty, or Default or Event of Default "blocker", shall be deemed to have been complied with (and no Default or Event of Default shall be deemed to have arisen thereafter with respect to such Limited Condition Transaction from any such failure to comply with such ratio, basket, covenant, or representation and warranty); <u>provided</u> that if financial statements for one or more subsequent fiscal periods shall have become available, the Borrower may elect, in its sole discretion, to redetermine all such ratios, tests or baskets on the basis of such financial statements, in which case, such date of redetermination shall thereafter be deemed to be the applicable LCT Test Date. For the avoidance of doubt, if the Borrower has made an LCT Election and any ratio, test or basket, representation and warranty, or Default or Event of Default "blocker" for which compliance was determined or tested as of the LCT Test Date would have failed to have been complied with as a result of fluctuations in any such ratio, test or basket, representation and warranty, or Default or Event of Default "blocker", including due to fluctuations in Consolidated EBITDA, Unrestricted Cash, Consolidated Total Net Indebtedness or Total Assets of the Borrower or the Person subject to such Limited Condition Transaction, at or prior to the consummation of the relevant transaction or action, such ratio, test or basket, representation and warranty, or Default or Event of Default "blocker" will not be deemed to have failed to have been complied with as a result of such fluctuations. If the Borrower has made an LCT Election for any Limited Condition Transaction, then in connection with any calculation of any ratio, test or basket availability with respect to the incurrence of Indebtedness or Liens, the making of Restricted Payments, the making of any Investment, mergers, the conveyance, sale or other transfer of all or substantially all of the assets of the Borrower, the prepayment, redemption, purchase, defeasance or other satisfaction of Indebtedness, or the designation of an Unrestricted Subsidiary (each, a "<u>Subsequent Transaction</u>") following the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the date that the definitive agreement, irrevocable declaration or irrevocable notice for such Limited Condition Transaction is terminated or expires

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without consummation of such Limited Condition Transaction, for purposes of determining whether such Subsequent Transaction is permitted under this Agreement, any such ratio, test or basket, representation and warranty, or Default or Event of Default "blocker" shall be required to be satisfied on a Pro Forma Basis assuming such Limited Condition Transaction and other transactions in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) have been consummated. In addition to, and without limiting the foregoing, the lenders in respect of any Limited Condition Transaction may agree to limit conditionality with respect to delivery of Collateral consistent with customary "Sungard" limitations and may agree to limit the making and required accuracy of representations and warranties of the Loan Parties to the Specified Representations and Permitted Acquisition Company Representations.

SECTION 1.08 <u>Rates</u>. The Administrative Agent does not warrant or accept any responsibility for (other than as specifically set forth in Section 2.14), and shall not have any liability with respect to, (a) the continuation of, administration of, submission of, calculation of or any other matter related to the Term SOFR Reference Rate or Term SOFR, or any component definition thereof or rates referred to in the definition thereof or with respect to any alternative, successor or replacement rate thereto (including any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement), as it may or may not be adjusted pursuant to Section 2.14(c), will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, the Term SOFR Reference Rate, Term SOFR or any other Benchmark prior to its discontinuance or unavailability or (b) the effect, implementation or composition of any Conforming Changes. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain the Term SOFR Reference Rate or Term SOFR, or any other Benchmark, any component definition thereof or rates referred to in the definition thereof, in each case pursuant to the terms of this Agreement, and, except as expressly set forth in this Agreement, shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

SECTION 1.09 <u>Divisions</u>. For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction's laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized and acquired on the first date of its existence by the holders of its Equity Interests at such time.

SECTION 1.10 <u>Currency Equivalents Generally</u>. (a) Any amount specified in this Agreement (other than in Articles II, VIII and IX or as set forth in Section 1.10(b)) or any other Loan Document to be in dollars shall also include the dollar equivalent of such amount (as determined by the Borrower in good faith on the applicable date of determination based on information published by ICE Data Service or another nationally recognized source of quotations or currency exchange rates) (the "<u>Covenant Exchange Rate</u>"); <u>provided</u> that if any basket is exceeded solely as a result of fluctuations in applicable currency exchange rates after the last time such basket was utilized, such basket will not be deemed to have been exceeded solely as a result of such fluctuations in currency exchange rates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of determining the First Lien Net Leverage Ratio, the Total Net Leverage Ratio and the Secured Net Leverage Ratio, amounts denominated in a currency other than dollars will be converted to dollars for the purposes of (i) testing the Financial Covenant, at the Covenant Exchange Rate of such amount as of the last day of the fiscal quarter for which such measurement is being made and (ii) calculating the First Lien Net Leverage Ratio (other than for the purpose of determining compliance with Section 6.12), the Secured Net Leverage Ratio and the Total Net Leverage Ratio, at the Covenant Exchange Rate of such amount as of the date of determination, and will, in the case of Indebtedness, be the weighted average exchange rates used for determining Consolidated EBITDA for the relevant period determined in accordance with GAAP; <u>provided</u> that if the Borrower or any Restricted Subsidiary has entered into any currency Swap Agreements in respect of any Borrowings, the dollar equivalent amount of such Borrowings shall be determined by first taking into account the effects of that currency Swap Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent or any Issuing Bank, as applicable, shall use the Covenant Exchange Rate as of each Revaluation Date for the purpose of calculating Dollar Equivalent of the Revolving Loans denominated in an Alternative Currency. Such currency exchange rates shall become effective as of such Revaluation Date and shall be the currency exchange rate employed in converting any amounts between the applicable currencies for such purposes until the next Revaluation Date to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary in this Agreement, (i) any representation or warranty that would be untrue or inaccurate, (ii) any covenant that would be breached or (iii) any event that would constitute a Default or an Event of Default, in each case, solely as a result of fluctuations (or other adverse changes) in applicable currency exchange rates, shall not be deemed to be untrue, inaccurate, breached or so constituted, as applicable, solely as a result of such fluctuations (or adverse changes) in currency exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Wherever in this Agreement in connection with a Borrowing, conversion, continuation or prepayment of a SOFR Loan, the issuance, amendment or extension of a Letter of Credit or any similar provision (including, for the avoidance of doubt, establishment of any Incremental Revolving Commitment or Incremental Term Commitment), an amount, such as a required minimum or multiple amount, is expressed in dollars, but such Borrowing, SOFR Loan or Letter of Credit or other applicable loan or commitment is denominated in an Alternative Currency, such required minimum or multiple amount shall be, at the Borrower's option, either (i) a reference to the applicable non-dollar currency or (ii) the relevant Dollar Equivalent of such Alternative Currency, as determined by the Administrative Agent or the applicable Issuing Bank, as the case may be.

SECTION 1.11 <u>Calculation of Baskets</u>. If any of the baskets set forth in this Agreement are exceeded solely as a result of fluctuations in Consolidated EBITDA, Unrestricted Cash, Consolidated Total Net Indebtedness and/or Total Assets for the most recently completed fiscal quarter after the last time such baskets were calculated for any purpose under this Agreement, such baskets will not be deemed to have been exceeded solely as a result of such fluctuations. Notwithstanding anything to the contrary herein, the First Lien Net Leverage Ratio, the Secured

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Net Leverage Ratio and/or the Total Net Leverage Ratio for all purposes of Article II, Article V or Article VI shall be tested without giving effect to the incurrence of any Indebtedness under any revolving facility (including the Revolving Credit Facility) immediately prior to, or substantially simultaneously with, any usage of a basket under Article II, Article V and Article VI that is determined by reference to the First Lien Net Leverage Ratio, the Secured Net Leverage Ratio and/or the Total Net Leverage Ratio. For purposes of determining compliance with any provision of this Agreement or any other Loan Document, (i) in the event that any action or transaction (or any portion thereof) meets the criteria of more than one of the categories of exceptions, thresholds or baskets pursuant to any provision set forth in this Agreement or any other Loan Document, the Borrower shall, in its sole discretion, at the time of taking such action or consummation of such transaction, divide, classify or reclassify, or at any later time divide, classify or reclassify, such action or transaction as being incurred or taken under one or more such exceptions, thresholds or baskets, including reclassifying any utilization of exceptions, baskets and thresholds that are based on a fixed amount (subject to a Consolidated EBITDA "grower" amount) (such exceptions, baskets and thresholds, "fixed baskets") as incurred or taken under any available exception, threshold or basket that is based on the First Lien Net Leverage Ratio, the Secured Net Leverage Ratio or the Total Net Leverage Ratio (such exceptions, baskets and thresholds, "incurrence-based baskets"), and if any applicable ratios or financial tests for such incurrence-based baskets would be satisfied in any subsequent fiscal quarter, such reclassification shall be deemed to have automatically occurred if not elected by the Borrower and (ii) in the event that the Borrower shall classify any action or transaction on any date of determination as incurred or taken, in whole or in part, under any incurrence-based baskets, then any calculation of the First Lien Net Leverage Ratio, the Secured Net Leverage Ratio or the Total Net Leverage Ratio on such date (but not in respect of any future calculation following such date) shall not include any action or transaction incurred or taken pursuant to one or more fixed baskets.

SECTION 1.12 <u>Additional Borrowers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Pre-IPO Borrower (1) may at any time, and from time to time, after the Closing Date, upon not less than five (5) Business Days' notice (or such shorter period as may be agreed by the Administrative Agent in its sole discretion) and (2) shall, immediately following the consummation of a Qualified IPO, but in any event no later than five (5) Business Days following the consummation of a Qualified IPO, by delivery to the Administrative Agent of a Borrower Designation Agreement duly executed by the Pre-IPO Borrower and Parent Borrower, designate Parent Borrower as a "Borrower" for purposes of this Agreement. Such designation shall become effective upon the execution and delivery to the Administrative Agent of (i) the aforementioned executed Borrower Designation Agreement, (ii) all amendments or joinders to this Agreement and any other Loan Document deemed reasonably necessary by the Administrative Agent to accommodate the joinder of such Parent Borrower as a Borrower hereunder, (iii) if any Person is not already a Guarantor, all documents, schedules, instruments, certificates, agreements (including applicable Security Documents), guarantees, opinions and other documents, action, information and instruments as Parent Borrower and each of its Restricted Subsidiaries shall be required to deliver to become a Guarantor by this Agreement, the Security Documents or any applicable Intercreditor Agreement (in each case, without giving effect to any grace periods for delivery of such items, the updating of such information or the taking of such actions) (and, for the avoidance of doubt, if not already constituting Collateral, a pledge of 100% of the Capital Stock in Yellowstone Midco Holdings, LLC, Yellowstone InterCo Holdings, LLC and Yellowstone

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Borrower, LLC, and any other Restricted Subsidiary of Parent Borrower, other than an Excluded Subsidiary), (iv) to the extent available, a certificate as to the good standing of the Parent Borrower as of a recent date and certificates and Organizational Documents in respect of the Parent Borrower and each such Restricted Subsidiary, similar to those delivered pursuant to Section 4.01(f), (v) a customary legal opinion of counsel to the Parent Borrower and each such Restricted Subsidiary relating to the Parent Borrower and such Restricted Subsidiaries, (vi) a customary secretary's certificate attaching such documents with respect to the Parent Borrower and each such Restricted Subsidiary that are the equivalents of those delivered by the Pre-IPO Borrower on the Closing Date, (vii) a certificate of a Responsible Officer of the Pre-IPO Borrower stating that, as of the date the Parent Borrower joins this Agreement as such, no Event of Default has occurred and is continuing and all documentation and other information required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations. The Administrative Agent shall promptly notify each Lender of such designation by the Pre-IPO Borrower and the effective date of such joinder. Notwithstanding anything herein to the contrary, no Borrower Designation Agreement shall become effective as to Parent Borrower if it shall be unlawful for Parent Borrower to become a Borrower hereunder or for any Lender to make Loans to Parent Borrower as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After the Borrower Designation Agreement is effective, the Obligations of the Pre-IPO Borrower and Parent Borrower shall be joint and several in nature and subject to the provisions of Section 10.24, and from and after any designation pursuant to this Section 1.12, all references herein to "the Borrower" shall be deemed to be a reference to Parent Borrower.

SECTION 1.13 <u>Rounding</u>. Any financial ratios required to be maintained by the Borrower pursuant to this Agreement (or required to be satisfied in order for a specific action to be permitted under this Agreement) shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding up if there is no nearest number).

SECTION 1.14 <u>Letter of Credit Amounts</u>. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit available to be drawn at such time; <u>provided</u> that with respect to any Letter of Credit that, by its terms, provides for one or more automatic increases in the available amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum amount is available to be drawn at such time.

ARTICLE II

The Credits

SECTION 2.01 <u>Commitments</u>. The Borrower and the Lenders acknowledge and agree that (a) each Lender with a Revolving Commitment agrees to make Revolving Loans denominated in dollars or in one or more Alternative Currencies to the Borrower on the Closing Date and from time to time during the Revolving Availability Period in an aggregate principal amount that will not result in such Lender's Revolving Exposure (together with the L/C Exposure of such Lender and obligations of such Lender (other than the Swingline Lender) with respect to

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outstanding Swingline Loans) exceeding such Lender's Revolving Commitment, and (b) each Lender with an Initial Term Loan Commitment agrees to make a term loan "A" (collectively, the "<u>Initial Term Loans</u>") denominated in dollars to the Borrower on the Closing Date in an aggregate principal amount such that, immediately after giving effect thereto, the portion of the Initial Term Loans held by each Lender is equal to the amount set forth opposite such Lender's name in Schedule 2.01 under the heading "Initial Term Loan Commitment" (such Commitments, the "<u>Initial Term Loan Commitments</u>"). The Borrower shall designate in the relevant Borrowing Request whether each Borrowing will be maintained as a SOFR Loan or an ABR Loan, and, if such Borrowing is to be a SOFR Borrowing, the Interest Period with respect thereto. Amounts repaid or prepaid in respect of the Initial Term Loans may not be reborrowed.

SECTION 2.02 <u>Loans and Borrowings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Loan (other than a Swingline Loan) shall be made as part of a Borrowing consisting of Loans of the same Class and Type made by the Lenders ratably in accordance with their respective Commitments of the applicable Class. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; <u>pr</u><u>ovided</u> that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender's failure to make Loans as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to Section 2.14, and except for (i) Swingline Loans, which shall always be ABR Loans and (ii) Revolving Loans denominated in an Alternative Currency, which shall bear interest based on the applicable benchmark rate approved for such Alternative Currency pursuant to the definition thereof, each Borrowing in dollars shall be comprised entirely of ABR Loans or SOFR Loans as the Borrower may request in accordance herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At the commencement of each Interest Period for any SOFR Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 (or such other amount acceptable to the Administrative Agent in its reasonable discretion) and not less than $500,000. At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 (or such other amount acceptable to the Administrative Agent in its reasonable discretion) and not less than $100,000. Borrowings of more than one Type and Class may be outstanding at the same time. There shall not at any time be more than a total of fifteen (15) SOFR Borrowings outstanding. Notwithstanding anything to the contrary herein, (i) an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance of the aggregate Revolving Commitments and (ii) subject to Section 2.04(a), a Swingline Loan may be in an aggregate amount (y) that is equal to the entire unused balance of the aggregate Revolving Commitments or (z) that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.05(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing in respect of Revolving Loans or Initial Term Loans if the Interest Period requested with respect thereto would end after the Revolving Maturity Date or the Initial Term Loan Maturity Date, as applicable.

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SECTION 2.03 <u>Requests for Borrowings</u>. To request a Revolving Borrowing or Term Loan Borrowing, the Borrower shall notify the Administrative Agent of such request in writing (a) in the case of a SOFR Borrowing, not later than 1:00 p.m., New York City time, three (3) U.S. Government Securities Business Days before the date of the proposed Borrowing (or, in the case of the Borrowing of the Initial Term Loans or any Revolving Borrowing on the Closing Date, one (1) U.S. Government Securities Business Day before the date of such proposed Borrowing (or such shorter period as may be agreed by the Administrative Agent)), (b) in the case of an ABR Borrowing, not later than 12:00 p.m., New York City time, on the date of the proposed Borrowing; <u>provided</u> that any such notice of an ABR Revolving Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.05(e) must be given not later than 12:00 p.m., New York City time, on the date of the proposed Borrowing or (c) in the case of any Borrowing in an Alternative Currency, four (4) Business Days before the date of the proposed Borrowing (or, in each case under this Section 2.03, with such shorter period of advance notice as the Administrative Agent may agree in its reasonable discretion). Each written Borrowing Request shall be signed by the Borrower. Each such written Borrowing Request shall specify the following information in compliance with Section 2.02:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether the requested Borrowing is to be a Revolving Borrowing or a Term Loan Borrowing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate amount of such Borrowing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date of such Borrowing, which shall be a Business Day,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) whether such Borrowing is to be an ABR Borrowing or a SOFR Borrowing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in the case of a SOFR Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term "Interest Period",

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) in the case of a Revolving Borrowing, the currency in which the Revolving Loans to be borrowed are to be denominated (which shall be dollars or an Alternative Currency), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the location and number of the account(s) to which funds are to be disbursed, which shall comply with the requirements of Section 2.06.

Subject to Section 2.02, if no election as to the currency of a Borrowing is specified, then the requested Borrowing shall be made in dollars. If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be a Term SOFR Borrowing made in dollars. If no Interest Period is specified with respect to any requested SOFR Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one (1) month's duration. Promptly following receipt of a Borrowing Request in accordance with this Section 2.03, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender's Loan to be made as part of the requested Borrowing.

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SECTION 2.04 <u>Swingline</u> <u>Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make Swingline Loans to the Borrower in dollars from time to time during the Revolving Availability Period, in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Swingline Loans exceeding $15,000,000 (the "<u>Swingline Sublimit</u>") or (ii) the aggregate Revolving Exposures exceeding the aggregate Revolving Commitments; <u>provided</u> that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. Swingline Loans shall be made in minimum amounts of $500,000 and integral multiples of $100,000 above such amount. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Swingline Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To request a Swingline Loan, the Borrower shall notify the Administrative Agent of such request in writing, not later than 2:00 p.m., New York City time, on the day of a proposed Swingline Loan. Each such notice shall specify the requested date (which shall be a Business Day) and amount of the requested Swingline Loan. The Administrative Agent will promptly advise the Swingline Lender of any such notice received from the Borrower. The Swingline Lender shall make each Swingline Loan available to the location and number of the account(s) to which funds are to be disbursed, which shall comply with the requirements of Section 2.06 (or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section 2.05(e), by remittance to the applicable Issuing Bank) by 3:00 p.m., New York City time, on the requested date of such Swingline Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Swingline Lender may, and shall at least once every thirty (30) days, by written notice given to the Administrative Agent not later than 12:00 noon, New York City time, on any Business Day require the Revolving Lenders to acquire participations on such Business Day in all or a portion of the Swingline Loans outstanding. Such notice shall specify the aggregate amount of Swingline Loans in which Revolving Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Revolving Lender, specifying in such notice such Lender's Applicable Percentage of such Swingline Loan or Swingline Loans. Each Revolving Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to the Administrative Agent, for the account of the Swingline Lender, such Lender's Applicable Percentage of such Swingline Loan or Swingline Loans. Each Revolving Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this clause (c) is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or an Event of Default or reduction or termination of the Revolving Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Revolving Lender shall comply with its obligation under this clause (c) by wire transfer of immediately available funds, in the same manner as provided in Section 2.06 with respect to Loans made by such Lender (and Section 2.06 shall apply, *mutatis mutandis*, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Revolving Lenders. The Administrative Agent shall notify the Borrower in writing of any participations in any Swingline Loan acquired pursuant to this clause (c), and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to the Swingline Lender. Any amounts

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received by the Swingline Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent, any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Revolving Lenders that shall have made their payments pursuant to this clause (c) and to the Swingline Lender, as their interests may appear; <u>provided</u> that any such payment so remitted shall be repaid to the Swingline Lender or to the Administrative Agent, as applicable, if and to the extent such payment is required to be refunded to the Borrower for any reason. The purchase of participations in a Swingline Loan pursuant to this clause (c) shall not relieve the Borrower of any default in the payment thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All Swingline Loans made to the Borrower shall be made in dollars as ABR Loans and shall not be entitled to be converted into SOFR Loans.

SECTION 2.05 <u>Letters of Credit</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. Subject to the terms and conditions set forth herein, the Borrower may request the issuance of Letters of Credit in dollars (or any Alternative Currency agreed to by the Administrative Agent and the applicable Issuing Bank) for its own account (or for the account of any of its Subsidiaries so long as the Borrower is a co-applicant), in a form reasonably acceptable to the Administrative Agent and the applicable Issuing Bank, at any time and from time to time during the Revolving Availability Period. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the Borrower to, or entered into by the Borrower with, the applicable Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions</u>. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication if arrangements for doing so have been approved by the applicable Issuing Bank) to the applicable Issuing Bank and the Administrative Agent (at least two (2) Business Days in advance of the requested date of issuance, amendment, renewal or extension, or with such shorter period of advance notice as the applicable Issuing Bank and the Administrative Agent may agree in their reasonable discretion) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05(c)), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by the applicable Issuing Bank, the Borrower also shall submit a letter of credit application on the applicable Issuing Bank's standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the L/C Exposure shall not exceed $15,000,000 (the "<u>Letter of Credit Sublimit</u>"), (ii) no Revolving Lender's Revolving Exposure (together with such Revolving Lender's L/C Exposure and the obligations of such

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Revolving Lender with respect to outstanding Swingline Loans) shall exceed such Revolving Lender's Revolving Commitment, (iii) unless otherwise consented by the applicable Issuing Bank in its sole discretion, the aggregate principal amount of outstanding Swingline Loans and Revolving Loans of such Issuing Bank, when aggregated with the L/C Exposure of such Issuing Bank, shall not exceed the amount of such Issuing Bank's Revolving Commitment, (iv) unless otherwise consented by the applicable Issuing Bank in its sole discretion, the L/C Exposure attributable to Letters of Credit issued by such Issuing Bank shall not exceed such Issuing Bank's Letter of Credit Commitment and (v) the sum of the Total Revolving Credit Exposure shall not exceed the total Revolving Commitments. The Borrower may, at any time and from time to time, reduce the Letter of Credit Commitment of any Issuing Bank with the consent of such Issuing Bank; <u>provided</u> that the Borrower shall not reduce the Letter of Credit Commitment of any Issuing Bank if, after giving effect of such reduction, the conditions set forth in clauses (i) through (v) above shall not be satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) An Issuing Bank shall not be under any obligation to issue any Letter of Credit if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such Issuing Bank from issuing such Letter of Credit, or any law applicable to such Issuing Bank shall prohibit, or require that such Issuing Bank refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Issuing Bank with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such Issuing Bank is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such Issuing Bank any unreimbursed loss, cost or expense that was not applicable on the Closing Date and that such Issuing Bank in good faith deems material to it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the issuance of such Letter of Credit would violate one or more policies of such Issuing Bank applicable to letters of credit generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Expiration Date</u>. Each Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the date that is twelve (12) months (or such longer period of time as agreed by the applicable Issuing Bank) after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, twelve (12) months (or such longer period of time as agreed by the applicable Issuing Bank) after such renewal or extension) and (ii) the Revolving Maturity Date (except to the extent cash collateralized or backstopped pursuant to arrangements reasonably acceptable to the applicable Issuing Bank and the Administrative Agent). Any Letter of Credit may provide for automatic extension or renewal thereof for an additional period of up to twelve (12) months (or such longer period of time as agreed by the applicable Issuing Bank) (but in no event shall such period renew or extend beyond the date referred to in clause (ii) in the immediately preceding sentence (except to the extent cash collateralized or backstopped pursuant to arrangements reasonably acceptable to the applicable Issuing Bank and the Administrative Agent)).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Participations</u>. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further action on the part of the applicable Issuing Bank or the Lenders, the applicable Issuing Bank hereby grants to each Revolving Lender, and each Revolving Lender hereby acquires from the applicable Issuing Bank, a participation in any such Letter of Credit equal to such Lender's Applicable Percentage of the aggregate amount available to be drawn under any such Letter of Credit. In consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the applicable Issuing Bank, such Revolving Lender's Applicable Percentage of each LC Disbursement made by the applicable Issuing Bank and not reimbursed by the Borrower on the date due as provided in Section 2.05(e), or of any reimbursement payment required to be refunded to the Borrower for any reason. Each Revolving Lender acknowledges and agrees that its obligation to assume and acquire participations pursuant to this clause (d) in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or an Event of Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Reimbursement</u>. If the applicable Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than one (1) Business Day following the Borrower's receipt of written notice of such LC Disbursement; <u>provided</u> that, if such LC Disbursement is not less than $100,000, the Borrower may, subject to the conditions to borrowing set forth herein, request (and, if the Borrower fails to reimburse such LC Disbursement when due, the Borrower shall be deemed to have requested) in accordance with Section 2.03 or 2.04 that such LC Disbursement be financed with an ABR Revolving Borrowing or a Swingline Loan in an equivalent amount and, to the extent so financed, the Borrower's obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing or Swingline Loan (and the time for reimbursement of such LC Disbursement shall automatically be extended to the Business Day following such request or deemed request). If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Lender's Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.06 with respect to Loans made by such Revolving Lender (and Section 2.06 shall apply, *mutatis mutandis*, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Bank the amounts so received by it from the Revolving Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this clause (e), the Administrative Agent shall distribute such payment to the applicable Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to this clause (e) to reimburse the applicable Issuing Bank, then to such Revolving Lenders and the Issuing Bank as their interests may appear. Any payment made by a Revolving Lender pursuant to this clause (e) to reimburse the applicable Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Obligations Absolute</u>. The Borrower's obligation to reimburse LC Disbursements as provided in Section 2.05(e) shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the applicable Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section 2.05, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower's obligations hereunder, in each case, other than a defense of payment in full of the Obligations. None of the Issuing Banks nor any of their Related Parties shall have any liability or responsibility by reason of or in connection with any of the circumstances referred to in clauses (i) through (iv) in the preceding sentence; <u>provided</u> that the foregoing shall not be construed to excuse the Issuing Banks and their Related Parties from liability to the Borrower to the extent of any direct damages (as opposed to consequential or punitive damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by any such Issuing Bank's or its Related Parties' gross negligence or willful misconduct (as finally determined by a court of competent jurisdiction). In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented that appear on their face to be in substantial compliance with the terms of a Letter of Credit, the applicable Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Disbursement Procedures</u>. The applicable Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. The Issuing Bank shall promptly notify the Administrative Agent and the Borrower in writing of such demand for payment and whether the Issuing Bank has made or will make an LC Disbursement thereunder; <u>provided</u> that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse such Issuing Bank and the Lenders with respect to any such LC Disbursement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Interim Interest</u>. If the applicable Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then-applicable to ABR Revolving Loans; <u>provided</u> that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to Section 2.05(e) (including by way of a deemed Borrowing), then Section 2.13(d) shall apply. Interest accrued pursuant to this clause (h) shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to Section 2.05(e) by way of a deemed Borrowing to reimburse the applicable Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Replacement of Issuing Banks</u>. (i) Any Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative Agent and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of an Issuing Bank. At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b). From and after the effective date of any such replacement, (x) the successor Issuing Bank shall have all the rights and obligations of its predecessor Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (y) references herein to the term "Issuing Bank" shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Subject to the appointment and acceptance of a successor Issuing Bank, any Issuing Bank that assigns all of its Revolving Commitments to an assignee in accordance with this Agreement may resign as an Issuing Bank at any time upon thirty days' prior written notice to the Administrative Agent, the Borrower and the Lenders, in which case, such resigning Issuing Bank shall be replaced in accordance with Section 2.05(i)(i) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Cash Collateralization</u>. If any Event of Default shall occur and be continuing, on the Business Day that the Borrower receives written notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, the Required Revolving Lenders) demanding the deposit of cash collateral pursuant to this clause (j), the Borrower shall deposit in an account with the Collateral Agent, in the name of the Collateral Agent and for the benefit of the Lenders, an amount in cash equal to 103 % the L/C Exposure as of such date <u>plus</u> any accrued and unpaid fees thereon; <u>provided</u> that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in Section 7.01(g) or Section 7.01(h). The Borrower also shall deposit cash collateral pursuant to this clause (j) as and to the extent required by Section 2.11(b) and Section 2.22. Each such deposit shall be held by the Collateral Agent as collateral for the payment and performance of the obligations of the Borrower under this Agreement. The Collateral Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Interest, if any, on such deposits shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the applicable Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the L/C Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of the Required Revolving Lenders), be applied to satisfy other obligations of the Borrower under this Agreement. If the Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three (3) Business Days of the written request from the Borrower after all Events of Default have been cured or waived. If the Borrower is required to provide an amount of cash collateral hereunder as

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a result of the occurrence of any other event, such amount (to the extent not applied in respect of the corresponding obligation) shall be returned to the Borrower within three (3) Business Days of the written request from the Borrower after the underlying occurrence and corresponding obligation no longer exist. In addition to the foregoing, if the Collateral Agent determines in good faith that there exists excess cash collateral, such excess cash collateral shall be promptly returned to the Borrower absent a continuing Event of Default with respect to the Borrower described in Section 7.01(g) or Section 7.01(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Additional Issuing Banks</u>. The Borrower may at any time, and from time to time, designate one or more additional Lenders to act as an Issuing Bank under this Agreement with the consent of the Administrative Agent (which consent shall not be unreasonably withheld, conditioned or delayed) and such Lender. Any Lender designated as an Issuing Bank pursuant to this Section 2.05(k) shall be deemed to be, and shall have all the rights and obligations of, an "Issuing Bank" hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Provisions Related to Extended Revolving Credit Commitments</u>. If the Maturity Date in respect of any tranche of Revolving Credit Commitments occurs prior to the expiration of any Letter of Credit, then (i) if one or more other tranches of Revolving Credit Commitments in respect of which the Maturity Date shall not have occurred are then in effect, so long as the applicable Issuing Bank is a Revolving Lender under such non-terminating tranche and the L/C Exposure of such Issuing Bank does not exceed the amount of such Issuing Bank's Revolving Commitment under such non-terminating tranche, such Letters of Credit shall automatically be deemed to have been issued (including for purposes of the obligations of the Revolving Lenders to purchase participations therein and to make Revolving Loans and payments in respect thereof) under (and ratably participated in by Lenders pursuant to) the Revolving Credit Commitments in respect of such non-terminating tranches up to an aggregate amount not to exceed the aggregate principal amount of the unused Revolving Credit Commitments thereunder at such time (it being understood that no partial face amount of any Letter of Credit may be so reallocated) and to the extent any Letters of Credit are not able to be reallocated pursuant to this Section 2.05(l) and there are outstanding Revolving Loans under the non-terminating tranches, the Borrower agrees to repay all such Revolving Loans (or such lesser amount as is necessary to reallocate all Letters of Credit pursuant to this Section 2.05(l)) or (ii) to the extent not reallocated pursuant to the immediately preceding clause (i), the Borrower shall cash collateralize any such Letter of Credit in accordance with Section 2.05(j) above but only up to the amount of such Letter of Credit not so reallocated. Except to the extent of reallocations of participations pursuant to clause (i) of the immediately preceding sentence, the occurrence of a Maturity Date with respect to a given tranche of Revolving Credit Commitments shall have no effect upon (and shall not diminish) the percentage participations of the Revolving Lenders in any Letter of Credit issued before such Maturity Date.

SECTION 2.06 <u>Funding of Borrowings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 12:00 p.m., New York City time (or, in the case of any requested same-day ABR Borrowing, 3:00 p.m., New York City time) to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders; <u>provided</u> that Swingline Loans shall be made as provided in Section 2.04.

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The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received in like funds, to an account of the Borrower maintained with the Administrative Agent in New York City and designated by the Borrower in the applicable Borrowing Request (or as otherwise provided in the applicable Borrowing Request); <u>provided</u> that ABR Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.05(e) shall be remitted by the Administrative Agent to the applicable Issuing Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless the Administrative Agent shall have received notice from a Lender prior to the proposed Borrowing that such Lender will not make available to the Administrative Agent such Lender's share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.06(a) and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender's Loan included in such Borrowing. If the Borrower and such Lender pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make its share of any Borrowing available to the Administrative Agent.

SECTION 2.07 <u>Interest Elections</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Revolving Borrowing and each Term Loan Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a SOFR Borrowing, shall have an initial Interest Period as specified in such Borrowing Request or as designated by Section 2.03. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a SOFR Borrowing, may elect Interest Periods therefor, all as provided in this Section 2.07. The Borrower may elect different options with respect to different portions of the subject Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. This Section 2.07 shall not apply to Swingline Loans, which may not be converted or continued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To make an election pursuant to this Section 2.07, the Borrower shall notify the Administrative Agent of such election in writing by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Term Loan Borrowing or a Revolving Borrowing of the Type resulting from such election to be made on the effective date of such election (or, in each case, with such shorter period of advance notice as the Administrative Agent may agree in its reasonable discretion). Each such Interest Election Request shall be signed by the Borrower.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each written Interest Election Request shall specify the following information in compliance with Section 2.02:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) whether the resulting Borrowing is to be an ABR Borrowing or a SOFR Borrowing, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if the resulting Borrowing is a SOFR Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term "Interest Period".

If any such Interest Election Request requests a SOFR Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one (1) month's duration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender's portion of each resulting Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Borrower fails to deliver a timely Interest Election Request with respect to a SOFR Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to a SOFR Borrowing with an Interest Period of one month's duration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing, no outstanding Borrowing may be converted to or continued as a SOFR Borrowing in excess of one (1) month.

SECTION 2.08 <u>Termination and Reduction of Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless previously terminated, (i) the Revolving Commitments shall terminate on the Revolving Maturity Date and (ii) the Initial Term Loan Commitments shall terminate upon the funding of the Initial Term Loans on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; <u>provided</u> that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $100,000 and not less than $100,000 (unless such amount is the entire remaining amount of the Commitments of such Class), and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any

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concurrent prepayment of the Revolving Loans and Swingline Loans and/or cash collateralization of outstanding Letters of Credit in a manner reasonably satisfactory to the applicable Issuing Bank and the Administrative Agent and in a face amount equal to 103 % of the outstanding amount of the applicable L/C Exposure in respect thereof, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under Section 2.08(b) at least three (3) U.S. Government Securities Business Days prior to the effective date of such termination or reduction (or such shorter period as the Administrative Agent may agree in its reasonable discretion), specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.08 shall be irrevocable; <u>provided</u> that a notice of termination or reduction of the Revolving Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, or the closing of a refinancing transaction, a sale of all or substantially all of the assets of the Borrower and its Subsidiaries, a Change of Control, or other transaction in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent) on or prior to the specified effective date if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Except as otherwise provided herein, each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

SECTION 2.09 <u>Repayment of Loans; Evidence of Debt</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the account of each Lender the then-unpaid principal amount of each Revolving Loan of such Lender on the Revolving Maturity Date, (ii) to the Administrative Agent for the account of each Lender the then-unpaid principal amount of each Term Loan of such Lender as provided in Section 2.10, and (iii) to the Administrative Agent the then-unpaid principal amount of each Swingline Loan on the earlier of the Revolving Maturity Date and the first date after such Swingline Loan is made that is the 15th or last day of a calendar month and is at least five (5) Business Days after such Swingline Loan is made; <u>provided</u> that on each date that a Revolving Borrowing is made, the Borrower shall repay all Swingline Loans then outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (1) The Administrative Agent shall maintain a Register in which it shall record (i) the amount of each Term Loan made hereunder, the Class and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Term Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Term Lenders and each Term Lender's share thereof and (2) the Administrative Agent shall maintain a Register in which it shall record (i) the amount of each Revolving Loan made hereunder, the Class and

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Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Revolving Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Revolving Lenders and each Revolving Lender's share thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The entries made in the Register shall be *prima facie* evidence absent manifest error of the existence and amounts of the obligations recorded therein; <u>provided</u> that the failure of any Lender or the Administrative Agent to maintain accounts pursuant to Section 2.09(b) or Section 2.09(c) or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Lender may request that Loans of any Class made by it be evidenced by a promissory note (a "<u>Note</u>"). In such event, the Borrower shall prepare, execute and deliver to such Lender a Note payable to such Lender or its registered permitted assigns and in a form approved by the Borrower and the Administrative Agent. Thereafter, unless otherwise agreed by the applicable holder of such Note, the Loans evidenced by such Note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more Notes in such form payable to such payee and its registered permitted assigns.

SECTION 2.10 <u>Amortization of Term Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall repay the Initial Term Loans on the last day of each fiscal quarter set forth below in the aggregate principal amount equal to the percentage set forth below of the aggregate outstanding principal amount of the Initial Term Loans on the Closing Date (after giving effect to the Borrowing of the Initial Term Loans on the Closing Date and to be adjusted for any voluntary and mandatory prepayments and/or as a result of any buyback, assignment or purchase of Initial Term Loans made in accordance with Section 9.04(d)):

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| | |
|:---|:---|
| **Fiscal Quarter** | **Amount (Percent of Principal)** |
|  March 31, 2026 | 0.625% |
|  June 30, 2026 | 0.625% |
|  September 30, 2026 | 0.625% |
|  December 31, 2026 | 0.625% |
|  March 31, 2027 | 1.250% |
|  June 30, 2027 | 1.250% |
|  September 30, 2027 | 1.250% |
|  December 31, 2027 | 1.250% |
|  March 31, 2028 | 1.250% |
|  June 30, 2028 | 1.250% |
|  September 30, 2028 | 1.250% |
|  Initial Term Loan Maturity Date | Remaining outstanding aggregate<br>principal amount of Initial Term<br>Loans |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent not previously paid, all Initial Term Loans shall be due and payable on the Initial Term Loan Maturity Date.

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SECTION 2.11 <u>Prepayment of Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Voluntary Prepayments</u>. The Borrower shall have the right at any time and from time to time to prepay any Borrowing of any Class of Loans, in whole or in part, as selected by the Borrower in its sole discretion and subject to the requirements of this Section 2.11, in each case, without premium or penalty. All prepayments of Term Loans pursuant to this Section 2.11(a) shall be applied to prepay the scheduled installments of principal on the Term Loans (pro rata between Initial Term Loans and Incremental Term Loans, if any (unless otherwise specified in the Additional Credit Extension Amendment governing such Incremental Term Loan) based on the outstanding principal balance of such Term Loans as of the date of prepayment) as directed by the Borrower (and if not so directed, in direct order of maturity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Excess Revolving Credit Exposure</u>. In the event and on such occasion that the Total Revolving Credit Exposure exceeds the aggregate Revolving Commitments, the Borrower shall prepay Revolving Borrowings or Swingline Loans (or, if no such Borrowings are outstanding, deposit cash collateral in an account with the Collateral Agent pursuant to Section 2.05(j)) within one (1) Business Day of written notice from the Administrative Agent in an aggregate amount equal to such excess.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Excess Cash Flow Proceeds</u>. Commencing with respect to the fiscal year ending on December 31, 2026, no later than ten (10) Business Days after the date on which financial statements are required to be delivered pursuant to Section 5.01(a) (together with the Compliance Certificate required to be delivered pursuant to Section 5.01(d)) (each such date, an "<u>ECF Payment Date</u>"), the Borrower shall prepay (or cause to be prepaid) outstanding Term Loans, in accordance with Section 2.11(f), in an aggregate principal amount equal to, if positive, (i) the Applicable ECF Percentage (which shall be recalculated pursuant to this clause (c)) of the amount of Excess Cash Flow for such fiscal year minus (ii) the aggregate sum of the following (collectively, the "<u>ECF Deductions</u>"): (A) voluntary prepayments of (x) Term Loans (including any Permitted Incremental Equivalent Debt secured by a Lien on the Collateral on a pari passu basis with, or senior basis to, the Lien on the Collateral securing the Initial Term Loans), (y) Revolving Loans and other revolving Indebtedness, in each case, to the extent accompanied by a permanent commitment reduction and (z) any other Indebtedness secured on a *pari passu* basis with, or senior basis to, the Lien on the Collateral securing the Initial Term Loans, <u>plus</u> (B) purchases of Term Loans made pursuant to Section 9.04(d) (or of (x) Permitted Incremental Equivalent Debt secured by a Lien on the Collateral on a *pari passu* basis with, or senior basis to, the Lien on the Collateral securing the Initial Term Loans or (y) any other Indebtedness secured by a Lien on the Collateral on a *pari passu* basis with, or senior basis to, the Lien on the Collateral securing the Initial Term Loans prior to such time) in an amount equal to the face value of any such Indebtedness purchased by the Borrower or any other Subsidiary of the Borrower pursuant to such Section 9.04(d) (or pursuant to the documentation governing such Permitted Incremental Equivalent Debt or other Indebtedness), plus (C) at the election of the Borrower, the aggregate amounts used for capital expenditures, Permitted Acquisitions, Investments made under Sections 6.04(f), (j), (o), (r), (s) and (u), earn-outs paid or to be paid for any acquisition closed prior to the Closing Date or, in connection with any Permitted Acquisition or any other Investment and Restricted Payments permitted under Section 6.08 and, in each case made in cash during such fiscal year, or, in the case of any expenditure committed to be made (it being understood that to the extent such expenditure is not actually made as committed in a subsequent period, such amount

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shall be added back in calculating Excess Cash Flow for such subsequent period); <u>provided</u> that with respect to any ECF Deductions, such amounts (x) shall be made during such fiscal year or, at the option of the Borrower, on or prior to the applicable ECF Payment Date (without counting such amounts to reduce the amount of prepayments required by this Section 2.11(c) with respect to the subsequent fiscal year) and (y) shall not be funded with the proceeds of long-term Indebtedness (other than revolving Indebtedness, including Revolving Loans). The ECF Deductions shall reduce on a dollar-for-dollar basis the amount otherwise required to be prepaid pursuant to Section 2.11(c) (such amount required to be prepaid each fiscal year, the "<u>ECF Payment Amount</u>") without duplication of, but in lieu of, any deductions for such amounts from the definition of "Excess Cash Flow"; <u>provided</u> that to the extent the voluntary prepayments, purchases and expenditures pursuant to the ECF Deductions would reduce the required prepayments with respect to any fiscal year to an amount less than $0, such excess voluntary prepayments, purchases and expenditures may be credited against the ECF Payment Amount for the next two (2) fiscal years in which the required prepayments under this Section 2.11(c) exceed $0 until such excess amount has been fully applied; provided, further, that the First Lien Net Leverage Ratio shall be recalculated to give Pro Forma Effect to any amount referred to in the ECF Deductions after the end of the applicable fiscal year but on or prior to the applicable ECF Payment Date as if such deductions were made during the fiscal year of the applicable Excess Cash Flow prepayment and the Applicable ECF Percentage for purposes of making such Excess Cash Flow prepayment shall be determined by reference to such recalculated First Lien Net Leverage Ratio; provided, further, that no prepayment with Excess Cash Flow shall be required if the ECF Payment Amount for the applicable period is not greater than the greater of (x) $3,000,000 and (y) 15.0% of TTM Consolidated EBITDA (and the required prepayment amount shall be the amount of such ECF Payment Amount in excess of such threshold, if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Asset Sale / Casualty Event Proceeds</u>. In the event and on each occasion that any Net Proceeds are received by the Borrower or any other Restricted Subsidiary in respect of any Prepayment Event, the Borrower shall, promptly after such Net Proceeds are received by the Borrower or such Restricted Subsidiary (and in any event not later than the tenth (10<sup>th</sup>) Business Day after such Net Proceeds are received), prepay (or cause to be prepaid) outstanding Term Loans, in accordance with Section 2.11(f), in an amount equal to the Applicable Net Proceeds Percentage of such Net Proceeds; <u>provided</u> that the portion of Net Proceeds required by the terms of any *pari passu* Indebtedness to be applied to prepay such *pari passu* Indebtedness on a pro rata basis with the Term Loans (and so long as the Term Lenders are offered a ratable share of such Net Proceeds) shall be credited against Net Proceeds prepayment obligations hereunder on a dollar-for-dollar basis; <u>provided</u>, <u>further</u>, that the Borrower and the other Restricted Subsidiaries may instead reinvest an amount equal to the Net Proceeds from such event (or a portion thereof) within twelve (12) months after receipt of such Net Proceeds in the business of the Borrower and the other Restricted Subsidiaries, including to finance Permitted Acquisitions, other permitted Investments, capital expenditures or purchases of inventory (or, at the election of the Borrower, credit such Net Proceeds against amounts paid in respect of any such purpose consummated no more than 150 days prior to the receipt of such Net Proceeds to the extent such expenditure was not financed with the proceeds of long-term Indebtedness (other than revolving Indebtedness, including Revolving Loans)), and no prepayment shall be required pursuant to this Section 2.11(d) in respect of an amount equal to such Net Proceeds so applied or credited, except to the extent of an amount equal to any such Net Proceeds therefrom that have not been so applied, credited or contractually committed in writing by the end of such twelve (12)-month period (and, if so contractually committed in writing but not applied prior to the end of such twelve (12)-month period, applied within 180 days of the end of such period), promptly after which time a prepayment shall be required in an amount equal to such Net Proceeds that have not been so applied.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Non-Permitted Debt Issuance Proceeds</u>. Not later than ten (10) Business Days following the receipt of any Net Proceeds by the Borrower or any other Restricted Subsidiary of any Indebtedness after the Closing Date (other than Indebtedness permitted by Section 6.01 to the extent not constituting Refinancing Indebtedness or Replacement Term Loans in respect of any Class of Loans hereunder), the Borrower shall prepay (or cause to be prepaid) outstanding Term Loans, in accordance with Section 2.11(f), in an aggregate principal amount equal to 100% of such Net Proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Application of Prepayments</u>. All prepayments of the Loans required under Section 2.11(c), (d) and (e) shall be applied to prepay the scheduled installments of principal on the Term Loans (pro rata between the Initial Term Loans and Incremental Term Loans, if any (unless otherwise specified in the Additional Credit Extension Amendment governing such Incremental Term Loan), based on the outstanding principal balance of such Term Loans as of the date of prepayment) as directed by the Borrower (and if not so directed, in direct order of maturity) and, in each case, without premium or penalty. Prior to any optional or mandatory prepayment of Borrowings hereunder, the Borrower shall determine, in accordance with the foregoing provisions of this Section 2.11, the Borrowing or Borrowings of each applicable Class to be prepaid and shall specify such determination in the notice of such prepayment pursuant to Section 2.11(g).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Prepayment Notice</u>. The Borrower shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender) in writing of any prepayment hereunder (i) in the case of prepayment of a SOFR Borrowing, not later than 12:00 p.m., New York City time, three (3) U.S. Government Securities Business Days before the date of prepayment (or with such shorter period of advance notice as may be agreed by the Administrative Agent in its reasonable discretion), (ii) in the case of prepayment of an ABR Borrowing, not later than 12:00 p.m., New York City time, one (1) Business Day before the date of prepayment (or with such shorter period of advance notice as may be agreed by the Administrative Agent in its reasonable discretion) or (iii) in the case of prepayment of a Swingline Loan, not later than 2:00 p.m., New York City time, on the date of prepayment. Each such notice shall be irrevocable and shall specify the estimated prepayment date, the principal amount of each Borrowing or portion thereof to be prepaid, the Class of Loans to be prepaid and, in the case of a mandatory prepayment, a reasonably detailed calculation of the estimated amount of such prepayment; <u>provided</u> that (i) if a notice of optional prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.08, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.08 and (ii) otherwise, if a notice of prepayment is given under this Section 2.11, such notice of prepayment may be conditioned upon the effectiveness of other credit facilities, or the closing of a refinancing transaction, a sale of all or substantially all of the assets of the Borrower and its Subsidiaries, a Change of Control or other transaction, then such notice of prepayment may be revoked if such condition is not satisfied. Promptly following receipt of any such notice (other than a notice relating solely to Swingline Loans), the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in

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Section 2.02, except as necessary to apply fully the required amount of a mandatory prepayment and except to the extent that such prepayment amount represents the entire remaining amount outstanding of a given Class of Loans. Each prepayment of a Borrowing shall be applied ratably to the Loans of each applicable Lender included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.13 but shall in no event include premium or penalty; <u>provided</u> that in the event that the notice required by this Section 2.11(g) is not made within the required times with respect to any mandatory prepayments, such prepayment shall nevertheless be required to be made within the times set forth for such prepayment herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each Term Lender may reject all or a portion of its pro rata share of any mandatory prepayment (such declined amounts, the "<u>Declined Proceeds</u>") of Term Loans required to be made pursuant to Section 2.11(c), (d) or (e) (except in respect of mandatory prepayments made pursuant to Section 2.11(e) in respect of Refinancing Indebtedness or Replacement Term Loans that are being used to refinance any Class of Loans hereunder) by providing written notice (each, a "<u>Rejection Notice</u>") to the Administrative Agent and the Borrower no later than 5:00 p.m. one (1) Business Day after the date of such Lender's receipt of notice from the Administrative Agent regarding such prepayment. Each Rejection Notice from a given Lender shall specify the principal amount of the mandatory repayment of Term Loans to be rejected by such Lender. If a Lender of Term Loans fails to deliver a Rejection Notice to the Administrative Agent within the time frame specified above or such Rejection Notice fails to specify the principal amount of the Term Loans to be rejected, any such failure will be deemed an acceptance of the total amount of such mandatory prepayment of its Term Loans. Any Declined Proceeds shall be retained by the Borrower (such remaining Declined Proceeds, the "<u>Borrower Retained Prepayment Amounts</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding any other provisions of this Section 2.11, (i) to the extent that any of or all the Net Proceeds of any disposition by a Foreign Subsidiary ("<u>Foreign Disposition</u>") or the Net Proceeds of any casualty event from a Foreign Subsidiary (a "<u>Foreign Casualty Event</u>"), or any or all of the Excess Cash Flow attributable to a Foreign Subsidiary, or, in each case, distributions of cash or Permitted Investments in connection with such events, are prohibited or restricted by (x) applicable law, rule or regulation, (y) other material contracts and agreements or (z) material constituent document restrictions (including as a result of minority ownership) from being repatriated to the United States, the portion of such Net Proceeds or Excess Cash Flow, as applicable, so affected will not be required to be applied to repay Loans at the times provided in this Section 2.11 and none of the Loan Parties or any of their Subsidiaries shall be required to monitor any such payment block and/or reserve cash or Permitted Investments for future repatriation after it has notified the Administrative Agent of the existence of such payment block; <u>provided</u> that (I) the Borrower shall use commercially reasonable efforts (as determined by the Borrower acting in good faith) to overcome such payment block for a period of time not to exceed twelve (12) months after the receipt of the applicable Net Proceeds and (II) in the event that, and to the extent that, within such twelve (12) month period, such payment block no longer applies, then such prepayment shall be effected promptly (and in any event not later than ten (10) Business Days) after such payment block ceases to apply (net of additional taxes payable or reserved against as a result thereof to the extent not already taken into account under the definition of "Net Proceeds") pursuant to this Section 2.11 to the extent provided herein and (ii) to the extent that the repatriation of any of or all the Net Proceeds of any Foreign Disposition or any Foreign Casualty Event could result in adverse tax consequences (other than *de minimis* adverse tax consequences, as reasonably determined by the Borrower), the portion of such Net Proceeds so

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affected will not be required to be applied to repay Loans at the times provided in this Section 2.11 and none of the Loan Parties or any of their Subsidiaries shall be required to monitor any such payment block and/or reserve cash or Permitted Investments for future repatriation after it has notified the Administrative Agent of the existence of such payment block.

SECTION 2.12 <u>Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower agrees to pay to the Administrative Agent for the account of each Lender a commitment fee, which shall accrue at a rate per annum equal to the Commitment Fee Rate with respect thereto on the average daily unused amount of each Revolving Commitment of such Lender during the period from and including the Closing Date to but excluding the date on which such Revolving Commitments terminate. Accrued commitment fees shall be payable in arrears in respect of the Revolving Commitments within fifteen (15) days after the last Business Day of March, June, September and December of each year commencing with the first such date to occur after the first full fiscal quarter of the Borrower ending after the Closing Date and on the date on which such Revolving Commitments terminate. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). For purposes of computing commitment fees with respect to Revolving Commitments, a Revolving Commitment of a Lender shall be deemed to be used to the extent of the outstanding Revolving Loans and L/C Exposure of such Lender (and the Swingline Exposure of such Lender shall be disregarded for such purpose).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower agrees to pay (i) to the Administrative Agent for the account of each Revolving Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Rate used to determine the interest rate applicable to SOFR Revolving Loans (as such Applicable Rate may be increased pursuant to Section 2.13(d)) on the average daily amount of such Lender's L/C Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the date of issuance of any Letter of Credit to but excluding the later of the date on which such Lender's Revolving Commitment terminates and the date on which such Lender ceases to have any L/C Exposure, and (ii) to the applicable Issuing Bank a fronting fee, which shall accrue at a rate equal to 0.125% per annum (or such lesser amount as may be agreed to by the Borrower and the applicable Issuing Bank) on the average daily amount of the L/C Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Closing Date to but excluding the later of the date of termination of the Revolving Commitments and the date on which there ceases to be any L/C Exposure, as well as the applicable Issuing Bank's standard and customary fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees shall be payable in arrears within fifteen (15) days after the last Business Day of March, June, September and December of each year, commencing with the first such date to occur after the first full fiscal quarter of the Borrower ending after the Closing Date; <u>provided</u> that all such fees shall be payable on the date on which the Revolving Commitments terminate and any such fees accruing after the date on which the Revolving Commitments terminate shall be payable promptly following written demand therefor. Any other fees payable to the Issuing Bank pursuant to this clause (b) shall be payable within fifteen (15) Business Days after written demand. All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower agrees to pay to the applicable recipient the fees in the amount and at the times separately agreed upon in the Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Borrower or any of its Affiliates repays or prepays the Loans in any amount and for any reason, no prepayment premium shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent (or to the applicable Issuing Bank, in the case of fees payable to it) for distribution, in the case of commitment fees and participation fees (in each case, if any), to the Lenders entitled thereto. Fees paid shall not be refundable under any circumstances unless otherwise agreed in writing by the applicable parties.

SECTION 2.13 <u>Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Loans comprising each ABR Borrowing (including each Swingline Loan denominated in dollars, unless otherwise agreed by the Borrower and the Swingline Lender) shall bear interest at the Alternate Base Rate <u>plus</u> the Applicable Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to SOFR Borrowings in dollars, the Loans comprising each SOFR Borrowing shall bear interest at Term SOFR for the Interest Period in effect for such Borrowing <u>plus</u> the Applicable Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with the use or administration of Term SOFR, the Administrative Agent may (with the consent of Borrower, such consent not to be unreasonably withheld, conditioned or delayed; <u>provided</u> that the Borrower shall be deemed to have consented to such Conforming Changes unless it shall have objected thereto by written notice to the Administrative Agent within ten (10) Business Days after having received written notice thereof) make Conforming Changes in accordance with Section 2.14(c)(ii) from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document. The Administrative Agent will promptly notify the Borrower and the Lenders of the effectiveness of any Conforming Changes in connection with the use or administration of Term SOFR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing, following written demand by the Required Lenders upon the occurrence and during the continuance of an Event of Default under Section 7.01(a) or (b), the Borrower shall (i) pay interest on overdue principal hereunder at a fluctuating interest rate at all times equal to 2.00% per annum over the applicable interest rate and (ii) pay interest on any other overdue amount (including overdue interest) hereunder at a fluctuating interest rate at all times equal to 2.00% per annum over the interest rate applicable to ABR Loans (but not with respect to any commitment fee set forth therein), in each case, to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in the case of Revolving Loans, upon termination of the Revolving Commitments; <u>provided</u> that (i) interest accrued pursuant to Section 2.13(d) shall be payable following written demand therefor, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Revolving Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any SOFR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year) or, in the case of interest in respect of Loans denominated in Alternative Currencies as to which generally accepted market practice differs from the foregoing as reasonably determined by the Administrative Agent, in accordance with such generally accepted market practice, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). Interest on each Loan shall be payable in the currency in which such Loan was made. The applicable Alternate Base Rate or Term SOFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. The Administrative Agent shall, at the request of the Borrower, promptly deliver to the Borrower a statement showing the quotations used by the Administrative Agent in determining any interest rate hereunder.

SECTION 2.14 <u>Changed Circumstances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Circumstances Affecting Benchmark Availability</u>. Subject to Section 2.14(c), in connection with any request for a SOFR Loan or a conversion to or continuation thereof or otherwise, if for any reason (i) the Administrative Agent shall determine (which determination shall be conclusive and binding absent manifest error) that reasonable and adequate means do not exist for ascertaining Term SOFR for the applicable Interest Period with respect to a proposed SOFR Loan on or prior to the first day of such Interest Period or (ii) the Required Lenders shall determine (which determination shall be conclusive and binding absent manifest error) that Term SOFR does not adequately and fairly reflect the cost to such Lenders of making or maintaining such Loans during such Interest Period and, in the case of clause (ii), the Required Lenders have provided notice in writing of such determination to the Administrative Agent, then, in each case, the Administrative Agent shall promptly give written notice thereof to the Borrower (it being understood and agreed, however, that any outstanding Term Loans and unused Commitments of a Lender that is not making such determination with respect to loans to borrowers (similarly situated to the Borrower hereunder), or providing such notice to borrowers (similarly situated to the Borrower hereunder), under comparable syndicated credit facilities similar to the credit facilities under this Agreement, shall not be included in the calculation of Required Lenders for the purposes of this Section 2.14(a)). Upon written notice thereof by the Administrative Agent to the Borrower, any obligation of the Lenders to make SOFR Loans, and any right of the Borrower to convert any Loan to or continue any Loan as a SOFR Loan, shall be suspended (to the extent of the affected SOFR Loans or the affected Interest Periods) until the Administrative Agent (with respect to clause (ii), at the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, (A) the Borrower may revoke any pending request for a borrowing of, conversion to or continuation of SOFR Loans (to the extent of the affected SOFR Loans or the affected Interest Periods) or, failing that, the Borrower will be deemed to have converted any such request into a request for a borrowing of or conversion to ABR Loans in the amount specified therein and (B) any outstanding affected SOFR Loans will be deemed to have been converted into ABR Loans at the end of the applicable Interest Period. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Laws Affecting SOFR Availability</u>. If, after the date hereof, the introduction of, or any change in, any applicable law or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any of the Lenders (or any of their respective lending offices) with any request or directive (whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, shall make it unlawful or impossible for any of the Lenders (or any of their respective lending offices) to honor its obligations hereunder to make or maintain any SOFR Loan, or to determine or charge interest based upon SOFR, the Term SOFR Reference Rate or Term SOFR, such Lender shall promptly give notice thereof to the Administrative Agent and the Administrative Agent shall promptly give notice to the Borrower and the other Lenders (an "<u>Illegality Notice</u>"). Thereafter, until each affected Lender notifies the Administrative Agent and the Administrative Agent notifies the Borrower that the circumstances giving rise to such determination no longer exist with respect to such Lender, (i) any obligation of the affected Lender to make SOFR Loans, and any right of the Borrower to convert any portion of a Loan held by such Lender to a SOFR Loan or continue any portion of a Loan held by such Lender as a SOFR Loan shall be suspended and thereafter the Borrower may select only ABR Loans with respect to any portion of Loans held by such Lender and (ii) if necessary to avoid such illegality, the Administrative Agent shall compute the Alternate Base Rate without reference to clause (c) of the definition of "Alternate Base Rate". Upon receipt of an Illegality Notice, the Borrower shall, if necessary to avoid such illegality, upon demand from any Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all affected SOFR Loans of such Lender to ABR Loans (in each case, if necessary to avoid such illegality, the Administrative Agent shall compute the Alternate Base Rate without reference to clause (c) of the definition of "Alternate Base Rate"), on the last day of the Interest Period therefor, if such affected Lender may lawfully continue to maintain such SOFR Loans to such day, or immediately if such Lender may not lawfully continue to maintain such SOFR Loans to such day. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Benchmark Replacement Setting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Benchmark Replacement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any other Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (y) if a Benchmark Replacement is determined by the Administrative Agent and the Borrower in accordance with clause (2) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any other Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) No Swap Agreement shall be deemed to be a "Loan Document" for purposes of this Section 2.14(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Conforming Changes</u>. In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent (with the consent of Borrower, such consent not to be unreasonably withheld, conditioned or delayed; <u>provided</u> that the Borrower shall be deemed to have consented to such Conforming Changes unless it shall have objected thereto by written notice to the Administrative Agent within ten (10) Business Days after having received written notice thereof) will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Notices; Standards for Decisions and Determinations</u>. The Administrative Agent will promptly notify the Borrower and the Lenders of (A) the implementation of any Benchmark Replacement and (B) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. The Administrative Agent will promptly notify the Borrower of the removal or reinstatement of any tenor of a Benchmark pursuant to Section 2.14(c)(iv). Any determination, decision or election that may be made by the Administrative Agent, the Borrower or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.14(c), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 2.14(c) (or pursuant to the definitions used herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Unavailability of Tenor of Benchmark</u>. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including the Term SOFR Reference Rate) and either (1) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion

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or (2) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not or will not be representative, then the Administrative Agent may modify the definition of "Interest Period" (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (B) if a tenor that was removed pursuant to clause (A) above either (1) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (2) is not, or is no longer, subject to an announcement that it is not or will not be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of "Interest Period" (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Benchmark Unavailability Period</u>. Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, (A) the Borrower may revoke any pending request for a borrowing of, conversion to or continuation of affected SOFR Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a borrowing of or conversion to ABR Loans and (B) any outstanding affected SOFR Loans (to the extent of the affected SOFR Loans or the affected Interest Periods) will be deemed to have been converted to ABR Loans at the end of the applicable Interest Period. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Alternate Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Alternate Base Rate.

SECTION 2.15 <u>Increased Costs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Change in Law shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender or any Issuing Bank,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject any Lender or any Issuing Bank to any Taxes (other than (A) Indemnified Taxes, or (B) Excluded Taxes) with respect to its loans, letters of credit, commitments or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) impose on any Lender or any Issuing Bank any other condition affecting this Agreement or SOFR Loans made by such Lender or any Letter of Credit or participation therein, and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any SOFR Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender or Issuing Bank of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender or Issuing Bank hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender or Issuing Bank, as applicable, such additional amount or amounts as will compensate such Lender or Issuing Bank, as applicable, for such additional costs incurred or reduction suffered.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Lender or Issuing Bank reasonably determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender's or Issuing Bank's capital or on the capital of such Lender's or Issuing Bank's holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that which such Lender or Issuing Bank or such Lender's or Issuing Bank's holding company could have achieved but for such Change in Law (taking into consideration such Lender's or Issuing Bank's policies and the policies of such Lender's or Issuing Bank's holding company with respect to capital adequacy) (it being understood and agreed, however, that a Lender shall not be entitled to make such determination, to the extent that such Lender is not making such determination with respect to loans to borrowers (similarly situated to the Borrower hereunder), or providing such notice to borrowers (similarly situated to the Borrower hereunder), under comparable syndicated credit facilities similar to the credit facilities under this Agreement), then from time to time the Borrower will pay to such Lender or Issuing Bank, as applicable, such additional amount or amounts as will compensate such Lender or Issuing Bank or such Lender's or Issuing Bank's holding company for any such reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A certificate of a Lender or an Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or Issuing Bank or its holding company, as applicable, as specified in Section 2.15(a) or (b) shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender or Issuing Bank, as applicable, the amount shown as due on any such certificate within 15 days after receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Failure or delay on the part of any Lender or Issuing Bank to demand compensation pursuant to this Section 2.15 shall not constitute a waiver of such Lender's or Issuing Bank's right to demand such compensation; <u>provided</u> that the Borrower shall not be required to compensate a Lender or Issuing Bank pursuant to this Section 2.15 for any increased costs or reductions incurred more than 180 days prior to the date that such Lender or Issuing Bank, as applicable, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender's or Issuing Bank's intention to claim compensation therefor; <u>provided</u>, <u>further</u>, that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof.

SECTION 2.16 <u>[Reserved]</u>.

SECTION 2.17 <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any and all payments by or on account of any obligation of any Loan Party hereunder or under any other Loan Document shall be made without deduction or withholding for any Taxes, except to the extent required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such payment, then (i) the applicable withholding agent shall be entitled to make such deduction or withholding and shall pay the full amount deducted or withheld

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to the relevant Governmental Authority in accordance with applicable law, and (ii) to the extent such Tax is an Indemnified Tax, the sum payable by the applicable Loan Party shall be increased as necessary so that after all required deductions and withholdings have been made for Indemnified Taxes (including deductions or withholdings applicable to additional sums payable under this Section 2.17), the Lender (or, in the case of any amount received by the Administrative Agent for its own account, the Administrative Agent) receives an amount equal to the sum it would have received had no such deduction or withholding been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without duplication of other amounts payable by the Borrower under this Section 2.17, the Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without duplication of amounts payable by the Borrower under this Section 2.17, the Loan Parties, jointly and severally, shall indemnify the Administrative Agent and each Lender, within thirty (30) days after written demand therefor, for the full amount of any Indemnified Taxes payable by the Administrative Agent or such Lender (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 2.17), and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender, or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. Notwithstanding anything to the contrary contained in this Section 2.17(c), the Borrower shall not be required to indemnify the Administrative Agent or any Lender pursuant to this Section 2.17(c) for any incremental interest, penalties or expenses resulting from the failure of the Administrative Agent or such Lender to notify the Borrower of such possible indemnification claim within 180 days after the Administrative Agent or such Lender receives written notice from the applicable taxing authority of the specific tax assessment giving rise to such indemnification claim. To the extent the Borrower reasonably believes that such Taxes were not correctly or legally asserted, upon reasonable request by the Borrower, the Administrative Agent or such Lender, as applicable, will use commercially reasonable efforts to cooperate with the Borrower to obtain a refund of such Taxes (which shall be repaid to the Borrower in accordance with, and to the extent provided by, Section 2.17(g) below) so long as such efforts would not, in the sole determination of the Administrative Agent or such Lender, as applicable, result in any additional out-of-pocket costs or expenses not reimbursed by the Borrower or be otherwise disadvantageous to the Administrative Agent or such Lender, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As soon as practicable after any payment of Indemnified Taxes by a Loan Party to a Governmental Authority pursuant to this Section 2.17, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, if any, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) Any recipient that is entitled to an exemption from or reduction of withholding Tax with respect to any payments under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by either of the Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate. In addition, any recipient, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such recipient is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Sections 2.17(e)(ii)(A), (ii)(B) and (ii)(C)) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. Each recipient shall, whenever a lapse in time or change in circumstances renders such documentation (including any specific documentation required below in this Section 2.17(e)) obsolete, expired or inaccurate in any respect, deliver promptly to the Borrower and the Administrative Agent updated or other appropriate documentation (including any new documentation reasonably requested by the Borrower or the Administrative Agent) or promptly notify the Borrower and the Administrative Agent in writing of its ineligibility to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Without limiting the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) each Lender that is a "United States person" within the meaning of Section 7701(a)(30) of the Code shall deliver to the Borrower and the Administrative Agent on or about the date on which such Lender becomes a party to this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent) two (2) duly completed and executed copies of IRS Form W-9, certifying that such Lender is exempt from U.S. federal backup withholding Tax,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) each Foreign Lender shall deliver to the Borrower and the Administrative Agent on or about the date on which such Foreign Lender becomes a party to this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent) two (2) duly signed and properly completed copies of whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) IRS Form W-8BEN or W-8BEN-E, as applicable, claiming eligibility for benefits under an income tax treaty to which the United States is a party,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) IRS Form W-8ECI,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of <u>Exhibit</u> <u>K-1</u> to the effect that such Foreign Lender is not (A) a "bank" within the meaning of Section 881(c)(3)(A) of the Code, (B) a "10-percent shareholder" of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, or (C) a "controlled foreign corporation" related to the Borrower, as described in Section 881(c)(3)(C) of the Code and that no payments under any Loan Document are effectively connected with such Lender's conduct of a U.S. trade or business (a "<u>U.S. Tax Compliance Certificate</u>") and (y) IRS Form W-8BEN or W-8BEN-E, as applicable,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to the extent a Foreign Lender is not the beneficial owner (for example, where the Lender is a partnership or a participating Lender), executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of <u>Exhibit</u> <u>K-2</u> or <u>Exhibit</u> <u>K-3</u>, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; <u>provided</u> that if the Foreign Lender is a partnership and not a participating Lender, and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of <u>Exhibit</u> <u>K</u><u>-4</u> on behalf of such direct and indirect partner(s), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any other documentation prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax duly completed together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) if a payment made to a Lender or the Administrative Agent under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender or the Administrative Agent were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender or the Administrative Agent shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by applicable law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine whether such Lender or the Administrative Agent has complied with such Lender's or the Administrative Agent's obligations under FATCA or to determine the amount, if any, to deduct and withhold from such payment. Solely for purposes of Section 2.17(e)(ii)(C), "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding any other provision of this Section 2.17(e), a Lender shall not be required to deliver any documentation that such Lender is not legally eligible to deliver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each Lender hereby authorizes the Administrative Agent to deliver to the Loan Parties and to any successor of such Administrative Agent any documentation provided by such Lender pursuant to this Section 2.17(e).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) On or before the date the Administrative Agent becomes a party to this Agreement, the Administrative Agent shall provide to the Borrower, two (2) duly signed and properly completed copies of (i) IRS Form W-9, or (ii) IRS Form W-8IMY (with respect to payments received by the Administrative Agent on behalf of a Lender) certifying that it is a "U.S. branch" and that the payments it receives for the account of others are not effectively connected with the conduct of its trade or business within the United States, evidencing its agreement with the Borrower to be treated as a "United States person" within the meaning of Section 7701(a)(30) of the Code with respect to amounts received on account of any Lender (and its agreement with the Borrower to so treat the Administrative Agent as a United States person with respect to such payments as contemplated by Section 1.1441-1(b)(2)(iv) of the United States Treasury Regulations), and IRS Form W-8ECI (with respect to amounts received on its own account). At any time thereafter, the Administrative Agent shall provide updated documentation previously provided (or a successor form thereto) when any documentation previously delivered has become obsolete, expired or inaccurate or otherwise upon the reasonable request of the Borrower. Notwithstanding any other provision of this Section 2.17(f), an Administrative Agent shall not be required to deliver any documentation that the Administrative Agent is not legally eligible to deliver as a result of any Change in Law occurring after the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If the Administrative Agent or a Lender determines, in its sole discretion exercised in good faith, that it has received a refund (whether in cash or as an offset against cash Taxes otherwise due) of any Taxes as to which it has been indemnified (including by the payment of additional amounts) pursuant to this Section 2.17, it shall pay over such refund to the Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section 2.17 with respect to the Taxes giving rise to such refund), net of all reasonable and documented out-of-pocket expenses (including Taxes) of the Administrative Agent or such Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); <u>provided</u> that the Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to the Borrower pursuant to this Section 2.17(g) (<u>plus</u> any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this Section 2.17(g), in no event will the Administrative Agent or any Lender be required to pay any amount to the Borrower or any other Loan Party pursuant to this Section 2.17(g) to the extent that such payment would place the Administrative Agent or such Lender, as applicable, in a less favorable net after-Tax position than the Administrative Agent or such Lender, as applicable, would have been in if the Tax subject to the indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This Section 2.17 shall not be construed to require the Administrative Agent or any Lender to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the Borrower or any other Person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each party's obligations under this Section 2.17 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For purposes of this Section 2.17, the term "Lender" includes the Swingline Lender and any Issuing Bank.

SECTION 2.18 <u>Payments Generally; Pro Rata Treatment; Sharing of Setoffs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) Except with respect to principal of and interest on Loans denominated in an Alternative Currency, the Borrower shall make each payment or prepayment required to be made by it hereunder or under any other Loan Document (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.15 or 2.17, or otherwise) in dollars at or prior to the time expressly required hereunder or under such other Loan Document for such payment (or, if no such time is expressly required, prior to 5:00 p.m., New York City time), on the date when due and (ii) all payments with respect to principal and interest on Loans denominated in an Alternative Currency shall be made in such Alternative Currency not later than the Applicable Time specified by the Administrative Agent on the date when due, in each case, in immediately available funds, without setoff or counterclaim. Any amounts received after such time on any date may, in the reasonable discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its offices at 550 South Tryon St., Charlotte, NC 28202 (or such other office as from time to time the Administrative Agent shall designate by written notice to the Borrower), except payments to be made directly to any Lender, any Issuing Bank or the Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.15, 2.17 and 9.03 shall be made directly to the Persons entitled thereto and payments pursuant to other Loan Documents shall be made to the Persons specified therein. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. Except as otherwise provided in the definition of "Interest Period", if any payment under any Loan Document shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments under each Loan Document shall be made in dollars or, in the case of principal and interest with respect to Loans denominated in an Alternative Currency, the applicable Alternative Currency; <u>provided</u> that, if for any reason, the Borrower is prohibited by law from making any required payment hereunder in an Alternative Currency, the Borrower shall make such payment in dollars in the Dollar Equivalent of the Alternative Currency payment amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) *first*, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) *second*, towards payment of principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to such parties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Lender shall, by exercising any right of setoff or counterclaim or otherwise except as expressly provided in this Agreement, obtain payment in respect of any principal of or interest on any of its Loans or participations in LC Disbursements or Swingline Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and participations in LC Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans and participations in LC Disbursements and Swingline Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and participations in LC Disbursements and Swingline Loans; <u>provided</u> that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this clause (c) shall not be construed to apply to (x) any payment made by the Borrower or any Subsidiary pursuant to and in accordance with the express terms of this Agreement or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements to any assignee or participant, including any payment made or deemed made in connection with Section 2.20, 2.21, 9.02(c) and/or 9.04. The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. For purposes of clause (c)(i) of the definition of "Excluded Taxes," a participation acquired pursuant to this Section 2.18(c) shall be treated as having been acquired on the earlier date(s) on which the applicable Lender acquired the applicable interest in the Commitment(s) or Loan(s) to which such participation relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Banks hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption and in its good faith sole discretion, distribute to the Lenders or the Issuing Banks, as applicable, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the Issuing Banks, as applicable, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.06(a), 2.18(d) or 9.03(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender's obligations under

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such Sections until all such unsatisfied obligations are fully paid. If any Revolving Lender shall fail to make any payment required to be made by it pursuant to Section 2.04(c), 2.05(d) or (e), 2.06(a), 2.18(d) or 9.03(c), then the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, (i) apply any amounts thereafter received by the Administrative Agent for the account of such Revolving Lender and for the benefit of the Administrative Agent, the Swingline Lender or the applicable Issuing Bank to satisfy such Revolving Lender's obligations under such Sections until all such unsatisfied obligations are fully paid, and/or (ii) hold any such amounts in a segregated non-interest bearing account as cash collateral for, and application to, any future funding obligations of such Revolving Lender under such Sections, in the case of each of clauses (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding any contrary provision set forth herein or in any other Loan Document, but subject to any applicable Intercreditor Agreement, all payments made by Loans Parties to the Administrative Agent or the Collateral Agent after any or all of the Obligations under the Loan Documents have been accelerated (so long as such acceleration has not been rescinded) or have otherwise matured, including proceeds of Collateral, shall be applied as follows:

<u>first</u>, to payment of costs, fees, expenses and indemnities of the Administrative Agent and the Collateral Agent payable or reimbursable by the Loan Parties under the Loan Documents;

<u>second</u>, to payment of costs, expenses and indemnities of the Lenders and Issuing Banks payable or reimbursable by the Loan Parties under the Loan Documents;

<u>third</u>, to payment of all accrued unpaid interest on the Loans, Letters of Credit and fees owed to the Lenders and Issuing Banks (whether or not accruing after the filing of any case under the Bankruptcy Code with respect to any Obligations and whether or not a claim for such post-filing or post-petition interest, fees, and charges is allowed or allowable in any such proceeding);

<u>fourth</u>, to payment of that portion of the Obligations constituting unpaid principal of the Loans and Letters of Credit (including to cash collateralize that portion of L/C Exposure comprised of the aggregate undrawn amount of Letters of Credit), the Obligations under Secured Hedge Agreements and Cash Management Obligations under Cash Management Agreements and all other Obligations owing to the Administrative Agent and the other Secured Parties then due and payable; and

<u>fifth</u>, any remainder shall be for the account of and paid to whoever may be lawfully entitled thereto.

In carrying out the foregoing, (i) amounts received shall be applied to each category in the numerical order provided until exhausted prior to the application to the immediately succeeding category, (ii) each of the Lenders or other Persons entitled to payment shall receive an amount equal to its pro rata share of amounts available to be applied pursuant to clauses third, fourth, and fifth above and (iii) no payments by a Guarantor and no proceeds of Collateral of a Guarantor shall be applied to Excluded Swap Obligations of such Guarantor.

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Notwithstanding the foregoing, Obligations arising under Secured Hedge Agreements and Cash Management Obligations shall be excluded from the application described above if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the Administrative Agent may request, from the applicable Qualified Counterparty.

SECTION 2.19 <u>Mitigation Obligations; Replacement of Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Lender gives a notice pursuant to Section 2.14(b), requests compensation under Section 2.15, or if any Loan Party is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate the need to give a notice pursuant to Section 2.14(b), or eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, as applicable, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be materially disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable and documented out-of-pocket costs and expenses incurred by any Lender in connection with any such designation or assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Lender is affected in the manner described in Section 2.14(a) or (b) and as a result thereof any of the actions described in such Section is required to be taken, or if any Lender requests compensation under Section 2.15, or if any Loan Party is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, or if any Lender defaults in its obligation to fund Loans hereunder, then the Borrower may, (x) at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment) or (y) terminate the Commitments of such Lender and repay all Obligations of the Borrower owing (and the amount of all accrued interest and fees in respect thereof) to such Lender relating to the Loans and participations held by such Lender; <u>provided</u> that (i) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in LC Disbursements and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from, in the case of an assignment and delegation, the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts), and in the case of a termination and repayment, the Borrower, and (ii) in the case of any such assignment or termination resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment or termination will result in a material reduction in such compensation or payments thereafter. A Lender shall not be required to make any such assignment and delegation and the Borrower shall not be permitted to make any such termination and repayment if, prior thereto, as a result of a waiver by such Lender or otherwise,

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the circumstances entitling the Borrower to require such assignment and delegation or to make such termination and repayment cease to apply. In connection with any assignment and delegation as described above, if the assignor Lender does not execute and deliver a duly executed Assignment and Assumption reflecting such assignment and delegation within five (5) Business Days of the date on which the assignee Lender executes and delivers such Assignment and Assumption to the assignor Lender, then the assignor Lender shall be deemed to have executed and delivered such Assignment and Assumption without any action on the part of any other party.

SECTION 2.20 <u>Incremental Extensions of Credit</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any time or from time to time after the Closing Date, the Borrower or any Subsidiary Loan Party may, by written notice to the Administrative Agent (each, an "<u>Incremental Loan Request</u>"), elect to request (i) one or more increases to the existing Revolving Credit Commitments, which may be under a new revolving credit facility or may be part of an existing Class of Revolving Credit Commitments (any such increase, the "<u>Incremental Revolving Commitments</u>"); or (ii) prior to the Latest Maturity Date, the establishment of one or more new term loan commitments, which may be under a new term facility, a new delayed draw term loan facility or may be part of an existing Class of Commitments in respect of Term Loans (including delayed draw term loan commitments) ("<u>Incremental Term Commitments</u>", and together with Incremental Revolving Commitments, each, an "<u>Incremental Facility</u>" and collectively, "<u>Incremental Facilities</u>"), in an aggregate principal amount following the Closing Date not to exceed the Maximum Incremental Amount at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the applicable date specified in the applicable Additional Credit Extension Amendment, subject to the satisfaction of the terms and conditions in this Section 2.20 and in the applicable Additional Credit Extension Amendment, (i)(A) each Incremental Term Lender thereunder shall provide an Incremental Term Commitment to the Borrower and/or make a Loan to the Borrower (an "<u>Incremental Term Loan</u>") in an amount equal to its Incremental Term Commitment thereunder, as applicable, and (B) each such Incremental Term Lender shall become a Lender hereunder with respect to the Incremental Term Commitment of such Class and the Incremental Term Loans of such Class made pursuant thereto and (ii)(A) each Incremental Revolving Lender thereunder shall make its Incremental Revolving Commitment thereunder available to the Borrower (when borrowed, an "<u>Incremental Revolving Loan</u>" and collectively with any Incremental Term Loan, "<u>Incremental Extensions of Credit</u>") in an amount equal to its Incremental Revolving Commitment thereunder and (B) each such Incremental Revolving Lender shall become a Lender hereunder with respect to the Incremental Revolving Commitment of such Class and the Incremental Revolving Loans of such Class made pursuant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Incremental Loan Request from the Borrower pursuant to this Section 2.20 shall set forth the requested amount and proposed terms of the relevant Incremental Term Commitments and Incremental Term Loans or Incremental Revolving Commitments. The Incremental Term Commitments and related Incremental Term Loans may be made, and Incremental Revolving Commitments may be provided, by any existing Lender (but the Borrower shall not be required to offer any existing Lender the opportunity to provide all or any portion of any Incremental Facility and no existing Lender will have an obligation to provide all or any portion of any Incremental Facility) or by any Additional Lender (each such existing Lender or Additional Lender providing such Commitment or Loan, an "<u>Incremental Revolving Lender</u>" or

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"<u>Incremental Term Lender</u>", as applicable, and, collectively, the "<u>Incremental Lenders</u>"); <u>provided</u> that the Administrative Agent and, in the case of Incremental Revolving Commitments only, the Swingline Lender and each Issuing Bank, shall have consented (in each case, such consent not to be unreasonably withheld, conditioned or delayed) to any such Additional Lender's providing all or any portion of any such Incremental Facility, to the extent such consent, if any, would be required by such Person under Section 9.04(b) for an assignment of Commitments to such Additional Lender. Except as expressly stated in this clause (c), no consent of any Agent or any Lender or Issuing Bank shall be required in respect of any Incremental Facility. The Borrower may appoint any Person to arrange each Incremental Facility and provide such arranger any titles with respect to such Incremental Facility as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The effectiveness of any Additional Credit Extension Amendment pursuant to this Section 2.20, and the Incremental Facilities thereunder, shall be subject to the satisfaction on the applicable date specified therein (the "<u>Incremental Amendment Date</u>") of each of the following conditions, together with any other conditions set forth in the applicable Additional Credit Extension Amendment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to Section 1.07(f), and solely if and to the extent not waived by the applicable Incremental Lenders providing such Incremental Facilities under such Additional Credit Extension Amendment, immediately after giving effect to such Incremental Facilities, no Event of Default shall exist,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Incremental Term Commitment shall be in an aggregate principal amount that is not less than $1,000,000 and shall be in increments of $500,000 in excess thereof (unless, in each case, the aggregate principal amount represents all remaining availability under the Maximum Incremental Amount),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [reserved], and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to the extent reasonably requested by the applicable Incremental Lenders in writing, receipt by the Administrative Agent of (A) customary legal opinions, (B) board resolutions and officers' certificates (including solvency certificates) consistent with (and in no event more extensive than) those delivered on the Closing Date (conformed as appropriate) and (C) reaffirmation agreements and/or such amendments to the Loan Documents as may be reasonably requested by the arranger of such Incremental Facility in order to ensure that the applicable Incremental Lenders are provided with the benefit of the applicable Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The terms and provisions (including any "most favored nations" provisions) of Commitments and Loans made pursuant to this Section 2.20 shall be, except as otherwise set forth herein (including Section 2.20(f)), on terms and pursuant to documentation as agreed between by the Borrower and the applicable Incremental Lenders providing such Incremental Term Commitments, Incremental Term Loans and/or Incremental Revolving Commitments, as applicable, and, for the avoidance of doubt, no consent shall be required from the Administrative Agent (except to the extent affecting the rights and duties of, or any fees or other amounts payable to, the Administrative Agent) or any other Secured Party; <u>provided</u> that the documentation of the Incremental Facilities consisting solely of Incremental Revolving Commitments shall be as agreed

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between the Borrower and the applicable Incremental Lenders providing such Incremental Facilities, and except as otherwise set forth herein, shall be consistent with the then-existing Class of Revolving Commitments (except for covenants or other provisions that (w) reflect market terms and conditions (taken as a whole) at the time of incurrence (as determined by the Borrower in good faith), (x) are reasonably acceptable to the Administrative Agent, (y) are more favorable than those contained in the Loan Documents and are conformed (or added) for the benefit of the existing Revolving Lenders in the Loan Documents with respect to the Revolving Credit Facility pursuant to the related Additional Credit Extension Amendment (but without the consent of the existing Lenders and Issuing Banks) or (z) are applicable only to periods after the Revolving Maturity Date as of the Incremental Amendment Date); <u>provided</u>, <u>further</u>, that in the case of Incremental Term Commitments or Incremental Revolving Commitments that, in each case, increase an existing Class of Term Loans or Revolving Credit Commitments, the terms, provisions and documentation (other than the Additional Credit Extension Amendment evidencing such increase) of such Incremental Facility shall be the same (other than with respect to upfront fees, OID or similar fees, it being understood that, if required to consummate such Incremental Facility, the interest rate margins and rate floors may be increased, any call protection provision may be made more favorable to the applicable existing Lenders and additional upfront or similar fees may be payable to the lenders providing such Incremental Facility) as that of the Term Loans or Revolving Credit Commitments being increased, in each case, as existing on the Incremental Amendment Date (with, for the avoidance of doubt, no requirement that the Administrative Agent (except to the extent affecting the rights and duties of, or any fees or other amounts payable to, the Administrative Agent) or any other Lender consent to or acknowledge such documentation). In connection with any Incremental Term Loans that constitute part of the same Class as the existing Term Loans, the Borrower and the Administrative Agent shall be permitted to adjust the rate of prepayment in respect of such Class such that the Term Lenders holding the existing Term Loans comprising part of such Class continue to receive a payment that is not less than the same amount that such Term Lenders would have received absent the incurrence of such Incremental Term Loans. In any event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Incremental Term Loans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) (1) shall rank *pari passu* in right of payment with or junior in right of payment to the Initial Term Loans, (2) shall not be guaranteed by any Restricted Subsidiary of the Borrower that is not a Loan Party and (3) shall either be secured by a Lien on the Collateral or unsecured and, if so secured by a Lien on the Collateral shall rank *pari passu* in right of security with the Liens on the Collateral securing the Initial Term Loans or junior in right of security to the Liens on the Collateral securing the Initial Term Loans (and shall be subject to a subordination agreement (if subject to payment subordination) reasonably satisfactory to the Administrative Agent and the Borrower or (if subject to lien subordination) a Junior Lien Intercreditor Agreement),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) except for Extendable Bridge Loans/Interim Debt, as of the Incremental Amendment Date, shall not have a final scheduled maturity date earlier than the Maturity Date of any then-existing Term Loans,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) except for Extendable Bridge Loans/Interim Debt, as of the Incremental Amendment Date, shall have a Weighted Average Life to Maturity not shorter than the remaining Weighted Average Life to Maturity of the then-existing Term Loans,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) shall have an Applicable Rate, and subject to clauses (e)(i)(B) and (e)(i)(C) above, amortization determined by the Borrower and the applicable Incremental Term Lenders,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) shall have fees determined by the Borrower and the applicable arrangers for such Incremental Term Loan, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) may participate (1) on a pro rata basis, less than pro rata basis or greater than pro rata basis in any voluntary prepayments of any Class of Term Loans hereunder, in whole or in part, as selected by the Borrower in its sole discretion and subject to the requirements of Section 2.11 and (2) on a pro rata basis or less than pro rata basis (but not on a greater than pro rata basis (except for prepayments with Net Proceeds from any mandatory prepayment pursuant to Section 2.11(d) made with Refinancing Indebtedness or Replacement Term Loans)) in any mandatory prepayments of Term Loans hereunder; <u>provided</u> that, for the avoidance of doubt, any Declined Proceeds may be paid in respect of such Incremental Term Loans on a greater than pro rata basis (or may be retained by the Borrower in its sole discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Incremental Revolving Commitments and Incremental Revolving Loans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) (1) shall rank *pari passu* in right of payment with or junior in right of payment to the Revolving Loans under the Revolving Commitments, (2) shall not be guaranteed by any Restricted Subsidiary of the Borrower that is not a Loan Party and (3) shall either be secured by a Lien on the Collateral or unsecured and, if so secured by a Lien on the Collateral shall rank *pari passu* in right of security with the Liens on the Collateral securing the Revolving Commitments or junior in right of security to the Liens on the Collateral securing the Revolving Commitments (and shall be subject to a subordination agreement (if subject to payment subordination) reasonably satisfactory to the Administrative Agent and the Borrower or (if subject to lien subordination) a Junior Lien Intercreditor Agreement),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) (1) shall not have a final scheduled maturity date earlier than the Revolving Maturity Date and (2) shall not have any scheduled amortization or mandatory commitment reduction prior to the Revolving Maturity Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) shall provide that the borrowing and repayment (except for (1) payments of interest and fees at different rates on Incremental Revolving Commitments (and related outstandings), (2) repayments required upon the Maturity Date of the Incremental Revolving Commitments and (3) repayments made in connection with a permanent repayment and termination of commitments (in accordance with subclause (E) of this clause (ii))) of Loans with respect to

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Incremental Revolving Commitments after the applicable Incremental Amendment Date shall be made on a pro rata basis or less than a pro rata basis (but not greater than a pro rata basis) with all Revolving Credit Commitments then existing on such Incremental Amendment Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) may be elected to be included as additional participations under the Additional Credit Extension Amendment, subject to (other than in the case of Incremental Revolving Commitments that increase an existing Class of Revolving Credit Commitments) the consent of the Swingline Lender and each Issuing Bank (not to be unreasonably withheld, conditioned or delayed), in which case, on the Incremental Amendment Date all Swingline Loans and Letters of Credit shall be participated on a pro rata basis by all Revolving Lenders in accordance with their percentage of the Revolving Credit Commitments existing after giving effect to such Additional Credit Extension Amendment; <u>provided</u> that such election may be made conditional upon the maturity of one or more other Revolving Credit Commitments; <u>provided</u>, <u>further</u>, that in connection with such election the Swingline Lender and the Issuing Banks may, in their sole discretion and with the consent of the Administrative Agent (not to be unreasonably withheld, conditioned or delayed), agree in the applicable Additional Credit Extension Amendment to increase the Swingline Sublimit or the Letter of Credit Sublimit so long as such increase does not exceed the amount of the additional Revolving Credit Commitments effected by the Incremental Revolving Commitments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) may provide that the permanent repayment of the Revolving Loans with respect to, and termination of, the Incremental Revolving Commitments after the applicable Incremental Amendment Date be made on a pro rata basis or less than pro rata basis with all other Revolving Credit Commitments (but not on a greater than pro rata basis (except for prepayments with Net Proceeds from any mandatory prepayment pursuant to Section 2.11(d) made with Refinancing Indebtedness)),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) shall provide that assignments and participations of Incremental Revolving Commitments and Incremental Revolving Loans shall be governed by the same assignment and participation provisions applicable to Revolving Credit Commitments and Revolving Loans then existing on the applicable Incremental Amendment Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) shall have an Applicable Rate determined by the Borrower and the applicable Incremental Revolving Lenders; <u>provided</u> that the Applicable Rate for an Incremental Revolving Commitment shall be (x) the Applicable Rate for the Class being increased or (y) higher than the Applicable Rate for the Class being increased as long as the Applicable Rate for the Class being increased shall be automatically increased as and to the extent necessary to eliminate such deficiency, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) shall have fees determined by the Borrower and the applicable arrangers of the Incremental Revolving Commitment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Incremental Term Commitments and Incremental Revolving Commitments shall become additional Commitments pursuant to an Additional Credit Extension Amendment, executed by the Borrower, each Incremental Lender providing the respective Commitments, as applicable, and to the extent expressly provided above, the Administrative Agent and, for purposes of any election and/or increase to the Swingline Sublimit or the Letter of Credit Sublimit pursuant to and in accordance with Section 2.20(e)(ii)(D), the Swingline Lender and each Issuing Bank. The Additional Credit Extension Amendment may, without the consent of any other Loan Party, any Agent, Lender or Issuing Bank, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section 2.20, including amendments as deemed necessary by the Administrative Agent in its reasonable judgment to effect any lien or payment subordination and associated rights of the applicable Lenders to the extent any such Incremental Extensions of Credit are to rank junior in right of security or payment or to address technical issues relating to funding and payments. The Borrower will use the proceeds of the Incremental Term Loans and Incremental Revolving Commitments for any purpose not prohibited by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Upon any Incremental Amendment Date on which Incremental Revolving Commitments are effected through an increase to a Class of existing Revolving Credit Commitments pursuant to this Section 2.20, (i) each of the existing Revolving Lenders under such Class shall assign to each of the Incremental Revolving Lenders, and each of the Incremental Revolving Lenders shall purchase from each of the existing Revolving Lenders under such Class, at the principal amount thereof, such interests in the Revolving Loans of such Class outstanding on such Incremental Amendment Date as shall be necessary in order that, after giving effect to all such assignments and purchases, such Revolving Loans will be held by such existing Revolving Lenders and Incremental Revolving Lenders ratably in accordance with their Revolving Credit Commitments of such Class after giving effect to the addition of such Incremental Revolving Commitments to the existing Revolving Credit Commitments of such Class, (ii) each Incremental Revolving Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder shall be deemed, for all purposes, a Revolving Loan and (iii) each Incremental Revolving Lender shall become a Lender with respect to the Revolving Credit Commitments and all matters relating thereto. The Administrative Agent and the Lenders hereby agree that the minimum borrowing and prepayment requirements in this Agreement shall not apply to the transactions effected pursuant to the immediately preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If on or prior to the 12-month anniversary of the Closing Date the initial Effective Yield on any Incremental Term Loans borrowed hereunder exceeds the then applicable Effective Yield on the Initial Term Loans advanced on the Closing Date outstanding at such time by more than 50 basis points (the amount of such excess above 50 basis points being referred to herein as the "<u>Yield Differential</u>") and such Incremental Term Loans meet the following conditions: (i) are incurred utilizing the Incurrence Ratio (for the avoidance of doubt, Incremental Term Loans that are initially incurred under the Fixed Incremental Amount and later reclassified in accordance with this Agreement as having been incurred under the Incurrence Ratio shall not be deemed for purposes of this sentence to have been incurred under the Incurrence Ratio), (ii) are secured by Liens on the Collateral on a *pari passu* basis with the Liens on the Collateral securing the Initial Term Loans and are *pari passu* in right of payment with the Initial Term Loans, (iii) have an outside maturity date that is on or prior to one year after the Latest Maturity Date of the Initial

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Term Loans, (iv) are denominated in Dollars, (v) provide for the payment of interest at a floating rate, (vi) are broadly syndicated term loans and (vii) are incurred for any purpose other than a Permitted Acquisition or any other permitted Investment, then solely to the extent that (1) Lenders holding more than 50% of the aggregate principal amount of the Initial Term Loans advanced on the Closing Date outstanding at such time (<u>provided</u> that the Term Loans held by any Defaulting Lender shall be excluded for purposes of making such determination) have not waived the provisions of this clause (h) (such provisions, the "<u>MFN Protection</u>") and (2) the aggregate principal amount of all Incremental Term Loans that would be subject to the adjustment provided for in this sentence (after giving effect to all other carve-outs thereto) but for this clause (2) exceeds the greater of (x) $20,000,000 and (y) 100.0% of TTM Consolidated EBITDA, the Applicable Rate then in effect for the Initial Term Loans advanced on the Closing Date shall automatically be increased by the Yield Differential (it being agreed that any increase in the Effective Yield of such Initial Term Loans required solely due to the application of a Term SOFR floor or an ABR floor on any Incremental Term Loans shall be effected solely through an increase in (or implementation of, as applicable) any Term SOFR floor or ABR floor applicable to such Initial Term Loans).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Incremental Term Loans made under each increase of an existing Class of Term Loans shall be made by the applicable Lenders participating therein pursuant to the procedures set forth in Sections 2.01 and 2.02 (as may be conformed as necessary or appropriate as reasonably determined by the applicable Incremental Term Lenders and the Borrower) and on the date of the making of such Incremental Term Loans, and notwithstanding anything to the contrary set forth in Sections 2.01 and 2.02, such Incremental Term Loans shall be added to (and form part of) each Borrowing of outstanding Term Loans under the applicable Class of Term Loans on a pro rata basis (based on the relative sizes of the various outstanding Borrowings), so that each Lender under such Class will participate proportionately in each then-outstanding Borrowing of Term Loans of such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To the extent any Incremental Facility shall be denominated in a currency other than dollars, this Agreement and the other Loan Documents shall be amended to the extent necessary or appropriate to provide for the administrative and operational provisions applicable to such currency, in each case as are reasonably satisfactory to the Administrative Agent and the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Notwithstanding anything in this Agreement or any other Loan Document to the contrary, Incremental Term Commitments arranged as delayed draw term loan commitments shall not be included in the calculation of Required Lenders in any determination of whether the Required Lenders have consented to any amendment or waiver with respect to any Term Loans until such delayed draw term loan commitments are fully funded unless, if elected by the Borrower, such delayed draw term loan commitments would have been permitted to be drawn on the date of such determination (determined assuming that the sole condition to borrowing thereunder is sufficient capacity under the Maximum Incremental Amount) or the Required Lenders (calculated without including such commitments) have otherwise agreed that such delayed draw term loan commitments shall be included in the calculation of Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) This Section 2.20 shall supersede any provisions in this Agreement (including Sections 2.18 and 9.02) to the contrary.

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SECTION 2.21 <u>Extended Term Loans and Extended Revolving Credit Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower may at any time and from time to time request that all or a portion of the Term Loans of any Class (an "<u>Existing Term Loan Class</u>") be amended to extend the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of such Term Loans (any such Term Loans which have been so converted, "<u>Extended Term Loans</u>") or that all or a portion of the Revolving Credit Commitments of any Class (an "<u>Existing Revolving Credit Commitment Class</u>") be amended to extend the scheduled termination date(s) thereof (any such Revolving Credit Commitments which have been so converted, "<u>Extended Revolving Credit Commitments</u>") and, in each case, to provide for other terms consistent with this Section 2.21. In order to establish any Extended Term Loans or Extended Revolving Credit Commitments, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders under the Existing Term Loan Class or Existing Revolving Credit Commitment Class, as applicable) (an "<u>Extension Request</u>") setting forth the proposed terms of the Extended Term Loans or Extended Revolving Credit Commitments, as applicable, to be established, which shall be substantially consistent with the Term Loans under the Existing Term Loan Class from which such Extended Term Loans are to be converted or substantially consistent with the Revolving Credit Commitments under the Existing Revolving Credit Commitment Class from which such Extended Revolving Credit Commitments are to be converted, as applicable, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all or any of the scheduled amortization payments of principal of the Extended Term Loans may be delayed to later dates than the scheduled amortization payments of principal of the Term Loans of such Existing Term Loan Class to the extent provided in the applicable Additional Credit Extension Amendment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the yield with respect to the Extended Term Loans or the Extended Revolving Credit Commitments (whether in the form of interest rate margin, upfront fees, original issue discount or otherwise), as applicable, may be different than the yield for the Term Loans of such Existing Term Loan Class or the Revolving Credit Commitments of such Existing Revolving Credit Commitment Class, as applicable, and upfront fees may be paid to the existing Term Lenders or the existing Revolving Lenders, as applicable, in each case, to the extent provided in the applicable Additional Credit Extension Amendment, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Additional Credit Extension Amendment may provide for, (except as to interest rates, fees, amortization, final maturity date, "AHYDO" payments, optional prepayments, premium, required prepayment dates and participation in prepayments, which shall be determined by the Borrower and the applicable lenders providing the Extended Term Loans or the Extended Revolving Credit Commitments and set forth in the relevant Extension Request), at the option of the Borrower, (x) market terms and conditions (taken as a whole) at the time of incurrence or issuance (as determined in good faith by the Borrower) or (y) terms consistent with, or (taken as a whole) terms not materially more favorable to the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable (unless (I) the lenders under the Existing Term Loan Class or the Existing Revolving Credit Commitment Class also receive the benefit of such more restrictive terms or (II) such covenants or other provisions are applicable only to periods after the Maturity Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Extended Term Loans converted pursuant to any Extension Request shall be designated a series of Extended Term Loans for all purposes of this Agreement; <u>provided</u> that, subject to the limitations set forth in Section 2.21(a), any Extended Term Loans converted from an Existing Term Loan Class may, to the extent provided in the applicable Additional Credit Extension Amendment and consistent with the requirements set forth above, be designated as an increase in any previously established Class of Term Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall provide the applicable Extension Request at least five (5) Business Days (or with such shorter period of advance notice as the Administrative Agent may agree in its reasonable discretion) prior to the date on which Lenders under the applicable Existing Term Loan Class or Existing Revolving Credit Commitment Class are requested to respond. No Lender shall have any obligation to agree to have any of its Term Loans of any Existing Term Loan Class or Revolving Credit Commitments of any Existing Revolving Credit Commitment Class converted into Extended Term Loans or Extended Revolving Credit Commitments, as the case may be, pursuant to any Extension Request. Any Lender wishing to have all or a portion of its Term Loans under the Existing Term Loan Class subject to such Extension Request (such Lender an "<u>Extending Term Lender</u>") converted into Extended Term Loans or all or a portion of its Revolving Credit Commitments under the Existing Revolving Credit Commitment Class subject to such Extension Request (such Lender, an "<u>Extending Revolving Lender</u>") converted into Extended Revolving Credit Commitments, as the case may be, shall notify the Administrative Agent (an "<u>Extension Election</u>") on or prior to the date specified in such Extension Request of the amount of its Term Loans under the Existing Term Loan Class or the amount of its Revolving Credit Commitments under the Existing Revolving Credit Commitment Class, as the case may be, which it has elected to request be converted into Extended Term Loans or Extended Revolving Credit Commitments, as the case may be (subject to any minimum denomination requirements reasonably imposed by the Administrative Agent and acceptable to the Borrower). In the event that the aggregate amount of Term Loans under the Existing Term Loan Class or the aggregate amount of Revolving Credit Commitments under the Existing Revolving Credit Commitment Class, as the case may be, subject to Extension Elections exceeds the amount of Extended Term Loans or Extended Revolving Credit Commitments, as the case may be, requested pursuant to an Extension Request, Term Loans of the Existing Term Loan Class or Revolving Credit Commitments of the Existing Revolving Credit Commitment Class, as the case may be, subject to Extension Elections shall be converted to Extended Term Loans or Revolving Credit Commitments, as the case may be, on a pro rata basis based on the amount of Term Loans or Revolving Credit Commitments, as the case may be, included in each such Extension Election (subject to any minimum denomination requirements reasonably imposed by the Administrative Agent and acceptable to the Borrower).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower may, with the consent of each Person providing an Extended Revolving Credit Commitment, the Administrative Agent and any Person acting as swingline lender or issuing bank under such Extended Revolving Credit Commitments, amend this Agreement pursuant to an Additional Credit Extension Amendment to provide for Extended Revolving Credit Commitments and to incorporate the terms of such Extended Revolving Credit Commitments into this Agreement on substantially the same basis as provided with respect to the

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Revolving Credit Commitments (except as otherwise provided herein); <u>provided</u> that (i) the establishment of any such Extended Revolving Credit Commitments shall be accompanied by a corresponding reduction in the Revolving Credit Commitments and (ii) any reduction in the Revolving Credit Commitments may, at the option of the Borrower, be directed to a disproportional reduction of the Revolving Credit Commitments of any Lender providing an Extended Revolving Credit Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Extended Term Loans and Extended Revolving Credit Commitments shall be established pursuant to an Additional Credit Extension Amendment to this Agreement among the Borrower, the Administrative Agent and each Extending Term Lender or Extending Revolving Lender, as the case may be, which shall be consistent with the provisions set forth above (but which shall not require the consent of any other Person other than those consents expressly provided for in this Section 2.21). Each Additional Credit Extension Amendment shall be binding on the Lenders, the Loan Parties and the other parties hereto. In connection with any Additional Credit Extension Amendment, the Loan Parties and the Administrative Agent shall enter into such amendments to the Loan Documents as may be reasonably requested by the Administrative Agent (which shall not require any consent from any Lender other than those consents provided pursuant to this Agreement) in order to ensure that the Extended Term Loans or Extended Revolving Credit Commitments, as the case may be, are provided with the benefit of the applicable Loan Documents and shall deliver such other documents, certificates and opinions of counsel in connection therewith as may be reasonably requested by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If, in connection with any proposed extension pursuant to this Section 2.21, any requested Lender declines to consent to the applicable extension on the terms and by the deadline set forth in the applicable Extension Request (each such other Lender, a "<u>Non-Extending Lender</u>") then the Borrower may, upon notice to the Administrative Agent and the Non-Extending Lender, replace such Non-Extending Lender by (x) causing such Lender to (and such shall be obligated to) assign pursuant to Section 9.04 all of its rights and obligations under this Agreement to one or more assignees or (y) paying down such Non-Extending Lender's Loans on a non-pro rata basis; <u>provided</u> that neither the Administrative Agent nor any Lender shall have any obligation to the Borrower to find a replacement Lender; <u>provided</u>, <u>further</u>, that the applicable assignee shall have agreed to provide Extended Term Loans or Extended Revolving Credit Commitments on terms set forth in such Additional Credit Extension Amendment; <u>provided</u>, <u>further</u>, that all obligations of the Borrower owing to the Non-Extending Lender relating to the existing Term Loans or Revolving Credit Commitments so assigned shall be paid in full by the assignee Lender to such Non-Extending Lender concurrently with such Assignment and Assumption. In connection with any such replacement under this Section 2.21, if the Non-Extending Lender does not execute and deliver to the Administrative Agent a duly completed Assignment and Assumption by the later of (A) the date on which the replacement Lender executes and delivers such Assignment and Assumption and (B) the date as of which all obligations of the Borrower owing to the Non-Extending Lender relating to the existing Term Loans or Revolving Credit Commitments so assigned shall be paid in full by the assignee Lender to such Non-Extending Lender, then such Non-Extending Lender shall be deemed to have executed and delivered such Assignment and Assumption as of such date and the Borrower shall be entitled (but not obligated) to execute and deliver such Assignment and Assumption on behalf of such Non-Extending Lender.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The provisions of this Section 2.21 shall override any provision of this Agreement (including in Section 2.18 and Section 9.02) to the contrary. No conversion of Loans pursuant to any extension in accordance with this Section 2.21 shall constitute a voluntary or mandatory payment or prepayment for purposes of this Agreement.

SECTION 2.22 <u>Defaulting Lenders</u>. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) fees on the unfunded portion of the Revolving Commitment of such Defaulting Lender pursuant to Section 2.12(a) and (ii) any other unused commitment fees shall, in each case, cease to accrue,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Loans, Revolving Commitments, Revolving Exposure, L/C Exposure, other Commitments (including any delayed draw term loan commitments) and/or Swingline Exposure of such Defaulting Lender shall not be included in determining whether the Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 9.02); <u>provided</u> that other than with respect to L/C Exposure or Swingline Exposure, this Section 2.22(b) shall not apply to the vote of a Defaulting Lender to the extent the consent of such Lender would be required under clause (i), (ii), (iii) or (iv) in the proviso to the first sentence of Section 9.02(b),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if any Swingline Exposure or L/C Exposure exists at the time such Lender becomes a Defaulting Lender then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) so long as no Event of Default has occurred and is continuing as to which the Administrative Agent has received written notice from the Borrower or a Revolving Lender, all or any part of the Swingline Exposure and L/C Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders in accordance with their respective Applicable Percentages but only to the extent that (x) the sum of all non-Defaulting Lenders' Revolving Exposures <u>plus</u> such Defaulting Lender's Swingline Exposure and L/C Exposure does not exceed the total of all non-Defaulting Lenders' Revolving Commitments and (y) each non-Defaulting Lender's Revolving Exposure plus its Applicable Percentage of such Defaulting Lender's Swingline Exposure and L/C Exposure does not exceed such non-Defaulting Lender's Revolving Commitment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the reallocation described in subclause (i) above cannot, or can only partially, be effected, the Borrower shall within one (1) Business Day following written notice by the Administrative Agent (x) *first*, prepay such Swingline Exposure and (y) *second*, cash collateralize, for the benefit of the applicable Issuing Bank only, the Borrower's obligations corresponding to such Defaulting Lender's L/C Exposure (after giving effect to any partial reallocation pursuant to subclause (i) above) in accordance with the procedures set forth in Section 2.05(j) for so long as such L/C Exposure is outstanding,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the Borrower cash collateralizes any portion of such Defaulting Lender's L/C Exposure pursuant to subclause (ii) above, the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(b) with respect to such Defaulting Lender's L/C Exposure during the period such Defaulting Lender's L/C Exposure is cash collateralized,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if the L/C Exposure of the non-Defaulting Lenders is reallocated pursuant to subclause (i) above, then the fees payable to the Lenders pursuant to Section 2.12(a) and Section 2.12(b) shall be adjusted in accordance with such non-Defaulting Lenders' Applicable Percentages,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if all or any portion of such Defaulting Lender's L/C Exposure is neither reallocated nor cash collateralized pursuant to subclause (i) or (ii) above, then, without prejudice to any rights or remedies of the applicable Issuing Bank or any other Lender hereunder, all fees that otherwise would have been payable to such Defaulting Lender (solely with respect to the portion of such Defaulting Lender's Revolving Commitment that was utilized by such L/C Exposure) and letter of credit fees payable under Section 2.12(b) with respect to such Defaulting Lender's L/C Exposure shall be payable to the applicable Issuing Bank until and to the extent that such L/C Exposure is reallocated and/or cash collateralized, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) so long as such Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan and none of the Issuing Banks shall be required to issue, amend, extend or increase any Letter of Credit, unless it is satisfied that the related exposure and the Defaulting Lender's then outstanding L/C Exposure will be 100% covered by the Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in accordance with Section 2.22(c), and participating interests in any newly made Swingline Loan or any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.22(c)(i) (and such Defaulting Lender shall not participate therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If (i) a Bankruptcy Event with respect to a parent entity of any Revolving Lender shall occur following the Closing Date and for so long as such event shall continue or (ii) the Swingline Lender or an Issuing Bank has a good faith belief that any Revolving Lender has defaulted in fulfilling its obligations under one or more other agreements in which such Lender commits to extend credit, the Swingline Lender shall not be required to fund any Swingline Loan and such Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless the Swingline Lender or such Issuing Bank, as the case may be, shall have entered into arrangements with the Borrower or such Lender, reasonably satisfactory to the Swingline Lender or such Issuing Bank, as the case may be, to defease any risk to it in respect of such Lender hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event that the Administrative Agent, the Borrower, the Swingline Lender and each Issuing Bank each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Exposure and L/C Exposure of the Revolving Lenders shall be readjusted to reflect the inclusion of such Lender's Revolving Commitment and on such date such Lender shall purchase at par such of the Revolving Loans of the other Revolving Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold Revolving Loans in accordance with its Applicable Percentage (whereupon such Lender shall cease to be a Defaulting Lender); <u>provided</u> that except to the extent expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender having been a Defaulting Lender.

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ARTICLE III

Representations and Warranties

The Borrower represents and warrants (it being understood that the following representations and warranties shall be deemed made with respect to any Foreign Subsidiary only to the extent relevant to such Foreign Subsidiary under applicable law) to the Lenders that:

SECTION 3.01 <u>Organization; Power</u>. Each of Holdings, the Borrower and the other Restricted Subsidiaries (a) is duly organized or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization (to the extent such concept exists in such jurisdiction) except, solely with respect to any Restricted Subsidiary, where the failure to do so, individually or in the aggregate, is not reasonably likely to result in a Material Adverse Effect, (b) except where the failure to do so, individually or in the aggregate, is not reasonably likely to result in a Material Adverse Effect, has the requisite power and authority and all governmental rights, qualifications, approvals, authorizations, permits, accreditations, licenses and franchises material to the business of the Borrower and the other Restricted Subsidiaries, taken as a whole, that are necessary to own its assets, to carry on its business as now conducted and to execute, deliver and perform its obligations under each Loan Document to which it is a party and (c) except where the failure to do so, individually or in the aggregate, is not reasonably likely to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required.

SECTION 3.02 <u>Authorization; Enforceability</u>. This Agreement and the other Loan Documents to be entered into by each Loan Party and the performance by each Loan Party of its obligations under the Loan Documents have been duly authorized by all necessary corporate or other action and, if required, stockholder or other equityholder action. This Agreement has been duly executed and delivered by each of Holdings and the Borrower and constitutes, and each other Loan Document to which any Loan Party is to be a party, when executed and delivered by such Loan Party, will constitute, a legal, valid and binding obligation of Holdings, the Borrower or such other Loan Party, as applicable, enforceable in accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors' rights generally and general principles of equity, regardless of whether considered in a proceeding in equity or at law, (ii) the need for filings and registrations necessary to create or perfect the Liens on the Collateral granted by the Loan Parties in favor of the Collateral Agent for the benefit of the Secured Parties and (iii) the effect of foreign laws, rules and regulations as they relate to pledges of Equity Interests in or Indebtedness owed by Foreign Subsidiaries.

SECTION 3.03 <u>Governmental Approvals; No Conflicts</u>. The entering into and performance of the Loan Documents as in effect on the Closing Date (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except (i) such as have been obtained or made and are in full force and effect, (ii) filings necessary to perfect Liens created under the Loan Documents and (iii) consents, approvals, exemptions,

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authorizations, registrations, filings, permits or actions the failure of which to obtain or perform would not reasonably be expected to have a Material Adverse Effect, (b) will not violate any requirement of law applicable to, or the Organizational Documents of, Holdings, the Borrower or any of the other Restricted Subsidiaries, as applicable, (c) will not violate or result in a default under any indenture or other material agreement or instrument binding upon Holdings, the Borrower or any of the other Restricted Subsidiaries or any of their assets, or give rise to a right thereunder to require any payment to be made by Holdings, the Borrower or any of the other Restricted Subsidiaries or give rise to a right of, or result in, termination, cancellation or acceleration of any material obligation thereunder and (d) will not result in the creation or imposition of any Lien on any asset of Holdings, the Borrower or any of the other Restricted Subsidiaries, except Liens created under the Loan Documents and other Permitted Liens, in the case of each of clauses (a) through (c) above (other than in respect of no violation of Organizational Documents), except as is not reasonably likely to result in a Material Adverse Effect.

SECTION 3.04 <u>Financial Condition; No Material Adverse Effect</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Audited Financial Statements and the Unaudited Financial Statements fairly present, in all material respects, the operating results and the financial position of the Borrower and its Subsidiaries on a consolidated basis on the dates and for the periods indicated in accordance, in all material respects, with GAAP, subject, in the case of the Unaudited Financial Statements, to normal and recurring quarterly and year-end adjustments and the absence of notes and other presentation items and the application of purchase accounting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since December 31, 2024, there has been no event or circumstance, either individually or in the aggregate, that has had a Material Adverse Effect.

SECTION 3.05 <u>Properties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of Holdings, the Borrower and the other Restricted Subsidiaries has good title to, valid leasehold interests in, or rights to use all its real and personal property material to its business, free and clear of all Liens, except for Permitted Liens and minor defects in title that do not interfere in any material respect with its ability to conduct its business or to utilize such properties for their intended purposes, except in each case, where the failure to have such title, interest or right would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of Holdings, the Borrower and the other Restricted Subsidiaries owns, licenses or possesses the right to use all Intellectual Property used in its business, free and clear of all Liens except for Permitted Liens, except to the extent that, individually or in the aggregate, failure to so own, license or possess would not be reasonably likely to result in a Material Adverse Effect. The conduct of the businesses of Holdings, the Borrower and the other Restricted Subsidiaries does not infringe upon, misappropriate or otherwise violate the Intellectual Property rights of any other Person, except for any such infringements that, individually or in the aggregate, are not reasonably likely to result in a Material Adverse Effect. Except as would not be reasonably likely to result in a Material Adverse Effect, each of Holdings, the Borrower and the other Restricted Subsidiaries uses commercially reasonable efforts to protect and maintain its ownership of, and the validity and enforceability of, all Intellectual Property necessary for the operation of its business.

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SECTION 3.06 <u>Litigation and Environmental Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the Closing Date, except as set forth on <u>Schedule</u> <u>3.06</u>, there are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of Holdings, the Borrower or any other Restricted Subsidiary, threatened in writing against Holdings, the Borrower or any other Restricted Subsidiary, including any relating to any Environmental Law, (i) that have a reasonable likelihood of adverse determination and such determination would reasonably be expected to have a Material Adverse Effect or (ii) that involve any Loan Documents or Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except with respect to any matters that, individually or in the aggregate, are not reasonably likely to result in a Material Adverse Effect: (i) Holdings, the Borrower and any other Restricted Subsidiary (A) are in compliance with applicable Environmental Laws, which compliance includes obtaining, maintaining, and complying with any permit, license or other approval required under any Environmental Law, (B) are not subject to any outstanding Environmental Liability and (C) have not received any written claim or notice of violation or of potential responsibility regarding any alleged violation of or liability under any Environmental Law and (ii)(A) there has been no Release of Hazardous Materials at, on, under or from any property currently owned, leased or operated by any of them which would reasonably be expected to result in liability under any Environmental Law on the part of Holdings, the Borrower or any other Restricted Subsidiary and (B) all Hazardous Materials generated, used or stored at, or transported for treatment or disposal from, any properties currently owned, leased or operated by Holdings, the Borrower or any of the other Restricted Subsidiaries have been disposed of by or on behalf of Holdings, the Borrower or any other Restricted Subsidiaries in a manner that would not reasonably be expected to result in liability under any Environmental Law on the part of Holdings, the Borrower or any other Restricted Subsidiary.

SECTION 3.07 <u>Compliance with Laws and Agreements</u>. Each of the Holdings, Borrower and the other Restricted Subsidiaries is in compliance with all requirements of law applicable to it or its property or operations, except where failure to comply, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.

SECTION 3.08 <u>Investment Company Status</u>. None of the Loan Parties is required to be registered as an "investment company" as defined in the Investment Company Act of 1940, as amended.

SECTION 3.09 <u>Taxes</u>. Each of the Borrower and the other Restricted Subsidiaries has timely filed or caused to be filed all federal income and other material Tax returns and reports required to have been filed, taking into account valid extensions thereof, and has paid or caused to be paid all Taxes required to have been paid by it (including in its capacity as a withholding agent), except (a) any Taxes that are being contested in compliance with Section 5.05 or (b) to the extent that the failure to do so is not reasonably likely to result, individually or in the aggregate, in a Material Adverse Effect.

SECTION 3.10 <u>ERISA</u>. No ERISA Event has occurred or is reasonably likely to occur that, when taken together with all other such ERISA Events for which liability is reasonably likely to occur, is reasonably likely to result in a Material Adverse Effect.

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SECTION 3.11 <u>Disclosure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the Closing Date, no written report, financial statement, certificate or other written information furnished by or on behalf of any Loan Party (other than projected financial information, budgets, estimates, pro forma financial information and information of a general economic or industry specific nature) to any Agent or any Lender in connection with the Transactions and the negotiation of this Agreement or delivered by or on behalf of any Loan Party hereunder or any other Loan Document (as modified, updated or supplemented by other information so furnished), when taken as a whole, contains any untrue statement of material fact or omits to state any material fact necessary to make the statements therein (when taken as a whole), in light of the circumstances under which they were made, not materially misleading; <u>provided</u> that with respect to projected and pro forma financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time of preparation and delivery; it being understood that such projections and/or pro forma financial information may significantly vary from actual results and that such variances may be material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the Closing Date, to the knowledge of the Borrower, the information included in the Beneficial Ownership Certification provided on or prior to the Closing Date to any Lender in connection with this Agreement is true and correct in all respects.

SECTION 3.12 <u>Subsidiaries</u>. As of the Closing Date, each Loan Party has no Restricted Subsidiaries that are Material Subsidiaries other than those specifically disclosed on <u>Schedule</u> <u>3.12</u>. <u>Schedule</u> <u>3.12</u> sets forth the name of, and the ownership or beneficial interest of Holdings in, each Subsidiary, including the Borrower, and identifies each Subsidiary that is a Subsidiary Loan Party, in each case, as of the Closing Date.

SECTION 3.13 <u>[Reserved]</u>.

SECTION 3.14 <u>Labor Matters</u>. Except as, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, as of the Closing Date, (i) there are no labor strikes, lockouts or concerted slowdowns against Holdings, the Borrower or any other Restricted Subsidiary pending or, to the knowledge of Holdings, the Borrower or any Restricted Subsidiary, threatened in writing and (ii) the Borrower and the other Restricted Subsidiaries are in compliance with the Fair Labor Standards Act and any other applicable requirements of law dealing with such wage and hour matters.

SECTION 3.15 <u>Solvency</u>. On the Closing Date, immediately after the consummation of the Transactions, Holdings and its Subsidiaries, on a consolidated basis, are Solvent.

SECTION 3.16 <u>Federal Reserve Regulations</u>. No proceeds of any Loan or any Letter of Credit will be used to purchase or carry Margin Stock or to extend credit to others for the purpose of purchasing or carrying Margin Stock. The Borrower is not engaged nor will it engage, principally or as one of its important activities, in the business of purchasing or carrying Margin Stock, or extending credit for the purpose of purchasing or carrying Margin Stock.

SECTION 3.17 <u>[Reserved]</u>.

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SECTION 3.18 <u>[Reserved]</u>.

SECTION 3.19 <u>Patriot Act, Etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent applicable, Holdings, the Borrower and each of their respective Restricted Subsidiaries and their respective officers, directors and employees and, to the knowledge of such Loan Party, its agents (solely in their capacity as such), is in compliance, in all material respects, with (i) Sanctions (including the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 C.F.R. Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto), (ii) applicable portions (if any) of the Patriot Act and (iii) Anti-Corruption Laws. No part of the proceeds of the Loans will be used, directly or, to the knowledge of Holdings, the Borrower and each of their respective Restricted Subsidiaries, indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of any Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) None of Holdings, the Borrower or their Restricted Subsidiaries will directly or, to the knowledge of Holdings, the Borrower or such Restricted Subsidiary, indirectly, (x) use the proceeds of the Loans in violation of Sanctions or (y) otherwise make available such proceeds to any Person for the purpose of financing activities or business of or with any Sanctioned Person, to the extent such activities, businesses or transaction would be prohibited by Sanctions if conducted by a Person organized in the United States or in a European Union member state, or in any Sanctioned Country, except to the extent that such financing would be permissible for a Person required to comply with Sanctions (including pursuant to any applicable exemptions, licenses or other approvals) and (ii) none of Holdings, the Borrower, any Restricted Subsidiary or their respective directors, officers or employees of Holdings, the Borrower or the other Restricted Subsidiaries, and to the knowledge of any such Loan Party or Restricted Subsidiary, any agent of such Loan Party or Restricted Subsidiary, that will act in any capacity in connection with or benefit from the incurrence of any Loans, is a Sanctioned Person.

SECTION 3.20 <u>Security Documents</u>. Except as otherwise contemplated hereby or under any other Loan Documents, the provisions of the Security Documents, together with such filings and other actions required to be taken hereby or by the applicable Security Documents, are effective to create in favor of the Collateral Agent, for the benefit of the Secured Parties, except as otherwise provided hereunder or thereunder, including subject to Permitted Liens, a legal, valid, enforceable and perfected first priority Lien on all right, title and interest of the respective Loan Parties in the Collateral described therein.

Notwithstanding anything herein (including this Section 3.20) or in any other Loan Document to the contrary, neither the Borrower nor any other Loan Party makes any representation or warranty as to (A) the effects of perfection or non-perfection, the priority or the enforceability of any pledge of or security interest in any Equity Interests of any Foreign Subsidiary that is not a Discretionary Guarantor, or as to the rights and remedies of the Agents or any Lender with respect thereto, under foreign law or (B) the pledge or creation of any security interest, or the effects of perfection or non-perfection, the priority or the enforceability of any pledge of or security interest to the extent such pledge, security interest, perfection or priority is not required pursuant to the Collateral and Guarantee Requirement.

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ARTICLE IV

Conditions

SECTION 4.01 <u>Closing Date</u>. Subject to Section 5.15, this Agreement shall not become effective until the date on which each of the following conditions is satisfied (or waived):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall have delivered a certificate from a Responsible Officer of the Borrower certifying that as of the date of this Agreement, (i) no Default or Event of Default shall have occurred and be continuing on and as of the Closing Date immediately after giving effect to the consummation of the Transactions and (ii) immediately after giving effect to the consummation of the Transactions, each of the representations and warranties of the Loan Parties set forth in Article III of this Agreement and in the other Loan Documents shall be true and correct in all material respects, except to the extent that such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date (or, if qualified by "materiality", "Material Adverse Effect" or similar language, in all respects (after giving effect to such qualification)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent shall have received a solvency certificate, dated as of the Closing Date, and signed by a Responsible Officer of the Borrower (immediately after giving effect to the Transactions) substantially in the form attached hereto as <u>Exhibit</u> <u>G</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent shall have received (i) from each Loan Party party hereto an executed counterpart of this Agreement and (ii) a Note executed by the Borrower in favor of each Lender requesting a Note (if any), to the extent such request is made in writing at least three (3) Business Days prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Since December 31, 2024, there shall not have occurred a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Administrative Agent shall have received: (i) a certificate of the secretary or assistant secretary (or equivalent officer) on behalf of each Loan Party dated as of the Closing Date, certifying (A) that attached thereto is a true and complete copy of each Organizational Document of such Loan Party and, with respect to the articles or certificate of incorporation or organization (or similar document) certified (to the extent applicable) as of a recent date by the Secretary of State (or other applicable Governmental Authority) of the state of its organization, (B) that attached thereto is a true and complete copy of resolutions duly adopted by the Board of Directors and/or equityholders, as applicable, of such Loan Party authorizing the execution, delivery and performance of the Loan Documents to which such Loan Party is a party and, in the case of the Borrower, the Borrowings hereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect as of the date of such certificate and (C) as to the incumbency and specimen signature of each officer or authorized person executing any Loan Document or any other document delivered in connection herewith on

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behalf of such Loan Party (together with a certificate of another officer or authorized person as to the incumbency and specimen signature of the officer or authorized person executing the certificate in this clause (f)) and (ii) to the extent available, a certificate as to the good standing of each Loan Party as of a recent date, from such Secretary of State (or other applicable Governmental Authority) of its jurisdiction of organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Administrative Agent and the Arrangers shall have received (or shall receive concurrently with the initial Borrowing hereunder, which may be in the form of an offset against the proceeds of such Borrowing) all fees and reasonable and documented out-of-pocket expenses due and payable on or prior to the Closing Date, including the fees set forth in the Fee Letter and reimbursement or payment of all reasonable and documented out-of-pocket expenses (including fees, charges and disbursements of counsel) required to be reimbursed or paid by any Loan Party hereunder or under any other Loan Document on or prior to the Closing Date, in each case, to the extent invoiced at least three (3) Business Days prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Administrative Agent shall have received, by the Closing Date, all documentation and other information required by regulatory authorities concerning the Loan Parties under applicable "know your customer" and anti-money laundering rules and regulations, including the Patriot Act and, with respect to the Borrower to the extent that it qualifies as a "legal entity customer" thereunder, the Beneficial Ownership Regulation, in each case, to the extent requested by the Administrative Agent in writing within a reasonable time period prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Administrative Agent shall have received the Audited Financial Statements and the Unaudited Financial Statements (and the Administrative Agent hereby acknowledges receipt of same).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Administrative Agent shall have received, on behalf of the Lenders, a customary written opinion from each of (i) Kirkland & Ellis LLP, as counsel for the Loan Parties, and (ii) Gordon Rees Scully Mansukhani LLP, as special Colorado counsel for the Loan Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) All existing Indebtedness of the Borrower and the Restricted Subsidiaries under the Existing Credit Agreement shall be repaid in full, all commitments (if any) in respect thereof shall have been terminated and all guarantees therefor and security therefor shall be released, and the Administrative Agent shall have received pay-off letters in form and substance reasonably satisfactory to it evidencing such repayment, termination and release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Administrative Agent shall have received a Borrowing Request in accordance with the requirements hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Collateral Agent shall have received (i) from each Loan Party, a counterpart of the Collateral Agreement duly executed and delivered on behalf of such Loan Party, (ii) a Uniform Commercial Code financing statement for each Loan Party in a form acceptable for filing in the jurisdiction of organization for such Loan Party and (iii) from each Loan Party party thereto, a counterpart of any Intellectual Property Security Agreement required under the Collateral Agreement to be delivered on the Closing Date duly executed and delivered on behalf of such Loan Party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Administrative Agent shall have received, in each case in form and substance reasonably satisfactory to the Administrative Agent, evidence of property and general liability insurance covering each Loan Party satisfying the requirements of Section 5.07(a).

The Administrative Agent shall notify the Borrower and the Lenders of the Closing Date, and such notice shall be conclusive and binding. For purposes of determining compliance with the conditions specified in this Section 4.01, each Agent and each Lender as of the Closing Date shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required hereunder to be consented to or approved by or acceptable or satisfactory to each Agent or each Lender unless the Administrative Agent shall have received written notice from such Agent or such Lender prior to the Closing Date specifying its objection thereto.

SECTION 4.02 <u>Each Credit Event</u>. The obligation of each Lender to honor any Borrowing Request and of any Issuing Bank to issue, increase, renew or extend any Letter of Credit (other than (x) with respect to an Incremental Facility, (y) on the Closing Date or (z) a Borrowing Request requesting only a conversion of Loans to the other Type or a continuation of SOFR Loans), is subject to satisfaction (or waiver) of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Immediately after giving effect thereto, each of the representations and warranties of the Loan Parties set forth in Article III of this Agreement and in the other Loan Documents shall be true and correct in all material respects, except to the extent that such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date (or, if qualified by "materiality", "Material Adverse Effect" or similar language, in all respects (after giving effect to such qualification)); <u>provided</u> that in connection with a LCT Election, this condition shall be tested as of the LCT Test Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Default or Event of Default shall exist immediately after giving effect thereto or from the application of the proceeds thereof; <u>provided</u> that in connection with a LCT Election, this condition shall be tested as of the LCT Test Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent and, if applicable, the applicable Issuing Bank, shall have received a Borrowing Request or Letter of Credit request, as the case may be, in accordance with the requirements hereof.

After the Closing Date (other than with respect to an Incremental Facility), each Borrowing (<u>provided</u> that a conversion or continuation of a Borrowing shall not constitute a "Borrowing" for purposes of this Section 4.02) and each issuance, increase, renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in Sections 4.02(a) and (b), as applicable.

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ARTICLE V

Affirmative Covenants

Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees, expenses and other amounts payable under any Loan Document shall have been paid in full (other than contingent indemnification obligations as to which no claim has been asserted and obligations and liabilities under Cash Management Agreements and Secured Hedge Agreements) and all Letters of Credit shall have expired or terminated (other than Letters of Credit that have been cash collateralized or as to which arrangements reasonably satisfactory to the applicable Issuing Bank that issued such Letters of Credit shall have been made), each of the Borrower (on behalf of itself and the other Restricted Subsidiaries) and, prior to a Qualified IPO, Holdings (with respect to Section 5.13), as applicable, covenants and agrees with the Lenders that:

SECTION 5.01 <u>Financial Statements and Other Information</u>. The Borrower will furnish to the Administrative Agent (for distribution to each Lender):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within 120 days after the end of the fiscal year of Borrower ending December 31, 2025 and after the end of each fiscal year ending after the Closing Date (or, if earlier, the date that is five (5) Business Days after the reporting date for such information required by the SEC, including after giving effect to any extension pursuant to any securities law, including pursuant to Rule 12b-25 of the Securities Exchange Act of 1934), audited annual consolidated financial statements of Borrower and its Subsidiaries (including a balance sheet, statement of income or operations and statement of cash flows and members' equity) as of the end of and for such fiscal year, and the related notes thereto, setting forth, in the case of each fiscal year ending after the Closing Date, in comparative form the figures for the previous fiscal year, all audited and accompanied by a report and opinion of any independent certified public accountant of nationally or regionally recognized standing, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any qualification as to "going concern" or as to the scope of such audit (in each case, other than any such qualification that is solely with respect to, or resulting from, (w) an upcoming maturity date under the Facilities or other Indebtedness, (x) any potential or actual inability to satisfy a financial maintenance covenant (including the Financial Covenant), (y) the activities, operations, financial results, assets or liabilities of any Unrestricted Subsidiary or (z) changes in accounting principles or practices reflecting changes in GAAP and required by the Borrower's independent certified public accountants, except to the extent such changes are required as a result of a mistake or error by the Borrower or its Subsidiaries), but which may contain an explanatory note or emphasis of the matter paragraph,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) within 60 days after the end of each fiscal quarter of Borrower ending after the Closing Date (or, if earlier, the date that is five (5) Business Days after the reporting date for such information required by the SEC, including after giving effect to any extension pursuant to any securities law, including pursuant to Rule 12b-25 of the Securities Exchange Act of 1934), unaudited quarterly consolidated financial statements of Borrower and its Subsidiaries (consisting of a balance sheet, statement of income or operations and a statement of cash flows) as of the end of and for such fiscal quarter and the then-elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods (or, in the case of the balance sheet, as of the end of such period) of the previous fiscal year, all in reasonable detail and certified by a Responsible Officer of the Borrower as presenting fairly in all material respects the financial position and results of operations of Borrower and its Subsidiaries on a consolidated basis in accordance in all material respects with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes (<u>provided</u> that the unaudited quarterly consolidated financial statements of Borrower and its Subsidiaries for the fourth fiscal quarter of any fiscal year shall be solely for informational purposes),

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) prior to the Qualified IPO, within 90 days after the end of the fiscal year of Borrower ending December 31, 2025 and after the end of each fiscal year ending after the Closing Date, reasonably detailed forecasts along with written assumptions prepared by management of the Borrower (including a projected consolidated balance sheet and statements of income or operations and cash flow of Borrower and its Subsidiaries) on an annual basis for the fiscal year following such fiscal year then ended, which forecasts shall be prepared in good faith on the basis of assumptions believed to be reasonable at the time of preparation thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no later than five (5) Business Days (or, prior to the occurrence of the Leverage Covenant Toggle Date, with respect to the calculation of Consolidated EBITDA included in the Compliance Certificate, twelve (12) Business Days) after the delivery of the financial statements referred to in Section 5.01(a) for each fiscal year and Section 5.01(b) for each fiscal quarter of each fiscal year (i) commencing with the delivery of the annual audited financial statements with respect to the fiscal year ending December 31, 2025, a duly completed Compliance Certificate substantially in the form of <u>Exhibit</u> <u>F</u> hereto, signed by a Responsible Officer of the Borrower (<u>provided</u> that the Compliance Certificate required to be delivered for the fourth fiscal quarter of any fiscal year in connection with the delivery of the financial statements referred to in Section 5.02(b) shall be not be used for purposes of testing compliance with the Financial Covenant) and (ii) prior to the Qualified IPO, a customary management discussion and analysis; <u>provided</u> that such Compliance Certificate delivered with or following the delivery of the financial statements referred to in Section 5.01(a) for each fiscal year shall include a schedule setting forth updates to the schedules to the Collateral Agreement delivered on the Closing Date (or the prior annual Compliance Certificate or other most recent disclosure of such information to the Administrative Agent in writing, as applicable) solely with respect to information not otherwise previously disclosed in writing to the Administrative Agent from time to time prior to the delivery of such Compliance Certificate, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) simultaneously with the delivery of each set of consolidated financial statements referred to in Sections 5.01(a) and (b), the related unaudited consolidating financial statements reflecting the adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) from such consolidated financial statements.

Any financial statements required to be delivered pursuant to Sections 5.01(a) and (b) shall not be required to contain all purchase accounting adjustments relating to the Transactions or any other transactions permitted hereunder to the extent it is not practicable to include any such adjustments in such financial statements. Following the consummation of an acquisition in the applicable period, the obligations in Section 5.01(a) or (b) with respect to the target of such acquisition may be satisfied by, at the option of the Borrower, furnishing financial statements for the target of such acquisition for the applicable period (which target financial statements, for the avoidance of doubt, need not be GAAP compliant for the Test Period in which such target is acquired).

Notwithstanding the foregoing, the obligations referred to in Sections 5.01(a) and (b) may be satisfied with respect to financial information of Borrower and its Subsidiaries by furnishing the applicable financial statements of any direct or indirect parent of Borrower, or Borrower's or such parent's Form 8-K, 10-K or 10-Q, as applicable, filed with the SEC, in each case, within the time periods specified in Sections 5.01(a) and (b), as applicable; <u>provided</u> that, to the extent such

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information relates to a direct or indirect parent of Borrower, if and for so long as such parent will have independent assets or operations, such information is accompanied by consolidating information (which need not be audited) that explains in reasonable detail the material differences between the information relating to such parent, on the one hand, and the information relating to Borrower and its consolidated Subsidiaries on a stand-alone basis, on the other hand.

Documents required to be delivered pursuant to Section 5.01 may, at the Borrower's option, be delivered electronically or by posting such documents electronically, and if so delivered or posted, such documents shall be deemed to have been delivered on the date on which the Borrower delivers such documents or posts such documents on the Borrower's website or another public website (including EDGAR or any successor system thereto) to which the Borrower may so direct; <u>provided</u> that upon the reasonable request of the Administrative Agent or the Collateral Agent with respect to any specific document so delivered or posted electronically, the Borrower shall promptly deliver a physical copy of such document. Without limiting the foregoing, the Borrower may satisfy its obligation to deliver any report or other information hereunder at any time by filing such information with the SEC and providing written notice (which notice may be by facsimile or electronic mail) to the Administrative Agent that such information has been filed.

To the extent any report or other information under this Section 5.01 is not delivered within the time periods specified under this Section 5.01 and such report or other information is subsequently delivered prior to the time such failure results in an Event of Default due to the Borrower's failure to deliver such report or other information within such requisite time periods, the Borrower will be deemed to have satisfied its obligations under this Section 5.01 and any Default with respect to its obligations under this Section 5.01 (and any other Default or Event of Default arising as a result thereof) shall be deemed to have been cured.

SECTION 5.02 <u>Notices of Material Events</u>. The Borrower will furnish to the Administrative Agent (for distribution to each Lender), written notice of the following promptly after obtaining actual knowledge thereof to the extent not previously disclosed to the Administrative Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the occurrence of any Default or Event of Default; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against the Borrower or any of its Restricted Subsidiaries, including any relating to any Environmental Law, that has resulted, or as to which there is a reasonable likelihood of an adverse determination and that, if adversely determined, would reasonably be expected to result, in a Material Adverse Effect.

Each notice delivered under this Section 5.02 shall be accompanied by a statement of a Responsible Officer or other executive officer of the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.

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SECTION 5.03 <u>Information Regarding Collateral</u><u>; Loan Parties and Restricted Subsidiaries</u>. The Borrower will furnish to the Collateral Agent prompt written notice of (but in no event later than 60 days (or such later date as the Collateral Agent may agree in its reasonable discretion) following) any change in (a) any Loan Party's legal name, (b) the jurisdiction of incorporation or organization of any Loan Party or (c) any Loan Party's organizational identification number to the extent required in order to file a Uniform Commercial Code financing statement with respect to such Loan Party, and in connection therewith, will take all action reasonably requested by the Collateral Agent to maintain the perfection and priority of the security interest of the Collateral Agent in the Collateral in accordance with the Collateral and Guarantee Requirement. In addition, the Borrower will furnish promptly to the Administrative Agent (i) such additional information regarding the business, legal, financial or corporate affairs of any Loan Party or any Restricted Subsidiary as the Administrative Agent or any Lender through the Administrative Agent may from time to time reasonably request and (ii) information and documentation reasonably requested by the Administrative Agent (including on behalf of any Lender) for purposes of compliance with applicable "know your customer" and anti-money laundering rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation (to the extent applicable); <u>provided</u> that none of Holdings, the Borrower or any Subsidiary will be required to disclose or permit the inspection or discussion of, any document, information or other matter (i) that constitutes trade secrets or confidential proprietary information, (ii) in respect of which disclosure to any Agent or any Lender (or their respective representatives) is prohibited by law, fiduciary duty or binding agreement (not entered into in contemplation of this provision) or (iii) that is subject to any privilege (including attorney-client or similar privilege) or constitutes attorney work product.

SECTION 5.04 <u>Existence; Conduct of Business</u>. The Borrower will, and will cause each of the other Restricted Subsidiaries to, do or cause to be done all things reasonably necessary to preserve, renew and keep in full force and effect its legal existence and the rights, qualifications, permits, approvals, authorizations, licenses, franchises, and Intellectual Property which are necessary and material to the conduct of its business, except, other than in the case of maintaining legal existence, as would not reasonably be expected to result in a Material Adverse Effect; <u>provided</u> that the foregoing shall not prohibit any merger, consolidation, liquidation, dissolution or transaction permitted under Article VI.

SECTION 5.05 <u>Payment of Taxes</u>. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, the Borrower will, and will cause each of its Restricted Subsidiaries to, pay its material Tax liabilities before the same shall become delinquent or in default (including in its capacity as a withholding agent), except where (a) the validity or amount thereof is being contested in good faith by appropriate actions and (b) the Borrower or such Restricted Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP.

SECTION 5.06 <u>Maintenance of Properties</u>. Except if the failure to do so would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, the Borrower will, and will cause each of its Restricted Subsidiaries to, keep and maintain all property material to the conduct of its business in good working order and condition, casualty, condemnation and ordinary wear and tear excepted; <u>provided</u> that this Section 5.06 shall not prohibit the Borrower and its Subsidiaries from consummating any transaction otherwise permitted hereunder.

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SECTION 5.07 <u>Insurance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule 5.07 sets forth a description of all insurance maintained by or on behalf of the Loan Parties as of the Closing Date. The Borrower will, and will cause each of its Restricted Subsidiaries to, maintain, with financially sound and reputable (in the good faith judgment of the management of the Borrower) insurance companies (which may include self-insurance) at the time the relevant coverage is placed or renewed, insurance with respect to its properties and business against loss or damage of such type and in such amounts and against such risks as are customarily maintained by companies of established repute engaged in the same or similar businesses operating in the same or similar locations (in each case, in the good faith judgment of the management of the Borrower). The Borrower will deliver to the Administrative Agent upon reasonable written request of the Administrative Agent, but in any event, which request may not be made more than one (1) time per fiscal year (so long as the Administrative Agent otherwise has proof of valid insurance on file), information in reasonable detail as to the insurance so maintained. Subject to Section 5.15, such insurance to the extent constituting property or general liability insurance shall name the Collateral Agent as additional insured or lender loss payee, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary contained herein, if any improved portion of any Mortgaged Property is at any time located in an area identified by the Federal Emergency Management Agency (or any successor agency) as a special flood hazard area with respect to which flood insurance has been made available under the Flood Insurance Laws, then the Borrower shall, or shall cause the applicable Loan Party to (i) to the extent required pursuant to the Flood Insurance Laws, maintain, or cause to be maintained, with a financially sound and reputable insurer (determined at the time such insurance is obtained), flood insurance in an amount and otherwise sufficient to comply with all applicable rules and regulations promulgated pursuant to such Flood Insurance Laws and (ii) deliver to Administrative Agent evidence of such compliance in form and substance reasonably acceptable to Administrative Agent.

SECTION 5.08 <u>ERISA Events</u>. The Borrower will, and will cause each of its Restricted Subsidiaries to, furnish to the Administrative Agent (for distribution to each Lender), written notice describing the following events promptly after obtaining actual knowledge thereof to the extent not previously disclosed to the Administrative Agent: any ERISA Event has occurred that, when taken together with all other such ERISA Events, is reasonably likely to result in a Material Adverse Effect.

SECTION 5.09 <u>Books and Records; Inspection Rights</u>. The Borrower will, and will cause each of its Restricted Subsidiaries to, keep proper books of record and account in which true and correct entries are made of all dealings and transactions in relation to its business and activities in all material respects. Solely at the request of the Required Lenders, the Borrower will, and will cause each of its Restricted Subsidiaries to, permit any representatives designated by the Administrative Agent, upon reasonable prior written notice, to visit and visually inspect its properties (subject to the rights of lessees or sublessees thereof and subject to any restrictions or limitations in the applicable lease, sublease or other written occupancy arrangement pursuant to which the Borrower or any other Restricted Subsidiary is a party) during normal business hours, to examine and make extracts from its corporate, financial and operating books and records, including any available environmental assessment reports, including any Phase I or Phase II

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environmental site assessments, and to discuss its affairs, finances and accounts with its officers and independent accountants (<u>provided</u> that the Borrower shall be provided the opportunity to participate in any such discussions with its independent accountants), upon reasonable prior notice and during normal business hours, but not more than once in any twelve (12) month period absent the existence of an Event of Default and only one (1) such time shall be at the Borrower's expense absent the existence of an Event of Default; <u>provided</u> that only the Administrative Agent on behalf of the Lenders may exercise rights under this Section 5.09. Notwithstanding the foregoing or anything else to the contrary in this Agreement, (1) none of Holdings, the Borrower or any other Subsidiary will be required to disclose or permit the inspection or discussion of, any document, information or other matter (i) that constitutes trade secrets or confidential proprietary information, (ii) in respect of which disclosure to any Agent or any Lender (or their respective representatives) is prohibited by law, fiduciary duty or binding agreement or (iii) that is subject to any privilege (including attorney-client or similar privilege) or constitutes attorney work product, and (2) the Lenders, the Administrative Agent and the Issuing Banks shall not be permitted to conduct any environmental sampling or testing of any environmental media or building materials in connection with the inspection rights provided under this Section 5.09.

SECTION 5.10 <u>Compliance with Laws</u>. The Borrower will, and will cause each of its Restricted Subsidiaries to comply with all requirements of law, including (x) Environmental Laws, applicable to it or its property and (y) the Outbound Investment Rules, in each case, except where the failure to do so, individually or in the aggregate, is not reasonably likely to result in a Material Adverse Effect.

SECTION 5.11 <u>Use of Proceeds and Letters of Credit</u>. The proceeds of the Initial Term Loans, the Revolving Loans, the Swingline Loans and the Letters of Credit will be used only for the purposes described in the recitals to this Agreement. No part of the proceeds of any Loan or Letter of Credit will be used to purchase or carry Margin Stock or to extend credit to others for the purpose of purchasing or carrying Margin Stock. No part of the proceeds of any Borrowing or any Letter of Credit will be used, directly or, to the knowledge of the Borrower, indirectly, (a) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (b) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, to the extent such activities, businesses or transaction would be prohibited by Sanctions if conducted by a Person organized in the United States, except to the extent specifically or generally licensed by OFAC (or otherwise authorized by OFAC or any other applicable Governmental Authority) or (c) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

SECTION 5.12 <u>Additional Subsidiaries; Succeeding Holdings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any additional Restricted Subsidiary (other than an Excluded Subsidiary) is formed or acquired after the Closing Date or if any Excluded Subsidiary that is not a Subsidiary Loan Party ceases to qualify as an Excluded Subsidiary, the Borrower will, within ninety (90) days (or such longer period as the Administrative Agent may agree in its reasonable discretion) after the date such Restricted Subsidiary has been formed or acquired (or the date on which such Subsidiary ceases to constitute an Excluded Subsidiary), notify the Collateral Agent and the Lenders (through the Administrative Agent) thereof and within such ninety (90)-day period (or such longer period as the Administrative Agent may agree) cause the Collateral and Guarantee Requirement to be satisfied with respect to such Subsidiary and with respect to any Equity Interest in or Indebtedness of such Subsidiary owned by or on behalf of any Loan Party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the addition of a Succeeding Holdings, the Borrower will notify the Collateral Agent and the Lenders (through the Administrative Agent) thereof and within forty-five (45) days (or such longer period as the Administrative Agent may agree in its reasonable discretion) after such Succeeding Holdings is formed or acquired cause the Collateral and Guarantee Requirement to be satisfied with respect to such Succeeding Holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, after the Closing Date, any Loan Party acquires any Material Real Property (other than an Excluded Asset), the Borrower shall promptly notify the Administrative Agent thereof and shall, or shall cause the applicable Loan Party, to satisfy the Collateral and Guarantee Requirement with respect to such Material Real Property within one-hundred-twenty (120) days of such acquisition (or such longer period as the Administrative Agent may agree in sole discretion).

SECTION 5.13 <u>Further Assurances</u>. Each of Holdings, each Succeeding Holdings and the Borrower will, and will cause each Subsidiary Loan Party to, execute any and all further documents, financing statements, agreements and instruments, and take all such further actions (including the filing and recording of financing statements and other documents), which may be required under any applicable law, or which the Administrative Agent or the Required Lenders may reasonably request, to cause the Collateral and Guarantee Requirement to be and remain satisfied, all at the expense of the Loan Parties in accordance with Section 9.03.

SECTION 5.14 <u>Designation of Subsidiaries</u>. The Borrower may at any time after the Closing Date designate any other Restricted Subsidiary as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; <u>provided</u> that (a) immediately after such designation, no Specified Default shall have occurred and be continuing immediately after giving effect thereto and (b) no Subsidiary may be designated as an Unrestricted Subsidiary if, after such designation, it would be a "Restricted Subsidiary" for the purpose of any Specified Indebtedness or any Permitted Refinancing thereof; <u>provided</u>, <u>further</u>, that to the extent that any Restricted Subsidiary owns, or holds exclusive licenses or rights to, any Material Intellectual Property, the Borrower shall not be permitted to designate such Restricted Subsidiary as an Unrestricted Subsidiary (it being understood that this proviso shall solely be tested at the time of such designation). Notwithstanding anything to the contrary in this Agreement, no Loan Party or any of its Restricted Subsidiaries shall (whether by Investment, Restricted Payment, disposition or otherwise) transfer any ownership right in, or exclusive license or exclusive right of use to, any Material Intellectual Property to any Unrestricted Subsidiary (including by transferring any Equity Interests of Holdings, the Borrower or any of their Restricted Subsidiaries to an Unrestricted Subsidiary). The designation of any Subsidiary as an Unrestricted Subsidiary after the Closing Date shall constitute an Investment by the Borrower therein at the date of designation in an amount equal to the Fair Market Value of such Investment at the date of designation. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute (I) the incurrence at the time of designation of any Indebtedness or Liens of such Subsidiary existing at such time and (II) a return on any Investment by the Borrower in Unrestricted Subsidiaries pursuant to the preceding sentence in an amount equal to the Fair Market Value of such Investment in such Subsidiary. Notwithstanding the foregoing, the Borrower shall not constitute an Unrestricted Subsidiary.

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SECTION 5.15 <u>Post-Closing Matters</u>. The Borrower will, and will cause each of its Restricted Subsidiaries to execute and deliver the documents and complete the tasks set forth on Schedule 5.15 as soon as commercially reasonable and by no later than the date set forth in Schedule 5.15; <u>provided</u> that the Administrative Agent may, in its reasonable judgment, grant extensions of time for compliance with or exceptions to the provisions of this Section 5.15. All conditions precedent, covenants and representations and warranties contained in this Agreement and the other Loan Documents shall be deemed modified to the extent necessary to effect the foregoing (and to permit the taking of the actions described in this Section 5.15 and on Schedule 5.15 within the time period required by this Section 5.15 (as may be extended)), rather than as elsewhere provided in this Agreement or any other Loan Document.

SECTION 5.16 <u>Lender Calls</u>. Commencing with the fiscal quarter of the Borrower ending March 31, 2026 and continuing until the fiscal quarter of the Borrower immediately prior to the fiscal quarter in which a Qualified IPO is consummated, and solely at the request of Administrative Agent, the Borrower shall participate in quarterly lender calls following the delivery of a Compliance Certificate referred to in Section 5.01(d) for each fiscal quarter of each fiscal year (which lender calls shall be at a time and place mutually agreed by Borrower and the Administrative Agent).

SECTION 5.17 <u>Fiscal Year</u>. The Borrower will, and will cause each Restricted Subsidiary to maintain its fiscal year end as December 31 until the Administrative Agent receives prior written notice of its intent to change its fiscal year. Upon such prior written notice, the Borrower and the Administrative Agent will, and are hereby authorized by the Lenders to, make any amendments to this Agreement that are necessary, in the judgment of the Administrative Agent and the Borrower, to reflect such change in fiscal year.

SECTION 5.18 <u>Transactions with Affiliates</u>. The Borrower will not, and will not permit any other Restricted Subsidiary to, sell, lease, transfer or otherwise dispose of any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, involving aggregate payments or consideration in excess of the greater of (x) $2,000,000 and (y) 10.0% of TTM Consolidated EBITDA for any individual transaction or series of related transactions, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transactions that are at prices and on terms and conditions, taken as a whole, not materially less favorable to the Borrower or such other Restricted Subsidiary as would be obtainable on an arm's-length transaction basis from unrelated third parties other than an Affiliate,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) transactions between or among the Borrower and the Restricted Subsidiaries (including any Person that becomes a Restricted Subsidiary as a result of a transaction or series of transactions permitted under Articles V and Article VI other than by reference to this Section 5.18),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Indebtedness permitted under Sections 6.01,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Investment permitted under Section 6.04,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Restricted Payment or prepayment, redemption, defeasance, repurchase or other retirement of Specified Indebtedness permitted under Section 6.08,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (i) so long as no Specified Default has occurred and is continuing, the payment of management, monitoring, consulting, advisory and other fees (including transaction and termination fees) in the maximum amount permitted pursuant to the Management Agreement as in effect on the Closing Date; <u>provided</u> that, upon the occurrence and during the continuance of a Specified Default, such amounts described in this clause (f) may accrue, but may not be payable in cash during such period, but all such accrued amounts may be paid in cash upon the cure or waiver of such Specified Default; (ii) indemnifications and reimbursement of expenses, in each case, pursuant to the Management Agreement; and (iii) the payment of indemnities and reasonable expenses of the Sponsor related to Borrower and its Subsidiaries or the Management Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any lease entered into between the Borrower or any other Restricted Subsidiary, as lessee, and any of the Affiliates of the Borrower or entity controlled by such Affiliates (including any Unrestricted Subsidiary), as lessor, which is approved in good faith by the Board of Directors of the Borrower,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Borrower or any of the other Restricted Subsidiaries may pay, or may pay cash dividends to enable Holdings to pay, (i) so long as no Specified Default has occurred and is continuing, the management, consulting, advisory, incentive or similar fees payable to the Permitted Holders and fees in respect of any financings, acquisitions or dispositions with respect to which any Permitted Holder acts as an adviser to Holdings, the Borrower or any other Restricted Subsidiary and (ii) indemnities and expense reimbursements payable to the Permitted Holders; <u>provided</u> that any fees not paid under Section 5.18(h)(i) while an Event of Default has occurred and is continuing shall be deferred and may be paid when no such Event of Default exists or would arise as a result of such payment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any contribution to the capital of the Borrower directly or indirectly by the Permitted Holders or any purchase of Equity Interests of the Borrower by the Permitted Holders not prohibited by this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the payment of reasonable fees to directors of the Borrower or any Restricted Subsidiary who are not employees of the Borrower or any Restricted Subsidiary, and compensation and employee benefit plans and arrangements paid to, and indemnities provided for the benefit of, directors, officers, consultants or employees of the Borrower or any Restricted Subsidiary in the ordinary course of business,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any issuances of Equity Interests, securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment agreements, stock options and stock ownership plans approved by the Borrower's Board of Directors (or a committee thereof),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) transactions pursuant to agreements set forth on Schedule 5.18 and any amendments thereto to the extent such amendments are not materially less favorable to the Borrower or such other Restricted Subsidiary than those provided for in the original agreements,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any employment, consulting, change of control and severance arrangements entered into in the ordinary course of business between a direct or indirect parent of the Borrower or any Restricted Subsidiary and any officer, consultant or employee thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) payments by the Borrower or any of the other Restricted Subsidiaries of reasonable insurance premiums to, and any borrowings or dividends received from, any Captive Insurance Subsidiary,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) transactions with customers, suppliers, contractors, joint venture partners or purchasers or sellers of goods or services, in each case which are in the ordinary course of business or consistent with past practice (including, without limitation, pursuant to joint venture agreements) and otherwise in compliance with the terms of this Agreement which are approved in good faith by the Board of Directors of the Borrower,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the entering into of any tax sharing agreement or arrangement with the Borrower or any direct or indirect Parent Company of the Borrower and any payments thereunder by the Borrower or any of the other Restricted Subsidiaries to the Borrower or any direct or indirect parent thereof to the extent permitted by Section 6.08(a)(iv) or (v),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the issuance of Equity Interests (other than Disqualified Stock) (i) of the Borrower to Affiliates of the Borrower or (ii) of the Borrower or any Restricted Subsidiary for compensation purposes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Intellectual Property licenses or sublicenses granted to others, in each case in the ordinary course of business or consistent with past practice or that do not interfere in any material respect with the business of the Borrower's or any other Restricted Subsidiary's, taken as a whole,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) the Transactions (including Transaction Costs) and the payment of fees and expenses as part of or in connection with the Transactions,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) transactions with respect to which the Borrower delivers to the Administrative Agent a letter from an independent financial advisor of recognized national standing (or as is otherwise reasonably acceptable to the Administrative Agent) stating that such transaction is fair to the Borrower or any other applicable Restricted Subsidiary from a financial point of view,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) transactions pursuant to the Tax Receivable Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any transaction effected as part of a Qualified Receivables Financing or a Qualified Receivables Factoring, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) any transaction permitted under Sections 6.02, 6.03 (including any Permitted Tax Restructuring) and 6.05.

SECTION 5.19 <u>Limitation on Lines of Business</u>. The Borrower shall cause each other Restricted Subsidiary to, engage in all material respects in a Permitted Business, including those that are reasonably related thereto or are reasonable extensions thereof.

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SECTION 5.20 <u>Post-IPO Requirements</u>. Promptly, and in any event no later than one (1) Business Day following the consummation of a Qualified IPO, the Borrower shall deliver a Borrower Designation Agreement in accordance with Section 1.12 and shall cause the Parent Borrower, Yellowstone Midco Holdings, LLC and Yellowstone InterCo Holdings, LLC to join as Loan Parties hereunder and to satisfy the Collateral and Guarantee Requirements. Immediately following the consummation of a Qualified IPO and the delivery of such Borrower Designation Agreement, (x) Yellowstone Borrower, LLC, Yellowstone Midco Holdings, LLC and Yellowstone Interco Holdings, LLC shall each be a wholly owned Restricted Subsidiary of the Parent Borrower, and the Parent Borrower shall own, directly or through its Restricted Subsidiaries, substantially all of the business and assets owned or conducted, directly or indirectly, by Yellowstone Borrower LLC immediately prior to the Qualified IPO and (y) Yellowstone Interco Holdings, LLC shall cease to be considered "Holdings" for purposes hereof (unless the context otherwise requires) and shall instead be treated as a Restricted Subsidiary of the Borrower for all purposes of this Agreement.

ARTICLE VI

Negative Covenants

Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees, expenses and other amounts payable under any Loan Document have been paid in full (other than contingent indemnification obligations as to which no claim has been asserted and obligations and liabilities under Cash Management Agreements and Secured Hedge Agreements) and all Letters of Credit shall have expired or terminated (other than Letters of Credit that have been cash collateralized or as to which arrangements reasonably satisfactory to the applicable Issuing Bank that issued such Letters of Credit shall have been made), each of the Borrower (on behalf of itself and the other Restricted Subsidiaries) and, prior to a Qualified IPO, Holdings (with respect to Section 6.03(c) only) covenants and agrees with the Lenders that:

SECTION 6.01 <u>Indebtedness</u>.

The Borrower will not, nor will it permit any other Restricted Subsidiary to, create, incur, assume or permit to exist any Indebtedness, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Indebtedness created under the Loan Documents (including any Incremental Facility and any Indebtedness incurred pursuant to Section 2.21),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [reserved],

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Indebtedness existing on the Closing Date (and, solely with respect to such Indebtedness in an outstanding principal amount in excess of $2,000,000 individually set forth on Schedule 6.01) and any Permitted Refinancing thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Indebtedness of the Borrower owed to any other Restricted Subsidiary and of any other Restricted Subsidiary owed to the Borrower or any other Restricted Subsidiary; <u>provided</u> that (i) Indebtedness of the Borrower or any Subsidiary Loan Party owed to any Non-Loan Party Restricted Subsidiary shall be subordinated to the Loan Document Obligations on terms reasonably satisfactory to the Administrative Agent and the Borrower, (ii) Indebtedness owed to any Captive Insurance Subsidiary shall only be subordinated to the extent permitted by applicable laws, rules or regulations and (iii) the related Investment is permitted by Section 6.04(d),

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Guarantees by the Borrower of Indebtedness of any other Restricted Subsidiary and by any other Restricted Subsidiary of Indebtedness of the Borrower or any other Restricted Subsidiary; <u>provided</u> that (i) the Indebtedness so Guaranteed is permitted by this Section 6.01, (ii) Guarantees permitted under this clause (e) shall be subordinated to the Loan Document Obligations of the Borrower or the applicable Restricted Subsidiary to the same extent and on the same terms as the Indebtedness so Guaranteed is subordinated to the Obligations and (iii) the related Investment is permitted by Section 6.04,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Indebtedness (including Attributable Indebtedness) of the Borrower or any other Restricted Subsidiary incurred to finance the acquisition, construction or improvement of any assets, including Capital Lease Obligations, and any Indebtedness assumed by the Borrower or any other Restricted Subsidiary in connection with the acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition thereof, and Permitted Refinancings thereof; <u>provided</u> that (x) such Indebtedness (other than Permitted Refinancings) is incurred prior to or within 120 days after such acquisition or the completion of such construction or improvement and (y) the aggregate principal amount of Indebtedness permitted by this clause (f) shall not (except as permitted by the definition of "Permitted Refinancing") exceed at any time outstanding the greater of (x) $7,000,000 and (y) 35.0% of TTM Consolidated EBITDA at the time of such incurrence; <u>provided</u>, <u>further</u>, that Capital Lease Obligations incurred in connection with any Sale and Lease-Back Transaction will be permitted so long as the aggregate principal amount of Indebtedness incurred in connection with such Sale and Lease-Back Transactions shall not exceed at any time outstanding the greater of (x) $2,000,000 and (y) 10.0% of TTM Consolidated EBITDA at the time of such incurrence,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) so long as no Event of Default will exist immediately after giving Pro Forma Effect to the assumption thereof (subject to the Limited Condition Transaction provisions), Acquired Indebtedness of the Borrower or any other Restricted Subsidiary assumed or acquired in connection with any Permitted Acquisition or other permitted Investment and not created in contemplation thereof; <u>provided</u> that any such Indebtedness of any Non-Loan Parties does not exceed in the aggregate at any time outstanding the greater of (x) $10,000,000 and (y) 50.0% of TTM Consolidated EBITDA at the time of assumption thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Indebtedness owed to any Person (including obligations in respect of letters of credit for the benefit of such Person) providing workers' compensation, health, disability or other employee benefits or property, casualty or liability insurance pursuant to reimbursement or indemnification obligations to such Person, in each case incurred in the ordinary course of business or consistent with past practice,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Indebtedness of the Borrower or any other Restricted Subsidiary in respect of performance bonds, customs bonds, bid bonds, appeal bonds, surety bonds, performance and completion guarantees, letters of credit and similar obligations, in each case provided in the ordinary course of business or consistent with past practice,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Indebtedness of any Loan Party pursuant to any Swap Agreement or Cash Management Agreement (including, without limitation, in connection with any Qualified Receivables Financing),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Indebtedness of the Borrower or any other Restricted Subsidiary consisting of (i) the financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business or consistent with past practice,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Indebtedness representing deferred compensation to current or former consultants, employees or directors of the Borrower and its Restricted Subsidiaries incurred in the ordinary course of business or consistent with past practices of the Borrower and the other Restricted Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Indebtedness in respect of promissory notes issued to consultants, employees or directors or former employees, consultants or directors in connection with repurchases of Equity Interests permitted by Section 6.08,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Indebtedness of any Foreign Subsidiary or any other Non-Loan Party (including in respect of local lines of credit), collectively, in an amount not to exceed $20,000,000 at any time outstanding, and Guarantees provided by the Loan Parties and their Restricted Subsidiaries in respect thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) unsecured Indebtedness owing to future, current or former employees, officers, consultants or directors of the Borrower or any Restricted Subsidiary in connection with the repurchase of Equity Interests of the Borrower or any of its direct or indirect parent companies issued to any of the aforementioned future, current or former employees, officers, consultants, managers or directors of the Borrower or any other Restricted Subsidiary not to exceed the greater of (x) $2,000,000 and (y) 10.0% of TTM Consolidated EBITDA at any time outstanding,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the incurrence by the Borrower or any of the other Restricted Subsidiaries of Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business or consistent with past practice, so long as such Indebtedness is extinguished within fifteen (15) Business Days,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the incurrence of Indebtedness arising from agreements of the Borrower or any other Restricted Subsidiary providing for indemnification, adjustment of purchase price, holdback, deferred compensation, earn-outs, contingent payment obligations or similar obligations, in each case, incurred or assumed in connection with the disposition or acquisition of any business, assets or capital stock,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) (i) the incurrence of Indebtedness resulting from endorsements of negotiable instruments for collection in the ordinary course of business or consistent with past practice and (ii) the incurrence of Indebtedness in connection with judgments that do not constitute an Event of Default under Section 7.01(i),

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Indebtedness of the Borrower or any other Restricted Subsidiary in respect of treasury, depository, credit or debit card, purchasing card, cash pooling or cash management services or any automated clearing house transfers of funds, netting services, overdraft protection and otherwise in connection with deposit, securities and commodities accounts, credit card programs and other banking arrangements,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) the incurrence or issuance by the Borrower or any other Restricted Subsidiaries of any additional Indebtedness in an aggregate principal amount not to exceed the greater of (x) $8,000,000 and (y) 40.0% of TTM Consolidated EBITDA at the time of such incurrence at any time outstanding,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Indebtedness incurred in a Qualified Receivables Financing or Qualified Receivables Factoring that is not recourse to the Borrower or any other Restricted Subsidiary (except for Standard Securitization Undertakings) other than (i) a Receivables Subsidiary or (ii) a Person described in the definition of "Factoring Transaction", so long as the aggregate principal amount of Indebtedness incurred in connection with such Qualified Receivables Financing or Qualified Receivables Factoring shall not exceed in the aggregate at any time outstanding $200,000,000,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Indebtedness incurred by the Borrower or any other Restricted Subsidiary in connection with bankers' acceptances, discounted bills of exchange, warehouse receipts or similar facilities or the discounting or factoring of receivables for credit management purposes, in each case incurred or undertaken in the ordinary course of business or consistent with past practice,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) unfunded pension fund or other employee benefit plan obligations and liabilities to the extent that they are permitted to remain unfunded under applicable law,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Indebtedness incurred or deemed to be incurred in the ordinary course of business in connection with supply-chain financing programs or similar arrangements,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Indebtedness incurred or deemed to be incurred pursuant to a Permitted Tax Restructuring,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) Indebtedness in an aggregate principal amount not to exceed the Available Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) any Permitted Incremental Equivalent Debt and any Permitted Refinancing thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) Attributable Indebtedness (including all guarantees thereof) pursuant to Sale and Lease-back Transactions in an aggregate amount not to exceed the greater of (x) $2,000,000 and (y) 10.0% of TTM Consolidated EBITDA at any time outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Indebtedness incurred or deemed to be incurred in connection with any Qualified IPO or the IPO Reorganization Transactions (in each case, other than any third party Indebtedness for borrowed money); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Indebtedness consisting of seller notes issued in connection with a Permitted Acquisition or other permitted Investment; <u>provided</u> that no Specified Default shall have occurred and be continuing at the time of issuance of such seller notes or would result therefrom.

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For purposes of determining compliance with any dollar-denominated restriction on the incurrence of Indebtedness, the dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed or first incurred (whichever yields the lower dollar equivalent), in the case of revolving credit debt; <u>provided</u> that if such Indebtedness is incurred to extend, replace, refund, refinance, renew or defease other Indebtedness denominated in a foreign currency, and such extension, replacement, refunding, refinancing, renewal or defeasance would cause the applicable dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such extension, replacement, refunding, refinancing, renewal or defeasance, such dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being extended, replaced, refunded, refinanced, renewed or defeased, <u>plus</u> the aggregate amount of fees, underwriting discounts, premiums (including tender premiums) and other costs and expenses (including OID) incurred in connection with such refinancing.

The accrual of fees, interest, the accretion or amortization of OID, and the payment of interest in the form of additional Indebtedness with the same terms, in each case, shall not be deemed to be a creation, incurrence, assumption or permission to exist of Indebtedness for purposes of this Section 6.01.

SECTION 6.02 <u>Liens</u>. The Borrower will not, and will not permit any other Restricted Subsidiary to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, except (collectively, "<u>Permitted Liens</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Permitted Encumbrances,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Lien on any property or asset of the Borrower or any other Restricted Subsidiary existing on the Closing Date (and, solely with respect to such Lien securing Indebtedness in an outstanding principal amount in excess of $2,000,000 individually, set forth on Schedule 6.02) and any Lien granted as a replacement; <u>provided</u> that any such Lien shall (i) not apply to any other property or asset of the Borrower or any other Restricted Subsidiary except for any replacements, additions and accessions thereto and any proceeds, income or profits thereof and (ii) secure only those obligations which it secures on the Closing Date and Permitted Refinancings thereof (except that customary cross-collateral arrangements shall be permitted),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Lien existing on any property or asset prior to the acquisition thereof by the Borrower or any other Restricted Subsidiary or existing on any property or asset of any Person that becomes a Restricted Subsidiary after the date hereof prior to the time such Person becomes a Restricted Subsidiary securing Indebtedness permitted by Section 6.01(g); <u>provided</u> that (A) such Lien is not created in contemplation of such acquisition or such Person becoming a Restricted Subsidiary, as applicable, (B) such Lien shall not apply to any other property or asset of the Borrower or any other Restricted Subsidiary except for any replacements, additions and accessions thereto and any proceeds, income or profits thereof and (C) such Lien shall secure only those obligations that it secures on the date of such acquisition or the date such Person becomes a Restricted Subsidiary, as applicable, and Permitted Refinancings thereof (except that customary cross-collateral arrangements shall be permitted),

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Liens on assets acquired, constructed or improved by the Borrower or any other Restricted Subsidiary; <u>provided</u> that (i) such security interests secure Indebtedness permitted by Section 6.01(f) (including Permitted Refinancings thereof and customary cross-collateral arrangements) or other ordinary course obligations of the Borrower and any other Restricted Subsidiary, (ii) such security interests and the Indebtedness (other than Permitted Refinancings) or other ordinary course obligations secured thereby are incurred prior to or within 120 days after such acquisition or the completion of such construction or improvement and (iii) such security interests shall not apply to any other property or assets of the Borrower or any other Restricted Subsidiary except for any replacements, additions and accessions thereto and any proceeds, income or profits thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Liens (i) arising from filing Uniform Commercial Code financing statements regarding leases, (ii) of a collecting bank arising in the ordinary course of business under Section 4-208 of the Uniform Commercial Code in effect in the relevant jurisdiction covering only the items being collected upon and (iii) in favor of a banking institution encumbering deposits (including the right of set-off) and which are within the general parameters customary in the banking industry,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Liens securing Swap Agreements incurred in accordance with Section 6.01,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Liens in favor of the Borrower or another Loan Party,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) licenses, sublicenses, leases or subleases granted to others, in each case in the ordinary course of business or consistent with past practice or that do not interfere in any material respect with the business of the Borrower or any other Restricted Subsidiary, taken as a whole,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Liens on assets of any Foreign Subsidiary or any other Non-Loan Party securing Indebtedness permitted by Section 6.01(n),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Liens on assets of the Borrower or the other Restricted Subsidiaries not otherwise permitted by this Section 6.02, so long as the aggregate outstanding principal amount of the obligations secured thereby does not exceed at any time outstanding the greater of (x) $8,000,000 and (y) 40.0% of TTM Consolidated EBITDA at the time of such incurrence,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Liens securing Indebtedness permitted by Sections 6.01(d), (p), (s), (aa), (bb), (cc) and (z); <u>provided</u>, that if such Indebtedness permitted by Sections 6.01(d) or (z) is secured by a Lien on the Collateral, such Indebtedness shall be secured by a Lien on the Collateral on a junior basis to the Lien on the Collateral securing the Obligations,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Liens on Equity Interests of an Unrestricted Subsidiary,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to brokerage accounts incurred in the ordinary course of business or consistent with past practice and not for speculative purposes,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Liens on specific items of inventory or other goods and proceeds of any Person securing such Person's obligations in respect of bankers' acceptances or letters of credit entered into in the ordinary course of business issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Liens solely on any cash earnest money deposits made by the Borrower or any other Restricted Subsidiary with any letter of intent or purchase agreement permitted hereunder,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) (A) Liens on Receivables Assets and related assets or created in respect of bank accounts into which are deposited only the collections in respect of Receivables Assets that have been, sold, conveyed, assigned or otherwise transferred or purported to be sold, conveyed, assigned or otherwise transferred in connection with a Qualified Receivables Factoring and/or Qualified Receivables Financing and (B) Liens securing Indebtedness or other obligations of any Receivables Subsidiary, in an aggregate amount not to exceed $200,000,000 at any time outstanding,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) deposits made or other security provided in the ordinary course of business or consistent with past practice to secure liability to insurance carriers or under self-insurance arrangements in respect of such obligations,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into in the ordinary course of business or consistent with past practice,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Liens securing Cash Management Agreements and other bank products,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Liens on property or assets used, or placed in escrow, to redeem, repay, defease or to satisfy and discharge Indebtedness,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation and exportation of goods in the ordinary course of business or consistent with past practice,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the prior rights of consignees and their lenders under consignment arrangements entered into in the ordinary course of business,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Liens incurred or deemed incurred in the ordinary course of business in connection with supply-chain financing programs and similar arrangements,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) security given to a public utility or any municipality or Governmental Authority when required by such utility or Governmental Authority in connection with the operations of that Person in the ordinary course of business or consistent with past practice, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Liens securing seller notes pursuant to Section 6.01(dd).

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SECTION 6.03 <u>Fundamental Changes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower will not, nor will it permit any other Restricted Subsidiary to, merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or liquidate or dissolve, except that (i) any Loan Party and any other Restricted Subsidiary may merge with and into the Borrower in a transaction in which the surviving entity is a Person organized or existing under the laws of the United States of America, any State thereof or the District of Columbia and, if such surviving entity is not the Borrower, such Person expressly assumes, in writing, all the obligations the Borrower under the Loan Documents, (ii) any Restricted Subsidiary (other than the Borrower) may merge with and into any other Restricted Subsidiary (other than the Borrower) in a transaction in which the surviving entity is a Restricted Subsidiary and, if any party to such merger is a Subsidiary Loan Party, the surviving entity is or becomes a Subsidiary Loan Party concurrently with such merger (unless such merger otherwise constitutes a permitted Investment or a permitted disposition), (iii) any Restricted Subsidiary (other than the Borrower) may liquidate or dissolve if the Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders (it being understood that in the case of any liquidation or dissolution of a Subsidiary Loan Party, such Subsidiary shall at or before the time of such liquidation or dissolution transfer its assets to another Guarantor in the same jurisdiction or another jurisdiction reasonably acceptable to the Administrative Agent unless such disposition of assets is otherwise permitted hereunder), (iv) any asset sale permitted by Section 6.05 or Investment permitted by Section 6.04 and (v) the Loan Parties and their respective Restricted Subsidiaries may consummate the Transactions and any Permitted Tax Restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary in this Agreement or any other Loan Document, Holdings will not conduct, transact or otherwise engage in, or commit to conduct, transact or otherwise engage in, any material business or operations or own any assets other than (i) its ownership of the Equity Interests of the Borrower and its Subsidiaries and activities incidental thereto, (ii) the maintenance of its existence (including the ability to incur and pay, as applicable, fees, costs and expenses and taxes relating to such maintenance) and compliance with applicable laws and legal, tax and accounting matters related thereto and activities relating to its employees, (iii) activities relating to the performance of obligations under the Loan Documents and the documentation governing other permitted Indebtedness to which it is a party, (iv) the making of Restricted Payments permitted to be made by Holdings pursuant to <u>Section</u> <u>6.08</u>, (v) the receipt of Restricted Payments permitted to be made to Holdings under <u>Section</u> <u>6.08</u>, (vi) activities expressly permitted by this Agreement (including in connection with a Permitted Acquisition (but for the avoidance of doubt, Holdings may not enter into any Permitted Acquisitions itself as the acquiror, but shall be permitted to perform activities in connection therewith)) and activities related thereto, (vii) engage in any public offering of its common stock or any other issuance or sale or repurchase of its Equity Interests, in each case to the extent not resulting in a Change of Control, (viii) if applicable, participating in tax, accounting and other administrative matters as a member of the consolidated group and the provision of administrative and advisory services (including treasury and insurance services) to the Borrower and its Subsidiaries of a type customarily provided by a holding company to its Subsidiaries, (ix) holding any cash or property (but not operating any property), (x) making and receiving of any Investments permitted hereunder,

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(K) providing indemnification to officers and directors, (xi) activities relating to any Qualified IPO, (xii) the performance of its obligations with respect to the Transactions and the Loan Documents and any other documents governing Indebtedness of the Borrower or its Subsidiaries permitted hereby, (xiii) activities incidental to Permitted Acquisitions or similar Investments consummated by the Borrower and its Subsidiaries, including the formation of acquisition vehicle entities and intercompany loans and/or Investments incidental to such Permitted Acquisitions or similar Investments, (xiv) any transaction with the Borrower or any Subsidiary to the extent permitted under Article V or this Article VI, (xv) transactions in connection with a Permitted Tax Restructuring and (xvi) any activities incidental or reasonably related to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing in this Section 6.03 shall prevent the Loan Parties from carrying out any Permitted Tax Restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nothing in this Section 6.03 shall prevent the Borrower and the Restricted Subsidiaries from consummating the IPO Reorganization Transactions.

SECTION 6.04 <u>Investments, Loans, Advances, Guarantees and Acquisitions</u>. The Borrower will not, and will not permit any other <u>Restricted</u> Subsidiary to, purchase or acquire any Equity Interests in or evidences of indebtedness or other securities (including any option, warrant or other right to acquire any of the foregoing) of, make any loans or advances to, Guarantee any obligations of, or make any extension of credit to, any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person constituting a business unit (collectively, "<u>Investments</u>"), except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Permitted Acquisitions and Investments acquired in connection therewith,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Permitted Investments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Investments existing on the Closing Date (and, solely with respect to such Investment in an outstanding amount in excess of $2,000,000 individually, set forth on Schedule 6.04) and any Investments consisting of extensions, modifications or renewals of any such Investments (excluding any such extensions, modifications or renewals involving additional advances, contributions or other investments of cash or property or other increases thereof unless it is a result of the accrual or accretion of interest or OID or payment-in-kind pursuant to the terms, as of the Closing Date, of the original Investment so extended, modified or renewed or is otherwise permitted by this Section 6.04 or as a result of any unused commitment in respect thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Investments by the Borrower or any other Restricted Subsidiaries in or to the Borrower or any other Restricted Subsidiaries; <u>provided</u> that the aggregate amount of Investments by Loan Parties in Non-Loan Parties at any time outstanding pursuant to this Section 6.04(d) shall not exceed (i) an amount equal to greater of (x) $4,000,000 and (y) 20.0% of TTM Consolidated EBITDA plus (ii) the amount of any equity contributions made to the Borrower in connection with Permitted Acquisitions of Persons that will not become Loan Parties or assets to be owned by Persons that will not become Loan Parties; <u>provided</u>, <u>further</u>, that any Equity Interests of any such Restricted Subsidiary and any promissory notes issued by any such Restricted Subsidiary that is a Non-Loan Party held by a Loan Party shall be pledged pursuant to the Collateral Agreement (in each case, subject to the limitations referred to in the definition of "Collateral and Guarantee Requirement"),

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Guarantees constituting Indebtedness permitted by Section 6.01 and performance guarantees in the ordinary course of business; <u>provided</u> that if the Indebtedness being Guaranteed is contractually subordinated to the Obligations, such Guarantee shall be subordinated to the Guarantee of the Obligations on terms (taken as a whole) at least as favorable to the Lenders as those contained in the subordination of such Indebtedness,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Investments in joint ventures of the Borrower or any other Restricted Subsidiary; provided that the aggregate amount of such Investments outstanding at any time under this clause (f) shall not exceed the greater of (x) $4,000,000 and (y) 20.0% of TTM Consolidated EBITDA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) receivables or other trade payables owing to the Borrower or any other Restricted Subsidiary if created or acquired in the ordinary course of business or consistent with past practice and payable or dischargeable in accordance with customary trade terms; <u>provided</u> that such trade terms may include such concessionary trade terms as the Borrower or any such other Restricted Subsidiary deems reasonable under the circumstances,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Investments consisting of Equity Interests, obligations, securities or other property received in settlement of delinquent accounts of and disputes with customers and suppliers in the ordinary course of business and owing to the Borrower or any other Restricted Subsidiary or in satisfaction of judgments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Investments by the Borrower or any other Restricted Subsidiary in payroll, travel and similar advances to cover matters that are expected at the time of such advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business or consistent with past practice,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) loans or advances by the Borrower or any other Restricted Subsidiary to future, current or former employees, officers, managers, directors, consultants and other individual service providers of the Borrower or any other Restricted Subsidiary (including travel, entertainment and relocation expenses) made in the ordinary course of business or consistent with past practice in an aggregate amount not to exceed the greater of (x) $1,500,000 and (y) 7.5% of TTM Consolidated EBITDA at any time outstanding,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Investments in the form of Swap Agreements and Cash Management Agreements, other treasury, depository, credit or debit card, purchasing card, cash pooling or cash management services or any automated clearing house transfers of funds, netting services, overdraft protections and otherwise in connection with deposit, securities, and commodities accounts arising in the ordinary course of business,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Investments of any Person existing at the time such Person becomes a Restricted Subsidiary of the Borrower or any other Restricted Subsidiary or consolidates or merges, in one transaction or a series of transactions, with the Borrower or any of the other Restricted Subsidiaries (including in connection with a Permitted Acquisition) so long as such investments were not made in contemplation of such Person becoming a Restricted Subsidiary or of such consolidation or merger,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Investments received in connection with the dispositions of assets permitted by Section 6.05, other than Section 6.05(d),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Investments constituting deposits or other amounts constituting "Permitted Encumbrances",

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) [reserved],

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Investments in any Permitted Business in an aggregate amount not to exceed the greater of (x) $5,000,000 and (y) 25.0% of TTM Consolidated EBITDA at any time outstanding,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) [reserved],

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Investments by the Borrower or any other Restricted Subsidiary (including Investments in Permitted Acquisitions) in an aggregate amount not exceeding the Available Amount immediately prior to the time of the making of any such Investment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Investments by the Borrower or any other Restricted Subsidiary in an amount not to exceed the greater of (x) $8,000,000 and (y) 40.0% of TTM Consolidated EBITDA as of the date of such Investment in the aggregate at any time outstanding,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Investments, loans and advances by the Borrower or any other Restricted Subsidiary to any Captive Insurance Subsidiary in an amount equal to (A) the capital required under the applicable laws or regulations of the jurisdiction in which such Captive Insurance Subsidiary is formed or determined by independent actuaries as prudent and necessary capital to operate such Captive Insurance Subsidiary <u>plus</u> (B) any reasonable general corporate and overhead expenses of such Captive Insurance Subsidiary,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) additional Investments so long as on a Pro Forma Basis, immediately after giving effect to the making of such Investment, the First Lien Net Leverage Ratio shall not exceed 2.50 to 1.00,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Investments in prepaid expenses, negotiable instruments held for collection and lease, utility and workers compensation, performance and similar deposits entered into as a result of the operations of the business of the Borrower and the other Restricted Subsidiaries in the ordinary course of business or consistent with past practice,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Investments made pursuant to any Permitted Tax Restructuring or the IPO Reorganization Transactions,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any Investment in a Receivables Subsidiary or any Investment by a Receivables Subsidiary in any other Person in connection with a Qualified Receivables Financing or a Qualified Receivables Factoring, including Investments of funds held in accounts permitted or required by the arrangements governing such Qualified Receivables Financing, Qualified Receivables Factoring or any related Indebtedness, such Indebtedness in an amount not to exceed $200,000,000 in the aggregate at any time outstanding,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) advances, loans or extensions of trade credit in the ordinary course of business,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) Investments in the ordinary course of business or consistent with past practice consisting of Uniform Commercial Code Article 3 endorsements for collection or deposit and Uniform Commercial Code Article 4 customary trade arrangements with customers,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) the Transactions,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) Investments consisting of the licensing or contribution of Intellectual Property rights in the ordinary course of business, which are not otherwise restricted under the Loan Documents,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) to the extent constituting Investments, advances in respect of transfer pricing and cost-sharing arrangements that are in the ordinary course of business or consistent with past practice, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) the Borrower and any Restricted Subsidiary may make Investments constituting any part of a Qualified IPO or IPO Reorganization Transaction.

For purposes of covenant compliance, the amount of any Investment outstanding at any time shall be the original cost of such Investment (without adjustment for any increases or decreases in the value of such Investments), reduced by (except in the case of any Investments made using the Available Amount pursuant to Section 6.04(r) and returns which are included in the Available Amount pursuant to the definition thereof) any dividend, distribution, interest payment, return of capital, repayment or other amount received in cash by the Borrower or any other Restricted Subsidiary in respect of such Investment and the Fair Market Value of any asset returned to the Borrower or any other Restricted Subsidiary in respect of such Investment.

SECTION 6.05 <u>Asset Sales</u>. The Borrower will not, and will not permit any other Restricted Subsidiary to, sell, transfer, lease, license or otherwise dispose of any asset, including any Equity Interest owned by it (other than directors' qualifying Equity Interests or Equity Interests required by applicable law to be held by a Person other than the Borrower or any other Restricted Subsidiary) involving aggregate payments or consideration for assets having a Fair Market Value in excess of the greater of (x) $3,000,000 and (y) 15.0% of TTM Consolidated EBITDA for any individual transaction or series of related transactions, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sales, transfers and dispositions of (i) inventory in the ordinary course of business or consistent with past practice, (ii) used, damaged, obsolete, worn out, negligible or surplus equipment or property in the ordinary course of business or consistent with past practice and (iii) property (including any leasehold property interest) that is no longer (x) economically practical in its business, (y) commercially desirable or commercially reasonable to maintain or (z) used or useful in the conduct of the business of the Borrower or any of its Restricted Subsidiaries,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sales, transfers and dispositions to the Borrower or any other Restricted Subsidiary,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) sales, transfers and dispositions of products, services or accounts receivable (including at a discount) in connection with the compromise, settlement or collection thereof in the ordinary course or consistent with past practice,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sales, transfers and dispositions of property to the extent such property constitutes an investment permitted by Section 6.04, other than Section 6.04(m),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Sale and Lease-Back Transactions,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) dispositions resulting from any casualty or other insured damage to, or any taking under power of eminent domain or by condemnation or similar proceeding of, any property or asset of the Borrower or any other Restricted Subsidiary,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (i) sales, transfers and dispositions of Non-Core Assets in connection with a Permitted Acquisition or other Investment permitted hereunder which, in the reasonable good faith judgment of the Borrower, are not used or useful or are duplicative in the business of Borrower and the other Restricted Subsidiaries or as required by regulatory (including antitrust) authorities and (ii) sales, transfers and dispositions of assets not constituting Collateral,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) exchanges of property for similar replacement property for fair value,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) assets set forth on Schedule 6.05,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the sale or other disposition of Permitted Investments in the ordinary course of business or consistent with past practice,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the sale or disposition of any assets or property received as a result of a foreclosure or any settlement of claims by the Borrower or any other Restricted Subsidiary with respect to any secured Investment or other transfer of title with respect to any secured Investment in default,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the licensing, cross-licensing or sublicensing of Intellectual Property granted to others, in each case in the ordinary course of business or consistent with past practice or that do not interfere in any material respect with the business of the Borrower or any of the other Restricted Subsidiaries, taken as a whole,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the sale, lease, conveyance, disposition or other transfer of (i) the Equity Interests of, or any Investment in, any Unrestricted Subsidiary or (ii) Investments (other than Investments in any Restricted Subsidiary) made pursuant to Section 6.04(s),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) surrender or waiver of contract rights or the settlement, release or surrender of contract, tort or other claims of any kind,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) leases or subleases to third persons in the ordinary course of business or consistent with past practice that do not interfere in any material respect with the business of the Borrower or any of the other Restricted Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the sale of Equity Interests in joint ventures to the extent required by, or made pursuant to, customary buy/sell arrangements entered into in the ordinary course of business or consistent with past practice between joint venture parties and set forth in joint venture agreements,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) sales, transfers, leases and other dispositions of assets in any fiscal year in an aggregate amount not to exceed the greater of (x) $2,000,000 and (y) 10.0% of TTM Consolidated EBITDA,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) the sale of Equity Interests in a Subsidiary formed after the Closing Date to a Strategic Investor within eighteen (18) months of the formation of such Subsidiary in the ordinary course of business such that such newly-formed Subsidiary becomes a Qualified Joint Venture as long as such Subsidiary continues to constitute a Qualified Joint Venture (it being agreed that such sale shall not be deemed permitted pursuant to this clause (r) if the applicable Person ceases to be a Qualified Joint Venture),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) transactions permitted pursuant to Section 6.02, Section 6.03 and Section 6.08 (other than by reference to this Section 6.05),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) additional sales, transfers, leases and other dispositions so long as (i) at the time of making such sale, transfer, lease or other disposition, no Specified Default shall have occurred and be continuing at the time of entrance into the agreement effectuating such disposition, (ii) such sales, transfers, leases and other dispositions are made for Fair Market Value as reasonably determined by the Borrower in good faith, (iii) for any such sale, transfer, lease or other disposition with consideration in excess of the greater of (x) $3,000,000 and (y) 15.0% of TTM Consolidated EBITDA, at least 75% of such consideration consists of cash or Permitted Investments (and for purposes of making the foregoing determination, each of the following shall be deemed "cash consideration": (1) any liabilities, as shown (or as would be shown) on the then most recent balance sheet of the Borrower and its consolidated Subsidiaries that are extinguished or assumed by the transferee of any such assets pursuant to a customary novation agreement or other customary agreement that releases the Borrower or the other applicable Restricted Subsidiary from all liability thereunder or with respect thereto; and (2) any securities, notes or other obligations received by the Borrower or such other Restricted Subsidiary from the transferee that are converted to cash or Permitted Investments within one hundred eighty (180) days after receipt, to the extent of the cash or Permitted Investments received in that conversion, <u>plus</u> (for all such sales, transfers, leases and other dispositions permitted hereby) an aggregate additional amount of non-cash consideration in the amount not to exceed the greater of (x) $3,000,000 and (y) 15.0% of TTM Consolidated EBITDA) and (iv) the Net Proceeds of such sales, transfers, leases and other dispositions are subject to the mandatory prepayment provisions set forth in Section 2.11(d),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) sales, transfers, abandonments, allowances to lapse or other dispositions of Intellectual Property (i) in the ordinary course of business or consistent with past practice, (ii) that do not have a material and adverse impact on the business of the Borrower and the other Restricted Subsidiaries, taken as a whole, or (iii) that are immaterial to or no longer used in or necessary for the conduct of such business,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a sale, assignment or other transfer of (i) equipment receivables, or participations therein, and related assets or (ii) Receivables Assets, or participations therein, and related assets (A) to a Receivables Subsidiary in a Qualified Receivables Financing or (B) to any other Person in a Qualified Receivables Factoring,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) a sale, assignment or other transfer of Receivables Assets, or participations therein, and related assets by a Receivables Subsidiary in a Qualified Receivables Financing, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any sale, assignment or other disposition in the ordinary course of business in connection with supply-chain financing programs or similar arrangements.

SECTION 6.06 <u>[Reserved]</u>.

SECTION 6.07 <u>[Reserved]</u>.

SECTION 6.08 <u>Restricted Payments; Certain Payments of Indebtedness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower will not, and will not permit any other Restricted Subsidiary to, declare or make any Restricted Payment, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower may declare and pay Restricted Payments with respect to its common stock payable solely in additional shares of its common stock, and, with respect to its preferred stock, payable solely in additional shares of such preferred stock or in shares of its common stock,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Restricted Subsidiaries may declare and pay Restricted Payments ratably with respect to their capital stock, membership or partnership interests or other similar Equity Interests,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Borrower and the other Restricted Subsidiaries may declare and pay Restricted Payments, the proceeds of which are used by a direct or indirect parent thereof to purchase or redeem Equity Interests of such direct or indirect parent thereof acquired by employees, consultants, officers, managers or directors of Holdings, the Borrower or any other Restricted Subsidiary; <u>provided</u> that the aggregate amount of Restricted Payments under this clause (iii) shall not exceed the greater of (x) $1,500,000 and (y) 7.5% of TTM Consolidated EBITDA in any fiscal year (and, to the extent that the aggregate amount of purchases or redemptions made in any fiscal year pursuant to this clause (iii) is less than such capped amount, any excess available amounts from such year (or any prior year) may be carried forward and used for such purpose in any subsequent fiscal year, but in no event will the aggregate amount of such Restricted Payments exceed the greater of (x) $3,000,000 and (y) 15.0% of TTM Consolidated EBITDA in any fiscal year),

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) prior to the consummation of a Qualified IPO, the Borrower and any other Restricted Subsidiary may make Restricted Payments to Holdings to pay (or to permit Holdings to make a payment to any direct or indirect parent of Holdings to enable such direct or indirect parent of Holdings to pay) corporate overhead expenses incurred in the ordinary course and as may be necessary to permit Holdings (or any direct or indirect parent thereof) to pay their expenses and liabilities incurred in the ordinary course, including, without limitation, (A) customary and reasonable salary, bonus and other compensation and benefits payable to officers, employees and consultants of the Borrower or any direct or indirect parent thereof, (B) customary and reasonable fees and expenses paid to members of the board of directors of Holdings or any direct or indirect parent thereof or payments in respect of indemnification obligations to such board members, (C) reasonable general corporate overhead expenses of Holdings or any direct or indirect parent thereof, to the extent allocable to the operations of the Borrower and the other Restricted Subsidiaries, (D) franchise taxes and other similar licensing expenses, in each case required to maintain its corporate existence and (E) fees and expenses relating to any unsuccessful debt or equity financing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) for any taxable period prior to a Qualified IPO for which, for U.S. federal, state, local and/or non-U.S. income tax purposes, the Borrower and/or any of its Subsidiaries is a member of a group filing a consolidated, combined, affiliated or unitary income tax return of which Holdings or any direct or indirect parent of Holdings is the common parent, or for which the Borrower is a disregarded entity owned directly or indirectly by a corporate parent, dividends or distributions, directly or indirectly, to Holdings or such other common parent or to such corporate parent (as applicable) in amounts required for Holdings or such other common parent or such corporate parent to pay any such U.S. federal, state, local and/or non-U.S. income Taxes imposed on such entity to the extent such taxes are attributable to the taxable income of the Borrower and/or its applicable Subsidiaries, as applicable; <u>provided</u> that (1) with respect to each such taxable period, the amount of such distributions or dividends made in respect of such taxable period shall not exceed the amount that the Borrower and/or its applicable Subsidiaries, as applicable, would have been required to pay on a separate company basis or on a consolidated basis calculated as if the Borrower and/or such Subsidiaries had been a standalone corporation or had paid tax on a consolidated, combined, affiliated, or unitary basis on behalf of a group consisting only of Borrower and/or such Subsidiaries (as applicable), in each case for all taxable periods ending after the Closing Date, and (2) dividends or distributions permitted pursuant to this clause (v) attributable to the taxable income of any Unrestricted Subsidiary for any taxable period shall be limited to the amount actually paid by any Unrestricted Subsidiary to the Borrower or its Subsidiary Guarantors for such purpose, provided that the foregoing limitation in this clause (2) shall not apply with respect to any taxable period of any Unrestricted Subsidiary to the extent that (A) any losses, credits, or other tax attributes of such Unrestricted Subsidiary were utilized by the Borrower and/or its Restricted Subsidiaries (or any direct or indirect parent thereof) with respect to any prior taxable period ending after the Closing Date, (B) such Unrestricted Subsidiary was not compensated by the Borrower and/or its Restricted Subsidiaries (or any direct or indirect parent thereof) for such use of such tax attributes and (C) such tax attributes would have otherwise reduced the taxable income of such Unrestricted Subsidiary for the current taxable period in question, and (3) dividends or distributions otherwise permitted pursuant to this clause (v) shall be permitted only to the extent such dividends or distributions relate to taxes that are paid after the Closing Date (each such distribution permitted under this Section 6.08(a)(v), a "<u>Tax Distribution</u>"),

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) cashless repurchases of Equity Interests of the Borrower deemed to occur upon exercise of stock options or warrants or upon vesting of common stock, if such Equity Interests represent a portion of the exercise price or withholding obligations of such options, warrants or common stock,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Borrower and the other Restricted Subsidiaries may make a payment of any dividend or other distribution or the consummation of any irrevocable redemption within sixty (60) days after the date of declaration of the dividend or giving of the redemption notice, as the case may be, if at the date of declaration or notice, the dividend or redemption payment would have complied with the provisions of this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Borrower and the other Restricted Subsidiaries may make payments, directly or indirectly, to any direct or indirect Parent Company of the Borrower to pay (A) so long as no Event of Default has occurred and is continuing immediately after giving effect thereto, management, consulting, advisory, incentive or similar fees payable to any Permitted Holder and fees in respect of any financings, acquisitions or dispositions with respect to which any Permitted Holder acts as an adviser to the Borrower or any other Restricted Subsidiary and (B) indemnities and expense reimbursements payable to the Permitted Holders, in each case, to the extent permitted by Section 5.18,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Borrower and the other Restricted Subsidiaries may make distributions, directly or indirectly, to any direct or indirect parent of the Borrower to enable the applicable entity to pay fees and expenses in connection with the Transactions,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Borrower and the other Restricted Subsidiaries may make additional Restricted Payments in an aggregate amount not exceeding the Available Amount immediately prior to the time of the making of such Restricted Payment; <u>provided</u> that no Event of Default has occurred and is continuing immediately after giving effect thereto,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the Borrower may make Restricted Payments to Holdings to pay any non-recurring fees, cash charges, cost and expenses incurred in connection with the issuance of Equity Interests or Indebtedness,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) additional Restricted Payments so long as on a Pro Forma Basis, immediately after giving effect to the making of such Restricted Payment, the Total Net Leverage Ratio shall be no greater than 2.25:1.00,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) additional Restricted Payments in an aggregate amount not to exceed the greater of (x) $6,000,000 and (y) 30.0% of TTM Consolidated EBITDA as of the date of such Restricted Payment,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) the Borrower and the other Restricted Subsidiaries may make payments for the repurchase of Equity Interests deemed to occur upon the exercise of options, rights or warrants to the extent such Equity Interests represent a portion of the exercise price of those options, rights or warrants,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the Borrower and the other Restricted Subsidiaries may make cash payments in lieu of fractional shares issuable as dividends on preferred stock or upon the conversion of any convertible debt securities of the Borrower and the other Restricted Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) additional Restricted Payments made pursuant to any Permitted Tax Restructuring,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) purchases of receivables pursuant to a Receivables Repurchase Obligation in connection with a Qualified Receivables Factoring or Qualified Receivables Financing and the payment or distribution of Receivables Fees,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) the distribution, as a dividend or otherwise, of Equity Interests of, or Indebtedness owed to, the Borrower or any other Restricted Subsidiary by, Unrestricted Subsidiaries (other than any Unrestricted Subsidiary the principal assets of which are cash or Cash Equivalents),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) payment of fees and reimbursement of other expenses to the Permitted Holders in connection with the Transactions and otherwise permitted by Section 5.18 shall be permitted, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) the declaration and payment of Restricted Payments to pay AHYDO Payments with respect to Indebtedness of any direct or indirect parent of the Borrower; <u>provided</u> that the proceeds of such Indebtedness have been contributed to the Borrower as a capital contribution,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) Restricted Payments constituting any part of a Qualified IPO or the IPO Reorganization Transactions, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) (i) payments payable pursuant to the Tax Receivable Agreement and (ii) so long as no Specified Default has occurred and is continuing immediately after giving effect thereto, any Restricted Payment of (x) the Tax Receivable Agreement (or the rights thereunder) or (y) the Equity Interests of a direct or indirect Restricted Subsidiary of the Borrower formed after the Closing Date to hold the Tax Receivable Agreement,

<u>provided</u> that cancellation of Indebtedness owing to the Borrower or any other Restricted Subsidiary from members of management of the Borrower, any of the Borrower's direct or indirect parent companies or any of the other Restricted Subsidiaries in connection with a repurchase of Equity Interests of any of the Borrower's direct or indirect parent companies will not be deemed to constitute a Restricted Payment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower will not, and will not permit any other Restricted Subsidiary to, make prior to any scheduled repayment, sinking fund payment or maturity any voluntary payment or other voluntary distribution (whether in cash, securities or other property) of or in respect of principal of or interest on, or any payment or other distribution (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any Subordinated Indebtedness (other than the intercompany loans among the Borrower and the other Restricted Subsidiaries) in an aggregate outstanding principal amount in excess of the greater of (x) $4,000,000 and (y) 20.0% of TTM Consolidated EBITDA ("<u>Specified Indebtedness</u>"), except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) payment of regularly scheduled interest and principal payments as and when due in respect of any Indebtedness, other than, in the case of Subordinated Indebtedness, as prohibited by the subordination provisions thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the conversion or exchange of any Specified Indebtedness into, or redemption, repurchase, prepayment, defeasance or other retirement of any such Indebtedness with the Net Proceeds of the issuance by the Borrower or any direct or indirect parent thereof of Equity Interests (or capital contributions in respect thereof) of the Borrower or such direct or indirect parent after the Closing Date to the extent not Otherwise Applied, <u>plus</u> any fees and expenses in connection with such conversion, exchange, redemption, repurchase, prepayment, defeasance or other retirement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the prepayment, redemption, defeasance, repurchase or other retirement of Specified Indebtedness in an aggregate amount not to exceed the Available Amount immediately prior to the time of the making thereof; <u>provided</u> that no Event of Default has occurred and is continuing immediately after giving effect thereto,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) additional prepayments, redemptions, defeasances, repurchases or other retirements so long as (A) immediately after giving effect to the making of such prepayment, redemption, defeasance, repurchase or other retirement, no Event of Default shall have occurred and be continuing and (B) on a Pro Forma Basis, immediately after giving effect to the making of such prepayment, redemption, defeasance, repurchase or other retirement, the Total Net Leverage Ratio shall be no greater than 2.50:1.00,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) additional prepayments, redemptions, defeasances, repurchases or other retirements of Specified Indebtedness in an aggregate amount not to exceed the greater of (x) $4,000,000 and (y) 20.0% of TTM Consolidated EBITDA as of the date of such prepayment, redemption, defeasance, repurchase or other retirement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) refinancings of Indebtedness to the extent the Indebtedness being incurred in connection with such refinancing is a Permitted Refinancing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) if applicable, any AHYDO Payments with respect thereto, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) prepayments of intercompany debt among the Borrower and its Restricted Subsidiaries.

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SECTION 6.09 <u>[Reserved]</u>.

SECTION 6.10 <u>Restrictive Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Sections 6.10(b) through (d) below, the Borrower will not, and will not permit any other Restricted Subsidiary to enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (i) the ability of the Borrower or any other Loan Party to create, incur or permit to exist any Lien upon any of its property or assets constituting Collateral or (other than with respect to the Borrower) to Guarantee the Obligations or (ii) the ability of any Restricted Subsidiary that is a Non-Loan Party to pay dividends or other distributions with respect to any shares of its capital stock or to make or repay loans or advances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Section 6.10(a) shall not apply to restrictions and conditions (i) imposed by law, rule or regulation or by any Loan Document, documentation governing any Permitted Refinancing (<u>provided</u> that such restrictions are not materially more restrictive (as determined in good faith by the Borrower), taken as a whole, than those contained in such agreements governing the Indebtedness being refinanced), or Indebtedness of a Non-Loan Party permitted to be incurred under this Agreement (<u>provided</u> that such restrictions shall apply only to such Non-Loan Party and its Subsidiaries), (ii) existing on the Closing Date and, solely with respect to any such restriction involving an outstanding principal amount in excess of $2,000,000, individually, set forth on Schedule 6.10 (and shall not apply to any extension or renewal of, or any amendment or modification materially expanding the scope of, any such restriction or condition), (iii) contained in agreements relating to the sale of the assets or Equity Interests of a Restricted Subsidiary pending such sale; <u>provided</u> that such restrictions and conditions apply only to the Restricted Subsidiary that is to be sold and the seller thereof and such sale is permitted hereunder, (iv) contained in agreements relating to the acquisition of property; <u>provided</u> that such restrictions and conditions apply only to the property so acquired or the buyer thereof and were not created in anticipation of such acquisitions, (v) imposed by any customary provisions restricting assignment of any agreement entered into the ordinary course of business or consistent with past practice, (vi) affecting any Person acquired by or merged with or into the Borrower or any other Restricted Subsidiary or an Unrestricted Subsidiary that is designated as a Restricted Subsidiary that was in existence at the time of such acquisition (or at the time it merges with or into the Borrower or any other Restricted Subsidiary or assumed in connection with the acquisition of assets from such Person (but, in each case, not created in contemplation thereof)), which restrictions and conditions are not applicable to any Person, or the properties or assets of any person, other than the Person, or the property or assets of the Person, so acquired or designated (vii) effected in connection with a Qualified Receivables Factoring or Qualified Receivables Financing that, in the good faith determination of the Borrower, is necessary or advisable to effect such Qualified Receivables Factoring or Qualified Receivables Financing, as applicable, (viii)(A) imposed by any agreement relating to Secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness any replacements, additions and accessions thereto and any proceeds, income or profits thereof or (B) imposed by customary provisions in leases restricting the assignment thereof, (ix)(A) to customary provisions in joint venture agreements relating to purchase options, rights of first refusal or call or similar rights of a third party that owns Equity Interests in such joint venture or (B) to customary restrictions on leases, subleases, licenses, cross-licenses, sublicenses or asset sale agreements otherwise permitted hereby so long as such restrictions relate solely to the property interest, rights or the assets subject and any replacements, additions and accessions thereto and any proceeds, income or profits thereof or (x) that will not materially impair the Borrower's ability to make payments under this Agreement and the other Loan Documents (as determined by the Borrower acting in good faith).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of determining compliance with this Section 6.10, (i) the priority of any preferred stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on the ability to make distributions on Equity Interests and (ii) the subordination of loans or advances made to the Borrower or any other Restricted Subsidiary to other Indebtedness incurred by the Borrower or any other Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances.

SECTION 6.11 <u>Amendment of Material Documents</u>. The Borrower will not, and will not permit any other <u>Restricted</u> Subsidiary to, amend or otherwise modify its Organizational Documents to the extent such amendment or modification would be materially adverse to the Lenders, taken as a whole, in their capacity as such.

SECTION 6.12 <u>Financial Covenant</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower will not, and will not permit any of its Subsidiaries to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) from March 31, 2026 to (but not including) the first Business Day following the occurrence of the Leverage Covenant Toggle Date, permit Revenue, as of the last day of each Test Period and measured on a trailing twelve (12) month basis, to be less than the amounts set forth below opposite the last day of such Test Period (the "<u>Revenue Covenant</u>"):

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| | |
|:---|:---|
| **Date** | **Minimum Revenue** |
|  March 31, 2026 | $245591268 |
|  June 30, 2026 | $264387082 |
|  September 30, 2026 | $319190794 |
|  December 31, 2026 | $372510143 |
|  March 31, 2027 | $426903024 |
|  June 30, 2027 | $501782812 |
|  September 30, 2027 | $554984539 |
|  December 31, 2027 | $616972315 |
|  March 31, 2028 | $676839498 |
|  June 30, 2028 | $722972451 |
|  September 30, 2028 | $758499673 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) from March 31, 2026 to (but not including) the first Business Day following the occurrence of the Leverage Covenant Toggle Date, permit Liquidity, as of the last day of each fiscal quarter, to be less than (A) initially, $105,000,000 or (B) upon and after the repayment in full of the Term Loans, 35.0% of the outstanding Revolving Commitments as of such date (the "<u>Liquidity Covenant</u>").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Commencing upon the occurrence of the Leverage Covenant Toggle Date, the Borrower shall not permit the First Lien Net Leverage Ratio, calculated on the last day of each fiscal quarter listed below, to be greater than the First Lien Net Leverage Ratio indicated below as of the last day of such fiscal quarter (the "<u>Leverage Covenant</u>" and, together with the Revenue Covenant and the Liquidity Covenant, collectively, the "<u>Financial Covenant</u>"):

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| | |
|:---|:---|
| **Date** | **Maximum First Lien Net Leverage Ratio** |
| March 31, 2026 | 4.50 to 1.00 |
| June 30, 2026 | 4.50 to 1.00 |
| September 30, 2026 | 4.50 to 1.00 |
| December 31, 2026 | 4.50 to 1.00 |
| March 31, 2027 | 4.25 to 1.00 |
| June 30, 2027 | 4.25 to 1.00 |
| September 30, 2027 | 4.25 to 1.00 |
| December 31, 2027 | 4.25 to 1.00 |
| March 31, 2028 | 4.00 to 1.00 |
| June 30, 2028 | 4.00 to 1.00 |
| September 30, 2028 | 4.00 to 1.00 |

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ARTICLE VII

Events of Default

SECTION 7.01 <u>Events of Default</u>. If any of the following events (any such event, an "<u>Event of Default</u>") shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in Section 7.01(a)) payable under this Agreement or any other Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five (5) Business Days (or ten (10) Business Days with respect to any amount other than interest),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any representation or warranty made or deemed made by or on behalf of Holdings, the Borrower or any Subsidiary Loan Party in or in connection with any Loan Document or any amendment or modification thereof or waiver thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with any Loan Document or any amendment or modification thereof or waiver thereunder, shall prove to have been incorrect in any material respect (except to the extent any such representation or warranty is qualified by "materially", "Material Adverse Effect" or a similar term, in which case such representation or warranty shall prove to have been incorrect in any respect) when made or deemed made and, to the extent capable of being cured, such representation or warranty is not corrected thirty (30) days after the earlier to occur of (x) receipt by the Borrower of written notice of such inaccuracy from the Administrative Agent and (y) actual knowledge of such inaccuracy by a Responsible Officer of the Borrower,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Borrower or, prior to a Qualified IPO in the case of Section 6.03(c), Holdings, fails to (or, to the extent applicable, fails to cause any other Restricted Subsidiary (whether or not such Restricted Subsidiary is a Subsidiary of the Borrower) to) observe or perform any covenant, condition or agreement contained in Section 5.02(a), Section 5.04 (solely with respect to the existence of the Borrower), Section 5.20 or in Article VI; <u>provided</u> that the Financial Covenant is subject to cure pursuant to Section 7.02,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Holdings, the Borrower or any Subsidiary Loan Party shall fail to (or, to the extent applicable, the Borrower fails to cause any other Restricted Subsidiary (whether or not such Restricted Subsidiary is a Subsidiary of the Borrower) to) observe or perform any covenant, condition or agreement contained in any Loan Document (other than those specified in Section 7.01(a), (b) or (d)), and such failure shall continue unremedied for a period of thirty (30) days after receipt by the Borrower of written notice thereof from the Administrative Agent (which notice will be given at the request of Required Lenders),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any event or condition occurs that results in any Material Indebtedness (in each case under this clause (f), other than the Obligations) becoming due prior to its scheduled maturity or that enables or permits (with the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf after the expiration of any applicable grace or cure period therefor to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity (other than, with respect to Indebtedness consisting of Swap Agreements, as a result of any termination events or equivalent events (other than any additional termination events (or equivalent events)) and not as a result of any other default thereunder by any Loan Party) and the holder or holders of such Material Indebtedness (or any trustee or agent on its or their behalf, as the case may be) actually terminate its or their commitments thereunder and accelerate such Material Indebtedness; <u>provided</u> that (i) this clause (f) shall not apply to (A) Secured Indebtedness that becomes due solely as a result of the sale or transfer of, or casualty event with respect to, the property or assets (to the extent not prohibited under this Agreement) securing such Indebtedness, (B) any Indebtedness if (x) the sole remedy of the holder thereof in the event of the non-payment of such Indebtedness or the non-payment or non-performance of obligations related thereto or (y) sole option is to elect, in each case, to convert such Indebtedness into Equity Interests and cash in lieu of fractional shares or (C) in the case of Indebtedness which the holder thereof may elect to convert into Equity Interests, such Indebtedness from and after the date, if any, on which such conversion has been effected and (ii) this clause (f) shall not apply to the extent such failure has been waived by the holders of such Indebtedness or such termination and acceleration thereof have been rescinded prior to any termination of the Commitments or acceleration of the Loans hereunder,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of Holdings, the Borrower or any other Material Subsidiary or its debts, or of all or substantially all of its assets, under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for Holdings, the Borrower or any other Material Subsidiary or for all or substantially all of its assets, and, in any such case, such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Holdings, the Borrower or any other Material Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in Section 7.01(g), (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for Holdings, the Borrower or any other Material Subsidiary or for all or substantially all of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding or (v) make a general assignment for the benefit of creditors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) one or more final judgments for the payment of money (to the extent not paid or covered by independent third-party insurance or indemnity as to which the insurer or applicable indemnitor has been notified of such judgment or order and has not denied coverage or indemnity) in an aggregate amount in excess of the Threshold Amount shall be rendered against Holdings, the Borrower, any other Restricted Subsidiary or any combination thereof and the same shall remain undischarged for a period of sixty (60) consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of Holdings, the Borrower or any other Restricted Subsidiary to enforce any such judgment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) an ERISA Event occurs that when taken together with all other ERISA Events that have occurred, has resulted or would reasonably be expected to result in liability of the Borrower or an ERISA Affiliate that would reasonably be expected to result in a Material Adverse Effect, or (ii) the Borrower or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its Withdrawal Liability under Section 4201 of ERISA under a Multiemployer Plan which has resulted or would reasonably be expected to result in liability of the Borrower or an ERISA Affiliate in an aggregate amount which would reasonably be expected to result in a Material Adverse Effect,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any material Lien purported to be created under any material Security Document shall cease to be, or shall be asserted in writing by any Loan Party not to be, a valid and perfected Lien on any Collateral with a fair value in excess of the Threshold Amount, with the priority required by the applicable Security Document, except (i) as a result of the sale or other disposition of the applicable Collateral in a transaction permitted under the Loan Documents to a Person that is not a Loan Party or (ii) as a result of any Uniform Commercial Code filings having lapsed because a UCC continuation statement was not filed in a timely manner or solely from the Collateral Agent's no longer having possession of certificates, promissory notes or other instruments, in each case, actually received by it representing securities, indebtedness or other obligations owned by or owing to, as the case may be, any Loan Party, in each case, as pledged under any Security Document,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Guarantees of the Obligations by Holdings and the Subsidiary Loan Parties pursuant to the Collateral Agreement shall cease to be in full force and effect (other than in accordance with the terms of the Loan Documents) or shall be asserted in writing by Holdings, the Borrower or any Subsidiary Loan Party not to be in effect or not to be legal, valid and binding obligations, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) a Change of Control shall occur;

then, and in every such event (other than an event with respect to the Borrower described in Section 7.01(g) or (h)), and at any time thereafter during the continuance of such event, (x) the Administrative Agent may, with the consent of, and, at the request of the Required Revolving Lenders shall, by notice to the Borrower, terminate the Revolving Commitments, and thereupon the Revolving Commitments shall terminate immediately, (y) the Administrative Agent may, with the consent of, and, in the case of the following clause (i), at the request of the Required Term Lenders and, in the case of the following clause (ii), at the request of the Required Lenders, shall, by notice to the Borrower, take either or both of the following actions, at the same or different times: (i) terminate the Commitments in respect of the Term Loans, and thereupon such Commitments shall terminate immediately, and (ii) declare the Term Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Term Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower, and the Revolving Commitments of each Revolving Lender shall immediately terminate; and in case of any event with respect to the Borrower described in Section 7.01(g) or (h), the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower and (z) the Administrative Agent may, with the consent of, and, at the request of the Required Lenders (or, if the maturity of the Loans has been accelerated, the Required Revolving Lenders) shall, require cash collateralization pursuant to Section 2.05(j).

Further, notwithstanding any other provisions in this Agreement or any other Loan Document to the contrary, (x) no Event of Default shall be treated as having occurred, no representation shall be treated as being untrue or inaccurate and no undertaking shall be treated as having been breached if the relevant Event of Default, untruth or inaccuracy or breach would not have occurred but for any fluctuation in exchange rates (in the case of any permitted Indebtedness and Liens that contain a limitation expressed in dollars and that, as a result of changes in exchange rates, is so exceeded, such debt will be permitted to be refinanced notwithstanding that, after giving effect to such refinancing, such excess shall continue) and (y) no notice of a Default or an Event of Default may be given by the Administrative Agent or any Lender with respect to any Default or Event of Default more than two (2) years after the date on which such Default or Event of Default occurred; <u>provided</u> that such two (2)-year limitation will not apply if (i) the Administrative Agent or the Required Lenders have exercised remedies or reserved rights in writing in respect of any Default or Event of Default prior to such time, in each case, in accordance with the terms of this Agreement, or (ii) the Borrower or any other Loan Party had actual knowledge of such Default or Event of Default and knowingly and willfully failed to notify the Administrative Agent to the extent required under, and in accordance with, the terms of this Agreement.

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SECTION 7.02 <u>Borrower's Right to Cure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary contained in Section 7.01, in the event that the Borrower fails to comply with the requirements of the Financial Covenant set forth in Section 6.12 (a "<u>Financial Covenant Default</u>"), after the first day of the fiscal period for which the applicable Financial Covenant is being measured, but on or prior to the date that is fifteen (15) Business Days subsequent to the date on which the Compliance Certificate with respect to such fiscal period is required to be delivered pursuant to Section 5.01, the Borrower shall have the right to issue Permitted Securities (or any other contribution to capital) or sale or issuance of any other Equity Interests on terms reasonably satisfactory to the Administrative Agent) (collectively, the "<u>Cure Right</u>"); <u>provided</u> that at the Borrower's option, the Borrower may elect to exercise such Cure Right prior to the date of the delivery of the applicable Compliance Certificate if the Borrower determines that it will fail to comply with the requirements of the Financial Covenants upon the delivery of such Compliance Certificate, and upon the receipt by the Borrower of such cash (the "<u>Cure Amount</u>") pursuant to the exercise by the Borrower of such Cure Right, the applicable Financial Covenant(s) shall be recalculated giving effect to the following pro forma adjustments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Liquidity, Revenue and Consolidated EBITDA shall be increased, solely for the purpose of measuring the applicable Financial Covenant(s) at the end of the applicable fiscal quarter and applicable subsequent periods which include such fiscal quarter and not for any other purpose under this Agreement, by an amount equal to the Cure Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if, after giving effect to the foregoing recalculations, the Borrower shall then be in compliance with the requirements of the applicable Financial Covenants, the Borrower shall be deemed to have satisfied the requirements of the Financial Covenants as of the relevant date of determination with the same effect as though there had been no failure to comply therewith at such date, and the breach or default in respect of the applicable Financial Covenant(s) (including any Default or Event of Default arising from such breach or default) that had occurred (and any other Default or Event of Default arising as a result thereof) shall be deemed cured for the purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything herein to the contrary, (i) in each four-fiscal-quarter period there shall be at least two (2) fiscal quarters in which the Cure Right is not exercised and no more than five (5) Cure Rights shall be exercised in the aggregate following the Closing Date, (ii) the Cure Amount shall be no greater than the amount required for purposes of complying with the applicable Financial Covenant(s) and (iii) any Cure Right used to cure multiple concurrent breaches of the Revenue Covenant, the Liquidity Covenant and/or the Leverage Covenant shall only count as one (1) Cure Right.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Cure Right and the effects thereof on determining pricing, financial ratio-based conditions (other than for determining actual compliance with Section 6.12) or any baskets with respect to covenants will be disregarded for all other purposes under the Loan Documents, including, without limitation, for purposes of calculating the leverage ratios as a threshold for permitted exceptions to any affirmative and negative covenants. Any reduction in the outstanding principal balance of the Loans due to the application of the proceeds of an exercise of a Cure Right in connection with a prepayment pursuant to Section 2.11 shall not be taken into account for purposes of determining compliance with the Leverage Covenant for the measurement period ending on the last day of the applicable fiscal quarter for which the Cure Right is exercised; <u>provided</u>, <u>however</u>, that to the extent such proceeds are actually applied to prepay Indebtedness, such reduction shall be given effect in determining compliance with the Leverage Covenant in any subsequent fiscal quarter. In addition, exercise of the Cure Right shall not result in any adjustment to any amounts (including the amount of Indebtedness) or increase in cash (other than for purposes of testing the Liquidity Covenant) for the fiscal quarter for which the Cure Right was exercised (and shall not be included for purposes of determining pricing, mandatory prepayments and the availability or amount permitted pursuant to any covenant under Article VI).

So long as the Borrower is entitled to exercise a Cure Right pursuant to the foregoing terms and provisions of this Section 7.02, none of the Administrative Agent, the Collateral Agent or any Lender shall impose default interest, accelerate the Obligations or exercise any enforcement remedy against any Loan Party or any of its Subsidiaries or any of their respective properties solely on the basis of the applicable Financial Covenant Default (or any other Default or Event of Default arising solely as a result thereof at any time during the period in which the Borrower is entitled to exercise a Cure Right); <u>provided</u> that until timely receipt of the Cure Amount, no Lender or Issuing Bank shall be required to fund any Loan or issue, renew or extend any Letter of Credit pursuant to Section 4.02; <u>provided</u>, <u>further</u>, that notwithstanding the foregoing, upon a deemed cure pursuant to this Section 7.02, the requirements of the applicable Financial Covenant(s) shall be deemed to have been satisfied as of the applicable fiscal quarter with the same effect as though there had been no Financial Covenant Default (or any other Default or Event of Default arising as a result thereof) at such date or thereafter.

ARTICLE VIII

The Administrative Agent

SECTION 8.01 <u>Authorization and Action</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender and each Issuing Bank hereby irrevocably appoints Wells Fargo and its permitted successors and assigns to serve as the administrative agent and collateral agent under the Loan Documents and each Lender and each Issuing Bank authorizes the Administrative Agent and the Collateral Agent to take such actions as agent on its behalf and to exercise such powers under this Agreement and the other Loan Documents as are delegated to the Administrative Agent and the Collateral Agent under such agreements and to exercise such powers as are reasonably incidental thereto. Without limiting the foregoing, each Lender and each Issuing Bank hereby authorizes each of the Administrative Agent and the Collateral Agent to execute and deliver, and to perform its obligations under, each of the Loan Documents to which the Administrative Agent and/or the Collateral Agent is a party, as the case may be, and to exercise all rights, powers and remedies that the Administrative Agent and/or the Collateral Agent, as the case may be, may have under such Loan Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As to any matters not expressly provided for herein and in the other Loan Documents (including enforcement or collection), the Administrative Agent and the Collateral Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, pursuant to the terms in the Loan Documents), and, unless and until revoked in writing, such instructions shall be binding upon each Lender and each Issuing Bank; <u>provided</u>, <u>however</u>, that the Administrative Agent and the Collateral Agent shall not be required to take any action that (i) the Administrative Agent or the Collateral Agent in good faith believes exposes it to liability unless the Administrative Agent and the Collateral Agent receive an indemnification and each is exculpated in a manner satisfactory to it from the Lenders and the Issuing Banks with respect to such action or (ii) is contrary to this Agreement or any other Loan Document or applicable law, including any action that may be in violation of the automatic stay under any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors; <u>provided</u>, <u>further</u>, that the Administrative Agent and the Collateral Agent may seek clarification or direction from the Required Lenders prior to the exercise of any such instructed action and may refrain from acting until such clarification or direction has been provided. Except as expressly set forth in the Loan Documents, the Administrative Agent and the Collateral Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower, any Subsidiary or any Affiliate of any of the foregoing that is communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates in any capacity. Nothing in this Agreement shall require the Administrative Agent or the Collateral Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. In furtherance of the foregoing, the protections, exculpations, privileges and immunities afforded to the Administrative Agent shall also apply to the Collateral Agent and for such purposes references in this Article VIII to the Administrative Agent shall include the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In performing its functions and duties hereunder and under the other Loan Documents, the Administrative Agent is acting solely on behalf of the Lenders and the Issuing Banks (except in limited circumstances expressly provided for herein relating to the maintenance of the Register), and its duties are entirely mechanical and administrative in nature. Without limiting the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Administrative Agent does not assume and shall not be deemed to have assumed any obligation or duty or any other relationship as the agent, fiduciary or trustee of or for any Lender, Issuing Bank or holder of any other obligation other than as expressly set forth herein and in the other Loan Documents, regardless of whether a Default or an Event of Default has occurred and is continuing (and it is understood and agreed that the use of the term "agent" (or any similar term) herein or in any other Loan Document with reference to the Administrative Agent is not intended to connote any fiduciary duty or other implied (or express) obligations arising under agency doctrine of any applicable law, and that such term is used as a matter of market custom and is intended to create or reflect only an administrative relationship between contracting parties); additionally, each Lender agrees that it will not assert any claim against the Administrative Agent based on an alleged breach of fiduciary duty by the Administrative Agent in connection with this Agreement and/or the transactions contemplated hereby; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) nothing in this Agreement or any Loan Document shall require the Administrative Agent to account to any Lender for any sum or the profit element of any sum received by the Administrative Agent for its own account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent may perform any of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent (other than any Disqualified Institution). The Administrative Agent and any such sub-agent may perform any of their respective duties and exercise their respective rights and powers through their respective Related Parties (other than any Disqualified Institution). The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities pursuant to this Agreement. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agent except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with bad faith, gross negligence or willful misconduct in the selection of such sub-agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Arrangers shall not have any obligations or duties whatsoever in such capacity under this Agreement or any other Loan Document and shall incur no liability hereunder or thereunder in such capacity, but all such Persons shall have the benefit of any indemnities expressly provided for them hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In case of the pendency of any proceeding with respect to any Loan Party under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, the Administrative Agent (irrespective of whether the principal of any Loan or any unreimbursed LC Disbursement shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, LC Disbursements and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Issuing Banks and the Administrative Agent (including any claim under Sections 2.12, 2.13, 2.15, 2.17 and 9.03) allowed in such judicial proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such proceeding is hereby authorized by each Lender, each Issuing Bank and each other Secured Party to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, the Issuing Banks or the other Secured Parties, to pay to the Administrative Agent any amount due to it, in its

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capacity as the Administrative Agent, under the Loan Documents (including under Section 9.03). Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or Issuing Bank any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or Issuing Bank or to authorize the Administrative Agent to vote in respect of the claim of any Lender or Issuing Bank in any such proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Except with respect to Sections 8.01, 8.05, 8.06 and 8.07, (i) the provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders and the Issuing Banks, and (ii) except solely to the extent of the Borrower's rights to consent pursuant to and subject to the conditions set forth in this Article, none of the Borrower or any Subsidiary, or any of their respective Affiliates, shall have any rights as a third party beneficiary under any such provisions. Each Secured Party, whether or not a party hereto, will be deemed, by its acceptance of the benefits of the Collateral and of the Guarantees of the Obligations provided under the Loan Documents, to have agreed to the provisions of this Article.

SECTION 8.02 <u>Administrative Agent</u><u>'</u><u>s Reliance, Limitation of Liability, Etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither the Administrative Agent nor any of its Related Parties shall be (i) liable to any Secured Party for any action taken or omitted to be taken by the Administrative Agent or any of its Related Parties under or in connection with this Agreement or the other Loan Documents (x) with the consent of or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith to be necessary, under the circumstances as provided in the Loan Documents) or (y) in the absence of its own gross negligence or willful misconduct (such absence to be presumed unless otherwise determined by a court of competent jurisdiction by a final and non-appealable judgment) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document (including, for the avoidance of doubt, in connection with the Administrative Agent's reliance on any Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page) or for any failure of any Loan Party to perform its obligations hereunder or thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent shall be deemed not to have knowledge of any (x) notice of any of the events or circumstances set forth or described in Section 5.02 unless and until written notice thereof stating that it is a "notice under Section 5.02" in respect of this Agreement and identifying the specific clause under said Section that such notice is given to the Administrative Agent by the Borrower, or (y) notice of any Default or Event of Default unless and until written notice thereof (stating that it is a "notice of Default" or a "notice of an Event of Default") is given to the Administrative Agent by the Borrower, a Lender or an Issuing Bank. Further, the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered thereunder or in

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connection therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document or the occurrence of any Default or Event of Default, (iv) the sufficiency, validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, (v) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items (which on their face purport to be such items) expressly required to be delivered to the Administrative Agent or satisfaction of any condition that expressly refers to the matters described therein being acceptable or satisfactory to the Administrative Agent, or (vi) the creation, perfection or priority of Liens on the Collateral or the value or sufficiency of the Collateral or (vii) compliance by Affiliated Lenders with the terms hereof relating to Affiliated Lenders. Notwithstanding anything herein to the contrary, the Administrative Agent shall not be liable for, or be responsible for any liabilities, costs or expenses suffered by any Lender or any Issuing Bank as a result of, any determination of the Revolving Exposure, any of the component amounts thereof or any portion thereof attributable to each Lender or Issuing Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without limiting the foregoing, the Administrative Agent (i) may treat the payee of any promissory note as its holder until such promissory note has been assigned in accordance with Section 9.04, (ii) may rely on the Register to the extent set forth in Section 9.04(b), (iii) may consult with legal counsel (including counsel to the Borrower), independent public accountants and other experts selected by it, and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts, (iv) makes no warranty or representation to any Lender or Issuing Bank and shall not be responsible to any Lender or Issuing Bank for any statements, warranties or representations made by or on behalf of any Loan Party in connection with this Agreement or any other Loan Document, (v) in determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an Issuing Bank, may presume that such condition is satisfactory to such Lender or Issuing Bank unless the Administrative Agent shall have received notice to the contrary from such Lender or Issuing Bank sufficiently in advance of the making of such Loan or the issuance of such Letter of Credit and (vi) shall be entitled to rely on, and shall incur no liability under or in respect of this Agreement or any other Loan Document by acting upon, any notice, consent, certificate or other instrument or writing (which writing may be a fax, any electronic message, Internet or intranet website posting or other distribution) or any statement made to it orally or by telephone and believed by it in good faith to be genuine and signed or sent or otherwise authenticated by the proper party or parties (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the maker thereof).

SECTION 8.03 <u>Posting of Communications</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower agrees that the Administrative Agent may, but shall not be obligated to, make any Communications available to the Lenders and the Issuing Banks by posting the Communications on IntraLinks<sup>™</sup>, DebtDomain, SyndTrak, ClearPar or any other electronic platform chosen by the Administrative Agent to be its electronic transmission system (the "<u>Approved Electronic Platform</u>").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Although the Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Closing Date, a user ID/password authorization system) and the Approved Electronic Platform is secured through a per-deal authorization method whereby each user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders, each of the Issuing Banks and the Borrower acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure, that the Administrative Agent is not responsible for approving or vetting the representatives or contacts of any Lender that are added to the Approved Electronic Platform, and that there may be confidentiality and other risks associated with such distribution. Each of the Lenders, each of the Issuing Banks and the Borrower hereby approves distribution of the Communications through the Approved Electronic Platform and understands and assumes the risks of such distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED "AS IS" AND "AS AVAILABLE". THE APPLICABLE PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED ELECTRONIC PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS, EXCEPT AS PROVIDED BELOW. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE APPLICABLE PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT, THE ARRANGERS OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, "<u>APPLICABLE PARTIES</u>") HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER, ANY ISSUING BANK OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY LOAN PARTY'S OR THE ADMINISTRATIVE AGENT'S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED ELECTRONIC PLATFORM, EXCEPT AS A RESULT OF THE BAD FAITH, MATERIAL BREACH, GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH APPLICABLE PARTIES AS DETERMINED IN A FINAL JUDGMENT BY A COURT OF COMPETENT JURISDICTION.

"<u>Communications</u>" means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender or any Issuing Bank by means of electronic communications pursuant to this Section, including through the Approved Electronic Platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Lender and each Issuing Bank agrees that notice to it (as provided in the next sentence) specifying that Communications have been posted to the Approved Electronic Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents. Each Lender and Issuing Bank agrees (i) to notify the Administrative Agent in writing (which could be in the form of electronic communication) from time to time of such Lender's or Issuing Bank's (as applicable) email address to which the foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such email address.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each of the Lenders, each of the Issuing Banks and the Borrower agrees that the Administrative Agent may, but (except as may be required by applicable law) shall not be obligated to, store the Communications on the Approved Electronic Platform in accordance with the Administrative Agent's generally applicable document retention procedures and policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Nothing herein shall prejudice the right of the Administrative Agent, any Lender or any Issuing Bank to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document.

SECTION 8.04 <u>The Administrative Agent Individually</u>. With respect to its Commitment, Loans (including Swingline Loans) and Letters of Credit, the Person serving as the Administrative Agent shall have and may exercise the same rights and powers hereunder and is subject to the same obligations and liabilities as and to the extent set forth herein for any other Lender or Issuing Bank, as the case may be. The terms "Issuing Banks", "Lenders", "Required Lenders" and any similar terms shall, unless the context clearly otherwise indicates, include the Administrative Agent in its individual capacity as a Lender, Issuing Bank or as one of the Required Lenders, as the case may be. The Person serving as the Administrative Agent and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of banking, trust or other business with, the Borrower, any Subsidiary or any Affiliate of any of the foregoing as if such Person was not acting as the Administrative Agent and without any duty to account therefor to the Lenders or the Issuing Banks.

SECTION 8.05 <u>Successor Administrative Agent and Collateral Agent</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrative Agent and Collateral Agent may resign at any time by giving thirty (30) days' prior written notice thereof to the Lenders, the Issuing Banks and the Borrower, whether or not a successor Administrative Agent or Collateral Agent has been appointed. Upon any such resignation, the Required Lenders shall have the right to appoint a successor Administrative Agent or Collateral Agent, as the case may be, from among the Lenders or any of their Affiliates or another financial institution, in each case, reasonably satisfactory to the Borrower. If no successor Administrative Agent or Collateral Agent, as the case may be, shall have been so appointed by the Required Lenders, and shall have accepted such appointment, within thirty (30) days after the retiring Administrative Agent's or Collateral Agent's giving of notice of resignation, then the retiring Administrative Agent or Collateral Agent may, on behalf of the Lenders and the Issuing Banks, appoint a successor Administrative Agent or Collateral Agent from among the Lenders or any of their Affiliates or another financial institution, in each case, reasonably satisfactory to the Borrower. In either case, such appointment shall be subject to the prior written approval of the Borrower (which approval may not be unreasonably withheld and shall not be required while a Specified Default has occurred and is continuing). Upon the acceptance of any appointment as Administrative Agent or Collateral Agent, as the case may be, by a successor Administrative Agent or Collateral Agent, such successor Administrative Agent or Collateral Agent shall succeed to, and become vested with, all the rights, powers, privileges and duties of the retiring Administrative Agent or Collateral Agent, as the case may be. Upon the

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acceptance of appointment as Administrative Agent or Collateral Agent by a successor Administrative Agent or Collateral Agent, as the case may be, the retiring Administrative Agent or Collateral Agent shall be discharged from its duties and obligations (other than confidentiality obligations under Section 9.12) as the Administrative Agent or Collateral Agent, as the case may be, under this Agreement and the other Loan Documents. Prior to any retiring Administrative Agent's or Collateral Agent's resignation hereunder as Administrative Agent or Collateral Agent, the retiring Administrative Agent or Collateral Agent, as the case may be, shall take such action as may be reasonably necessary to assign to the successor Administrative Agent or Collateral Agent its rights as Administrative Agent or Collateral Agent, as the case may be, under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding Section 8.05(a), in the event no successor Administrative Agent or Collateral Agent, as the case may be, shall have been so appointed and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent or Collateral Agent gives notice of its intent to resign, the retiring Administrative Agent or Collateral Agent, as the case may be, may give notice of the effectiveness of its resignation to the Lenders, the Issuing Banks and the Borrower, whereupon, on the date of effectiveness of such resignation stated in such notice, (i) the retiring Administrative Agent or Collateral Agent shall be discharged from its duties and obligations (other than confidentiality obligations under Section 9.12) as Administrative Agent or Collateral Agent, as the case may be, hereunder and under the other Loan Documents; <u>provided</u> that, solely for purposes of maintaining any security interest granted to the Collateral Agent under any Security Document for the benefit of the Secured Parties, the retiring Collateral Agent (including, to the extent that the retiring Administrative Agent also serves as the Collateral Agent, the Administrative Agent in its capacity as Collateral Agent) shall continue to be vested with such security interest as collateral agent for the benefit of the Secured Parties, and continue to be entitled to the rights set forth in such Security Document and the other Loan Documents, and, in the case of any Collateral in the possession of the retiring Collateral Agent, shall continue to hold such Collateral, in each case until such time as a successor Collateral Agent is appointed and accepts such appointment in accordance with this Section (it being understood and agreed that the retiring Collateral Agent shall have no duty or obligation to take any further action under any Security Document, including any action required to maintain the perfection of any such security interest) and (ii) the Required Lenders shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent or Collateral Agent, as the case may be; <u>provided</u> that (A) all payments required to be made hereunder or under any other Loan Document to the Administrative Agent or the Collateral Agent, as the case may be, for the account of any Person other than the Administrative Agent or the Collateral Agent shall be made directly to such Person and (B) all notices and other communications required or contemplated to be given or made to the Administrative Agent or the Collateral Agent, as the case may be, shall directly be given or made to each Lender and each Issuing Bank. Following the effectiveness of the Administrative Agent's or Collateral Agent's, as the case may be, resignation from its capacity as such, the provisions of this Article and Section 9.03, as well as any exculpatory, reimbursement and indemnification provisions set forth in any other Loan Document, shall continue in effect for the benefit of such retiring Administrative Agent or Collateral Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent or Collateral Agent was acting as Administrative Agent or Collateral Agent, as the case may be.

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SECTION 8.06 <u>Acknowledgements of Lenders and Issuing Banks</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender and each Issuing Bank represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending facility, (ii) it is engaged in making, acquiring or holding commercial loans and in providing other facilities set forth herein as may be applicable to such Lender or Issuing Bank, in each case in the ordinary course of business, and not for the purpose of purchasing, acquiring or holding any other type of financial instrument (and each Lender and each Issuing Bank agrees not to assert a claim in contravention of the foregoing), (iii) it has, independently and without reliance upon the Administrative Agent, any Arranger, or any other Lender or Issuing Bank, or any of the Related Parties of any of the foregoing, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Loans hereunder and (iv) it is sophisticated with respect to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender or such Issuing Bank, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities. Each Lender and each Issuing Bank also acknowledges that it will, independently and without reliance upon the Administrative Agent, any Arranger or any other Lender or Issuing Bank, or any of the Related Parties of any of the foregoing, and based on such documents and information (which may contain material, non-public information within the meaning of the United States securities laws concerning the Borrower and its Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender, by delivering its signature page to this Agreement on the Closing Date, or delivering its signature page to an Assignment and Assumption or any other Loan Document pursuant to which it shall become a Lender hereunder, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be delivered to, or be approved by or satisfactory to, the Administrative Agent or the Lenders on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) Each Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a "<u>Payment</u>") were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion thereof), such Lender shall promptly, but in no event later than one Business Day thereafter (or such later date as the Administrative Agent, may, in its sole discretion, specify in writing), return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable law, such Lender shall

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not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Payments received, including without limitation any defense based on "discharge for value" or any similar doctrine. A notice of the Administrative Agent to any Lender under this Section 8.06(c) shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Lender hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Payment (a "<u>Payment Notice</u>") or (y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment. Each Lender agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Borrower and each other Loan Party hereby agrees that (x) in the event an erroneous Payment (or portion thereof) is not recovered from any Lender that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other Loan Party except, in each case, to the extent such erroneous Payment is, and solely with respect to the amount of such erroneous Payment that is, comprised of funds of (or on behalf of) the Borrower, any other Loan Party or other Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each party's obligations under this Section 8.06(c) shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations under any Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Lenders acknowledge that there may be a constant flow of information (including information which may be subject to confidentiality obligations in favor of the Loan Parties) between the Loan Parties and their Affiliates, on the one hand, and Wells Fargo Bank, National Association and its Affiliates, on the other hand. Without limiting the foregoing, the Loan Parties or their Affiliates may provide information, including updates to previously provided information to Wells Fargo Bank, National Association and/or its Affiliates acting in different capacities, including as Lender, lead bank, arranger or potential securities investor, independent of such entity's role as administrative agent hereunder. The Lenders acknowledge that neither Wells Fargo Bank, National Association nor its Affiliates shall be under any obligation to provide any

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of the foregoing information to them. Notwithstanding anything to the contrary set forth herein or in any other Loan Document, except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent herein, the Administrative Agent shall not have any duty or responsibility to provide, and shall not be liable for the failure to provide, any Lender with any credit or other information concerning the Loans, the Lenders, the business, prospects, operations, property, financial and other condition or creditworthiness of any of the Loan Parties or any of their respective Affiliates that is communicated to, obtained by, or in the possession of, the Administrative Agent or any of its Affiliates in any capacity, including any information obtained by the Administrative Agent in the course of communications among the Administrative Agent and any Loan Party, any Affiliate thereof or any other Person.

SECTION 8.07 <u>Collateral Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except with respect to the exercise of setoff rights in accordance with Section 9.08 or with respect to a Secured Party's right to file a proof of claim in an insolvency proceeding, no Secured Party shall have any right individually to realize upon any of the Collateral, to enforce any Guarantee of the Obligations or otherwise enforce the Loan Documents, it being understood and agreed that all powers, rights and remedies under the Loan Documents may be exercised solely by the Administrative Agent and the Collateral Agent on behalf of the Secured Parties in accordance with the terms of this Agreement and the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In furtherance of the foregoing and not in limitation thereof, no arrangements in respect of cash management services the obligations under which constitute Cash Management Obligations, and no Swap Agreement which constitutes a Secured Hedge Agreement, will create (or be deemed to create) in favor of any Secured Party that is a party thereto any rights in connection with the management or release of any Collateral or of the obligations of any Loan Party under any Loan Document. By accepting the benefits of the Collateral, each Secured Party that is a party to any such arrangement in respect of cash management services or any Swap Agreement, as applicable, shall be deemed to have appointed the Administrative Agent and the Collateral Agent to serve as administrative agent and collateral agent, respectively, under the Loan Documents and agreed to be bound by the Loan Documents as a Secured Party thereunder, subject to the limitations set forth in this clause (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Secured Parties irrevocably authorize and instruct the Administrative Agent or the Collateral Agent, as applicable, to subordinate any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent, as applicable, under any Loan Document to the holder of any Lien on such property that is permitted by Section 6.02(d), (e) or (q) or Section 9.17 to the extent requested by the Borrower. The Collateral Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Collateral Agent's Lien thereon or any certificate prepared by any Loan Party in connection therewith, nor shall the Collateral Agent be responsible or liable to the Lenders or any other Secured Party for any failure to monitor or maintain any portion of the Collateral.

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SECTION 8.08 <u>Credit Bidding</u>. The Secured Parties hereby irrevocably authorize the Administrative Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Obligations (including by accepting some or all of the Collateral in satisfaction of some or all of the Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code, including under Sections 363, 1123 or 1129 of the Bankruptcy Code, or any similar laws in any other jurisdictions to which a Loan Party is subject, or (b) at any other sale, foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the Administrative Agent (whether by judicial action or otherwise) in accordance with any applicable law. In connection with any such credit bid and purchase, the Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid by the Administrative Agent at the direction of the Required Lenders on a ratable basis (with Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that shall vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) for the asset or assets so purchased (or for the equity interests or debt instruments of the acquisition vehicle or vehicles that are issued in connection with such purchase). In connection with any such bid, (i) the Administrative Agent shall be authorized to form one or more acquisition vehicles and to assign any successful credit bid to such acquisition vehicle or vehicles, (ii) each of the Secured Parties' ratable interests in the Obligations which were credit bid shall be deemed without any further action under this Agreement to be assigned to such vehicle or vehicles for the purpose of closing such sale, (iii) the Administrative Agent shall be authorized to adopt documents providing for the governance of the acquisition vehicle or vehicles (<u>provided</u> that any actions by the Administrative Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or equity interests thereof, shall be governed, directly or indirectly, by, and the governing documents shall provide for, control by the vote of the Required Lenders or their permitted assignees under the terms of this Agreement or the governing documents of the applicable acquisition vehicle or vehicles, as the case may be, irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the Required Lenders contained in Section 9.02), (iv) the Administrative Agent on behalf of such acquisition vehicle or vehicles shall be authorized to issue to each of the Secured Parties, ratably on account of the relevant Obligations which were credit bid, interests, whether as equity, partnership interests, limited partnership interests or membership interests, in any such acquisition vehicle and/or debt instruments issued by such acquisition vehicle, all without the need for any Secured Party or acquisition vehicle to take any further action, and (v) to the extent that Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher or better, because the amount of Obligations assigned to the acquisition vehicle exceeds the amount of Obligations credit bid by the acquisition vehicle or otherwise), such Obligations shall automatically be reassigned to the Secured Parties pro rata with their original interest in such Obligations and the equity interests and/or debt instruments issued by any acquisition vehicle on account of such Obligations shall automatically be cancelled, without the need for any Secured Party or any acquisition vehicle to take any further action. Notwithstanding that the ratable portion of the Obligations of each Secured Party are deemed assigned to the acquisition vehicle or vehicles as set forth in clause (ii) above, each Secured Party shall execute such documents and provide such information regarding the Secured Party (and/or any designee of the Secured Party which will receive interests in or debt instruments issued by such acquisition vehicle) as the Administrative Agent may reasonably request in connection with the formation of any acquisition vehicle, the formulation or submission of any credit bid or the consummation of the transactions contemplated by such credit bid.

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SECTION 8.09 <u>Certain ERISA Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and not, for the avoidance of doubt to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Lender is not using "plan assets" (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender's entrance into, or participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments or this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable, and the conditions of such exemption have been satisfied, with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (A) such Lender is an investment fund managed by a "Qualified Professional Asset Manager" (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (k) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent in its sole discretion and such Lender.

In addition, unless Section 8.09(a)(i) is true with respect to a Lender or such Lender has provided another representation, warranty and covenant as provided in Section 8.09(a)(iv), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto).

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SECTION 8.10 <u>Withholding Tax</u>. To the extent required by any applicable law, the Administrative Agent may withhold from any payment to any Lender an amount equivalent to any applicable withholding Tax. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Loan Parties has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such Lender's failure to comply with the provisions of Section 9.04(c)(i) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement, any other Loan Document or otherwise against any amount due to the Administrative Agent under this Section 8.10. For purposes of this Section 8.10, the term "Lender" includes any Issuing Bank and any Swingline Lender. The agreements in this Section 8.10 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.

ARTICLE IX

Miscellaneous

SECTION 9.01 <u>Notices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to Section 9.01(b)), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if to Holdings or the Borrower, to:

YELLOWSTONE BORROWER, LLC

1149 7th Street, Suite 425

Denver, CO 80204

Attn: Kevin Messerle, Treasurer

Telephone No.: \*\*\*\*

Email: \*\*\*\*

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

AE Industrial Partners, LP

6700 Broken Sound Pkwy NW

Boca Raton, FL 33487

Attn: Tyler Letarte; Melissa Klafter; Matthew Friendly

Email: \*\*\*\*; \*\*\*\*; \*\*\*\*

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

Kirkland & Ellis LLP

333 West Wolf Point Plaza

Chicago, Illinois 60654

Attn: Michelle Kilkenney, P.C.

Email: \*\*\*\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if to the Administrative Agent, to:

Wells Fargo Bank, National Association

MAC D1109-019

1525 West W.T. Harris Blvd.

Charlotte, NC 28262

Attention of: Syndication Agency Services

Telephone No.: \*\*\*\*

Facsimile No.: \*\*\*\*

Email: \*\*\*\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if to an Issuing Bank, to it at the address separately provided to the Borrower; if to any of Swingline Lenders, at the address separately provided to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if to any other Lender, to it at its address (or email address) set forth in its Administrative Questionnaire; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if to make any updates, modifications or supplements to the list of Disqualified Institutions, by email to \*\*\*\* and \*\*\*\*.

Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices delivered through Approved Electronic Platforms, to the extent provided in Section 9.01(b) below, shall be effective as provided in said Section 9.01(b).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notices and other communications to the Lenders hereunder may be delivered or furnished by using Approved Electronic Platforms pursuant to procedures approved by the Administrative Agent; <u>provided</u> that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender (and the Administrative Agent and each Lender party hereto hereby so agree). The Administrative Agent or the Borrower may, in its discretion, and hereby do, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it. Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an email address shall be deemed received upon the sender's receipt of an acknowledgement from the intended recipient (such as by the "return receipt requested" function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any party hereto may change its address or email address for notices and other communications hereunder by notice to the Administrative Agent (and, in the case of the Administrative Agent or the Collateral Agent, by written notice to the Borrower). All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Revolving Lender shall notify the Administrative Agent in writing of any changes in the address to which notices to such Revolving Lender should be directed, of addresses of its lending office, of payment instructions in respect of all payments to be made to it hereunder and of such other administrative information as the Administrative Agent shall reasonably request.

SECTION 9.02 <u>Waivers; Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No failure or delay by the Administrative Agent, any Issuing Bank, the Collateral Agent, the Swingline Lender or any other Lender in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, any Issuing Bank, the Collateral Agent, the Swingline Lender and the other Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by Section 9.02(b), and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default or Event of Default, regardless of whether the Administrative Agent, any Lender, the Collateral Agent, the Swingline Lender or any Issuing Bank may have had notice or knowledge of such Default or Event of Default at the time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as provided in Section 2.14, Section 2.20 and Section 2.21, or any provision governing Refinancing Indebtedness or with respect to an Additional Credit Extension Amendment (or to give effect to any restatement of this Agreement, the substantive terms of which are otherwise permitted hereby), and except as provided in clauses (i) through (x) of the proviso in this Section 9.02(b), neither this Agreement nor any other Loan Document (other than any fee

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letter (including the Fee Letter), which, in each case, may be waived, amended or modified as expressly set forth therein) nor any provision hereof or thereof may be waived, amended or modified except, in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by Holdings, the Borrower and the Required Lenders or, in the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Loan Party or Loan Parties that are parties thereto, in each case with the consent of the Required Lenders; <u>provided</u> that no such agreement shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) increase the Commitment of any Lender without the written consent of such Lender (but not the Required Lenders) (it being understood that a waiver of any condition precedent set forth in Section 4.02 or of any Default or mandatory prepayment or mandatory reduction of any Commitments shall not constitute an increase of any Commitment of any Lender),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender directly and adversely affected thereby (but not the Required Lenders), it being understood that any change to the definition of "Total Net Leverage Ratio" or the component definitions thereof shall not constitute a reduction in any rate of interest nor shall a waiver of any Default, Event of Default or mandatory prepayment or mandatory reduction of any Commitments constitute any such reduction; <u>provided</u> that, for the avoidance of doubt, only the consent of the Required Lenders shall be necessary to amend Section 2.13(d) or to waive any obligation of the Borrower to pay default interest thereunder,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) postpone the stated final maturity of any Loan, or any scheduled date of payment of the principal amount of any Loan, the required date of reimbursement of any LC Disbursement, or any scheduled date for the payment of any interest or fees payable hereunder, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender directly and adversely affected thereby (but not the Required Lenders) (it being understood that a waiver of any Default, Event of Default or mandatory prepayment or mandatory reduction of any Commitment shall not constitute a reduction, waiver, excuse or postponement),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) change Section 2.18(b), (c) or (f) in a manner that would by its terms alter the pro rata sharing of payments required thereby or order of payments specified therein, without the written consent of each Lender directly and adversely affected thereby (but not the required Lenders),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) change any of the provisions of this Section 9.02 or the percentage set forth in the definition of "Required Lenders", "Required Revolving Lenders", "Required Term Lenders" or any other provision of any Loan Document specifying the number or percentage of Lenders (or Lenders of any Class) required to waive, amend or modify any rights thereunder or make any determination or grant any consent thereunder, in each case, to reduce the number or percentage specified therein without the written consent of each Lender directly and adversely affected thereby (or each Lender of such Class, as applicable),

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) release all or substantially all of the aggregate value of the Guarantee under the Collateral Agreement (except as provided herein or in the Collateral Agreement), without the written consent of each Lender,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) release all or substantially all the Collateral from the Liens of the Security Documents (except as provided herein or in the Collateral Agreement), without the written consent of each Lender,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) [reserved],

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) (A) contractually subordinate the Obligations to any other Indebtedness for borrowed money or (B) contractually subordinate the Liens on all or substantially all of the Collateral securing the Obligations to Liens on all or substantially all of the Collateral securing any other Indebtedness for borrowed money (any such other Indebtedness for borrowed money to which such Obligations or such Liens securing the Obligations, as applicable, are subordinated, "<u>Senior Indebtedness</u>"), in each case, unless each directly and adversely affected Lender has been offered a bona fide opportunity (with five (5) Business Days to consider such opportunity) to fund or otherwise provide its pro rata share of the Senior Indebtedness on the same terms (other than bona fide backstop fees and similar fees and reimbursement of counsel fees and other expenses in connection with the negotiation of the terms of such transaction; such fees and expenses, "<u>Ancillary Fees</u>") as offered to all other providers (or their affiliates) of the Senior Indebtedness (it being understood that the restrictions in this clause (ix) shall not (1) override the permission for Indebtedness and Liens expressly permitted by this Agreement as in effect on the Closing Date, (2) restrict an amendment to increase the maximum permitted amount of any basket or exception existing on the Closing Date of Indebtedness that is secured by Liens on all or a portion of the Collateral on a senior basis to the Liens securing the Obligations or (3) apply to any "debtor-in-possession" facility;

<u>provided</u> that (I) no such agreement shall amend, modify or otherwise adversely affect the rights or duties of the Administrative Agent, any Issuing Bank or the Swingline Lender (in their respective capacities as such) without the prior written consent of the Administrative Agent, such Issuing Bank or the Swingline Lender, as applicable, and (II) for the avoidance of doubt, the consent of the Required Lenders will not be required for any amendment, waiver or modification made pursuant to clauses (i) through (x) of the preceding proviso. As it relates to rights of the Issuing Banks, (a) the definition of "Letter of Credit Sublimit" may be amended to increase the amount thereof to an amount equal to no more than 50.0% of the aggregate principal amount of the Revolving Commitments (as in effect as of the date thereof) with only the written consent of the Issuing Banks, the Administrative Agent and the Borrower and (b) this Agreement may be amended to adjust the mechanics related to the issuance of Letters of Credit, including mechanical changes relating to the existence of multiple Issuing Banks, with only the written consent of the applicable Issuing Bank and the Borrower, so long as the obligations of the Revolving Lenders, if any, who have not executed such amendment, and if applicable, the other Issuing Banks, if any, who have not executed such amendment, are not adversely affected thereby. No Lender consent is required to effect an Additional Credit Extension Amendment (except as expressly provided in Sections 2.20 or 2.21, as applicable). In connection with any proposed amendment, modification, waiver or termination (a "<u>Proposed Change</u>") requiring the consent of all Lenders or all adversely

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affected Lenders, if the consent of the Required Lenders or 50.1% of the affected Lenders to such Proposed Change is obtained, but the consent to such Proposed Change of other Lenders whose consent is required is not obtained (any such Lender whose consent is not obtained as described in this Section 9.02(b) being referred to as a "<u>Non-Consenting Lender</u>"), then, at the Borrower's request, any Lender assignee or any other assignee that is consented to by the Administrative Agent to the extent required by Section 9.04 shall have the right to purchase from such Non-Consenting Lender, and such Non-Consenting Lender agrees that it shall, upon the Borrower's request, sell and assign to such Lender or other assignee, at no expense to such Non-Consenting Lender, all the Commitments and Loans of such Non-Consenting Lender for an amount equal to the principal balance of all Loans (and funded participations in Swingline Loans and unreimbursed LC Disbursements) held by such Non-Consenting Lender and all accrued interest and fees with respect thereto through the date of sale (including amounts under Sections 2.12, 2.15 and 2.17), such purchase and sale to be consummated pursuant to an executed Assignment and Assumption in accordance with Section 9.04(b) (which Assignment and Assumption need not be signed by such Non-Consenting Lender); <u>provided</u> that if any such Non-Consenting Lender does not execute and deliver to the Administrative Agent a duly executed Assignment and Assumption reflecting such replacement within two (2) Business Days of the date on which the Lender assignee executes and delivers such Assignment and Assumption to such Non-Consenting Lender, then such Non-Consenting Lender shall be deemed to have executed and delivered such Assignment and Assumption without any action on the part of the Non-Consenting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the provisions of Section 9.02(b), this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the Borrower (i) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Initial Term Loans and the Revolving Loans and the accrued interest and fees in respect thereof, and (ii) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders. In addition, this Agreement may be amended with the written consent of the Administrative Agent, the Borrower and the Lenders providing the relevant Replacement Term Loans to permit the refinancing of all outstanding Term Loans of a Class with a replacement term loan tranche hereunder (the "<u>Replacement Term Loans</u>"); <u>provided</u> that (A) the aggregate principal amount of such Replacement Term Loans shall not exceed the aggregate principal amount of such refinanced Term Loans (<u>plus</u> all accrued interest on such Indebtedness and the amount of all fees, commissions, discounts and expenses, including premiums incurred in connection therewith and the amount of any existing commitments unutilized thereunder), (B) such Replacement Term Loans shall be subject to the MFN Protection, (C) the Weighted Average Life to Maturity of such Replacement Term Loans shall not be shorter than the Weighted Average Life to Maturity of such refinanced Term Loans at the time of such refinancing (except to the extent of nominal amortization for periods where amortization has been eliminated as a result of prepayment of the refinanced Term Loans) and (D) all other terms (taken as a whole) applicable to such Replacement Term Loans shall be substantially the same as, or less favorable to the Lenders providing such Replacement Term Loans than, those applicable to such refinanced Term Loans, except to the extent necessary to provide for covenants and other terms applicable to any period after the Latest Maturity Date in effect immediately prior to such refinancing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in this Section 9.02 to the contrary, (i) technical and conforming modifications to the Loan Documents may be made with the consent of the Borrower and the Administrative Agent to the extent necessary (x) to integrate any Incremental Term Loans, any Incremental Revolving Commitments, any Extended Term Loans or any Extended Revolving Credit Commitments or (y) to cure any ambiguity, omission, defect or inconsistency and (ii) without the consent of any Lender or Issuing Bank, the Loan Parties and the Administrative Agent or the Collateral Agent may (in their respective sole discretion, or shall, to the extent required by any Loan Document) enter into any (x) amendment, modification or waiver of any Loan Document, or enter into any new agreement or instrument, to effect the granting, perfection, protection, expansion or enhancement of any security interest in any Collateral or additional property to become Collateral for the benefit of the Secured Parties or as required by local law to give effect to, or protect any security interest for benefit of the Secured Parties, in any property or so that the security interests therein comply with applicable law or this Agreement or in each case to otherwise enhance the rights or benefits of any Lender under any Loan Document or (y) any Intercreditor Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything in this Section 9.02 to the contrary, if the Administrative Agent and the Borrower shall have jointly identified an error, mistake, ambiguity, incorrect cross-reference or any error or omission, in each case, in any provision of this Agreement or any other Loan Document (including, for the avoidance of doubt, any exhibit, schedule or other attachment to any Loan Document), then the Administrative Agent (acting in its sole discretion) and the Borrower or any other relevant Loan Party shall be permitted to amend such provision and such amendment shall become effective without any further action or consent of any other party to any Loan Document. Notification of such amendment shall be made by the Administrative Agent to the Lenders promptly upon such amendment becoming effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything in this Section 9.02 to the contrary, in connection with any determination as to whether the requisite Lenders have (A) consented (or not consented) to any amendment or waiver of any provision of this Agreement or any other Loan Document or any departure by any Loan Party therefrom, (B) otherwise acted on any matter related to any Loan Document, or (C) directed or required the Administrative Agent or Collateral Agent to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, any Lender (other than any Lender (x) that is a Regulated Bank or an Affiliate of a Regulated Bank or (y) that is a Revolving Lender as of the Closing Date or an Affiliate of such Revolving Lender) that, as a result of its interest in any total return swap, total rate of return swap, credit default swap or other derivative contract (other than any such total return swap, total rate of return swap, credit default swap or other derivative contract entered into pursuant to bona fide market making activities), has a net short position with respect to the Loans and/or Commitments (each, a "<u>Net Short Lender</u>") shall have no right to vote any of its Loans and unused Commitments, without the prior written consent of the Borrower, and shall be automatically deemed to have voted its interest as a Lender without discretion in the same proportion as the allocation of voting with respect to such matter by Lenders who are not Net Short Lenders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For purposes of determining whether a Lender has a "net short position" on any date of determination: (i) derivative contracts with respect to any Loans and Commitments and such contracts that are the functional equivalent thereof shall be counted at the notional amount thereof in Dollars, (ii) derivative contracts in respect of an index that includes any of the Loan Parties or any instrument issued or guaranteed by any of the Loan Parties shall not be deemed to create a short position with respect to any Loans and/or Commitments, so long as (x) such index is not created, designed, administered or requested by such Lender and (y) the Loan Parties and any instrument issued or guaranteed by any of the Loan Parties, collectively, shall represent less than 5% of the weighted average components of such index, (iii) derivative transactions that are documented using either the 2014 ISDA Credit Derivatives Definitions or the 2003 ISDA Credit Derivatives Definitions (collectively, the "<u>ISDA CDS Definitions</u>") shall be deemed to create a short position with respect to any Loans and/or Commitments if such Lender is a protection buyer or the equivalent thereof for such derivative transaction and (x) such Loans or Commitments are a "Reference Obligation" under the terms of such derivative transaction (whether or not specified by name in the related documentation, included as a "Standard Reference Obligation" on the most recent list published by Markit, if "Standard Reference Obligation" is specified as applicable in the relevant documentation or in any other manner), (y) such Loans or Commitments would be a "Deliverable Obligation" under the terms of such derivative transaction or (z) any one or more Loan Parties (or their successors) is designated as a "Reference Entity" under the terms of such derivative transactions and (iv) credit derivative transactions or other derivatives transactions not documented using the ISDA CDS Definitions shall be deemed to create a short position with respect to any Loans and/or Commitments if such transactions are functionally equivalent to a transaction that offers the Lender protection in respect of such Loans or Commitments, or as to the credit quality of any of the Loan Parties other than, in each case, as part of an index so long as (x) such index is not created, designed, administered or requested by such Term Lender and (y) the Loan Parties and any instrument issued or guaranteed by any of the Loan Parties, collectively, shall represent less than 5% of the weighted average components of such index. In connection with any such determination, each Term Lender shall promptly notify the Administrative Agent in writing that it is a Net Short Lender, or shall otherwise be deemed to have represented and warranted to the Borrower and the Administrative Agent that it is not a Net Short Lender (it being understood and agreed that the Borrower and the Administrative Agent shall be entitled to rely on each such representation and deemed representation).

SECTION 9.03 <u>Expenses; Indemnity; Damage Waiver</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall pay or reimburse (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, the Collateral Agent and the Arrangers, including the reasonable and documented out-of-pocket fees, charges and disbursements of counsel for the Agents (within thirty (30) days of a written demand therefor, together with backup documentation supporting such reimbursement request), in connection with the preparation, execution, delivery and administration of the Loan Documents or any amendments, modifications or waivers of the provisions thereof (but, limited, in the case of legal fees and expenses, to the reasonable and documented fees, disbursements and other charges of one external counsel to the Agents and the Arrangers, taken as a whole, and, if reasonably necessary, of one external local counsel in any material relevant jurisdiction), (ii) all reasonable and documented out-of-pocket expenses incurred by any Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, the Issuing Banks and the Lenders (within thirty (30) days of a written demand therefor, together with backup documentation supporting such reimbursement request) incurred in connection with the enforcement of any rights or remedies under this Agreement or the other Loan Documents (but,

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limited, in the case of legal fees and expenses, to the reasonable and documented out-of-pocket fees, disbursements and other charges of one external counsel to the Administrative Agent, the Issuing Banks and the Lenders, taken as a whole, and, if reasonably necessary, of one external local counsel in any material relevant jurisdiction and one additional external counsel in each material relevant jurisdiction for each group of similarly situated parties, taken as a whole, in the event of a conflict of interest). If any Loan Party fails to pay when due any costs, expenses or other amounts payable by it hereunder or under any Loan Document, and the Administrative Agent shall have provided the Borrower with not less than five (5) Business Days' prior written notice thereof, the Administrative Agent may pay such amount on behalf of such Loan Party in its discretion. For the avoidance of doubt, this Section 9.03(a) shall not apply to Taxes, except any Taxes that represent costs, expenses, etc. arising from any non-Tax claim. For the avoidance of doubt, the term "Lender" shall, for purposes of this Section 9.03(a), include any Issuing Bank and the Swingline Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall indemnify the Administrative Agent, the Collateral Agent, each Agent, each Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an "<u>Indemnitee</u>"), and hold each Indemnitee harmless, from and against any and all losses, claims, damages, liabilities or out-of-pocket expenses incurred by or asserted against any Indemnitee (but, limited, in the case of advisor fees and expenses, to the reasonable and documented out-of-pocket fees, disbursements and other charges of one external counsel to the Indemnitees taken as a whole, and, if necessary, of one external local counsel to the Indemnitees taken as a whole in any material relevant jurisdiction and one additional external counsel in each material relevant jurisdiction for each group of similarly situated parties, taken as a whole, in the event of a conflict) incurred in connection with, or as a result of (i) the execution or delivery of any Loan Document or any other agreement or instrument contemplated hereby, the performance by the parties to the Loan Documents of their respective obligations thereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by an Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence, Release or threat of Release of Hazardous Materials on, at, under or from any property currently owned, leased or operated by the Borrower or any of its Subsidiaries, or any actual or alleged Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (iv) any claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; <u>provided</u> that such indemnity shall not, as to any Indemnitee, be available to the extent that such liabilities, losses, damages, claims or out-of-pocket expenses resulted from (x) the gross negligence, bad faith or willful misconduct of such Indemnitee or of any of its Related Parties, as determined by a final non-appealable judgment of a court of competent jurisdiction, (y) a material breach of any obligations under any Loan Document by such Indemnitee or of any of its Related Parties, as determined by a final non-appealable judgment of a court of competent jurisdiction, or (z) any dispute solely among Indemnitees other than any claims against an Indemnitee in its capacity or in fulfilling its role as an administrative agent or arranger or any similar role under this Agreement and other than any claims arising out of any act or omission of the Borrower or any of its Affiliates (in the case of any such act or omission, as determined in a final non-appealable judgment of a court of competent jurisdiction). All amounts due under this Section 9.03(b) shall be paid within thirty (30) days after

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written demand therefor (together with backup documentation supporting such reimbursement request); <u>provided</u> that the applicable Indemnitee shall promptly refund and return such amounts to the extent that there is a final judicial determination by a court of competent jurisdiction that such Indemnitee was not entitled to indemnification rights with respect to such payment pursuant to the express terms of this Section 9.03(b). This Section 9.03(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. Payments under this Section 9.03(b) shall be made by the Borrower to the Administrative Agent for the benefit of the relevant Indemnitee. For the avoidance of doubt, the term "Lender" shall, for purposes of this Section 9.03(b) include any Issuing Bank and the Swingline Lender. Should any proceeding involving an Indemnitee be settled, or if there is a judgment in any such investigation, litigation or proceeding, the Borrower shall indemnify and hold harmless such Indemnitee in the manner set forth above; <u>provided</u> that the Borrower shall not be liable for any settlement effected without the Borrower's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent, the Collateral Agent, any Issuing Bank or the Swingline Lender under Section 9.03(a) or (b), each Lender severally agrees to pay to the Administrative Agent, the Collateral Agent, such Issuing Bank or the Swingline Lender, as applicable, such Lender's pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; <u>provided</u> that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as applicable, was incurred by or asserted against the Administrative Agent, the Collateral Agent, such Issuing Bank or the Swingline Lender in its capacity as such. For purposes hereof, a Lender's "pro rata share" shall be determined based upon its share of the aggregate Revolving Exposures, outstanding Term Loans and unused Commitments at the time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent permitted by applicable law, (i) no party hereto shall assert, and each party hereto hereby waives, any claim against any other party hereto the Administrative Agent, any Arranger, any Issuing Bank and any Lender, and any Related Party of any of the foregoing Persons (each such Person being called a "<u>Lender-Related Person</u>") and the respective Affiliates of the foregoing, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof; <u>provided</u> that nothing in this Section 9.03(d) shall relieve the Borrower or any other Loan Party of any obligation it may have to indemnify a Lender-Related Person, as provided in Section 9.03(b), against any special, indirect, consequential or punitive damages asserted against such Indemnitee by a third party and (ii) in the absence of gross negligence, bad faith, material breach of this Agreement or the other Loan Documents, or willful misconduct on the part of any Lender-Related Person or any Related Parties (as finally determined by a court of competent jurisdiction), the Borrower and any Loan Party shall not assert and the Borrower and each Loan Party hereby waives, any claim against any Lender-Related Person for any liabilities arising from the use by others of information or other materials (including, without limitation, any personal data) obtained through telecommunications, electronic or other information transmission systems (including the Internet and any Approved Electronic Platform).

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SECTION 9.04 <u>Successors and Assigns</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of an Issuing Bank that issues any Letter of Credit), except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (except pursuant to Sections 1.12 and 6.03(a)(i)) (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section 9.04. Nothing in this Agreement, express or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of an Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in Section 9.04(c)) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing Banks and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Subject to the limitations set forth in Section 9.04(a) and the conditions set forth in Section 9.04(b)(ii), any Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld, conditioned or delayed) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Borrower; <u>provided</u> that the Borrower shall be deemed to have consented to an assignment unless it shall have objected thereto by written notice to the Administrative Agent within ten (10) Business Days after having received written notice thereof; <u>provided</u>, <u>further</u>, that no consent of the Borrower shall be required for an assignment (x) of Revolving Commitments or Revolving Loans to a Revolving Lender, an Affiliate of a Revolving Lender or an Approved Fund of a Revolving Lender, (y) of Term Loans or Commitments in respect thereof to a Term Lender, an Affiliate of a Term Lender or an Approved Fund of a Term Lender or (z) if a Specified Default has occurred and is continuing, to any other assignee other than a Disqualified Institution (which shall always be prohibited notwithstanding any provision to the contrary set forth herein),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Administrative Agent; <u>provided</u> that no consent of the Administrative Agent shall be required (1) in the circumstances described in Section 9.04(b)(A)(x) or (y) above or (2) with respect to any assignment made pursuant to Section 9.04(d)(i) or 9.04(d)(ii) (provided that in each case the Administrative Agent shall acknowledge any such assignment, but which assignment shall nonetheless become effective absent such acknowledgement), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) in the case of Revolving Commitments and Revolving Loans only, but excluding the circumstance described in Section 9.04(b)(A)(x) above, the Issuing Banks and Swingline Lender.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Assignments shall be subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) except in the case of an assignment to a Lender, an Affiliate of a Lender, or an Approved Fund, or an assignment of the entire remaining amount of the assigning Lender's Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the Trade Date specified in the Assignment and Assumption with respect to such assignment and delegation or, if no trade date is so specified, as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than an amount of $1,000,000 and shall be in increments of an amount of $1,000,000 in excess thereof (or, in each case, if less, all of such Lender's Commitment or Loans of the applicable Class) unless each of the Borrower and the Administrative Agent otherwise consent; <u>provided</u> that such assignments shall be aggregated in respect of each Lender and its Affiliates or Approved Funds, if any,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement; <u>provided</u> that this clause (B) shall not be construed to prohibit assignment of a proportionate part of all the assigning Lender's rights and obligations in respect of one Class of Commitments or Loans,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the assignee, if it shall not already be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) no assignment may be made to (i) a Disqualified Institution, (ii) a natural person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person) or (iii) except as permitted by Section 9.04(d), the Borrower or any of its Affiliates, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) any assignment of Term Loans or Commitments with respect to Term Loans shall specify whether such Term Loans or Commitments, as applicable, constitute Initial Term Loans, Incremental Term Loans or Commitments with respect to any of the foregoing Classes of Term Loans and, if such Term Loans or Commitments constitute Incremental Term Loans or Incremental Term Commitments, the date of initial Borrowing of such Incremental Term Loans or the effective date of such Incremental Term Commitments, as applicable.

Notwithstanding the foregoing or anything to the contrary set forth herein, any assignment of any Loans to any Affiliated Lender shall also be subject to the requirements of Section 9.04(d).

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For purposes of this Section 9.04(b):

"<u>Approved Fund</u>" means (a) a CLO and (b) with respect to any Lender that is a fund which invests in bank loans and similar extensions of credit, any other fund that invests in bank loans and similar extensions of credit and is managed or advised by the same investment advisor as such Lender or by an Affiliate of such investment advisor, but in any event, excluding any Disqualified Institution.

"<u>CLO</u>" means any entity (whether a corporation, partnership, trust or otherwise) that is engaged in making, purchasing, holding or otherwise investing in bank loans and similar extensions of credit in the ordinary course and is administered or managed by a Lender or an Affiliate of such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Subject to acceptance and recording thereof pursuant to Section 9.04(b)(iv), from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.17 and 9.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 9.04(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount and stated interest of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (a "<u>Register</u>"). The entries in the applicable Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent, the Issuing Banks and the Lenders shall treat each Person whose name is recorded in the applicable Register pursuant to the terms hereof as a Lender for all purposes of the Loan Documents, notwithstanding notice to the contrary. Each Register shall be available for inspection by the Borrower, and solely with respect to their respective interests by the Issuing Banks and any Lender, at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective unless recorded in the Register. The parties hereto agree and intend that the Loans shall be treated as being in "registered form" for the purposes of the Code (including Sections 163(f), 871(h)(2), and 881(c)(2) of the Code).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee's completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in Section 9.04(b) and any written consent to such assignment required by Section 9.04(b), the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this clause (v). It is intended that each Commitment, Loan or other obligation is at all times maintained in "registered form" within the meaning of Sections 163(f), 165(j), 871(h)(2), 881(c)(2) and 4701 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Lender may, without the consent of the Borrower, the Administrative Agent, the Issuing Banks or the Swingline Lender, sell participations to one or more banks or other entities (excluding any Disqualified Institution) (a "<u>Participant</u>") in all or a portion of such Lender's rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); <u>provided</u> that (x) such Lender's obligations under this Agreement shall remain unchanged, (y) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (z) the Borrower, the Administrative Agent, the Issuing Banks and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; <u>provided</u> that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in clauses (i) through (iv) of the first proviso to Section 9.02(b) that adversely and disproportionately affects such Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and related interest amounts) of each Participant's interest in the Loans or other obligations under the Loan Documents (the "<u>Participant Register</u>"); <u>provided</u> that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any information relating to a Participant's interest in any Commitments, Loans or its other obligations under this Agreement) except to the extent that the relevant parties, acting reasonably and in good faith, determine that such disclosure is necessary to establish that such Commitment, Loan or other obligation is at all times maintained in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and the Lender maintaining such Participant Register shall treat each person whose name is recorded in the Participant Register as the owner of the participation in question for all purposes of this Agreement notwithstanding any notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15 and 2.17 (subject to the requirements and limitations of such Sections; <u>provided</u> that any forms required to be provided by any Participant pursuant to Section 2.17(e) shall be provided solely to the applicable Lender) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 9.04(b); <u>provided</u>, <u>further</u>, that a Participant shall not be entitled to receive any greater payment under Section 2.15 or 2.17 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant unless the sale of the participation

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to such Participant is made with the Borrower's prior written consent with respect to such Participant's rights under Sections 2.15 and 2.17 (such consent not to be unreasonably withheld, conditioned or delayed). To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender; <u>provided</u> that such Participant shall be subject to Section 2.17(e) and Section 2.18(c) as though it were a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any Lender may at any time pledge, assign or grant a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender to a Federal Reserve Bank, and this Section 9.04 shall not apply to any such pledge, assignment or grant of a security interest; <u>provided</u> that no such pledge, assignment or grant of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding any other provision of this Agreement, no Lender will assign its rights and obligations under this Agreement, or sell participations in its rights and/or obligations under this Agreement, to any Person who is (i) a Disqualified Institution, (ii) a natural person, (iii) a Person listed on the Specially Designated Nationals and Blocked Persons List maintained by OFAC and/or on any other similar list maintained by OFAC pursuant to any authorizing statute, executive order or regulation, (iv) a Person either (A) included within the term "designated national" as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515 or (B) designated under Section 1(a), 1(b), 1(c) or 1(d) of Executive Order No. 13224, 66 Fed. Reg. 49079 (published September 25, 2001) or similarly designated under any related enabling legislation or any other similar executive orders, (v) a Defaulting Lender or (vi) except as provided in Section 9.04(d), the Borrower or any of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) Notwithstanding anything else to the contrary contained in this Agreement, any Lender may assign all or a portion of its Term Loans to a Person who is or will become, after such assignment, an Affiliated Lender in accordance with Section 9.04(b) and this Section 9.04(d); <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the assigning Lender and any Non-Debt Fund Affiliate purchasing such Lender's Term Loans, as applicable, shall execute and deliver to the Administrative Agent an assignment agreement substantially in the form of Exhibit J hereto (an "<u>Affiliated Lender Assignment and Assumption</u>") in lieu of an Assignment and Assumption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) for the avoidance of doubt, Lenders shall not be permitted to assign Revolving Commitments, Revolving Loans, Extended Revolving Credit Commitments, Incremental Revolving Commitments, Incremental Revolving Loans or Refinancing Revolving Commitments to any Affiliated Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) no Non-Debt Fund Affiliate shall be permitted to hold Term Loans pursuant to this Section 9.04(d), if (i) Non-Debt Fund Affiliates in the aggregate would own in excess of 25.0% of the Term Loans of any Class then outstanding or (ii) there would be more than two (2) Non-Debt Fund Affiliates holding Term Loans of any Class then outstanding; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) any such Non-Debt Fund Affiliate shall not be required to represent or warrant to any party that it does not possess material non-public information with respect to the Borrower and its Subsidiaries or the securities of any of them, and all parties to the relevant transactions may render customary "big boy" letters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding anything to the contrary in this Agreement, no Non-Debt Fund Affiliate shall have any right to (A) attend (including by telephone) any meeting or discussions (or portion thereof) among the Administrative Agent or any Lender to which representatives of the Loan Parties are not invited, (B) receive any information or material prepared by the Administrative Agent or any Lender or any communication by or among the Administrative Agent and/or one or more Lenders, except to the extent such information or materials have been made available to any Loan Party or its representatives (and in any case, other than the right to receive notices of prepayments and other administrative notices in respect of its Loans required to be delivered to Lenders pursuant to Article II), or (C) make or bring (or participate in, other than as a passive participant in or recipient of its pro rata benefits of) any claim, in its capacity as a Lender, against the Administrative Agent, the Collateral Agent or any other Lender with respect to any duties or obligations or alleged duties or obligations of such Agent or any other such Lender under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) By its acquisition of Term Loans, a Non-Debt Fund Affiliate (in its capacity as such) shall be deemed to have acknowledged and agreed that if a case under Title 11 of the United States Code is commenced against any Loan Party, such Loan Party shall provide (and each Non-Debt Fund Affiliate (in its capacity as such) hereby agrees) that (A) such Non-Debt Fund Affiliate (in its capacity as such) shall not take any step or action in such case to object to, impede, or delay the exercise of any right or the taking of any action by the Administrative Agent (or the taking of any action by a third party that is supported by Administrative Agent) in relation to such Non-Debt Fund Affiliates' claim with respect to its Loans (including, without limitation, objecting to any debtor in possession financing, use of cash collateral, grant of adequate protection, sale or disposition, compromise, or plan of reorganization) so long as such Non-Debt Fund Affiliate is treated in connection with such exercise or action on the same or better terms as the other Lenders, and (B) the vote of any Non-Debt Fund Affiliate (in its capacity as a Lender) with respect to any plan of reorganization of such Loan Party shall not be counted except that such Non-Debt Fund Affiliate's vote (in its capacity as a Lender) may be counted to the extent any such plan of reorganization proposes to treat the Obligations held by such Non-Debt Fund Affiliate in a manner that is less favorable to such Non-Debt Fund Affiliate than the proposed treatment of similar Obligations held by Lenders that are not Affiliates of the Borrower. Each Non-Debt Fund Affiliate hereby irrevocably appoints the Administrative Agent (such appointment being coupled with an interest) as such Non-Debt Fund Affiliate's attorney-in-fact, with full authority in the place and stead of such Non-Debt Fund Affiliate and in the name of such Non-Debt Fund Affiliate (solely in respect of Loans and participations therein and not in respect of any other claim or status such Non-

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Debt Fund Affiliate may otherwise have) from time to time in the Administrative Agent's discretion to take any action and to execute any instrument that the Administrative Agent may deem reasonably necessary to carry out the provisions of this clause (iii), in each case, solely to the extent such Non-Debt Fund Affiliate has not taken such action or executed such instrument within ten (10) Business Days after the Administrative Agent's written request for such Non-Debt Fund Affiliate to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything in Section 9.02 or the definition of "Required Lenders" to the contrary, for purposes of determining whether the Required Lenders or any other requisite Class vote required by this Agreement have (i) consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom, (ii) otherwise acted on any matter related to any Loan Document, or (iii) directed or required the Administrative Agent, the Collateral Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, (A) all Term Loans held by any Non-Debt Fund Affiliate shall be deemed to be not outstanding for all purposes of calculating whether the Required Lenders (or requisite vote of any Class of Lenders) have taken any actions and (B) the aggregate amount of Term Loans held by Debt Fund Affiliates will be excluded to the extent in excess of 49.0% of the amount required to constitute "Required Lenders"; <u>provided</u> that (v) the commitment of any Non-Debt Fund Affiliate shall not be increased, (w) the due date for payments of interest, fees and scheduled payments of principal owed to any Non-Debt Fund Affiliate shall not be extended, (x) the amounts owing to any Non-Debt Fund Affiliate will not be reduced and (y) any amendment that results in a disproportionate and adverse effect on a Non-Debt Fund Affiliate, in relation to all non-Affiliated Lenders or otherwise requires the consent of each Lender or each affected Lender shall not be effected or (z) the "sacred rights" of any Non-Debt Fund Affiliate shall not be amended or modified, in each instance in clauses (i) to (iii) above, without the consent of such Non-Debt Fund Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Borrower shall maintain at its offices a copy of each Assignment and Assumption delivered to it by any Non-Debt Fund Affiliate (the "<u>Affiliated Lender Register</u>"). Each Non-Debt Fund Affiliate shall advise the Borrower and the Administrative Agent in writing of any proposed disposition of Term Loans by such Lender. Additionally, if any Lender becomes a Non-Debt Fund Affiliate at a time that such Lender holds any Term Loans, such Lender shall promptly advise the Borrower and the Administrative Agent that such Lender is a Non-Debt Fund Affiliate. Copies of the Affiliated Lender Register shall be provided to the Administrative Agent and the Non-Debt Fund Affiliate upon request. Notwithstanding the foregoing if at any time (if applicable, after giving effect to any proposed assignment to a Non-Debt Fund Affiliate), all Non-Debt Fund Affiliates own or would, in the aggregate own more than 25.0% of the principal amount of any Class of Term Loans then outstanding: (i) any proposed pending assignment to a Non-Debt Fund Affiliate that would cause such threshold to be exceeded shall not become effective or be recorded in the Affiliated Lender Register and (ii) if such threshold is otherwise exceeded (whether as a result of a Lender becoming a Non-Debt Fund Affiliate after it has acquired Term Loans, due to repayments, prepayments or Declined Proceeds, or otherwise), such Non-Debt Fund Affiliate shall assign sufficient Term Loans of such Class so that Non-Debt Fund Affiliates in the aggregate own less than 25.0% of the aggregate principal amount of Term Loans of such Class then outstanding. The Administrative Agent may conclusively rely upon the Affiliated Lender Register in connection with any amendment or waiver hereunder and shall not have any responsibility for monitoring any acquisition or disposition of Term Loans by any Non-Debt Fund Affiliate or for any losses suffered by any Person as a result of any purported assignment to or from an Affiliated Lender.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Administrative Agent shall not be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or enforce, compliance with the provisions hereof relating to Disqualified Institutions. Without limiting the generality of the foregoing, the Administrative Agent shall not (x) be obligated to ascertain, monitor or inquire as to whether any Lender or Participant or prospective Lender or Participant is a Disqualified Institution or (y) have any liability with respect to or arising out of any assignment or participation of Loans or Commitments, or disclosure of confidential information, to any Disqualified Institution (absent a finding of bad faith, gross negligence or willful misconduct in a final and non-appealable judgment of a court of competent jurisdiction).

SECTION 9.05 <u>Survival</u>. All covenants, agreements, representations and warranties made by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall have independent significance and be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, any Issuing Bank or any Lender may have had notice or knowledge of any Default, any Event of Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding (other than contingent indemnification obligations as to which no claim has been asserted, obligations and liabilities under Cash Management Agreements and Secured Hedge Agreements and any Letter of Credit if the outstanding amount of the L/C Exposure related thereto has been cash collateralized, back-stopped by a letter of credit in form and substance, and issued by a letter of credit issuer, reasonably satisfactory to the applicable Issuing Bank and in a face amount equal to 103% of the outstanding amount of the applicable L/C Exposure in respect thereof, or deemed reissued under another agreement reasonably acceptable to the applicable Issuing Bank) and so long as the Commitments have not expired or terminated. The provisions of Sections 2.15, 2.17 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any provision hereof.

SECTION 9.06 <u>Counterparts; Integration; Effectiveness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been

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executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective permitted successors and assigns. In the event of a conflict between the provisions of this Agreement and those of any other Loan Document, the provisions of this Agreement shall control. Each Loan Document was drafted with the joint participation of the respective parties thereto and shall be construed neither against nor in favor of any party, but rather in accordance with the fair meaning thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Delivery of an executed counterpart of a signature page of (x) this Agreement, (y) any other Loan Document and/or (z) any document, amendment, approval, consent, information, notice (including, for the avoidance of doubt, any notice delivered pursuant to Section 9.01), certificate, request, statement, disclosure or authorization related to this Agreement, any other Loan Document and/or the transactions contemplated hereby and/or thereby (each an "<u>Ancillary Document</u>") that is an Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement, such other Loan Document or such Ancillary Document, as applicable. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this Agreement, any other Loan Document and/or any Ancillary Document shall be deemed to include Electronic Signatures, deliveries or the keeping of records in any electronic form (including deliveries by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page), each of which shall be of the same legal effect, validity and enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be; <u>provided</u> that nothing herein shall require the Administrative Agent to accept Electronic Signatures in any form or format without its prior written consent and pursuant to procedures approved by it; <u>provided</u>, <u>further</u>, without limiting the foregoing, (i) to the extent the Administrative Agent has agreed to accept any Electronic Signature, the Administrative Agent and each of the Lenders shall be entitled to rely in good faith on such Electronic Signature purportedly given by or on behalf of the Borrower or any other Loan Party without further verification thereof and without any obligation to review the appearance or form of any such Electronic signature and (ii) upon the request of the Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by a manually executed counterpart. Without limiting the generality of the foregoing, each party hereto hereby (i) agrees that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders, the Borrower and the Loan Parties, Electronic Signatures transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page and/or any electronic images of this Agreement, any other Loan Document and/or any Ancillary Document shall have the same legal effect, validity and enforceability as any paper original, (ii) agrees that any other party hereto may, at its option, create one or more copies of this Agreement, any other Loan Document and/or any Ancillary Document in the form of an imaged electronic record in any format, which shall be deemed created in the ordinary course of such Person's business, and destroy the original paper document (and all such electronic records shall be considered an original for all purposes and shall have the same legal effect, validity and enforceability as a paper record), (iii) waives any argument, defense or right to contest the legal effect, validity or enforceability of this Agreement, any other Loan Document and/or any Ancillary Document based solely on the lack of paper original copies

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of this Agreement, such other Loan Document and/or such Ancillary Document, respectively, including with respect to any signature pages thereto, and (iv) waives any claim against any other party hereto and any Related Party of any of the foregoing Persons, for any liabilities arising solely from such other Person's reliance on or use of Electronic Signatures and/or transmissions by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page, including any liabilities arising as a result of the failure of any other party hereto or its Related Parties to use any available security measures in connection with the execution, delivery or transmission of any Electronic Signature, except to the extent such liabilities result from the bad faith, gross negligence or willful misconduct of such Persons (as determined by a court of competent jurisdiction in a final and non-appealable decision).

SECTION 9.07 <u>Severability</u>. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof, and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

SECTION 9.08 <u>Right of Setoff</u>. If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law to set off and apply any and all deposits (general or special, time or demand, provisional or final) (other than payroll, escrow, trust and tax accounts) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the Borrower against any of and all the obligations of the Borrower now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. The applicable Lender shall notify the Borrower and the Administrative Agent of such setoff or application; <u>provided</u> that any failure to give or any delay in giving such notice to the Borrower shall not affect the validity of any such setoff or application under this Section 9.08. The rights of each Lender under this Section 9.08 are in addition to other rights and remedies (including other rights of setoff) which such Lender may have.

SECTION 9.09 <u>Governing Law; Jurisdiction; Consent to Service of Process</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be construed in accordance with and governed by the law of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each party hereto hereby irrevocably and unconditionally (i) submits, for itself and its property, to the exclusive jurisdiction of any New York State court or federal court of the United States of America, in each case, sitting in the Borough of Manhattan in the City of New York, and any appellate court from any thereof, in any action or proceeding (whether based on contract, tort or otherwise) arising out of or relating to this Agreement, any other Loan Document, or the transactions contemplated hereby or thereby, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding (whether based on contract, tort or otherwise) shall be heard and determined in such New York State or, to the extent permitted by law, in such federal court and (ii) agrees that a final judgment in any such action or proceeding (whether based on contract, tort or otherwise) shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of the parties hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding (whether based on contract, tort or otherwise) arising out of or relating to this Agreement or any other Loan Document or the transactions contemplated hereby or thereby in any court referred to in Section 9.09(b). Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding (whether based on contract, tort or otherwise) in any such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices by mail or courier in accordance with Section 9.01. Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

SECTION 9.10 <u>WAIVER OF JURY TRIAL</u>. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.10.

SECTION 9.11 <u>Headings</u>. Article and Section headings and the **Table of Contents** used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

SECTION 9.12 <u>Confidentiality</u>. Each of the Agents, the Issuing Banks and the Lenders agrees to maintain the confidentiality of the Information, except that Information may be disclosed (a) to it and its Affiliates and its and its Affiliates' respective directors, officers, employees, legal counsel, independent auditors and other experts, professionals, advisors or agents on a need to know basis (it being understood that (x) the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential and (y) the Agents, Issuing Banks and the Lenders shall be liable for any breach of this Section 9.12 by any of the Persons described in this clause (a)), (b) to the extent requested or demanded by any Governmental Authority or self-regulatory authority having jurisdiction over it or any of its Affiliates; <u>provided</u> that the Administrative Agent, Issuing Bank or Lender, as applicable, agrees that it will promptly notify the Borrower (other than with respect to any routine audit or examination conducted by bank accountants or a regulatory authority

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exercising examination or regulatory authority or at the request of a regulatory authority or any self-regulatory authority having or asserting jurisdiction over such Person) prior to such disclosure unless such notification is prohibited by law, rule or regulation, (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process or order of any court or administrative agency; <u>provided</u> that the Administrative Agent, Issuing Bank or Lender, as applicable, agrees that it will notify the Borrower as soon as practicable in the event of any such disclosure by such Person (other than with respect to any routine audit or examination conducted by bank accountants or a regulatory authority exercising examination or regulatory authority or at the request of a regulatory authority or any self-regulatory authority having or asserting jurisdiction over such Person) prior to such disclosure unless such notification is prohibited by law, rule or regulation, (d) to any other party to this Agreement, (e) to any credit insurer or reinsurer with respect to the Loan Document Obligations, (f) subject to an agreement containing provisions substantially the same (and in any event, no less restrictive) as those of this Section 9.12 in favor of the Borrower, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations; <u>provided</u> that no such disclosure shall be made to any Disqualified Institution or, to the extent the respective Lender has actual knowledge thereof, to any other Person with respect to whom the Borrower has affirmatively denied to provide consent to assignment in accordance with Section 9.04(b), (g) with the written consent of the Borrower, (h) to any rating agency when required by it on a customary basis and after consultation with the Borrower (it being understood that, prior to any such disclosure, such rating agency shall undertake to preserve the confidentiality of any Information relating to Loan Parties and their Subsidiaries received by it from such Lender), (i) in connection with the exercise of any remedies hereunder, under any other Loan Document or the enforcement of its rights hereunder or thereunder, (j) for purposes of establishing a "due diligence" defense, (k) to the extent such Information is independently developed by such Person or its Affiliates so long as not based on Information obtained in a manner that would otherwise violate this Section 9.12 or any other confidentiality or fiduciary obligation owed to the Borrower or any of its Affiliates, (l) solely with respect to disclosing the existence of this Agreement, the size of the Facilities and the parties to the Loan Documents, on a confidential basis, to market data collectors for customary purposes in the lending industry in connection with the Facilities or (m) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section 9.12 or (ii) becomes available to the Administrative Agent, any Issuing Bank or any Lender on a non-confidential basis from a source other than from or on behalf of the Borrower or any of its Affiliates; <u>provided</u> that such source is not actually known by such disclosing party to be bound by contractual or fiduciary obligations substantially the same as those contained in this Section 9.12. For the purposes of this Section 9.12, the term "<u>Information</u>" means all information received from or on behalf of Holdings, the Borrower or any other Loan Party relating to Holdings or to the Borrower, their respective Subsidiaries and Affiliates, and their respective businesses, other than any such information that is available to the Administrative Agent, any Issuing Bank, any Lender or any of their respective Affiliates on a non-confidential basis prior to disclosure by or on behalf of Holdings or the Borrower other than as a result of a breach of this Section 9.12. Any Person required to maintain the confidentiality of Information as provided in this Section 9.12 shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information and has otherwise not made a disclosure of such information in contravention of this Section 9.12.

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For the avoidance of doubt, nothing in this Section 9.12 shall prohibit any individual from voluntarily disclosing or providing any Information to any governmental, regulatory or self-regulatory organization (any such entity, a "<u>Regulatory Authority</u>") to the extent that any such prohibition on disclosure set forth in this Section 9.12 shall be prohibited by the laws or regulations applicable to such Regulatory Authority.

SECTION 9.13 <u>Interest Rate Limitation</u>. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts that are treated as interest on such Loan under applicable law (collectively, the "<u>Charges</u>"), shall exceed the maximum lawful rate (the "<u>Maximum Rate</u>") that may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section 9.13 shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Rate to the date of repayment, shall have been received by such Lender.

SECTION 9.14 <u>USA Patriot Act</u>. Each Lender hereby notifies each Loan Party that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "<u>Patriot Act</u>"), it is required to obtain, verify and record information that identifies the Loan Parties, which information includes the name and address of each Loan Party and other information that will allow such Lender to identify such Loan Party in accordance with the Patriot Act and the Beneficial Ownership Regulation.

SECTION 9.15 <u>Release of Collateral</u>. Each Secured Party hereby authorizes and instructs the Administrative Agent or the Collateral Agent, as applicable, to, and the Administrative Agent and the Collateral Agent shall, effectuate the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without limiting Section 7.12 of the Collateral Agreement, (i) upon any sale or other transfer by any Loan Party of any Collateral that is permitted under this Agreement to a Person that is not a Loan Party, or (ii) upon the effectiveness of any written consent to the release of the security interest granted hereby in any Collateral pursuant to Section 9.02, the security interest in such Collateral shall be automatically released, subject to the terms of any applicable Intercreditor Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting Section 7.12 of the Collateral Agreement, upon the addition of a Succeeding Holdings and satisfaction by such Succeeding Holdings of the Collateral and Guarantee Requirement, the prior Holdings shall be automatically released from all of its obligations under the Security Documents. Following the consummation of a Qualified IPO, Holdings shall be, automatically, and without further action of any Person, released from its obligations as "Holdings" hereunder; <u>provided</u> that, following such Qualified IPO, Holdings shall comply with the Collateral and Guarantee Requirement as a Restricted Subsidiary of the Borrower.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without limiting Section 7.12 of the Collateral Agreement, upon any Subsidiary of the Borrower (i) becoming an Excluded Subsidiary, (ii) having its Equity Interests disposed of in a transaction permitted under this Agreement to a Person that is not a Loan Party (including pursuant to a valid waiver or consent) or (iii) being designated as an Unrestricted Subsidiary, such Subsidiary shall be automatically released from its Guarantee of any Obligation; <u>provided</u>, <u>however</u>, that no Subsidiary Guarantor will be released from its Guarantee of the Obligations solely as a result of it becoming a non-wholly owned Restricted Subsidiary pursuant to the foregoing clause (i) pursuant to a transaction the primary purpose of which is to cause such Guarantor to be excluded from the guarantee requirement by virtue of no longer being a wholly-owned Restricted Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon request by the Administrative Agent or the Collateral Agent at any time, the Required Lenders will confirm in writing the authority of the Collateral Agent to release or subordinate its interest in particular property and of the Administrative Agent to release any Guarantor from its obligations hereunder pursuant to this Section 9.15. In each case as specified in this Section 9.15, the Administrative Agent and Collateral Agent, as applicable, will (and each Lender irrevocably authorizes and instructs the Administrative Agent to), at the Borrower's expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Security Documents or to subordinate its interest in such item, or to evidence the release of such Guarantor from its obligations under the Guarantees under the Loan Documents, in each case, in accordance with the terms of the Loan Documents and this Section 9.15.

SECTION 9.16 <u>No Fiduciary Duty</u>. In connection with all aspects of each transaction contemplated by this Agreement, the Borrower acknowledges and agrees, and acknowledges the other Loan Parties' understanding, that (i) each transaction contemplated by this Agreement is an arm's-length commercial transaction between the Loan Parties, on the one hand, and the Administrative Agent and the Lenders, on the other hand, (ii) in connection with each such transaction and the process leading thereto, the Administrative Agent, the Lenders and the Arrangers will act solely as principals and not as agents or fiduciaries of the Loan Parties or any of their stockholders, affiliates, creditors, employees or any other party, (iii) none of the Administrative Agent, any Lender or any Arranger will assume an advisory or fiduciary responsibility in favor of the Borrower or any of its Affiliates with respect to any of the debt transactions contemplated hereby or the process leading thereto (irrespective of whether the Administrative Agent, any Lender or any Arranger has advised or is currently advising any Loan Party on other matters) and none of the Administrative Agent nor any Lender nor any Arranger will have any obligation to any Loan Party or any of its Affiliates with respect to the debt transactions contemplated in this Agreement except the obligations expressly set forth herein, (iv) the Administrative Agent and each Lender may be engaged in a broad range of transactions that involve interests that differ from those of the Loan Parties and their Affiliates, and (v) none of the Administrative Agent or any Lender has provided or will provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby and each of the Loan Parties has consulted and will consult its own legal, accounting, regulatory, and tax advisors to the extent it deems appropriate. The Borrower agrees that the Loan Parties shall not assert any claims in respect of this Agreement that any Loan Party may have against the Administrative Agent, any Lender or any Arranger based on any breach or alleged breach of fiduciary duty in respect of this Agreement.

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SECTION 9.17 <u>Intercreditor Agreements Govern</u>. Each of the Administrative Agent, the Collateral Agent, each Secured Party and each Lender (a) hereby agrees that it will be bound by and will take no actions contrary to the provisions of any Intercreditor Agreement entered into pursuant to the terms hereof and (b) hereby authorizes and instructs the Administrative Agent and the Collateral Agent to enter into each Intercreditor Agreement (including any Junior Lien Intercreditor Agreement and any Pari Intercreditor Agreement) entered into pursuant to the terms hereof and to subject the Liens securing the Obligations to the provisions thereof. In the event of any conflict or inconsistency between the provisions of each Intercreditor Agreement (including any Junior Lien Intercreditor Agreement and/or any Pari Intercreditor Agreement) and this Agreement, the provisions of such Intercreditor Agreement shall control in all respects.

SECTION 9.18 <u>Material Non-Public Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **EACH LENDER ACKNOWLEDGES THAT INFORMATION (AS DEFINED IN SECTION 9.12) FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.**

SECTION 9.19 <u>Acknowledgment and Consent to Bail-In of Affected Financial Institutions</u>. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the effects of any Bail-in Action on any such liability, including, if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a reduction in full or in part or cancellation of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

SECTION 9.20 <u>[Reserved]</u>.

SECTION 9.21 <u>[Reserved]</u>.

SECTION 9.22 <u>Acknowledgement Regarding Any Supported QFCs</u>. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap Agreements or any other agreement or instrument that is a QFC (such support, "<u>QFC Credit Support</u>" and each such QFC a "<u>Supported QFC</u>"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "<u>U.S. Special Resolution Regimes</u>") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

In the event a Covered Entity that is party to a Supported QFC (each, a "<u>Covered Party</u>") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might

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otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

SECTION 9.23 <u>Judgment Currency</u>. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or under any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of the Borrower in respect of any such sum due from it to the Administrative Agent or any Lender, as the case may be, hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the "<u>Judgment Currency</u>") other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the "<u>Agreement Currency</u>"), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent or such Lender, as the case may be, may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent or any Lender, as the case may be, from the Borrower in the Agreement Currency, the Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or such Lender, as the case may be, against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent or any Lender, as the case may be, in such Agreement Currency, the Administrative Agent or such Lender, as the case may be, agrees to return the amount of any excess to the Borrower (or to any other Person who may be entitled thereto under applicable law).

[Remainder of Page Intentionally Left Blank; Signature Pages Follow]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective Responsible Officers as of the day and year first above written.

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| | |
|:---|:---|
| **YELLOWSTONE BORROWER, LLC,**<br> as the Borrower | **YELLOWSTONE BORROWER, LLC,**<br> as the Borrower |
| By: | /s/ Kevin Messerle |
| Name: | Kevin Messerle |
| Title: | Treasurer |
| **YELLOWSTONE INTERCO HOLDINGS, LLC,**<br> as Holdings | **YELLOWSTONE INTERCO HOLDINGS, LLC,**<br> as Holdings |
| By: | /s/ Kevin Messerle |
| Name: | Kevin Messerle |
| Title: | Treasurer |

---

[Signature Page to Credit Agreement]

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| | |
|:---|:---|
| **WELLS FARGO BANK, NATIONAL ASSOCIATION**, as Administrative Agent, Collateral Agent, Swingline Lender, an Issuing Bank, a Revolving Lender and a Term Lender | **WELLS FARGO BANK, NATIONAL ASSOCIATION**, as Administrative Agent, Collateral Agent, Swingline Lender, an Issuing Bank, a Revolving Lender and a Term Lender |
| By: | /s/ M. Bryan Funderburg |
| Name: | M. Bryan Funderburg |
| Title: | Vice President |

---

[Signature Page to Credit Agreement]

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| | |
|:---|:---|
| JEFFERIES FINANCE LLC, as a Revolving Lender and a Term Lender | JEFFERIES FINANCE LLC, as a Revolving Lender and a Term Lender |
| By: | /s/ Brian Buoye |
| Name: | Brian Buoye |
| Title: | Managing Director |

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[Signature Page to Credit Agreement]

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| | |
|:---|:---|
| GOLDMAN SACHS LENDING PARTNERS, LLC,<br> as a Revolving Lender and a Term Lender | GOLDMAN SACHS LENDING PARTNERS, LLC,<br> as a Revolving Lender and a Term Lender |
| By: | /s/ Jonathan Dworkin |
| Name: | Jonathan Dworkin |
| Title: | Authorized Signatory |

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[Signature Page to Credit Agreement]

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| | |
|:---|:---|
| J.P. MORGAN CHASE BANK, N.A.,<br> as a Revolving Lender and a Term Lender | J.P. MORGAN CHASE BANK, N.A.,<br> as a Revolving Lender and a Term Lender |
| By: | /s/ Alexander Freedman |
| Name: | Alexander Freedman |
| Title: | Authorized Signatory |

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[Signature Page to Credit Agreement]

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| | |
|:---|:---|
| CITICORP NORTH AMERICA, INC., | CITICORP NORTH AMERICA, INC., |
| as a Revolving Lender and a Term Lender | as a Revolving Lender and a Term Lender |
| By: | /s/ Lawrence Martin |
| Name: | Lawrence Martin |
| Title: | Authorized Signatory |

---

[Signature Page to Credit Agreement]

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| | |
|:---|:---|
| Morgan Stanley Senior Funding, Inc., | Morgan Stanley Senior Funding, Inc., |
| as a Revolving Lender and a Term Lender | as a Revolving Lender and a Term Lender |
| By: | /s/ Michael King |
| Name: | Michael King |
| Title: | Vice President |

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[Signature Page to Credit Agreement]

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| | |
|:---|:---|
| Truist Bank, | Truist Bank, |
| as a Revolving Lender and a Term Lender | as a Revolving Lender and a Term Lender |
| By: | /s/ Christian Jocobsen |
| Name: | Christian Jocobsen |
| Title: | Director |

---

[Signature Page to Credit Agreement]

## Exhibit 10.2

**Exhibit 10.2**![LOGO](g941199g1116131940174.jpg)

York Space Systems

1449 7<sup>th St, Suite 425</sup> 

Denver, CO 80204

March 21, 2021

(As modified March 26, 2021)

Mr. Kevin Messerle

Dear Kevin,

On behalf of York Space Systems, LLC (the "Company" or "York"), I am very pleased to extend to you this offer of employment ("Offer Letter"). We are excited to have you join our team and trust that your time with York will be rewarding both personally and professionally.

Here are the details of your employment offer with York:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Start Date & Title:* You will work on a full-time basis effective April 19, 2021 (the "Start Date"). Your title will be Chief Financial Officer reporting to the Chief Executive Officer and you will work out of our Denver, Colorado offices. Until August 1, 2021, York expects that you will work remotely, visiting the office in Denver as needed. We expect you to devote all of your professional and working time and energies to the business of the Company, to perform all duties and responsibilities that are associated with this position or otherwise may be assigned to you, and not to undertake any other employment or consultancy without the prior written consent of the Chief Executive Officer. You agree to abide by all policies instituted by Company, as they may be amended from time to time. Your relationship with the Company is "at-will," meaning that your relationship may be terminated for any reason, or for no reason, by York or by you at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Base Compensation:* In consideration for your services to the Company, you shall receive an annual payment of $275,000, to be paid in equal periodic installments in accordance with the Company's normal payroll procedures. You will be responsible for payment of all applicable taxes as required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Bonus*. You will be eligible to receive cash bonuses (the "Annual Bonus") of up to 75% of Base Compensation, per year, pursuant to the Company's bonus plan. The Bonus shall be based on your individual performance, as well as achievement of Company goals and objective milestones. The setting of the objective milestones and the anticipated quarterly achievement thereof, as well as the amount of the applicable Bonus, if any, shall be mutually determined by yourself and the Company. Following the mutually agreed achievement of a Bonus milestone, which are anticipated to occur quarterly, the applicable Bonus shall be paid to you approximately thirty (30) following such an achievement determination. In no event shall a Bonus be paid later than March 15<sup>th</sup> of the calendar year immediately following the calendar year in which it was earned. Other than for an Accrued Bonus provided in Section 10, you must be active in your role as Chief Financial Officer at the time that any Annual Bonus milestone is paid in order to be eligible to receive a Bonus milestone payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Relocation Bonus*. You will receive a lump-sum bonus of $15,000, less all applicable taxes for relocation related expenses ("Relocation Bonus"). The Relocation Bonus will be paid on the next pay date following the Start Date and is subject to the terms and conditions set forth in York's Employee Relocation Policy. As a condition of receiving the Retention Bonus, you will be required to sign the Relocation Policy Agreement, which, along with the Employee Relocation Policy, is attached hereto at **<u>Attachment A</u>**.

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![LOGO](g941199g1116131940174.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Equity*. Pursuant to the terms of York Space Systems, LLC 2016 Equity Incentive Plan (the "Plan") as amended and restated and as may be amended hereafter and as attached hereto as **<u>Attachment B</u>**, as applicable, and subject to the approval of the Board, you will receive a 0.5% Economic Interest Award (the "Award"). As set forth in the Plan, the Award Agreement, the Limited Liability Company Operating Agreement for York Space Systems, LLC, as amended and restated, and/or such other applicable agreement, one-third or 33<sup>1</sup>⁄<sub>3</sub> of the Award shall vest on the first anniversary of your Start Date, and the remaining two-thirds or approximately 66.7% will vest as follows: one-third or 33<sup>1</sup>⁄<sub>3</sub>% will vest each year on the anniversary of the Start Date for the following 2 years, <u>provided that</u> you remain in your role as Chief Financial Officer with Company on the vesting date (except as otherwise provided in such agreement or the Plan). This vesting schedule is subject to acceleration in the event of a "Change in Control" as set forth in the Plan. In addition to the 0.5% Economic Interest Award described above, you will also be eligible to receive a fully vested 0.5% Economic Interest Award upon the earlier to occur of (i) the Company balance sheet containing the addition of at least $150,000,000 of cash or cash equivalents not associated with the Company's normal operations under executed services and/or hardware contracts current or future or (ii) a "Change in Control" event described in Section 10 below. The Awards described herein shall be evidenced in writing by, and subject to the terms and conditions of, the Plan and Company's standard form of equity award agreement. You acknowledge and agree that termination of or failure to maintain employment for any reason shall result in forfeiture of any unvested portion of the Award that does not vest due to termination or separation from employment for any reason and prior to any anniversary of the Start Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *Benefits*. You will be eligible for all benefits which the Company makes generally available from time to time in accordance with the terms and conditions of the benefit plans and Company policies, which may be changed from time to time in the Company's sole discretion. Where a particular benefit is subject to a formal plan (for example, medical insurance or life insurance), eligibility for any particular benefit is governed solely by the applicable plan document. Please see the **<u>Attachment C</u>** for an Employee Benefits Summary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. *Reimbursement of Expenses*. The Company shall reimburse you for all ordinary and reasonable out-of-pocket business expenses incurred in furtherance of the Company's business in accordance with the Company's policies with respect thereto as in effect from time to time. All reimbursements provided under this Offer Letter shall be made or provided in accordance with the requirements of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. *Forfeiture/Clawback*. All compensation shall be subject to any forfeiture or clawback policy established by the Company generally for senior executives from time to time, including but not limited to, in the Equity Plan or as available under applicable law, as provided in Section 15 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. *Term; Termination*. Subject to the terms hereof, your employment hereunder shall commence on Start Date and shall continue until terminated hereunder by either party (such term of employment shall be referred to herein as the "Term"). Notwithstanding anything else contained in this Agreement, your employment hereunder shall terminate upon the earliest to occur of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Death</u>. Immediately upon your death;

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![LOGO](g941199g1116131940174.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination by the Company due to Disability</u>. Notwithstanding anything else contained in herein, Company may terminate your employment due to your Disability (defined below) by written notice that your employment is being terminated as a result of thereof, which termination shall be effective on the date of such notice or such later date as specified in writing by Company. As used herein, "Disability" shall mean your incapacity or inability to perform your duties and responsibilities as contemplated herein for one hundred twenty (120) days or more within any one (1) year period (cumulative or consecutive), because your physical or mental health has become so impaired as to make it impossible or impractical for you to perform your duties and responsibilities hereunder. Determination of your physical or mental health shall be determined by the Company, in consultation with the Board and a medical expert appointed by mutual agreement between you and the Company. You hereby consent to such examination by a mutually agreed upon medical expert and consultation regarding your health and ability to perform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination by the Company for Cause</u>. Company may terminate your employment for Cause by written notice by Company to you that your employment is being terminated for Cause, which termination shall be effective on the date of such notice or such later date as specified in writing by Company, <u>provided</u> that if you have cured the circumstances giving rise to Cause (as such cure right may be applicable pursuant to the terms and conditions set forth below) within a period of thirty (30) days then such termination shall not be effective. For the purposes of this Agreement, "Cause" shall mean: (i) the failure to perform such duties as are reasonably requested by the Company or the Board, after being provided with written notice and a reasonable opportunity to cure; (ii) material breach of this Offer Letter or of any agreement with the Company or any affiliate, including but not limited to the material breach of any non-competition, non-solicitation, non-disclosure, and intellectual property assignment agreement, or a material violation of the Company's or any affiliate's code of conduct or other written policy, after written notice by the Company or the Board and a reasonable opportunity to cure; (iii) conviction of, or plea of guilty or no contest to, a felony or a crime involving moral turpitude or the commission of any other act involving willful malfeasance or material fiduciary breach with respect to the Company or an y affiliate; (iv) use of illegal drugs or abuse of alcohol that materially impairs your ability to perform your duties to the Company or any affiliate; (v) gross negligence or willful misconduct wit h respect to the Company or any affiliate; or (vi) as "cause" is defined under applicable law, as provided in Section 15 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Termination by the Company without Cause</u>. Company may terminate your employment without Cause, by written notice by the Company to you, which termination shall be effective on the date of such notice or such later date as specified in writing by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Termination by You</u>. Notwithstanding anything else contained herein, you may terminate your employment by written notice to the Company that you are terminating your employment, which termination shall be effective ninety (90) days after the date of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Return of Company Property</u>. Upon the termination of your employment hereunder for any reason or for no reason, or if the Company otherwise requests, you shall: (a) return to the Company all tangible business information and copies thereof (regardless how such confidential information or copies are maintained), and (b) deliver to the Company any property of the Company which may be in your possession, including, but not limited to, devices, smart phones, laptops, cell phones (the foregoing, "electronic devices"), products, materials, memoranda, notes, records, reports or other documents or photocopies of the same. You understand and agree that the Company property belongs exclusively to the Company, it should be used for Company business, and you have no reasonable expectation of privacy on any Company property or with respect to any information stored thereon.

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![LOGO](g941199g1116131940174.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. *Termination Payments.* Regardless of the reason for any employment termination hereunder, the Company shall pay you: (i) the portion of your Base Compensation that has accrued but has not been paid prior to any termination of your employment; and (ii) the amount of any expenses properly incurred by you on behalf of Company prior to any such termination and have not yet been reimbursed (together, the "Accrued Obligations") within the applicable time timeframe required by law. Your entitlement to other compensation or benefits under any Company plan or policy shall be governed by and determined in accordance with the terms of such plan or policy, except as otherwise specified herein. In the event of the Company's termination of your employment for Cause, you shall be eligible for the Accrued Obligations and shall not be eligible for any severance or severance-type payments, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Termination by You</u>. If you terminate your employment with the Company, then the Company shall pay the Accrued Obligations and any accrued (meaning that the Board or Company has determined that it is payable) and unpaid Bonus for the prior fiscal year (the "Accrued Bonus") to you within the time provided by law and the Company shall have no further obligations to you hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination as a Result of Your Disability or Death</u>. If your employment hereunder terminates as a result of your Disability or death, the Company shall pay you within the time provided by law: (i) the Accrued Obligations and (ii) any Accrued Bonus and, shall have no further obligations with respect to any benefit or compensation to you hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination by the Company Without Cause; Termination by the Company</u> <u>Without Cause Following a Change in Control</u>. In the event that your employment is terminated by action of the Company without Cause or without Cause following a Change in Control, then you shall be eligible to receive the following, subject to the conditions below: (1) Accrued Obligations; (2) any Accrued Bonus; (3) continuation of payments in an amount equal to your then-current Base Compensation for a twelve (12) month period consistent with the terms of Section 1 above (the "Severance Payments"); and (4) Upon completion of appropriate forms and subject to applicable terms and conditions under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), the Company shall pay the COBRA premium payments (the "COBRA Payment"), until the earlier to occur of either six (6) months following your termination date or the date upon which you become eligible for medical benefits with another employer. You shall bear full responsibility for applying for COBRA continuation coverage and the Company shall have no obligation to provide such coverage if you fail to elect COBRA benefits in a timely fashion. In the event that your employment is terminated without Cause within a period of ninety (90) days preceding the Change of Control if the termination is related to the Change of Control, you shall be eligible to receive the following, subject to the conditions below: (1) the Accrued Obligations; (2) any Accrued Bonus; (3) the Severance Payments paid in a lump sum; (4) the COBRA Payment,; and (5) the 1% equity grant provided for in Section 5 shall become fully vested as of the date of your termination and this provision shall supersede any acceleration provision contained in any other agreement. "Change in Control" means: (a) The acquisition (whether by purchase, merger, consolidation, combination or other similar transaction) by any Person of beneficial ownership (within the meaning of Rule 13d - 3 promulgated under the Exchange Act) of more than 50% (on a fully diluted basis) of the combined voting power of the then outstanding membership interests of the Company; provided, however, that for purposes of the Plan, the following acquisitions shall not constitute a Change in Control: (A) any acquisition by the Company or any affiliate, provided that the members of the Company existing prior to any such Change of Control continue to control the Company by (i) the power, direct or indirect, to cause the d irection or management of the Company or (ii) ownership of fifty percent (50%) or more of the Company's membership interests, (B) any acquisition by any employee benefit plan sponsored or maintained by the Company or any subsidiary, (C) in respect

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of an award held by a particular participant, any acquisition by the p articipant or any group of persons including the Participant (or any entity controlled by the Participant or any group of persons including the participant); or (D) the acquisition of securities pursuant to an offer made to the general public through a registration statement filed with the Securities and Exchange Commission; or (b) the sale, transfer or other disposition of all or substantially all of the assets of the Compa ny to any Person other than an affiliate. Payment of the severance payments and benefits set forth in this subsection are expressly conditioned on your execution without revocation of the Release and return of Company property under Sections 9(f) and 10(d). The Company will commence payment of the applicable severance and benefits on the first payroll date following the date on which the Release required in Section 10(d) becomes effective and non-revocable, provided, that if the applicable period during which the Release is required to become enforceable and irrevocable crosses a tax year, then the payments will be delayed until such subsequent calendar year; provided further that if such payments are delayed until such subsequent year, the first such payment shall be a lump sum in an amount equal to the payments that would have come due since your separation from service. Any Severance Payments set forth above are intended either (i) to satisfy the safe harbor set forth in the Treas. Regs. 1.409A-1(b)(9)(iii) or (ii) be treated as a short-term deferral as that term is defined in Treas. Regs. 1.409A-1(b)(4). To the extent that any Severance Payments exceed the applicable safe harbor or do not constitute a short-term deferral, the excess amount shall be treated as deferred compensation under Code section 409A and as such shall be payable via standard payroll in periodic installments in accordance with the Company's usual practice for its senior executives. Solely for purposes of Code section 409A, each installment payment is considered a separate payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Execution of Severance Agreement and Release of Claims</u>. The Company shall not be obligated to pay you any of the severance payments or benefits described in this Section 10 unless and until you have executed (without revocation) a severance agreement and release of claims as described below (the "Release"). The Release shall contain reasonable and customary provisions including a general release of claims against the Company and its affiliated entities and each of their officers, directors and employees, provisions concerning non-disparagement, confidentiality, cooperation and the like, as well as provisions acknowledging your ongoing obligations to the Company pursuant to the same or similar agreements referenced in Section 11 and 12 concerning the non-disclosure of confidential information, invention assignment, non-solicitation and non-competition (the period for such will not exceed twelve (12) months). The Release must be provided to you not later than fifteen (15) days following the effective date of termination of your employment by the Company and executed by you and returned to the Company within the applicable time period after such effective date. If you fail or refuse to return the Release within such applicable time period, your severance payments and benefits to be paid hereunder shall be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Other Payments or Benefits Owing</u>. Except as expressly set forth herein, the payments and benefits set forth in this Section 10: (a) shall be the sole amounts owing to you upon termination of your employment for the reasons set forth above, and you shall not be eligible for any other payments or other forms of compensation or benefits; (b) shall be the sole remedy, if any, available to you in the event that you bring any claim against the Company relating to the termination of your employment hereunder; and (c) shall not be subject to set-off by the Company or any obligation on your part to mitigate or to offset compensation you earned in other pursuits following termination of employment, other than as specified herein with respect medical benefits provided by another employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. *Non-Competition and Non-Solicitation Agreement*: As a condition of employment, you will be required to execute the Company's form of Non-Competition and Non-Solicitation Agreement, in the form attached hereto as **<u>Attachment D</u>**.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. *Intellectual Property and Non-Disclosure Agreement*: As a condition of employment, you will be required to execute the Company's enclosed standard Intellectual Property and Non-Disclosure Agreement, in the form attached hereto as **<u>Attachment E</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. *No Conflicts*: You represent that you are not bound by any employment contract, restrictive covenant or other restriction preventing you from entering into employment with or carrying out your responsibilities for the Company, or which is in any way inconsistent with the terms of this Offer Letter. You further represent that all facts you have presented to the Company are accurate and true, including those relating to your education, training, qualifications, licensing and prior work experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. *Eligibility:* This offer is conditioned on your eligibility to work in the United States. For purposes of completing the INS I-9 form, you must provide us sufficient documentation to demonstrate your eligibility to work in the United States on or before your start date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. *Entire Agreement*: This Offer Letter, together with the agreements specifically referred to herein (**<u>Attachments A-E</u>**), embodies the entire agreement and understanding between the parties hereto with respect to the subject matter hereof, and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. The terms of this Offer Letter may be amended only by written agreement executed by the parties, and may be waived only by a written document executed by the party entitled to the benefits of such terms. The Company may assign its rights and obligations hereunder to any person or entity that succeeds to all or substantially all of the Company's business. You may not assign your rights and obligations hereunder without the prior written consent of the Company and any such attempted assignment by you without the prior written consent of the Company will be void. This Offer Letter and the rights and obligations of the parties hereunder will be construed in accordance with and governed by the internal law of the State of Colorado, without giving effect to the conflict of law principles thereof. By accepting this offer of employment, you agree that any action, demand, claim or counterclaim in connection with any aspect of your employment with the Company, or any separation of employment from the Company, will be brought in the courts of the State of Colorado or of the United States for the District of Colorado.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. *Electronic Delivery.* The Company may, in its sole discretion, decide to deliver any documents or notices related to this Agreement, securities of the Company or any of its affiliates or any other matter, including documents and/or notices required to be delivered to you by applicable securities law or any other law or the Company's Certificate of Incorporation or Bylaws by email or any other electronic means. You hereby consent to (i) conduct business electronically (ii) receive such documents and notices by such electronic delivery and (iii) sign documents electronically and agree to participate through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

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Kevin, I look forward to your joining York and to working together. Please indicate your acceptance of this offer of employment by signing below.

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| |
|:---|
|  Very truly yours, |
|  /s/ Dirk Wallinger |
|  Dirk Wallinger |
|  Chief Executive Officer |

---

The foregoing correctly sets forth the terms of my employment with York Space Systems, LLC.

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| |
|:---|
| /s/ Kevin Messerle |
|  Kevin Messerle<br> Date: |

---

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York Space Systems 1449

7<sup>th</sup> St, Suite 425

Denver, CO 80204

September 3, 2021

Mr. Kevin Messerle

Dear Kevin:

As you recall, on or about March 27, 2021, you entered into an Executive Employment Agreement (the "Employment Agreement") setting forth the terms and conditions of your employment with York Space Systems, LLC (the "Company"). You and the Company now wish to amend Section 5 of the Employment Agreement. As a result, in consideration of the mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Section 5 of your Employment Agreement shall be amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Equity*. Pursuant to the terms of York Space Systems, LLC 2016 Equity Incentive Plan (the "Plan"), as amended and restated, and as may be amended hereafter and as attached hereto as **<u>Attachment B</u>**, as applicable, and subject to the approval of the Board, you will receive a 0.5% Economic Interest Award (the "Award"). As set forth in the Plan, the Award Agreement, the Limited Liability Company Operating Agreement for York Space Systems, LLC, as amended and restated, and/or such other applicable agreement, one-third or 33<sup>1</sup>⁄<sub>3</sub> of the Award shall vest on the first anniversary of your Start Date, and the remaining two-thirds or approximately 66.7% will vest as follows: one-third or 33<sup>1</sup>⁄<sub>3</sub>% will vest each year in four quarterly installments beginning on the anniversary of the Start Date for the following 2 years, <u>provided that</u> you remain in your role as Chief Financial Officer with Company on the vesting date (except as otherwise provided in such agreement or the Plan). This vesting schedule is subject to acceleration in the event of (x) a "Change in Control" as set forth in the Plan, or (y) as permitted by the Plan, the Company balance sheet containing the addition of at least $150,000,000 of cash or cash equivalents not associated with the Company's normal operations under executed services and/or hardware contracts current or future. In addition to the 0.5% Economic Interest Award described above, you will receive a fully vested 0.5% Economic Interest Award upon the earliest to occur of (i) the Company balance sheet containing the addition of at least $150,000,000 of cash or cash equivalents not associated with the Company's normal operations under executed services and/or hardware contracts current or future, (ii) a "Change in Control" event described in Section 10 below, or (iii) December 31, 2024. The Awards described herein shall be evidenced in writing by, and subject to the terms and conditions of, the Plan and Company's standard form of equity award agreement. In addition to the two 0.5% Economic Interest awards described in this Section, you will also be eligible to receive, consistent with the terms of the Plan, any annual long term incentive equity awards on substantially the same basis as they may be made available to other senior executives of the Company. You acknowledge and agree that termination of or failure to maintain employment for any reason shall result in forfeiture of any unvested portion of the Award that does not vest due to termination or separation from employment for any reason and prior to any anniversary of the Start Date.

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Except as amended above, the Employment Agreement remains unmodified and in full force and effect. This amendment may be executed in counterparts, which shall collectively constitute an original. Signatures delivered via PDF or in electronic format shall be sufficient to bind both you and the Company.

Thank you for your continued service to the Company.

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| | |
|:---|:---|
| YORK SPACE SYSTEMS | YORK SPACE SYSTEMS |
| By: | /s/ Dirk Wallinger |
| Name: | Dirk Wallinger |
| Its: | Chief Executive Officer |

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| | |
|:---|:---|
| Agreed and Acknowledged: | Agreed and Acknowledged: |
| By: | /s/ Kevin Messerle |
| Name: | Kevin Messerle |

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## Exhibit 10.3

**Exhibit 10.3**![LOGO](g941199g1116131940174.jpg)

York Space Systems

6060 S. Willow Dr.

Greenwood Village, CO 80110

August 2<sup>nd</sup>, 2023

Mr. Devjyoti Rudra,

On behalf of York Space Systems (the "Company" or "York"), I am very pleased to extend to you this offer of employment ("Offer Letter"). We are excited to have you join our team and trust that your time with York will be rewarding both personally and professionally.

Here are the details of your employment offer with York:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Start Date & Title:* You will work on a full-time basis effective **September 5<sup>th</sup>, 2023** (the "Start Date"). Your title will be **Chief Supply Chain Officer** reporting to the Chief Executive Officer and you will work out of our Denver, Colorado offices on a mutually agreed upon in-office schedule. We expect you to devote all of your professional and working time and energies to the business of the Company, to perform all duties and responsibilities that are associated with this position or otherwise may be assigned to you, and not to undertake any other employment or consultancy without the prior written consent of the Chief Executive Officer. You agree to abide by all policies instituted by Company, as they may be amended from time to time. Your relationship with the Company is "at-will," meaning that your relationship may be terminated for any reason, or for no reason, by York or by you at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Base Compensation:* In consideration for your services to the Company, you shall receive an annual payment of $**341,250**, to be paid in equal periodic installments in accordance with the Company's normal payroll procedures. You will be responsible for payment of all applicable taxes as required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Bonus*. You will be eligible to receive cash bonuses (the "Annual Bonus") of up to **40**% of Base Compensation, per year, pursuant to the Company's bonus plan. The Bonus shall be based on your individual performance, as well as achievement of Company goals and objective milestones. The setting of the objective milestones and the anticipated bi-annually (i.e twice a year) achievement thereof, as well as the amount of the applicable Bonus, if any, shall be mutually determined by yourself and the Company. Following the mutually agreed achievement of a Bonus milestone, which are anticipated to occur bi- annually, the applicable Bonus shall be paid to you approximately thirty (30) following such an achievement determination. In no event shall a Bonus be paid later than March 15<sup>th</sup> of the calendar year immediately following the calendar year in which it was earned. Other than for an Accrued Bonus provided in Section 10, you must be active in your role at the time that any Annual Bonus milestone is paid in order to be eligible to receive a Bonus milestone payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Relocation Bonus*. You will receive a lump-sum bonus of $**N/A**, less all applicable taxes for relocation related expenses ("Relocation Bonus"). The Relocation Bonus will be paid on the next pay date following the Start Date and is subject to the terms and conditions set forth in York's Employee Relocation Policy. As a condition of receiving the Relocation, you will be required to sign the Relocation Policy Agreement, which, along with the Employee Relocation Policy, is attached hereto at **<u>Attachment</u> <u>A</u>**.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Equity*. Pursuant to the terms of York Space Systems, Management Equity Plan (the "Plan") as amended and restated and as may be amended hereafter and as attached hereto as **<u>Attachment</u> <u>B</u>**, as applicable, and subject to the terms and approval of the Board, you will receive a **7.0**% Economic Interest Award (the "Award"). The Plan, as amended and restated, and/or such other applicable agreement, the Award shall vest per the Plan. The Awards described herein shall be evidenced in writing by, and subject to the terms and conditions of, the Plan and Company's standard form of equity award agreement. You acknowledge and agree that termination of or failure to maintain employment for any reason shall result in forfeiture of any unvested portion of the Award that does not vest due to termination or separation from employment for any reason and prior to any anniversary of the Start Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *Benefits*. You will be eligible for all benefits which the Company makes generally available from time to time in accordance with the terms and conditions of the benefit plans and Company policies, which may be changed from time to time in the Company's sole discretion. Where a particular benefit is subject to a formal plan (for example, medical insurance or life insurance), eligibility for any particular benefit is governed solely by the applicable plan document. Please see the **<u>Attachment C</u>** for an Employee Benefits Summary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. *Reimbursement of Expenses*. The Company shall reimburse you for all ordinary and reasonable out-of-pocket business expenses incurred in furtherance of the Company's business in accordance with the Company's policies with respect thereto as in effect from time to time. All reimbursements provided under this Offer Letter shall be made or provided in accordance with the requirements of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. *Forfeiture/Clawback*. All compensation shall be subject to any forfeiture or clawback policy established by the Company generally for senior executives from time to time, including but not limited to, in the Equity Plan or as available under applicable law, as provided in Section 15 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. *Term; Termination*. Subject to the terms hereof, your employment hereunder shall commence on Start Date and shall continue until terminated hereunder by either party (such term of employment shall be referred to herein as the "Term"). Notwithstanding anything else contained in this Agreement, your employment hereunder shall terminate upon the earliest to occur of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Death</u>. Immediately upon your death;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination by the Company due to Disability</u>. Notwithstanding anything else contained in herein, Company may terminate your employment due to your Disability (defined below) by written notice that your employment is being terminated as a result of thereof, which termination shall be effective on the date of such notice or such later date as specified in writing by Company. As used herein, "Disability" shall mean your incapacity or inability to perform your duties and responsibilities as contemplated herein for one hundred twenty (120) days or more within any one (1) year period (cumulative or consecutive), because your physical or mental health has become so impaired as to make it impossible or impractical for you to perform your duties and responsibilities hereunder. Determination of your physical or mental health shall be determined by the Company, in consultation with the Board and a medical expert appointed by mutual agreement between you and the Company. You hereby consent to such examination by a mutually agreed upon medical expert and consultation regarding your health and ability to perform.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination by the Company for Cause</u>. Company may terminate your employment for Cause by written notice by Company to you that your employment is being terminated for Cause, which termination shall be effective on the date of such notice or such later date as specified in writing by Company, <u>provided</u> that if you have cured the circumstances giving rise to Cause (as such cure right may be applicable pursuant to the terms and conditions set forth below) within a period of thirty (30) days then such termination shall not be effective. For the purposes of this Agreement, "Cause" shall mean: (i) the failure to perform such duties as are reasonably requested by the Company or the Board, after being provided with written notice and a reasonable opportunity to cure; (ii) material breach of this Offer Letter or of any agreement with the Company or any affiliate, including but not limited to the material breach of any non-competition, non-solicitation, non-disclosure, and intellectual property assignment agreement, or a material violation of the Company's or any affiliate's code of conduct or other written policy, after written notice by the Company or the Board and a reasonable opportunity to cure; (iii) conviction of, or plea of guilty or no contest to, a felony or a crime involving moral turpitude or the commission of any other act involving willful malfeasance or material fiduciary breach with respect to the Company or any affiliate; (iv) use of illegal drugs or abuse of alcohol that materially impairs your ability to perform your duties to the Company or any affiliate; (v) gross negligence or willful misconduct with respect to the Company or any affiliate; or (vi) as "cause" is defined under applicable law, as provided in Section 15 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Termination by the Company without Cause</u>. Company may terminate your employment without Cause, by written notice by the Company to you, which termination shall be effective on the date of such notice or such later date as specified in writing by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Termination by You</u>. Notwithstanding anything else contained herein, you may terminate your employment by written notice to the Company that you are terminating your employment, which termination shall be effective ninety (90) days after the date of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Return of Company Property</u>. Upon the termination of your employment hereunder for any reason or for no reason, or if the Company otherwise requests, you shall: (a) return to the Company all tangible business information and copies thereof (regardless how such confidential information or copies are maintained), and (b) deliver to the Company any property of the Company which may be in your possession, including, but not limited to, devices, smart phones, laptops, cell phones (the foregoing, "electronic devices"), products, materials, memoranda, notes, records, reports or other documents or photocopies of the same. You understand and agree that the Company property belongs exclusively to the Company, it should be used for Company business, and you have no reasonable expectation of privacy on any Company property or with respect to any information stored thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. *Termination Payments.* Regardless of the reason for any employment termination hereunder, the Company shall pay you: (i) the portion of your Base Compensation that has accrued but has not been paid prior to any termination of your employment; and (ii) the amount of any expenses properly incurred by you on behalf of Company prior to any such termination and have not yet been reimbursed (together, the "Accrued Obligations") within the applicable time timeframe required by law. Your entitlement to other compensation or benefits under any Company plan or policy shall be governed by and determined in accordance with the terms of such plan or policy, except as otherwise specified herein. In the event of the Company's termination of your employment for Cause, you shall be eligible for the Accrued Obligations and shall not be eligible for any severance or severance-type payments, if any.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Termination by You</u>. If you terminate your employment with the Company, then the Company shall pay the Accrued Obligations and any accrued (meaning that the Board or Company has determined that it is payable) and unpaid Bonus for the prior fiscal year (the "Accrued Bonus") to you within the time provided by law and the Company shall have no further obligations to you hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination as a Result of Your Disability or Death</u>. If your employment hereunder terminates as a result of your Disability or death, the Company shall pay you within the time provided by law: (i) the Accrued Obligations and (ii) any Accrued Bonus and, shall have no further obligations with respect to any benefit or compensation to you hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination by the Company Without Cause; Termination by the Company</u> <u>Without Cause Following a Change in Control</u>. In the event that your employment is terminated by action of the Company without Cause or without Cause following a Change in Control, then you shall be eligible to receive the following, subject to the conditions below: (1) Accrued Obligations; (2) any Accrued Bonus; (3) continuation of payments in an amount equal to your then-current Base Compensation for a twelve (12) month period consistent with the terms of Section 1 above (the "Severance Payments"); and (4) Upon completion of appropriate forms and subject to applicable terms and conditions under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), the Company shall pay the COBRA premium payments (the "COBRA Payment"), until the earlier to occur of either six (6) months following your termination date or the date upon which you become eligible for medical benefits with another employer. You shall bear full responsibility for applying for COBRA continuation coverage and the Company shall have no obligation to provide such coverage if you fail to elect COBRA benefits in a timely fashion. In the event that your employment is terminated without Cause within a period of ninety (90) days preceding the Change of Control if the termination is related to the Change of Control, you shall be eligible to receive the following, subject to the conditions below: (1) the Accrued Obligations; (2) any Accrued Bonus; (3) the Severance Payments paid in a lump sum; (4) the COBRA Payment,; and (5) the equity grant provided for in Section 5 shall become fully vested as of the date of your termination and this provision shall supersede any acceleration provision contained in any other agreement. "Change in Control" means: (a) The acquisition (whether by purchase, merger, consolidation, combination or other similar transaction) by any Person of beneficial ownership (within the meaning of Rule 13d- 3 promulgated under the Exchange Act) of more than 50% (on a fully diluted basis) of the combined voting power of the then outstanding membership interests of the Company; provided, however, that for purposes of the Plan, the following acquisitions shall not constitute a Change in Control: (A) any acquisition by the Company or any affiliate, provided that the members of the Company existing prior to any such Change of Control continue to control the Company by (i) the power, direct or indirect, to cause the direction or management of the Company or (ii) ownership of fifty percent (50%) or more of the Company's membership interests, (B) any acquisition by any employee benefit plan sponsored or maintained by the Company or any subsidiary, (C) in respect of an award held by a particular participant, any acquisition by the participant or any group of persons including the Participant (or any entity controlled by the Participant or any group of persons including the participant); or (D) the acquisition of securities pursuant to an offer made to the general public through a registration statement filed with the Securities and Exchange Commission; or (b) the sale, transfer or other disposition of all or substantially all of the assets of the Company to any Person other than an affiliate. Payment of the severance payments and benefits set forth in this subsection are expressly conditioned on your execution without revocation of the Release and return of Company property under Sections 9(f) and 10(d). The Company will commence payment of the applicable severance and benefits on the first payroll date following the date on which the Release required in Section 10(d) becomes effective and non-revocable, provided, that if the applicable period during which the Release is required to become enforceable and irrevocable crosses a tax year, then the payments will be delayed until such subsequent calendar year; provided further that if such payments are delayed until such subsequent year, the first such payment shall be a lump sum in an amount equal to the payments that would

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have come due since your separation from service. Any Severance Payments set forth above are intended either (i) to satisfy the safe harbor set forth in the Treas. Regs. 1.409A-1(b)(9)(iii) or (ii) be treated as a short-term deferral as that term is defined in Treas. Regs. 1.409A-1(b)(4). To the extent that any Severance Payments exceed the applicable safe harbor or do not constitute a short-term deferral, the excess amount shall be treated as deferred compensation under Code section 409A and as such shall be payable via standard payroll in periodic installments in accordance with the Company's usual practice for its senior executives. Solely for purposes of Code section 409A, each installment payment is considered a separate payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Execution of Severance Agreement and Release of Claims</u>. The Company shall not be obligated to pay you any of the severance payments or benefits described in this Section 10 unless and until you have executed (without revocation) a severance agreement and release of claims as described below (the "Release"). The Release shall contain reasonable and customary provisions including a general release of claims against the Company and its affiliated entities and each of their officers, directors and employees, provisions concerning non-disparagement, confidentiality, cooperation and the like, as well as provisions acknowledging your ongoing obligations to the Company pursuant to the same or similar agreements referenced in Section 11 and 12 concerning the non-disclosure of confidential information, invention assignment, non-solicitation and non-competition (the period for such will not exceed twelve (12) months). The Release must be provided to you not later than fifteen (15) days following the effective date of termination of your employment by the Company and executed by you and returned to the Company within the applicable time period after such effective date. If you fail or refuse to return the Release within such applicable time period, your severance payments and benefits to be paid hereunder shall be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Other Payments or Benefits Owing</u>. Except as expressly set forth herein, the payments and benefits set forth in this Section 10: (a) shall be the sole amounts owing to you upon termination of your employment for the reasons set forth above, and you shall not be eligible for any other payments or other forms of compensation or benefits; (b) shall be the sole remedy, if any, available to you in the event that you bring any claim against the Company relating to the termination of your employment hereunder; and (c) shall not be subject to set-off by the Company or any obligation on your part to mitigate or to offset compensation you earned in other pursuits following termination of employment, other than as specified herein with respect medical benefits provided by another employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. *Non-Competition and Non-Solicitation Agreement*: As a condition of employment, you will be required to execute the Company's form of Non-Competition and Non-Solicitation Agreement, in the form attached hereto as **<u>Attachment D</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. *Intellectual Property and Non-Disclosure Agreement*: As a condition of employment, you will be required to execute the Company's enclosed standard Intellectual Property and Non-Disclosure Agreement, in the form attached hereto as **<u>Attachment E</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. *No Conflicts*: You represent that you are not bound by any employment contract, restrictive covenant or other restriction preventing you from entering into employment with or carrying out your responsibilities for the Company, or which is in any way inconsistent with the terms of this Offer Letter. You further represent that all facts you have presented to the Company are accurate and true, including those relating to your education, training, qualifications, licensing and prior work experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. *Eligibility:* This offer is conditioned on your eligibility to work in the United States. For purposes of completing the INS I-9 form, you must provide us sufficient documentation to demonstrate your eligibility to work in the United States on or before your start date.

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![LOGO](g941199g1116131940174.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. *Entire Agreement*: This Offer Letter, together with the agreements specifically referred to herein (**<u>Attachments A-E</u>**), embodies the entire agreement and understanding between the parties hereto with respect to the subject matter hereof, and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. The terms of this Offer Letter may be amended only by written agreement executed by the parties, and may be waived only by a written document executed by the party entitled to the benefits of such terms. The Company may assign its rights and obligations hereunder to any person or entity that succeeds to all or substantially all of the Company's business. You may not assign your rights and obligations hereunder without the prior written consent of the Company and any such attempted assignment by you without the prior written consent of the Company will be void. This Offer Letter and the rights and obligations of the parties hereunder will be construed in accordance with and governed by the internal law of the State of Colorado, without giving effect to the conflict of law principles thereof. By accepting this offer of employment, you agree that any action, demand, claim or counterclaim in connection with any aspect of your employment with the Company, or any separation of employment from the Company, will be brought in the courts of the State of Colorado or of the United States for the District of Colorado.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. *Electronic Delivery.* The Company may, in its sole discretion, decide to deliver any documents or notices related to this Agreement, securities of the Company or any of its affiliates or any other matter, including documents and/or notices required to be delivered to you by applicable securities law or any other law or the Company's Certificate of Incorporation or Bylaws by email or any other electronic means. You hereby consent to (i) conduct business electronically (ii) receive such documents and notices by such electronic delivery and (iii) sign documents electronically and agree to participate through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

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![LOGO](g941199g1116131940174.jpg)

Kevin, I look forward to your joining York and to working together. Please indicate your acceptance of this offer of employment by signing below.

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| |
|:---|
|  Very truly yours, |
|  /s/ Dirk Wallinger |
|  Dirk Wallinger |
|  Chief Executive Officer |

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The foregoing correctly sets forth the terms of my employment with York Space Systems, LLC.

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| |
|:---|
| /s/ Devjyoti Rudra |
|  Devjyoti Rudra |

---

Date: 9/1/2023

## Exhibit 23.1

**Exhibit 23.1** 

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We have issued our report dated September 28, 2025, with respect to the consolidated financial statements of Yellowstone Midco Holdings, LLC contained in the Registration Statement and Prospectus. We consent to the use of the aforementioned report in the Registration Statement and Prospectus, and to the use of our name as it appears under the caption "Experts."

/s/ GRANT THORNTON LLP

Denver, Colorado

November 17, 2025

## Exhibit 23.2

**Exhibit 23.2** 

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We have issued our report dated November 17, 2025, with respect to the financial statement of Yellowstone Midco Holdings II, LLC contained in the Registration Statement and Prospectus. We consent to the use of the aforementioned report in the Registration Statement and Prospectus, and to the use of our name as it appears under the caption "Experts."

/s/ GRANT THORNTON LLP

Denver, Colorado

November 17, 2025

## Exhibit 99.1

**Exhibit 99.1** 

**Consent of Director Nominee** 

Yellowstone Midco Holdings II, LLC, which will convert into a corporation named York Space Systems, Inc., is filing a Registration Statement on Form S-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), in connection with the initial public offering of shares of its common stock. In connection therewith, I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors of York Space Systems, Inc. in the Registration Statement, as may be amended from time to time. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

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| | |
|:---|:---|
| By: | /s/ Dirk Wallinger |
| Name: | Dirk Wallinger |
| Date: | November 17, 2025 |

---

## Exhibit 99.2

**Exhibit 99.2** 

**Consent of Director Nominee** 

Yellowstone Midco Holdings II, LLC, which will convert into a corporation named York Space Systems, Inc., is filing a Registration Statement on Form S-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), in connection with the initial public offering of shares of its common stock. In connection therewith, I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors of York Space Systems, Inc. in the Registration Statement, as may be amended from time to time. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

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| | |
|:---|:---|
| By: | /s/ Kirk Konert |
| Name: | Kirk Konert |
| Date: | November 17, 2025 |

---

## Exhibit 99.3

**Exhibit 99.3** 

**Consent of Director Nominee** 

Yellowstone Midco Holdings II, LLC, which will convert into a corporation named York Space Systems, Inc., is filing a Registration Statement on Form S-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), in connection with the initial public offering of shares of its common stock. In connection therewith, I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors of York Space Systems, Inc. in the Registration Statement, as may be amended from time to time. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

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| | |
|:---|:---|
| By: | /s/ Tyler Letarte |
| Name: | Tyler Letarte |
| Date: | November 17, 2025 |

---

## Exhibit 99.4

**Exhibit 99.4** 

**Consent of Director Nominee** 

Yellowstone Midco Holdings II, LLC, which will convert into a corporation named York Space Systems, Inc., is filing a Registration Statement on Form S-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), in connection with the initial public offering of shares of its common stock. In connection therewith, I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors of York Space Systems, Inc. in the Registration Statement, as may be amended from time to time. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

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| | |
|:---|:---|
| By: | /s/ Tamra Erwin |
| Name: | Tamra Erwin |
| Date: | November 17, 2025 |

---

## Exhibit 99.5

**Exhibit 99.5** 

**Consent of Director Nominee** 

Yellowstone Midco Holdings II, LLC, which will convert into a corporation named York Space Systems, Inc., is filing a Registration Statement on Form S-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), in connection with the initial public offering of shares of its common stock. In connection therewith, I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors of York Space Systems, Inc. in the Registration Statement, as may be amended from time to time. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

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| | |
|:---|:---|
| By: | /s/ Reggie Brothers |
| Name: | Reggie Brothers |
| Date: | November 17, 2025 |

---

## Exhibit 99.6

**Exhibit 99.6** 

**Consent of Director Nominee** 

Yellowstone Midco Holdings II, LLC, which will convert into a corporation named York Space Systems, Inc., is filing a Registration Statement on Form S-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), in connection with the initial public offering of shares of its common stock. In connection therewith, I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors of York Space Systems, Inc. in the Registration Statement, as may be amended from time to time. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

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| | |
|:---|:---|
| By: | /s/ Andrew Boyd |
| Name: | Andrew Boyd |
| Date: | November 17, 2025 |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**S-1**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Yellowstone Midco Holdings II, LLC**  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Security Type**  | **Security Class Title**  | **Fee Calculation or Carry Forward Rule**  | **Maximum Aggregate Offering Price**  | **Fee Rate**  | **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Equity | Common Stock, par value $0.0001 per share | 457(o) | $100000000.00 | 0.0001381 | $13810.00 |
| Fees Previously Paid |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | $100000000.00  |  | $13810.00  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  | $0.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  |  |  | $13810.00  |

---

 **Offering Note** <br>

<sup>1</sup> (1) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended. (2) Includes the aggregate offering price of additional shares that the underwriters have the option to purchase.

---

| | |
|:---|:---|
| | |
| **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

---

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Security Type**  | **Security Class Title**  | **Amount of Securities Previously Registered**  | **Maximum Aggregate Offering Price of Securities Previously Registered**  | **Form Type**  | **File Number**  | **Initial Effective Date**  |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

---