# EDGAR Filing Document

**Accession Number:** 0002021880
**File Stem:** 0001193125-26-029572
**Filing Date:** 2026-1
**Character Count:** 2157251
**Document Hash:** 90db91007e71c309e8f4923105709c86
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-029572.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0001193125-26-029572

**CONFORMED SUBMISSION TYPE**: S-1/A

**PUBLIC DOCUMENT COUNT**: 48

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HMH Holding Inc
- **CENTRAL INDEX KEY:** 0002021880
- **STANDARD INDUSTRIAL CLASSIFICATION:** OIL & GAS FILED MACHINERY & EQUIPMENT [3533]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 992746883
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-281497
- **FILM NUMBER:** 26578969

**BUSINESS ADDRESS:**
- **STREET 1:** 3300 NORTH SAM HOUSTON PARKWAY EAST
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77032
- **BUSINESS PHONE:** 281-449-2000

**MAIL ADDRESS:**
- **STREET 1:** 3300 NORTH SAM HOUSTON PARKWAY EAST
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77032

##### [**Table of Contents**](#toc)
**As filed with the Securities and Exchange Commission on January 29, 2026.** 

**Registration No. 333-281497** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**Amendment No. 8** 

**to** 

**FORM S-1** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

## HMH Holding Inc.
**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **3533** | **99-2746883** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(Primary Standard Industrial**<br> **Classification Code Number)** | **(I.R.S. Employer**<br> **Identification Number)** |

---

**3300 North Sam Houston Parkway East** 

**Houston, Texas 77032** 

**(281) 449-2000** 

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

**Dwight W. Rettig**

**General Counsel**

**3300 North Sam Houston Parkway East**

**Houston, Texas 77032**

**(281) 449-2000**

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

***Copies to:***

---

| | |
|:---|:---|
| **James B. Marshall**<br> **Joshua Davidson**<br> **Baker Botts L.L.P.**<br> **910 Louisiana Street**<br> **Houston, TX 77002**<br> **(713) 229-1234** | **Ryan J. Maierson**<br> **Nick S. Dhesi**<br> **Latham & Watkins LLP**<br> **811 Main Street, Suite 3700**<br> **Houston, TX 77002**<br> **(713) 546-5400** |

---

**Approximate date of commencement of proposed sale to the public**: As soon as practicable after the effective date of this registration statement.

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 Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| 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. ☐

**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, as amended, or until this registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

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##### [**Table of Contents**](#toc)
**The information in this preliminary prospectus is not complete and may be changed. The securities described herein 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, nor does it seek an offer to buy, the securities described herein in any jurisdiction where the offer or sale is not permitted.** 

**Subject to completion, dated , 2026** 

**Prospectus** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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***

## HMH Holding Inc.
***Class A common stock***

This is our initial public offering. We are offering shares of our Class A common stock.

Prior to this offering, there has been no public market for our Class A common stock. It is currently estimated that the initial public offering price will be between $ and $ per share of Class A common stock. We have applied to list our Class A common stock on The Nasdaq Global Select Market ("Nasdaq") under the symbol "HMH."

To the extent that the underwriters sell more than shares of Class A common stock in this offering, the underwriters have the option to purchase, exercisable within 30 days from the date of this prospectus, up to an additional shares of Class A common stock from us at the public offering price less the underwriting discounts and commissions.

We are an "emerging growth company" as that term is used in the Jumpstart Our Business Startups Act of 2012, and as such, we have elected to take advantage of certain reduced public company reporting requirements for this prospectus and future filings. See "Risk factors" and "Summary—Emerging growth company status."

We have two classes of common stock: Class A common stock and Class B common stock. Upon completion of this offering and the reorganization transactions described herein, holders of shares of our Class A common stock will be entitled to one vote for each share of Class A common stock, and holders of shares of our Class B common stock will be entitled to one vote for each share of Class B common stock, held of record on all matters on which stockholders are entitled to vote generally. See "Description of capital stock." Upon consummation of this offering, the Principal Stockholders (as defined herein) will hold 100% of the shares of Class B common stock that will entitle them to % of the combined voting power of our common stock (or % if the underwriters exercise in full their option to purchase additional shares of Class A common stock). This offering is being conducted through what is commonly referred to as an umbrella partnership-C corporation, or "Up-C," structure. The Up-C structure provides each Principal Stockholder with the tax advantage of continuing to own interests in a pass-through structure and provides potential future tax benefits for us and such Principal Stockholder when and if such Principal Stockholder ultimately exchanges its B.V. Non-Voting Shares (as defined herein) (or, in the case of Akastor (as defined herein), its B.V. Non-Voting Class B Shares (as defined herein) and Mercury HoldCo Inc. shares) and its shares of our Class B common stock for shares of Class A common stock. See "Corporate reorganization." We intend to, among other things, use $ million of the net proceeds from this offering to pay the cash consideration portion of the purchase price to purchase an aggregate B.V. Voting Class A Shares and B.V. Voting Class B Shares (each as defined herein) from Baker Hughes (as defined herein) and/or Akastor pursuant to the corporate reorganization. See "Use of proceeds."

**Investing in our Class A common stock involves risks. See "[Risk factors](#rom75409_5)" beginning on page 39 to read about factors you should consider before buying shares of our Class A 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.** 

---

| | | |
|:---|:---|:---|
| | **Per share** | **Total** |
|  Initial public offering price | $| $|
|  Underwriting discounts and commissions(1) | $| $|
|  Proceeds, before expenses, to HMH Holding Inc. | $| $|

---

(1) See "Underwriting" for a description of all underwriting compensation payable in connection with this offering.

The underwriters expect to deliver the shares of Class A common stock against payment on or about , 2026.

---

| | | |
|:---|:---|:---|
| **J.P. Morgan** | **Piper Sandler** | **Evercore ISI** |
| **Citigroup** |  | **DNB Carnegie** |
| **Nordea** |  | **Stifel** |

---

**The date of this prospectus is , 2026.** 

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##### [**Table of Contents**](#toc)
**Table of contents** 

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| | |
|:---|:---|
|  [Summary](#rom75409_1) | 1 |
|  [The offering](#rom75409_2) | 27 |
|  [Summary historical and pro forma financial data](#rom75409_3) | 32 |
|  [Cautionary statement regarding forward-looking statements](#rom75409_4) | 36 |
|  [Risk factors](#rom75409_5) | 39 |
|  [Use of proceeds](#rom75409_6) | 88 |
|  [Dividend policy](#rom75409_7) | 90 |
|  [Capitalization](#rom75409_8) | 91 |
|  [Dilution](#rom75409_9) | 92 |
|  [Management's discussion and analysis of financial condition and results of operations](#rom75409_10) | 94 |
|  [Industry overview](#rom75409_11) | 124 |
|  [Business](#rom75409_12) | 135 |
|  [Management](#rom75409_13) | 167 |
|  [Executive compensation](#rom75409_14) | 175 |
|  [Security ownership of certain beneficial owners and management](#rom75409_15) | 188 |
|  [Corporate reorganization](#rom75409_16) | 190 |
|  [Certain relationships and related party transactions](#rom75409_17) | 197 |
|  [Description of capital stock](#rom75409_18) | 209 |
|  [Shares eligible for future sale](#rom75409_19) | 214 |
|  [Certain ERISA considerations](#rom75409_20) | 217 |
|  [Material U.S. federal income tax considerations for non-U.S. holders](#rom75409_21) | 220 |
|  [Underwriting](#rom75409_22) | 225 |
|  [Legal matters](#rom75409_23) | 236 |
|  [Experts](#rom75409_24) | 236 |
|  [Change in independent registered public accounting firm](#rom75409_24a) | 236 |
|  [Where you can find additional information](#rom75409_25) | 237 |
|  [Glossary of selected terms](#rom75409_26) | A-1 |
|  [Index to consolidated financial statements](#rom75409_27) | F-1 |

---

i

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##### [**Table of Contents**](#toc)
**About this prospectus** 

We have not, and the underwriters have not, authorized any other person to provide you with information different from that contained in this prospectus and any free writing prospectus. 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. We are not, and the underwriters are not, making an offer to sell the securities described herein in any jurisdiction where an offer or sale is not permitted. The information in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale of our Class A common stock. Our business, financial condition, results of operations and prospects may have changed since that date.

This prospectus contains forward-looking statements that are subject to a number of risks and uncertainties, many of which are beyond our control. See "Risk factors" and "Cautionary statement regarding forward-looking statements."

**Presentation of financial and operating data** 

HMH Inc. (as defined herein) was formed on April 29, 2024, and has not conducted and will not conduct any material business operations prior to the completion of the transactions described under "Corporate reorganization" other than certain activities related to this offering. Our predecessor consists of HMH B.V. (as defined herein) and its subsidiaries on a consolidated basis. Unless otherwise indicated, the historical consolidated financial and operating information included in this prospectus presents the historical financial and operating information of HMH B.V. Historical financial and operating information is not indicative of the results that may be expected in any future periods. For more information, please see the historical consolidated financial statements and related notes thereto included elsewhere in this prospectus. Certain amounts and percentages herein may not sum due to the use of rounded numbers.

**Organizational structure** 

This offering is being conducted through what is commonly referred to as an "Up-C" structure. Following this offering and the reorganization transactions described in "Summary—Corporate reorganization," HMH Inc. will be a holding company whose sole material asset will consist of a % equity interest in HMH B.V., with such equity interest consisting of B.V. Voting Class A Shares and B.V. Voting Class B Shares. HMH B.V. will continue to wholly own all of our operating assets. After the consummation of the transactions contemplated by this prospectus, HMH Inc. will own all of the B.V. Voting Shares (as defined herein). See "Summary—Corporate reorganization" and "Corporate reorganization" for more information on this structure.

**Industry and market data** 

The market data and certain other statistical information used throughout this prospectus are based on independent industry publications, government publications and other published independent sources, including Rystad Energy, the International Energy Agency ("IEA") and Wood Mackenzie, as well as publicly available information. In some cases, we do not expressly refer to the sources from which this data is derived. Although we believe that these third-party sources are reliable as of their respective dates, neither we nor the underwriters have independently verified the accuracy or completeness of this information. Some data is also based on our good faith estimates. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those described under "Risk factors." These and other factors could cause results to differ materially from those expressed in these publications. Forecasts and other

forward-looking information obtained from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this prospectus.

ii

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**Trademarks and trade names** 

We own or have rights to various trademarks, service marks and trade names that we use in connection with the operation of our business. This prospectus may also contain trademarks, service marks and trade names of third parties, which are the property of their respective owners. Our use or display of third parties' trademarks, service marks, trade names or products in this prospectus is not intended to, and does not imply, a relationship with, or endorsement or sponsorship by, us or such third parties. Solely for convenience, the trademarks and service marks referred to in this prospectus may appear without the <sup>®</sup>, TM or SM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the right of the applicable licensor to these trademarks and service marks.

iii

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**Summary** 

*This summary provides a brief overview of information contained elsewhere in this prospectus. This summary does not contain all of the information that you should consider before making an investment decision with respect to our Class A common stock. You should read the entire prospectus carefully, including the consolidated financial statements and related notes thereto included elsewhere in this prospectus. Unless indicated otherwise, the information presented in this prospectus assumes (i) an initial public offering price of $ per share of Class A common stock (the midpoint of the price range set forth on the cover page of this prospectus), (ii) that the underwriters do not exercise their option to purchase additional shares of Class A common stock, and (iii) other than in the consolidated financial statements and related notes thereto included elsewhere in this prospectus, the consummation of the reorganization transactions described in "—Corporate reorganization" (the "corporate reorganization"). You should read "Risk factors" for more information about important risks that you should consider carefully before buying our Class A common stock.* 

*HMH Holding Inc., the issuer in this offering ("HMH Inc."), is a holding company formed to own all of the voting equity of HMH Holding B.V., formerly known as MHH Holding B.V. ("HMH B.V."). Upon the consummation of this offering and the corporate reorganization, HMH Inc.'s sole material asset will be an equal number of B.V. Voting Class A Shares and B.V. Voting Class B Shares purchased from HMH B.V. and the Principal Stockholders with the net proceeds from this offering. HMH Inc. will, through HMH B.V. and its subsidiaries, conduct our business. Accordingly, our historical financial statements are those of HMH B.V., which we refer to herein as our "predecessor."* 

*Unless the context otherwise requires or as otherwise indicated, references in this prospectus to (i) the "Company," "HMH," "we," "our" and "us," or like terms, (a) for periods prior to completion of this offering, refer to the assets and operations of HMH B.V. and its subsidiaries, and (b) for periods after completion of this offering, refer to the assets and operations of HMH Inc. and its subsidiaries, including HMH B.V. and its subsidiaries, (ii) "Baker Hughes" refer to Baker Hughes Company (Nasdaq: BKR) and its wholly owned subsidiary, Baker Hughes Holdings LLC, (iii) "Akastor" refer to Akastor ASA (OSE: AKAST) and its wholly owned subsidiaries, Akastor AS, Mercury HoldCo AS and Mercury HoldCo Inc., and (iv) "Principal Stockholders" refer to Baker Hughes and Akastor. We have provided definitions for some of the terms we use to describe our business and industry and other terms used in this prospectus in the "Glossary of selected terms" beginning on page A-1 of this prospectus.* 

**Company overview** 

We are a leading provider of highly engineered, mission-critical equipment solutions, providing customers with a comprehensive portfolio of drilling equipment, services and systems utilized in oil and gas drilling operations, both offshore and onshore. Our global reach, technical expertise and innovative product offerings, coupled with our integrated operations from manufacturing to aftermarket services, allow us to provide customers with first class technology, engineering and project management services through the entire asset lifecycle of the equipment we provide. In addition, we are growing our portfolio of products and services to adjacent industries, such as mining. The complexity and criticality of our installed equipment drive customers to choose us for their aftermarket support, particularly in the offshore environment, which is subject to extensive regulation.

Our comprehensive portfolio of offerings, supported by integrated delivery capabilities and broad range of applications, enables us to address a full range of customer priorities. Our offerings are broadly categorized as:

•  ***Sales of projects and products.*** This includes (i) comprehensive drilling equipment packages
containing a full suite of components needed for a newbuild or reactivated drilling rig and (ii) individual or grouped

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components of drilling and pressure control equipment that facilitate customers maintaining and upgrading their existing fleet. During the nine months ended September 30, 2025 and the year ended December 31, 2024, we derived 27.1% and 27.2%, respectively, of our revenue from sales of projects and products. <br>

•  ***Aftermarket services*** *.* This includes services on installed equipment and integrated
digital solutions. Our aftermarket services facilitate customers maintaining and improving the lifespan, safety and efficiency of their existing drilling rig fleets. During the nine months ended September 30, 2025 and the year ended
December 31, 2024, we derived 45.4% and 43.4%, respectively, of our revenue from aftermarket services.

•  ***Sales of spare parts*** . This includes replacement parts for installed equipment used in oil
and gas drilling operations. During the nine months ended September 30, 2025 and the year ended December 31, 2024, we derived 27.5% and 29.4%, respectively, of our revenue from sales of spare parts.

![LOGO](g75409g00t01.jpg)

*<sup>1</sup>* *NCS = Norwegian Continental Shelf*

Approximately 75% of our installed base of equipment serves the offshore drilling market, which is more highly regulated, more demanding and more technologically sophisticated than is typically encountered in the onshore market. As a result, offshore operators require highly engineered equipment and technical support services to keep their operations running safely, efficiently and productively. We believe that we are well-positioned to continue supporting and building our presence in the offshore drilling market as a result of our full, integrated suite of mission-critical drilling solutions, highly technical expertise, aftermarket services offerings and long experience providing and maintaining equipment in this industry.

We are a global company, with locations in 15 countries and sales in over 80 countries in 2025. We are headquartered in Houston, Texas, USA, with two major operational centers located close to key offshore areas in Houston, Texas, USA, and Kristiansand, Norway. In addition to our sales offices and direct sales efforts, we incorporate distributors and manufacturing sales representatives into our sales and marketing channels in certain limited locations to market our various offerings.

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![LOGO](g75409g06l86.jpg)

We sell equipment and services to three core customer categories across the markets that we serve: (i) drilling contractors; (ii) operators, including both oil and gas exploration and production ("E&P") companies and mining companies onshore and offshore; and (iii) manufacturers, consisting of shipyards and manufacturers of capital equipment. In addition to providing a range of equipment, spare parts, recurring aftermarket services and digital solutions to the onshore and offshore oil and gas drilling industry, we provide equipment and services to the onshore and subsea mining industry. Over our 125-year history, we believe we have developed trusted relationships with our customers and a strong reputation across industries with recognizable brand names, such as Hydril Pressure Control ("Hydril"), VetcoGray, Wirth and Maritime Hydraulics.

Health, Safety, Security and Environment ("HSSE") is a key component of our organizational culture, and we strive to cultivate an HSSE-focused mindset among our employees and in connection with our activities. Our employees are expected to advance our corporate HSSE values and principles, including caring for the environment and prioritizing the safety and well-being of our employees and other stakeholders.

We have an asset-light business model through the leveraging of our existing operating footprint and original equipment manufacturer ("OEM") and certified equipment manufacturer ("CEM") business model and are well positioned to grow and scale our business with low incremental investment and capital expenditures. During the nine months ended September 30, 2025, our net income was $31.5 million (or 5.1% of revenue) (as compared to net income of $44.9 million during the nine months ended September 30, 2024) and our Adjusted EBITDA (as defined herein) was $102.2 million (or 16.5% of revenue), while capital expenditures, including development costs, represented only 1.6% of revenue. During the year ended December 31, 2024, our net income was $52.0 million (or 6.2% of revenue) (as compared to net income of $17.4 million during the year ended December 31, 2023) and our Adjusted EBITDA was $158.4 million (or 18.8% of revenue), while capital expenditures, including development costs, represented only 2.2% of revenue. Having an asset-light business allows us to generate a strong adjusted return on capital employed ("Adjusted ROCE"), a metric that we use to evaluate the profitability of our capital employed in our business operations. During the nine months ended September 30, 2025 and the year ended December 31, 2024, our Adjusted ROCE was 13.2% and 22.2%, respectively. Adjusted EBITDA and Adjusted ROCE are non-GAAP financial measures. Please see "—Summary historical and pro forma financial data—Non-GAAP financial measures" for the definitions of Adjusted EBITDA

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and Adjusted ROCE and a reconciliation of Adjusted EBITDA and Adjusted ROCE to our most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles in the United States of America ("GAAP").

HMH B.V. was formed on October 1, 2021, through the combination of Baker Hughes's Subsea Drilling Systems pressure control business and Akastor's MHWirth drilling equipment business. As of January 29, 2026, 50% of HMH B.V.'s ordinary shares were held by Baker Hughes, and 50% of HMH B.V.'s ordinary shares were held by Akastor. Baker Hughes is an energy technology company with a diversified portfolio of technologies and services that span the energy and industrial value chain. Akastor is a Norway-based oil services investment company with a portfolio of industrial and financial holdings.

Together with our traditional business lines, we are embracing new opportunities in adjacent industries, including subsea mining. We approach all industries with a commitment to quality, safety and value. In even the most demanding environments, we strive to deliver value-adding products and services.

**Our history and brands** 

Although the *HMH* trade name was created in connection with the formation of HMH B.V. in 2021, many of our product lines have been associated with the manufacture of highly engineered, mission-critical equipment for the oil and gas drilling industry for decades, and in the case of Wirth, for more than 125 years. Building on our legacy of historical brands, and with an eye towards innovation, we have created a comprehensive portfolio of products, systems and services for offshore and onshore drilling, subsea and onshore mining and certain large and complex construction applications. We continue to build on our legacy of historical brands such as Maritime Hydraulics, Wirth and Hydril, among others, giving us a unique opportunity to innovate in different segments and expand on our existing portfolio.

Many of our product lines have been in existence for decades, providing us opportunities to pursue improvements and innovations as our customers grow and undertake new challenges. Wirth developed its first mud pump in 1905, and since then has continuously worked to improve the portfolio of mud pump designs. Wirth was also one of the pioneers of pile top drill rigs and reverse circulation drilling. Hydril Company, a name derived from the term "Hydraulic Drilling Equipment," was formed in 1933. During that decade, it produced the first hydraulically operated blowout preventer ("BOP"). We reached another milestone when we began delivering drawworks and pyramid masts and substructures for onshore rigs in 1950.

Maritime Hydraulics, which was established in 1968, launched the drilling industry in Kristiansand, Norway in support of Norway's development of offshore oil production in the early 1970s. In the 1980s, Maritime Hydraulics built its first top drives, of which we have delivered nearly 400 units. In addition to our drawworks portfolio, we launched the award-winning RamRig<sup>™</sup> in 1996, a highly efficient compensating system for semisubmersible and drillship operations.

The long history of our brands and high customer recognition enables us to pursue research and development ("R&D") efforts to innovate existing product and service offerings for our customers, such as the fully electric BOP in development that we believe is the first of its kind and will pave the way for safer, more efficient and environmentally sustainable drilling operations. As compared to traditional hydraulic systems, a fully electric BOP minimizes downtime and reduces maintenance costs by providing active monitoring, real-time data and remote-control capabilities. We are also developing several other cutting-edge technologies and solutions, such as a newly designed rotating control device for managed pressure drilling and enhanced pressure assisted shearing for BOPs.

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**Our global footprint and large installed base** 

We have a large, scalable and geographically diverse footprint with crucial customer proximity. Across our presence in 15 countries, we operate over 30 physical locations and delivered sales in over 80 countries in 2025. There are over 1,100 installations with our equipment globally. Our equipment offerings can be utilized in both offshore and onshore drilling markets, and we maintain locations near strategically important offshore drilling regions, including the Gulf of Mexico, also referred to as the Gulf of America (the "Gulf"), the North Sea, South America, West Africa and the Middle East.

Approximately 75% of our installed base serves the offshore market. We have delivered mission-critical rig equipment packages (defined as two or more integrated systems), either pressure control systems, topside equipment or a full suite of products, to 122 offshore drilling rigs and platforms, approximately 79% of which are younger than 16 years old. Offshore rigs with our equipment packages operate primarily in international markets, including 18 floaters in the North Sea and Europe, 15 in Latin America, 12 in Asia, eight in North America and four in Africa and the Middle East. Jack-ups and platform rigs with our installed base also operate primarily in international markets, including 27 in the North Sea and Europe, eight in Asia, four in Africa and the Middle East, four in Latin America and three in North America. We also have six tender rigs in Asia.

![LOGO](g75409g01x01.jpg)

*Source: Company information as of January 2026* 

*<sup>1</sup>* *Active rig count includes contracted and under modification or maintenance; stacked rig count includes under construction; Latin American rig count includes Mexico, Central America and South America; excludes six tender rigs*

<br>Our operations are heavily focused on aftermarket services and sales of spare parts, which accounted for 45.4% and 27.5%, respectively, of our revenue during the nine months ended September 30, 2025 and 43.4% and 29.4%, respectively, of our revenue during the year ended December 31, 2024. A substantial majority of our revenues from aftermarket services and sales of spare parts are derived from the offshore oil and gas industry. Our ability to generate resilient and recurring revenues from aftermarket services and sales of spare parts is a direct result of our current and growing base of equipment installations globally. Increased drilling activity and wear-and-tear across our large installed base will continue to drive increased revenue from aftermarket services and sales of spare parts.

To effectively service our customers, we utilize our international presence, our global supply chain capabilities and a network supported by a broad and diverse supplier base that works seamlessly with our technical teams.

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Our global supply chain initiates and drives innovation and cost reductions by establishing long-term partnerships with qualified suppliers and optimizing inventory.

**Our products** 

We provide a broad suite of mission-critical, highly engineered equipment to the global oil and gas drilling and mining industries. Our equipment generally falls under two broad categories: (i) pressure control systems, including BOPs, and (ii) topside equipment, which is comprised of hoisting and rotating systems and drilling (mud) circulating systems. We have also developed a comprehensive suite of digital solutions that are integrated with, and augment the functionality of, many of the products we provide, as described under "—Digital innovation."

![LOGO](g75409g21x49.jpg)

***Pressure control systems***

Our pressure control systems are critical pieces of safety equipment that are integral for the safe operation of oil and drilling rigs. We provide the following primary pieces of equipment under our pressure control systems:

• <u>Blowout Preventers (BOPs)</u>: The BOP is a series of valves designed to either shear the drillstring or close around
the drillstring (via pipe rams in a ram BOP or by an annular BOP) to stop the uncontrolled flow of hydrocarbons from the wellbore. BOPs can either be placed on the seabed (a subsea BOP) or at surface as is commonly done in offshore jack-ups and onshore rigs.

• <u>BOP Control Systems</u>: Given the criticality of the BOP, the control systems monitor, activate and test the BOPs. In
the event of an issue, the control system will activate the BOP by either: (i) a signal sent by an operator, (ii) a loss of signal from surface or (iii) manual activation by a remotely operated vehicle.

• <u>Drilling Risers</u>: The subsea riser is a buoyant pipe that the drillstring runs through and provides a conduit between
the rig and the BOP or wellhead to transport drilling mud, as well as providing additional pipes that function as hydraulic fluid supply and choke and kill fluid lines.

• <u>Wellhead Connectors</u>: Our H-4 type wellhead connectors are the industry
leader in performance ratings and installed base. These devices connect a subsea BOP stack to the wellhead and are used on other OEMs' BOP stacks.

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***Topside equipment***

Our highly engineered topside equipment, which consists of hoisting and rotating systems and drilling (mud) circulating systems, is critical to a rig's ability to lift, manage and rotate the drillstring and circulate drilling fluids through the wellbore.

*Hoisting and rotating systems* 

We provide the following primary pieces of equipment under our hoisting and rotating systems:

• <u>Top Drive</u>: The top drive sits within the upper portion of the derrick and applies rotation / torque to the
drillstring during drilling operations. We have a long-standing history of providing high-spec, highly reliable top drives that are used by many of the largest global drilling contractors.

• <u>Iron Roughneck and Pipe Handling</u>: The iron roughneck is used to make and later break connections in the drillstring,
removing personnel from a very dangerous step in the process. The increased drilling cadence in both onshore and offshore makes the iron roughneck a key service item.

• <u>Derrick and Drawworks</u>: The derrick and drawworks are the weight bearing components of the rig that provide the
lifting capacity to the rig.

*Drilling (mud) circulating systems* 

We provide the following primary pieces of equipment under our drilling (mud) circulating systems:

• <u>Mud Pumps</u>: The mud pump is utilized to circulate drilling fluid (mud), which is critical as the fluid provides the
primary pressure control, hole cleaning and friction reduction during drilling. As wellbores are increasingly complex and longer, operators require higher horsepower mud pumps to circulate fluid.

&nbsp;&nbsp;&nbsp;&nbsp;• <u>Slurry Pumps</u>: Slurry pumps are our mud pumps that have been redesigned to be utilized in the transport of slurry in
mining applications.

• <u>Mud Mixing and Control Systems</u>: The drilling fluid needs to be carefully mixed and monitored to achieve required
properties for the specific operation, such as weighting to avoid either the loss of well control (underweight) or loss of fluid (overweight).

**Our services** 

Our aftermarket services generally fall under two broad categories:

• <u>Transactional Services</u>: Transactional services are services on installed equipment, such as the overhaul and repair
of installed equipment, recertifications and field labor.

• <u>Integrated Solutions</u>: We combine various tools, software and services to provide comprehensive digital solutions
designed to drive productivity, safety and efficiency in our customers' operations.

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As depicted in the graphic below, our growing portfolio of integrated solutions is designed to deliver clear value to our customers by increasing operational efficiency and reducing costs.

![LOGO](g75409g31y71.jpg)

**Digital innovation** 

We have invested in developing digital solutions to support the safe and efficient operations of our equipment and are a leading provider of next-generation monitoring and control systems driving the future of drilling. Our digital solutions include products and services that enable operational optimization such as remote drilling automation and condition-based monitoring. Our real-time monitoring and analytics capabilities provide operational and service insights that can save our customers time and money. These offerings are an important part of our business as they provide recurring and stable revenue and upgrade opportunities to older equipment as our customers continue to invest in their own digitalization initiatives. In addition, the horizontal nature of this technology provides us with the opportunity to establish a presence in new adjacent end markets.

In alignment with our customers, we have taken the approach of building our digital solutions in a cloud-first, modern and open architecture. This provides our customers the ability to integrate our digital solutions into their existing workflow and monitoring systems and allows for the optimization of the entire well life cycle at lower costs. The differentiated nature of our digital solutions and value proposition for our customers provides a strong recurring base of revenue to our core business.

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For example, we provided a next-generation rig equipment package to a customer as depicted below, which we believe has the potential to significantly reduce the number of personnel required to operate the rig relative to existing equipment.

![LOGO](g75409g21f63.jpg)

**Spare parts** 

We provide a broad range of replacement and spare parts for installed equipment used in both onshore and offshore oil and gas drilling operations. Our spare parts replace existing installed components on rigs that have weathered the wear-and-tear involved with repetitive use throughout the lifecycle of a rig, especially in harsh offshore environments, and keep rigs functioning safely and efficiently. Additionally, our spare parts sales help customers bring back into service rigs that have been warm stacked or cold stacked. Our spare parts are compatible with our current and growing base of equipment installations globally, and such spare parts are also compatible with, and can serve as replacements for, equipment from most other major OEMs.

**Our business model** 

We offer drilling solutions through sales of projects and products, aftermarket services on our installed base of equipment and sales of spare parts. During the nine months ended September 30, 2025, we derived $167.9 million in revenue, or 27.1% of our revenue, from sales of projects and products, $280.7 million in revenue, or 45.4% of our revenue, from aftermarket services and $170.5 million in revenue, or 27.5% of our revenue, from sales of spare parts. During the year ended December 31, 2024, we derived $229.1 million in revenue, or 27.2% of our revenue, from sales of projects and products, $366.2 million in revenue, or 43.4% of our revenue, from aftermarket services and $248.0 million in revenue, or 29.4% of our revenue, from sales of spare parts.

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***Sales of projects and products***

We define a project as the sale of two or more integrated systems that are designed to work together on a single drilling rig. Project sale revenue is derived primarily from new construction, reactivation or, less commonly, a significant capital upgrade to an existing drilling rig. Project sales are largely tied to the offshore rig newbuild cycle, particularly to the construction of floaters and jack-ups. Such projects entail substantial commissioning, manufacturing and installation, and thus shipyards or other customers seeking to outfit a newbuild or significantly upgrade an existing drilling rig prefer OEMs with differentiating expertise and reliability such as us. Production, delivery and installation on a project can span from 1.5 to 3.5 years. For a newbuild rig, we can provide an entire package of drilling equipment, which, based on the previous build cycle that ended in 2015, represents a revenue opportunity of approximately $45 million in sales for a jack-up rig, approximately $200 million to $300 million in sales for a floater and approximately $15 million to $25 million in sales for a land rig.

In addition to project sales, we sell new pieces of equipment and components to our offshore customers. As the offshore drilling market has largely avoided ordering newbuild rigs over the past seven to ten years, demand for our products has stemmed largely from wear-and-tear on the installed base as components age and operating requirements increase. Product sale revenue is derived from customers seeking to upgrade the capabilities of existing drilling rigs or replace existing equipment that is in need of major refurbishment or no longer operational, including equipment and components needed in connection with bringing warm stacked or cold stacked rigs back into service. Our project and product dynamics are similar across the onshore drilling market; however, in the current environment, onshore customers are more likely to embark on newbuild rig programs than in the offshore drilling market, especially in the Middle East.

We are one of the few global OEMs and CEMs capable of delivering a comprehensive drilling equipment package that meets the stringent requirements demanded by major international oil and gas E&P companies and national oil companies to operate in harsh, offshore environments and environmentally sensitive areas. As of January 29, 2026, we and our predecessor companies have delivered integrated systems to over 140 offshore rigs (including 122 marketed rigs) since 1983, have supplied components to over 800 offshore installations since 1975 and have supplied components to over 300 onshore rigs since 2012.

Our comprehensive product offerings, manufacturing expertise and leading-edge technology allow us to provide all the critical components needed for a modern drilling rig capable of operating in challenging conditions and environmentally sensitive areas for customers who are acutely focused on safe and responsible drilling operations. These include integrated topside drilling packages for jack-ups, floaters and platforms; integrated pressure control systems deployed onshore and offshore, both at surface and subsea; and equipment certified for operation on the Norwegian Continental Shelf.

***Aftermarket services***

We have over 1,100 equipment installations globally. Demand for aftermarket services on existing rigs is largely driven by the installed base of our equipment already in operation, the intensity at which that equipment is being run and the age of the equipment. In the case of subsea BOPs and drilling risers, regulators in the United States and Europe mandate regular inspections and certification of the equipment, which are performed by the OEM.

In the offshore market, we are the provider of choice to inspect, maintain, recertify and repair, either by mandate or industry best practices, the equipment that we have delivered. Given the complexities of offshore equipment, even in situations where the OEM is not mandated to perform the service, it is uncommon for a customer to engage a third party to perform the work. We leverage our global operating footprint and supply chain to deliver this service to our customers in a timely and cost-effective manner. For example, on average, we provide recurring aftermarket services on our installed BOPs for over 25 years, which includes recertification every five years, regular monitoring and maintenance on an as-needed basis.

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The equipment with the highest aftermarket service revenue potential is the BOP, followed by mud pumps, iron roughnecks and associated pipe handling equipment, subsea risers and top drives. As is typical in the industry, once we install equipment we tend to generate nearly all of the service revenue associated with the equipment. Following an initial construction phase, a typical rig, depending on type, will operate for around 20 to 30 years and will be subject to routine regulatory inspections and maintenance, periodic recertifications of pressure control equipment and potentially overhaul. The average years of production remaining on fixed platforms in service today is more than 20 years.

***Sales of spare parts***

We provide a broad range of replacement and spare parts for installed equipment used in both onshore and offshore oil and gas drilling operations. Our spare parts replace existing installed components on rigs that have weathered the wear-and-tear involved with repetitive use throughout the lifecycle of a rig, especially in harsh offshore environments, and keep rigs functioning safely and efficiently. Additionally, our spare parts sales help customers bring back into service rigs that have been warm stacked or cold stacked. Our spare parts are compatible with our current and growing base of equipment installations globally, and such spare parts are also compatible with, and can serve as replacements for, equipment from most other major OEMs.

![LOGO](g75409g00m39.jpg)

*Source: Company management* 

We are able to partner with customers to deliver equipment sales, spare parts sales and aftermarket services through the entire operating life of a rig to provide the performance, efficiency and safety they have come to expect. Such partnership is exemplified by our contractual service agreements ("CSAs") with customers, which are long-term agreements under which we provide a tailored, unique solution to our customers' aftermarket service needs for between five and ten years after initial installation. We provide our customers with transparent pricing and payment structures that are predictable. We leverage our experience and expertise to take advantage of predictive analytics and continuous certification to improve equipment availability and reduce operational costs for our customers while also limiting the impact of any potential supply chain slowdowns on our customers' equipment. With our CSA offerings, for example, we have partnered with our customers to enhance BOP system availability by transferring the responsibility for BOP performance, including the management and servicing of equipment, to us. In addition to mitigating risks associated with downtime and repair costs, our customizable structures can be fine-tuned to address long-term ownership costs.

We expect to see the cadence of aftermarket and spare parts demand from onshore rigs continue to increase in the near to medium term due to the increased pace of drilling in both the conventional and unconventional onshore markets, coupled with the drilling of more complex wells and longer laterals in challenging subsurface environments, thus increasing the wear-and-tear on equipment.

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**Customers and end markets** 

We serve customers in multiple industries and strive to provide reliable and safe solutions that satisfy our customers' needs. Our primary end market is the upstream oil and gas industry, both offshore and onshore. A growing share of our revenue base is attributable to our businesses that support industries sitting outside, or adjacent to, the oil and gas sector, and we see further opportunity to continue to expand our footprint in these adjacent end markets.

We sell equipment and services to three core customer categories across the markets that we serve: (i) drilling contractors; (ii) operators, including both oil and gas E&P companies and mining companies onshore and offshore; and (iii) manufacturers, consisting of shipyards and manufacturers of capital equipment. Our largest customer segment is drilling contractors, both offshore and onshore. We provide projects, products and services for drilling contractors in order to support essential drilling operations for E&P customers internationally. Our primary exposure to E&P operators is derived through the equipment supplied to platform rigs and, to a lesser degree, land-based equipment in international markets. In both cases, the rigs themselves are typically owned by the E&P operator, who may operate the rig themselves or contract out drilling operations to a drilling contractor. For mining operators, we sell products and services directly to mining companies, and we typically sell equipment directly to those engaged in hard rock mining operations, in particular. Finally, for newbuilds, we provide complete projects directly to a shipyard, but with the influence of the drilling contractor or E&P operator who is driving the order.

Our industry is focused on operating in a safe, minimally impactful and efficient manner. Accordingly, our products are critical components and of strategic importance to our customers, and we are in constant and active dialogue with our customers to develop new solutions, identify improvements and optimize performance of existing equipment. These partnerships reinforce our credibility, lending assurance to reliability and performance within the industry, which in turn attracts new customers. Furthermore, our broad geographic exposure reflects that of our customers' global presence, providing timely service across their global operations when necessary.

While we serve a variety of end markets, the majority of our equipment and services are deployed in oil and gas drilling operations, particularly offshore and international drilling operations. Beyond the core oil and gas end markets, we supply a large and growing installed base of mining customers, primarily serving hard rock mining globally. Our product offerings, such as our slurry pumps, may be retrofitted and designed to service the needs of the both the conventional mining industry and also the subsea mining and research industries. We have seen increasing demand for our equipment from mining customers. Renewable energy technologies rely heavily on the expanded production of certain minerals, including lithium, cobalt and rare earth metals.

**Our competitive strengths** 

We have a number of strengths that we believe will help us successfully execute our business strategies, including:

***Global provider of innovative drilling equipment, digital solutions and services***

We offer a broad portfolio of innovative drilling equipment, digital solutions and drilling rig lifecycle services designed to enhance the safety, efficiency and reliability of our customers' operations. We deliver many of our products and services through highly recognized brands, including Hydril, VetcoGray, Wirth and Maritime Hydraulics, which have been trusted names in the energy industry for decades (in the case of Wirth, for more than 125 years). The Hydril brand, for example, produced the first hydraulically operated BOP in 1937, and Hydril continues to manufacture some of the most advanced annular BOPs for both onshore and offshore applications.

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The long history of our brands and high customer recognition enables us to pursue R&D efforts to continuously improve existing product and service offerings for our customers while also developing innovative new technologies, such as our commercial 20,000 psi BOP capability and a fully electric BOP. With development, manufacturing and service locations distributed throughout 15 countries, our global integrated operations facilitate the efficient delivery of our products to the operating sites of our customers and servicing of our installed base of equipment.

***Large global installed base and integrated operations provide recurring and resilient aftermarket service and spare parts revenues***

We have over 1,100 equipment installations globally, approximately 75% of which serves offshore oil and gas drilling operations. As an OEM and CEM of premier equipment and with our large and growing installed base of equipment, we are well positioned to capture recurring revenues arising from aftermarket services for such equipment. During 2023, 2024 and the nine months ended September 30, 2025, aftermarket services comprised 41.8%, 43.4% and 45.4%, respectively, of total revenues and sales of spare parts comprised 34.2%, 29.4% and 27.5%, respectively, of total revenues. We anticipate aftermarket services and spare parts sales will continue to represent a substantial portion of our revenue as increased drilling activity is expected to result in our customers requiring additional aftermarket services and spare parts to sustain an increased cadence of activity globally. Following an initial construction phase, a typical rig, depending on type, will operate for around 20 to 30 years and will be subject to routine regulatory inspections and maintenance, periodic recertifications of pressure control equipment and potentially overhaul. We are able to partner with customers to deliver equipment sales, spare parts sales and aftermarket services through the entire operating life of a rig, including the overhaul and repair of installed equipment, recertifications and field labor. Further, we collaborate with our customers to implement our proprietary integrated digital solutions, including DrillPerform, RiCon, DrillCERT, SeaLytics and DEAL, which support safe and efficient operations through remote monitoring of machine health, predictive analytics and operational optimization features such as drilling automation. The integration of our digital solutions with our equipment provides further opportunities for recurring revenues from customers.

***Trusted partner for mission-critical services and products such as BOPs and BOP control systems***

We believe our equipment offerings are essential, mission-critical components of a drilling rig and help promote safe and effective well construction and drilling operations. For example, our pressure control systems, including our subsea BOPs, 20,000 psi BOPs and BOP control systems, assist our customers with maintaining safe drilling operations, especially in deepwater offshore, environmentally sensitive or high-pressure applications. Due to the highly regulated, technologically demanding and sophisticated nature of the offshore drilling market, we believe we are one of only a few providers of subsea BOPs accepted by the major drilling contractors and operators for use in key offshore geographies, such as the Gulf and the Norwegian sector of the North Sea. We believe customers prefer suppliers of BOPs and similar critical equipment and services with a demonstrated record of performance and safety, such as HMH. Through multi-year CSAs, we leverage our expertise and predictive analytics to design a unique blend of products and services for our customers aimed to increase equipment reliability, decrease downtime, reduce operational costs and ultimately lead to increased productivity and revenues for our customers. As a result of our extensive experience, track record of safety and reliability, comprehensive suite of offerings and global service network, we are a partner of choice for many of the largest independent E&P companies, national oil companies, drilling contractors, service providers and shipyards.

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***Exposure to strong expected growth in offshore and international onshore oil and gas drilling markets***

With our large installed base and global presence, we are well positioned to capitalize on favorable dynamics in the oil and gas drilling industry, particularly in the offshore market where the substantial majority of our equipment is deployed today. According to Rystad Energy, after years of underinvestment, global greenfield and brownfield oil and gas capital expenditures are projected to be over $700 billion in each of 2025, 2026 and 2027, an increase of over 60% as compared to 2020. As global capital expenditures for the oil and gas industry increase, the offshore rig market is also approaching activity levels not seen in nearly a decade. Rystad Energy forecasts a compounded annual growth rate of approximately 4% for floater rigs between 2025 and 2028. Such increase in oil and gas exploration and drilling activity is expected to result in increased demand for our equipment, aftermarket services and spare parts. Further, due to the longer cycle times associated with offshore oil and gas projects as compared to onshore activity, we are well poised to benefit from the duration and stability of offshore activity. We believe our recurring revenues from aftermarket services and spare parts will benefit from the expected increase in offshore activity.

***Asset-light business model and scalable footprint provide earnings resilience***

As a supplier of equipment, aftermarket services and spare parts with increased flowthrough of product manufacturing at our current facilities, we have an asset-light business model that is well positioned to capture incremental operating margin expansion as revenues continue to grow. With our manufacturing and supply chain facilities strategically located near key offshore and onshore markets, we are well positioned to grow our business and capitalize on increased drilling activity with limited incremental investment in expanding operations and capital expenditures. During the nine months ended September 30, 2024 and 2025, our capital expenditures, including development costs, represented only 1.9% and 1.6%, respectively, of revenue, while revenue increased by 0.7%, net income decreased by 30.0% and Adjusted EBITDA decreased by 10.3% from the nine months ended September 30, 2024 to the nine months ended September 30, 2025. During the years ended December 31, 2023 and 2024, our capital expenditures, including development costs, represented only 3.1% and 2.2%, respectively, of revenue, while revenue increased by 7.4%, net income increased by 198.6% and Adjusted EBITDA increased by 29.3% from the year ended December 31, 2023 to the year ended December 31, 2024.

***Experienced management team that is well-positioned to grow the business through new product development, organic growth and acquisitions***

Most members of our executive team have been active in the drilling segment for over 20 years and are well suited to identify trends and opportunities in the drilling industry. Our management team has a proven track record of profitably scaling revenue across a global portfolio through the cultivation of long-standing customer relationships, development and successful commercialization of new technologies and optimization of international manufacturing capabilities, supply chain networks and corporate processes, including the negotiation and execution of large contracts with shipyards and drilling contractors. In addition to organic growth, our management team has an extensive track record of identifying acquisition targets and executing transactions, having executed over 100 transactions throughout their combined careers. Many of these transactions involved complex structures including joint ventures, new efforts in foreign markets and corporate carve-outs. They also have a track record of successfully integrating acquired businesses, as demonstrated by the merger of Akastor's MHWirth drilling equipment business and Baker Hughes's Subsea Drilling Systems pressure control business that formed HMH.

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**Our strategy** 

We intend to achieve our primary business objectives by successfully executing on the following strategies through a combination of organic and inorganic growth investments:

***Leverage global footprint and large installed base to capture growth in offshore drilling capital expenditures***

Our integrated operations, including the provision of aftermarket services, enable us to understand the needs of our customers and anticipate areas for growth in our core market. We will seek to capture the expected increase in capital expenditures and drilling activity in the offshore oil and gas market through our global footprint of manufacturing and supply chain facilities near key markets and our large installed base.

As drilling rigs work and age, and as increasingly complex wells generate more wear-and-tear, we benefit from the resulting additional demand for our products, aftermarket services and spare parts. Historically, we have seen aftermarket-driven demand growth as offshore drilling activity increases, and we expect that pattern to continue. Additionally, as our customers bring offshore rigs that are warm stacked or cold stacked back into service, the revenue base for our aftermarket services and spare parts increases. This is in addition to our benefitting from the revenue opportunities from equipment upgrades associated with such reactivations.

Furthermore, opportunities for newbuild offshore rigs may arise as rig demand increases and the market tightens further. For a newbuild rig, we can provide an entire package of drilling equipment, which, based on the previous build cycle that ended in 2015, represents a revenue opportunity of approximately $45 million in sales for a jack-up rig, approximately $200 million to $300 million in sales for a floater and approximately $15 million to $25 million in sales for a land rig. Additionally, we expect such opportunities for newbuilds to increase our ongoing service revenue stream as new rigs are generally put directly into active service.

***Continue to enhance customer offerings through both improvement of existing technologies, increased digitalization and expansion into additional offshore services***

We believe that we have been, and will continue to be, at the forefront of technological and digital innovation in the drilling industry. We actively invest in R&D efforts and are developing several cutting-edge technologies and solutions, such as hybrid energy solution rigs, riserless drilling, a newly designed rotating control device for managed pressure drilling, enhanced pressure assisted shearing for BOPs and an electric BOP.

We also invest in developing digital solutions, such as DrillPerform, RiCon, DrillCERT, SeaLytics and DEAL, which use real-time data and analytics that allow us to better understand our customers' needs. Our innovative equipment offerings and integrated digital solutions create value for our customers by increasing efficiency, decreasing downtime, reducing cost and enhancing safety. In recent years, we have developed integrated digital control solutions that enable remote drilling operations and increase automation in the drilling process. We will continue pursuing technological and digital advancements that we believe will lead to additional avenues for growth and enhance our position as the partner of choice for our customers.

We continue to explore opportunities to provide other services to our existing offshore drilling contractor customer base. For example, we provide inspection services on risers that were not originally provided or installed by us.

***Leverage historical capability to capture growth and market share in onshore drilling capital expenditures***

Our current suite of drilling products is well-suited for large, high-torque and high-horsepower onshore rigs. While our installed base of equipment on onshore rigs is relatively small compared to offshore rigs, we have

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extensive capabilities in this area and will focus on both organic and inorganic investments to increase our penetration of new equipment sales for land drilling. The onshore drilling market is relatively more fragmented with a more diverse customer base than the offshore drilling market and represents a largely untapped aftermarket opportunity for us. We have the ability to provide a broad suite of products (over 110,000 drawings of parts are available), spare parts and repair services that are compatible with equipment provided by most major manufacturers. Recent expansion in the Middle East further enhances this capability, and we are pursuing multiple additional marketing channels to increase this activity on a global basis.

***Utilize industry expertise and manufacturing capabilities to continue growth in current onshore and subsea mining businesses***

We will continue to utilize our engineering and manufacturing expertise for the application of our products and services for use in, and the development of solutions for, adjacent and complementary markets such as onshore and subsea mining. For example, we have modified and deployed our drilling mud pumps to serve in the onshore mining sector as heavy-duty slurry pumps, which are used to transport and process mining material through high-pressure slurry lines. We are also pursuing similar opportunities in subsea mining, where our mud pump systems meet the pressure and temperature requirements for deep sea mining operations. Our technologies and products have a wide range of applications across industries, and we will actively embrace such opportunities for growth where the economics and industry outlook are favorable.

***Expand into adjacent markets that are consistent with our core competencies***

We are exploring adjacent segments that draw on similar skill sets as our core businesses. These include moving beyond the drilling rig for oil and gas customers and making completion, intervention and production equipment and services. We have a long-standing track record of developing, designing, manufacturing and delivering highly engineered equipment that is relied upon by customers operating in regions and environments with significant complexity, regulatory scrutiny and financial risk involved. We believe that this experience, technical know-how and reputation are a key differentiator for our organization, which positions us well to be able to expand our portfolio of oil and gas related products.

We believe it is important to focus on our core competencies around manufacturing highly engineered products, expanding market access to products globally, commercializing new technology and driving cost and operational efficiency. Other adjacent industries could include renewables, marine products and services and industrial business with equipment similar to our drilling equipment. Our global footprint, manufacturing capacity, operational capability and experience growing businesses globally allow us to assess and execute on this strategy.

***Capitalize on management experience to grow business through acquisitions and integration***

HMH B.V. was formed through the combination of Baker Hughes's Subsea Drilling Systems pressure control business and Akastor's MHWirth drilling equipment business. Our management team successfully combined these businesses and quickly established our corporate infrastructure to support the new company. Our management team has extensive mergers and acquisitions ("M&A") and integration experience in prior roles at other companies. Given management's experience and prior track record, we are well positioned to recognize and capitalize on trends in the industry.

Our global reach and footprint position us well to identify, source, acquire and integrate businesses that can help us continue to grow in core and adjacent markets, as exemplified by our acquisition (the "Drillform

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Acquisition") of Drillform Technical Services Ltd. ("Drillform") in 2024. We believe there is a substantial opportunity set of potential acquisition candidates that will be available over the next several years.

We intend to invest in businesses that generally have similar characteristics to our own, such as an ongoing aftermarket component, proprietary technology and a capital-light business model. We will also focus on opportunities that can be scaled across our global platform and leverage our management team's experience in driving growth. We have a strategic and financial approach to evaluating potential acquisitions to confirm that they meet certain criteria, with a preference for potential acquisition targets that would add new products or technologies, are complementary to our core product offerings and end markets, have a strong history of generating high returns and have an asset-light business model.

***Continue to use conservative balance sheet approach and target businesses with light capital needs***

Our management team has established conservative financial principles to guide us through decision-making in any potential commodity cycle. Our asset-light business model, the recurring revenues associated with our aftermarket services and our Free Cash Flow generation mitigate our exposure to the impacts of commodity downturns and provide us with the flexibility to pursue growth opportunities. Even so, we remain focused on maintaining a conservative leverage profile and maintaining an asset-light business model.

**Principal stockholders** 

Our Principal Stockholders are Baker Hughes and Akastor. As of January 29, 2026, 50% of HMH B.V.'s ordinary shares, consisting of an equal number of B.V. Voting Class A Shares and B.V. Voting Class B Shares, were held by Baker Hughes, and 50% of HMH B.V.'s ordinary shares, consisting of an equal number of B.V. Voting Class A Shares and B.V. Voting Class B Shares, were held by Akastor.

Baker Hughes is an energy technology company with a diversified portfolio of technologies and services that span the energy and industrial value chain. Akastor is a Norway-based oil services investment company with a portfolio of industrial and financial holdings.

After giving effect to the corporate reorganization and this offering and the application of the net proceeds therefrom and assuming the underwriters do not exercise their option to purchase additional shares of Class A common stock, the Principal Stockholders, collectively, will own all of the shares of our Class B common stock, representing % total voting power of our capital stock, and will own all of the B.V. Non-Voting Shares, representing a % equity interest in HMH B.V. and 0% voting power of the equity in HMH B.V. Through its ownership of shares of our Class B common stock, each Principal Stockholder will have the ability to influence all matters submitted to our stockholders for approval (including the election and removal of directors and any merger, consolidation or sale of all or substantially all of our assets). For more information, see "—Corporate reorganization," "Security ownership of certain beneficial owners and management" and "Certain relationships and related party transactions."

Pursuant to the Stockholders' Agreement (as defined herein) that we will enter into with the Principal Stockholders in connection with the closing of this offering, each of the Principal Stockholders will have the right to designate to our board of directors (i) two nominees so long as such Principal Stockholder and its affiliates collectively beneficially own at least shares of our common stock and (ii) one nominee so long as such Principal Stockholder and its affiliates collectively beneficially own at least but less than shares of our common stock. See "Certain relationships and related party transactions—Stockholders' Agreement."

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**Corporate reorganization** 

HMH Inc. was incorporated as a Delaware corporation and wholly owned subsidiary of HMH B.V. in April 2024. Immediately prior to this offering and the corporate reorganization, the Principal Stockholders will collectively own all of the equity interests in HMH B.V.

Following this offering and the corporate reorganization, HMH Inc. will be a holding company whose sole material asset will consist of a % equity interest in HMH B.V., with such equity interest consisting of Class A ordinary shares, which entitle the holder to one vote per share and track HMH B.V.'s U.S. operations (the "B.V. Voting Class A Shares"), and Class B ordinary shares, which entitle the holder to one vote per share and track HMH B.V.'s non-U.S. operations (the "B.V. Voting Class B Shares" and, together with the B.V. Voting Class A Shares, the "B.V. Voting Shares"). HMH B.V. will continue to wholly own all of our operating assets. After the consummation of the transactions contemplated by this prospectus, HMH Inc. will own all of the B.V. Voting Shares.

In connection with this offering:

• HMH B.V. will undergo a      for 1 stock split, after which Baker Hughes will own
     B.V. Voting Class A Shares and      B.V. Voting Class B Shares and Akastor will own      B.V. Voting Class A Shares and      B.V. Voting
Class B Shares;

• HMH B.V. will recapitalize to convert (i)      B.V. Voting Class A Shares to non-voting Class A ordinary shares that track HMH B.V.'s U.S. operations (the "B.V. Non-Voting Class A Shares") and
(ii)      B.V. Voting Class B Shares to non-voting Class B ordinary shares that track HMH B.V.'s non-U.S. operations (the
"B.V. Non-Voting Class B Shares" and, together with the B.V. Non-Voting Class A Shares, the "B.V. Non-Voting Shares");

• HMH Inc. will issue      shares of Class A common stock to purchasers in this offering in
exchange for the proceeds of this offering;

• Baker Hughes will sell      B.V. Voting Class A Shares and      B.V.
Voting Class B Shares to HMH Inc. in exchange for $ in cash and will receive      shares of our Class B common stock in exchange for relinquishing voting rights on      of its B.V.
Voting Class A Shares and      of its B.V. Voting Class B Shares;

• Akastor will sell      B.V. Voting Class A Shares and      B.V. Voting
Class B Shares to HMH Inc. in exchange for $ in cash and will receive      shares of our Class B common stock in exchange for relinquishing voting rights on      of its B.V. Voting
Class A Shares and      of its B.V. Voting Class B Shares; and

• HMH Inc. will contribute, directly or indirectly, the remaining net proceeds from this offering to HMH B.V. in exchange for
newly issued B.V. Voting Shares, consisting of      B.V. Voting Class A Shares and      B.V. Voting Class B Shares, such that, after the exchange, HMH Inc. will hold, after taking into
account the B.V. Voting Shares acquired from Baker Hughes and/or Akastor, one B.V. Voting Class A Share and one B.V. Voting Class B Share, respectively, for each share of our Class A common stock outstanding following this offering.

After giving effect to these transactions and this offering and the application of the net proceeds therefrom and assuming the underwriters do not exercise their option to purchase additional shares of Class A common stock

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and prior to giving effect to the vesting of any LTI Awards (as defined herein) that may vest in connection with this offering, the reservation of shares of Class A common stock under the 2026 LTIP (as defined herein), the grant of awards thereunder in connection with this offering and any future redemptions of B.V. Non-Voting Shares (and, if applicable, acquisitions of Mercury HoldCo Inc. shares) pursuant to the Exchange Agreement (as defined herein):

• the Principal Stockholders, collectively, will own all of the shares of our Class B common stock, representing
  % total voting power of our capital stock, and will own all of the B.V. Non-Voting Shares, representing a   % equity interest in HMH B.V. and 0% voting power of the equity in HMH
B.V.;

• Baker Hughes will own     shares of our Class B common stock, representing   % total
voting power of our capital stock, and will own     B.V. Non-Voting Shares, representing a   % equity interest in HMH B.V. and 0% voting power of the equity in HMH B.V.;

• Akastor will own     shares of our Class B common stock, representing   % total voting
power of our capital stock, and will own     B.V. Non-Voting Shares, representing a   % equity interest in HMH B.V. and 0% voting power of the equity in HMH B.V.;

• the investors in this offering, collectively, will own all of the shares of our Class A common stock, representing
  % total voting power of our capital stock; and

• HMH Inc. will own all of the B.V. Voting Shares, representing a   % equity interest in HMH B.V., which will
represent 100% total voting power of the equity in HMH B.V.

If the underwriters exercise in full their option to purchase additional shares of Class A common stock in the offering:

• the Principal Stockholders, collectively, will own all of the shares of our Class B common stock, representing
  % total voting power of our capital stock, and will own all of the B.V. Non-Voting Shares, representing a   % equity interest in HMH B.V. and 0% voting power of the equity in HMH
B.V.;

• Baker Hughes will own     shares of our Class B common stock, representing   % total
voting power of our capital stock, and will own     B.V. Non-Voting Shares, representing a   % equity interest in HMH B.V. and 0% voting power of the equity in HMH B.V.;

• Akastor will own     shares of our Class B common stock, representing   % total voting
power of our capital stock, and will own     B.V. Non-Voting Shares, representing a   % equity interest in HMH B.V. and 0% voting power of the equity in HMH B.V.;

• the investors in this offering, collectively, will own all of the shares of our Class A common stock, representing
  % total voting power of our capital stock; and

• HMH Inc. will own all of the B.V. Voting Shares, representing a   % equity interest in HMH B.V., which will
represent 100% total voting power of the equity in HMH B.V.

Each share of Class B common stock has no economic rights but entitles its holder to one vote on all matters on which stockholders are entitled to vote generally. Holders of Class A common stock and Class B common stock will vote together as a single class on all matters presented to our stockholders for their vote or approval, except as otherwise required by applicable law or by our amended and restated certificate of incorporation. We do not intend to list our Class B common stock on any stock exchange.

Following this offering, under an exchange agreement to be entered into in connection with this offering by and among HMH Inc., HMH B.V. and certain of the Principal Stockholders (the "Exchange Agreement"), each Principal Stockholder party thereto will, subject to certain limitations, have the right (the "Redemption Right") to cause HMH

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B.V. to acquire or directly cancel all or a portion of its B.V. Non-Voting Shares, together with all or an equal portion of its shares of our Class B common stock, for (i) shares of our Class A common stock at a redemption ratio of one share of Class A common stock for each bundle of one B.V. Non-Voting Class A Share, one B.V. Non-Voting Class B Share and one share of our Class B common stock redeemed, subject to conversion rate adjustments for stock splits, stock dividends and reclassification and other similar transactions, or, upon mutual agreement between such Principal Stockholder and us, (ii) an equivalent amount of cash, based on the trailing ten-day volume weighted average price of our Class A common stock on Nasdaq ("VWAP") prior to the redemption date. Alternatively, upon the exercise of the Redemption Right, we (instead of HMH B.V.) will have the right (the "Call Right") to acquire each tendered bundle of one B.V. Non-Voting Class A Share, one B.V. Non-Voting Class B Share and one share of our Class B common stock directly from such Principal Stockholder for (a) one share of Class A common stock, subject to conversion rate adjustments for stock splits, stock dividends and reclassification and other similar transactions, or, upon mutual agreement between such Principal Stockholder and us, (b) an equivalent amount of cash, based on the trailing ten-day VWAP prior to the redemption date.

Following this offering, under the Exchange Agreement, Akastor will, subject to certain limitations, also have the right (the "Hybrid Redemption Right"), in lieu of exercising its Redemption Right, to cause HMH Inc. to acquire all or a portion of its B.V. Non-Voting Class B Shares and all or a portion of its Mercury HoldCo Inc. shares, together with all or an equal portion of its shares of our Class B common stock, for (i) shares of our Class A common stock at an exchange ratio of one share of Class A common stock for each bundle of a specified number of Mercury HoldCo Inc. shares (representing indirectly an ownership interest in one B.V. Non-Voting Class A Share), one B.V. Non-Voting Class B Share and one share of our Class B common stock exchanged, subject to conversion rate adjustments for stock splits, stock dividends and reclassification and other similar transactions and adjustments to account for any net assets held by Mercury HoldCo Inc. other than HMH B.V. Non-Voting Class A Shares, or, upon mutual agreement between Akastor and us, (ii) an equivalent amount of cash, based on the trailing ten-day VWAP prior to the exchange date.

Our decision to mutually agree with a Principal Stockholder on whether to make a cash payment upon such Principal Stockholder's election under the Redemption Right or the Hybrid Redemption Right will be made by our independent directors (within the meaning of the Nasdaq listing rules). Such independent directors will make such decision based on facts in existence at the time of the decision, which we expect would include the relative value of the Class A common stock (including trading prices for the Class A common stock at the time), the cash purchase price, the availability of other sources of liquidity (such as an issuance of preferred stock) to acquire or directly cancel the B.V. Non-Voting Shares (and, if applicable, the Mercury HoldCo Inc. shares) and alternative uses for such cash. The parties will agree to treat the exercise of the Redemption Right and the exercise of the Call Right, in each case to the extent permitted under applicable tax law, as purchases by HMH Inc. of interests in HMH B.V. for U.S. federal income tax purposes that give rise to basis adjustments pursuant to Section 743(b) of the Internal Revenue Code of 1986, as amended (the "Code").

In connection with any redemption of B.V. Non-Voting Shares and our Class B common stock pursuant to the Redemption Right, acquisition of B.V. Non-Voting Shares and our Class B common stock pursuant to our Call Right or acquisition of B.V. Non-Voting Class A Shares (indirectly through the acquisition of Mercury HoldCo Inc. shares), B.V. Non-Voting Class B Shares and our Class B common stock pursuant to the Hybrid Redemption Right, the corresponding number of shares of our Class B common stock will be cancelled. See "Certain relationships and related party transactions—Exchange Agreement." The Principal Stockholders will have the right, under certain circumstances, to cause us to register the offer and resale of their shares of Class A common stock. See "Certain relationships and related party transactions—Registration Rights Agreement."

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In connection with the closing of this offering, we will enter into a tax receivable agreement (the "Tax Receivable Agreement") with the Principal Stockholders. The Tax Receivable Agreement will generally provide for the payment by us to the Principal Stockholders of 85% of the net cash savings, if any, in U.S. federal, state, local and foreign income tax and franchise tax that we actually realize (or are deemed to realize in certain circumstances) in periods after this offering as a result of, as applicable to each Principal Stockholder, (i) certain increases in tax basis that occur as a result of our acquisition (or deemed acquisition for U.S. federal income tax purposes) of all of such Principal Stockholder's B.V. Voting Shares in connection with this offering or any portion of such Principal Stockholder's B.V. Non-Voting Shares pursuant to the exercise of the Redemption Right or our Call Right, (ii) the utilization of certain net operating losses ("NOLs") of Mercury HoldCo Inc. in the event that we acquire Mercury HoldCo Inc. shares pursuant to the exercise of the Hybrid Redemption Right and (iii) imputed interest deemed to be paid by us as a result of, and additional tax basis arising from, any payments we make under the Tax Receivable Agreement. Payments will generally be made under the Tax Receivable Agreement as we realize actual cash tax savings in periods after this offering from the tax benefits covered by the Tax Receivable Agreement. However, if we experience a change of control (as defined in the Tax Receivable Agreement) or the Tax Receivable Agreement terminates early (at our election or as a result of a material breach of our obligations thereunder), we could be required to make a substantial, immediate lump-sum payment in advance of any actual cash tax savings. Because we are a holding company with no independent means of generating revenue, our ability to make payments under the Tax Receivable Agreement is dependent on the ability of HMH B.V. to make distributions to us in an amount sufficient to cover our obligations under the Tax Receivable Agreement.

HMH Inc. will retain the benefit of the remaining 15% of these cash savings. For additional information regarding the Tax Receivable Agreement, see "Risk factors—Risks related to this offering and ownership of our Class A common stock" and "Certain relationships and related party transactions—Tax Receivable Agreement."

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The following diagram indicates our corporate structure immediately preceding this offering and the transactions related thereto:

![LOGO](g75409g38y74.jpg)

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The following diagram indicates our simplified ownership structure immediately following this offering and the transactions related thereto (assuming the underwriters do not exercise their option to purchase additional shares of Class A common stock) and prior to giving effect to the vesting of any LTI Awards that may vest in connection with this offering, the reservation of shares of Class A common stock under the 2026 LTIP, the grant of awards thereunder in connection with this offering and any future redemptions of B.V. Non-Voting Shares and acquisitions of Mercury HoldCo Inc. shares pursuant to the Exchange Agreement:

![LOGO](g75409g01g01.jpg)

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**Summary of risk factors** 

An investment in our Class A common stock involves a high degree of risk. You should carefully consider the risks described under "Risk factors," together with the other information in this prospectus, before deciding whether to purchase our Class A common stock. If any of the risks described under "Risk factors" actually occur, our business, financial condition, results of operations or prospects could be materially adversely affected. In any such case, the trading price of our Class A common stock could decline, and you could lose all or part of your investment. These risks include, but are not limited to, the following:

***Risks related to our business***

• the cyclical nature of the oil and natural gas E&P industry and volatility of oil and natural gas prices;

• the competition we face;

• our dependence on suppliers and a limited number of customers;

• risks associated with certain contracts for our products and services;

• the impact of certain developments in the global oil and gas markets and changing macroeconomic conditions;

• risks associated with the growth of our business through recent and potential future acquisitions;

• risks relating to existing international operations and expansion into new geographical markets;

• our ability to comply with export and import controls, economic sanctions and embargoes, tariffs and other international
trade laws and regulations;

• the loss of senior management or technical personnel;

• unforeseen interruptions and hazards inherent in the oil and natural gas industry;

• the impact of a failure of our equipment to perform to specifications;

• a lack of adequate insurance for potential environmental, product or personal injury liabilities;

• our limited combined historical financial statements may not be indicative of future performance;

***Risks related to environmental and regulatory matters***

• complex laws and regulations related to our business and our customers' businesses;

• risks related to climate change;

• the impact of laws to restrict, delay or cancel leasing, permitting or drilling activities;

***Risks related to legal, accounting and tax matters***

• we have identified material weaknesses in our internal control over financial reporting;

• changes in tax laws, regulations and treaties;

• our ability to comply with laws and regulations relating to anti-corruption and economic sanctions;

• the impact of oilfield anti-indemnity provisions enacted by many U.S. states;

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***Risks related to technology and intellectual property***

• new technology may cause us to become less competitive;

• our intellectual property rights may be inadequate to protect our business;

• our inability to obtain and retain licenses to intellectual property owned by third parties;

• we may become involved in intellectual property litigation;

• errors or failures of our proprietary software may result in liability;

• cybersecurity attacks, information technology ("IT") system failures and network disruptions;

***Risks related to our indebtedness***

• our ability to generate sufficient cash to service our indebtedness;

• the impact of restrictions in our existing and future debt agreements;

***Risks related to this offering and ownership of our Class A common stock***

• risks related to being a holding company;

• the lack of an existing market for our Class A common stock;

• the impact of payments under the Tax Receivable Agreement;

• the Principal Stockholders will, if and when their voting interests align, initially have the ability to direct the voting
of a majority of the voting power of our capital stock, and their interests may conflict with those of our other stockholders;

• the impact of a significant reduction by the Principal Stockholders of their ownership interests in us;

• reduced disclosure requirements applicable to "emerging growth companies";

• the costs of, and our ability to comply with, the requirements of being a public company;

• future sales, or the perception of future sales, by us or our existing stockholders in the public market could cause the
market price for our Class A common stock to decline;

• anti-takeover provisions in our organizational documents could delay or prevent a change of control; and

• we may not pay or declare dividends on our Class A common stock, and our existing debt agreements place certain
restrictions on our ability to do so.

**Principal executive offices and Internet address** 

Our principal executive offices are located at 3300 North Sam Houston Parkway East, Houston, Texas 77032, and our telephone number is (281) 449-2000. Following the closing of this offering, our website will be located at *www.hmhw.com*. We expect to make our annual, quarterly and current reports, and amendments to those reports, and other information filed with or furnished to the Securities and Exchange Commission ("SEC") available, free of charge, through our website, as soon as reasonably practicable after those reports and other

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information are electronically filed with or furnished to the SEC. Information on our website or any other website is not incorporated by reference into this prospectus and does not constitute a part of this prospectus.

**Emerging growth company status** 

As a company with less than $1.235 billion in revenue during our last fiscal year, we qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). As an emerging growth company, we may, for up to five years, take advantage of specified exemptions from reporting and other regulatory requirements that are otherwise applicable generally to public companies. These exemptions include:

• in contrast to our reports under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), after we
are public, the presentation in this prospectus includes only two years of audited financial statements and only two years of related Management's Discussion and Analysis of Financial Condition and Results of Operations;

• deferral of the auditor attestation requirement on the effectiveness of our system of internal control over financial
reporting;

• exemption from the adoption of new or revised financial accounting standards until they would apply to private companies;

• exemption from compliance with any new requirements adopted by the Public Company Accounting Oversight Board requiring
mandatory audit firm rotation or a supplement to the auditor's report in which the auditor would be required to provide additional information about the audit and the financial statements of the issuer; and

• reduced disclosure about executive compensation arrangements.

In addition, Section 107 of the JOBS Act also provides that an emerging growth company can use the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the "Securities Act"), for complying with new or revised accounting standards. This permits an emerging growth company to delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We are choosing to take advantage of this extended transition period and, as a result, we will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for private companies.

We may take advantage of these provisions until we are no longer an emerging growth company, which will occur on the earliest of (i) the last day of the fiscal year following the fifth anniversary of this offering, (ii) the last day of the fiscal year in which we have equal to or more than $1.235 billion in annual revenue, (iii) the date on which we issue more than $1 billion of non-convertible debt over a three-year period or (iv) the date on which we are deemed to be a "large accelerated filer," as defined in Rule 12b-2 promulgated under the Exchange Act.

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**The offering** 

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| **Issuer**  | HMH Holding Inc. |

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| **Class A common stock offered by 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares (or shares if the underwriters exercise in full their option to purchase additional shares of Class A common stock). |

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|:---|:---|
| **Option to purchase additional shares of Class A common stock**  | To the extent that the underwriters sell more than shares of Class A common stock in this offering, we have granted the underwriters a 30-day option to purchase up to an aggregate of additional shares of our Class A common stock. |

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|:---|:---|
| **Class A common stock outstanding after this offering**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 (or shares if the underwriters exercise in full their option to purchase additional shares of Class A common stock).<sup>(1)</sup> |

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|:---|:---|
| **Class B common stock outstanding after this offering**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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, or one share for each bundle of one B.V. Non-Voting Class A Share and one B.V. Non-Voting Class B Share held by the Principal Stockholders immediately following this offering. Shares of Class B common stock are non-economic. In connection with any redemption of B.V. Non-Voting Shares and our Class B common stock pursuant to the Redemption Right, acquisition of B.V. Non-Voting Shares and our Class B common stock pursuant to our Call Right or acquisition of B.V. Non-Voting Class A Shares (indirectly through the acquisition of Mercury HoldCo Inc. shares), B.V. Non-Voting Class B Shares and our Class B common stock pursuant to the Hybrid Redemption Right, the corresponding number of shares of our Class B common stock will be cancelled. |

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|:---|:---|
| **Voting power of Class A common stock after this offering**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% (or % if the underwriters exercise in full their option to purchase additional shares of Class A common stock). |

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|:---|:---|
| **Voting power of Class B common stock after this offering**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% (or % if the underwriters exercise in full their option to purchase additional shares of Class A common stock). Upon completion of this offering, the Principal Stockholders will initially own shares of Class B common stock, representing % of the voting power of the Company. |

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|:---|:---|
| **Voting rights**  | Each share of our Class A common stock entitles its holder to one vote on all matters on which stockholders are entitled to vote generally. Each share of our Class B common stock entitles its holder to one vote on all matters on which stockholders are entitled to vote generally. Holders of our Class A common stock  |

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and Class B common stock vote together as a single class on all matters presented to our stockholders for their vote or approval, except as otherwise required by applicable law or by our amended and restated certificate of incorporation. See "Description of capital stock." <br>

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| **Use of proceeds**  | We expect to receive $ million of net proceeds (assuming the midpoint of the price range set forth on the cover page of this prospectus) from the sale of Class A common stock by us in this offering, after deducting underwriting discounts and commissions and estimated offering expenses payable by us (or $ million of net proceeds if the underwriters exercise in full their option to purchase additional shares of Class A common stock from us). |

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We intend to (i) use $ million of the net proceeds from this offering to pay the cash consideration portion of the purchase price to purchase an aggregate B.V. Voting Class A Shares and B.V. Voting Class B Shares from Baker Hughes and/or Akastor pursuant to the corporate reorganization (see "Corporate reorganization") and (ii) contribute all of the remaining net proceeds from this offering to HMH B.V. in exchange for a number of B.V. Voting Class A Shares and B.V. Voting Class B Shares such that the number of B.V. Voting Class A Shares and B.V. Voting Class B Shares, respectively, held by us (taking into account the B.V. Voting Class A Shares and B.V. Voting Class B Shares acquired by us from the Principal Stockholders pursuant to the corporate reorganization) equals the number of shares of Class A common stock sold by us in the offering. HMH B.V. intends to use $ million of the net proceeds received by it to repay all of the outstanding principal and accrued and unpaid interest under the Shareholder Loans (as defined herein) from Baker Hughes Holdings LLC and Akastor AS, which totaled $140.8 million as of September 30, 2025, and any remaining amounts for general corporate purposes, which may include funding for acquisitions, working capital requirements, capital expenditures and the repayment, refinancing, redemption or repurchase of indebtedness or other securities.

If the underwriters exercise in full their option to purchase additional shares of Class A common stock, we intend to contribute all of the additional net proceeds to HMH B.V. in exchange for an additional B.V. Voting Class A Shares and B.V. Voting Class B Shares. HMH B.V. intends to use such additional net proceeds for general corporate purposes, which may include funding for acquisitions, working capital requirements, capital expenditures and the repayment, refinancing, redemption or repurchase of indebtedness or other securities.

See "Use of proceeds."

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| **Dividend policy**  | The declaration and payment of dividends by us will be at the sole discretion of our board of directors. We currently intend to retain future earnings, if any, to finance the growth and development of our business. However, our dividend policy is within the discretion of our board of directors and will depend upon then-existing conditions, including our results of operations, financial condition, capital requirements, investment opportunities, statutory or contractual restrictions on our ability to pay dividends and other factors our board of directors may deem relevant. In addition, our existing debt agreements place, and we expect our future debt agreements will place, certain restrictions on our ability to pay cash dividends. See "Dividend policy." |

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| **Redemption rights of the Principal Stockholders**  | Under the Exchange Agreement, each Principal Stockholder party thereto will, subject to certain limitations, have the right, pursuant to the Redemption Right, to cause HMH B.V. to acquire or directly cancel all or a portion of its B.V. Non-Voting Shares, together with all or an equal portion of its shares of our Class B common stock, for (i) shares of our Class A common stock at a redemption ratio of one share of Class A common stock for each bundle of one B.V. Non-Voting Class A Share, one B.V. Non-Voting Class B Share and one share of our Class B common stock redeemed, subject to conversion rate adjustments for stock splits, stock dividends and reclassification and other similar transactions, or, upon mutual agreement between such Principal Stockholder and us, (ii) an equivalent amount of cash, based on the trailing ten-day VWAP prior to the redemption date. Alternatively, upon the exercise of the Redemption Right, we (instead of HMH B.V.) will have the right, pursuant to the Call Right, to acquire each tendered bundle of one B.V. Non-Voting Class A Share, one B.V. Non-Voting Class B Share and one share of our Class B common stock directly from such Principal Stockholder for (a) one share of Class A common stock, subject to conversion rate adjustments for stock splits, stock dividends and reclassification and other similar transactions, or, upon mutual agreement between such Principal Stockholder and us, (b) an equivalent amount of cash, based on the trailing ten-day VWAP prior to the redemption date. Under the Exchange Agreement, Akastor will, subject to certain limitations, also have the right, pursuant to the Hybrid Redemption Right (and in lieu of exercising the Redemption Right), to cause HMH Inc. to acquire all or a portion of its B.V. Non-Voting Class B Shares and all or a portion of its Mercury HoldCo Inc. shares, together with all or an equal portion of its shares of our Class B common stock, for (i) shares of our Class A common stock at an exchange ratio of one share of Class A common stock for each bundle of a specified number of Mercury HoldCo Inc. shares (representing indirectly an ownership interest in one B.V. Non-Voting Class A Share), one B.V. Non-Voting Class B Share and one share of our Class B common stock exchanged, subject to conversion rate adjustments for stock splits, stock dividends and reclassification and other similar transactions and adjustments to account for any net assets held by Mercury HoldCo Inc. other than HMH B.V. Non-Voting Class A Shares, or, upon mutual agreement between Akastor and us, (ii) an equivalent amount of cash, based on the trailing ten-day VWAP prior to the exchange date. Our decision to mutually agree with a Principal Stockholder on whether to make a cash payment upon such Principal Stockholder's election under the Redemption Right or the Hybrid Redemption Right will be made by our independent directors (within the meaning of the Nasdaq listing rules). Such independent directors will make such decision based on facts in existence at the time of the decision, which we expect would include the relative value of the Class A common stock (including trading prices for the Class A common stock at the time), the cash purchase price, the availability of other sources of liquidity (such as an issuance of preferred stock) to acquire or directly cancel the B.V. Non-Voting Shares (and, if applicable, the Mercury HoldCo Inc. shares) and alternative uses for such cash. The parties will agree to treat the exercise of the Redemption Right and the exercise of the Call Right, in each case to the extent permitted under applicable tax law, as purchases by  |

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HMH Inc. of interests in HMH B.V. for U.S. federal income tax purposes that give rise to basis adjustments pursuant to Section 743(b) of the Code. In connection with any redemption of B.V. Non-Voting Shares and our Class B common stock pursuant to the Redemption Right, acquisition of B.V. Non-Voting Shares and our Class B common stock pursuant to our Call Right or acquisition of B.V. Non-Voting Class A Shares (indirectly through the acquisition of Mercury HoldCo Inc. shares), B.V. Non-Voting Class B Shares and our Class B common stock pursuant to the Hybrid Redemption Right, the corresponding number of shares of our Class B common stock will be cancelled. See "Certain relationships and related party transactions—Exchange Agreement." <br>

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| **Directed Share Program**  | At our request, J.P. Morgan Securities LLC, a participating underwriter, has reserved for sale, at the initial public offering price, up to approximately % of the shares of Class A common stock to be issued by the Company and offered by this prospectus for sale to certain entities and individuals, including some of our directors, director nominees, officers, employees, distributors, dealers, business associates and other parties related to HMH Inc. (the "Directed Share Program"). We expect the list of potential participants to be approximately 100 entities and individuals. If these persons purchase reserved shares, it will reduce the number of shares of Class A common stock available for sale to the general public. Any reserved shares of Class A common stock that are not so purchased will be offered by the underwriters to the general public on the same terms as the other shares of Class A common stock offered by this prospectus. See "Underwriting." |

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| **Listing and trading symbol**  | We have applied to list our Class A common stock on Nasdaq under the symbol "HMH." |

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| **Risk factors**  | You should carefully read and consider the information set forth under "Risk factors" and all other information set forth in this prospectus before deciding to invest in our Class A common stock. |

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(1) The number of shares of our Class A common stock that will be outstanding after this offering excludes (i) the    shares of Class A common stock that we anticipate will be reserved and available
for future issuance under the 2026 LTIP, once adopted, including any equity awards representing the right to receive shares of our Class A common stock that may be granted in connection with the consummation of this offering; and (ii) certain
phantom awards outstanding as of the date hereof, as described under "Executive compensation—2025 Compensation of named executive officers—Equity awards" and "Executive compensation—Additional narrative
disclosure—Compensation program following this offering" and representing, after giving effect to the corporate reorganization, the right to receive shares of our Class A common stock.

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**Summary historical and pro forma financial data** 

HMH Inc. was formed in April 2024 and, therefore, has limited historical financial operating results. The following table presents summary historical consolidated financial data, as of the dates and for the periods indicated, of our accounting predecessor, HMH B.V., and summary pro forma financial data for HMH Inc. The summary historical consolidated financial data of our predecessor as of and for the years ended December 31, 2024 and 2023 is derived from the audited historical consolidated financial statements of our predecessor included elsewhere in this prospectus. The summary historical consolidated financial data of our predecessor as of and for the nine months ended September 30, 2025 and 2024 is derived from the unaudited historical condensed consolidated financial statements of our predecessor included elsewhere in this prospectus. Historical results are not necessarily indicative of future results.

The summary unaudited pro forma statement of income and balance sheet data as of and for the year ended December 31, 2024 and as of and for the nine months ended September 30, 2025 has been prepared to give pro forma effect to (i) the corporate reorganization and (ii) this offering and the application of the net proceeds therefrom as if each had been completed on January 1, 2024. This information is subject to and gives effect to the assumptions and adjustments described in the notes accompanying the unaudited pro forma financial statements included elsewhere in this prospectus. Such adjustments are preliminary and based upon currently available information and certain assumptions that our management believes are reasonable. The summary unaudited pro forma financial data is presented for informational purposes only, should not be considered indicative of actual results of operations that would have been achieved had such transactions been consummated on the date indicated and does not purport to be indicative of statements of financial position or results of operations as of any future date or for any future period.

The summary historical consolidated financial data and the summary unaudited pro forma financial data presented below should be read in conjunction with "Risk factors," "Management's discussion and analysis of financial condition and results of operations," "Use of proceeds" and the historical financial statements of HMH B.V., the pro forma financial statements of HMH Inc. and related notes thereto and other financial data included elsewhere in this prospectus. Among other things, the historical and pro forma financial statements include more detailed information regarding the basis of presentation for the information in the following table.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Predecessor historical** | **Predecessor historical** | **Predecessor historical** | **Predecessor historical** | **HMH Inc. pro forma** | **HMH Inc. pro forma** |
| | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** | **Year ended December 31,** | **Year ended December 31,** | **Nine months ended<br>September 30, 2025** | **Year ended<br>December 31, 2024** |
| <br>**(in thousands, except share and per share amounts)** | **2025** | **2024** | **2024** | **2023** | **Nine months ended<br>September 30, 2025** | **Year ended<br>December 31, 2024** |
|  **Consolidated Statement of Income Data:** |  |  |  |  |  |  |
|  **Revenue** |  |  |  |  |  |  |
|  Service revenue | $280678 | $263901 | $366202 | $328653 | $| $|
|  Product revenue | 167424 | 154420 | 225521 | 179629 |  |  |
|  Spare parts revenue | 170511 | 193805 | 248025 | 268434 |  |  |
|  Related party revenue | 445 | 2644 | 3615 | 8730 |  |  |
|  **Total revenue** | **619058** | **614770** | **843363** | **785446** |  |  |
|  **Operating expenses** |  |  |  |  |  |  |
|  Cost of services sold  | 192486 | 158411 | 223376 | 203613 |  |  |
|  Cost of goods sold – products  | 152560 | 143234 | 205172 | 222735 |  |  |
|  Cost of goods sold – spare parts  | 105787 | 107863 | 142625 | 148710 |  |  |
|  **Total cost of sales**  | **450833** | **409508** | **571173** | **575058** |  |  |
|  Selling, general and administrative expenses | 97040 | 115139 | 146810 | 127417 |  |  |
|  Research and development expenses | 1778 | 5489 | 7067 | 3041 |  |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Predecessor historical** | **Predecessor historical** | **Predecessor historical** | **Predecessor historical** | **HMH Inc. pro forma** |
| | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended<br>December 31, 2024** |
| <br>**(in thousands, except share and per share<br>amounts)** | **2025** | **2024** | **2024** | **2023** | **Year ended<br>December 31, 2024** |
|  Restructuring and other expenses | 4447 |  | (301) | 1929 |  |
|  **Total operating expenses** | **554098** | **530136** | **724749** | **707445** |  |
|  **Operating income** | **64960** | **84634** | **118614** | **78001** |  |
|  Foreign currency gain (loss), net | 7015 | 1357 | (5293) | 796 |  |
|  Other non-operating income, net  | 876 | 317 | 423 | 231 |  |
|  Interest expense | (26619) | (26705) | (37255) | (46269) |  |
|  **Income before income taxes** | **46232** | **59603** | **76489** | **32759** |  |
|  Income tax expense | (14757) | (14655) | (24533) | (15357) |  |
|  **Net income**  | $**31475** | $**44948** | $**51956** | $**17402** | $— |
|  **Consolidated Balance Sheet Data:** |  |  |  |  |  |
|  Cash and cash equivalents | $56608 | $33400 | $48912 | $62524 | $— |
|  Property, plant and equipment, net | 201676 | 206251 | 198684 | 214834 |  |
|  Total assets | 1350147 | 1392492 | 1381217 | 1368418 |  |
|  Long-term debt, net | 198194 | 196436 | 328747 | 316047 |  |
|  Total equity | 686342 | 641480 | 631337 | 593131 |  |
|  **Consolidated Statement of Cash Flows Data:** |  |  |  |  |  |
|  Net cash provided by (used in) operating activities | $28948 | $(4600) | $34861 | $25574 |  |
|  Net cash used in investing activities | (10985) | (31445) | (37943) | (24056) |  |
|  Net cash provided by (used in) financing activities | (14298) | 7692 | (7308) | 14656 |  |
|  **Other Data:** |  |  |  |  |  |
|  Net income as a % of revenue | 5.1% | 7.3% | 6.2% | 2.2% | % |
|  Net income as a % of total assets | 2.3% | 3.2% | 3.8% | 1.3% | % |
|  Adjusted EBITDA(1) | $102160 | $113848 | $158439 | $122573 | $— |
|  Adjusted EBITDA Margin(1)(2) | 16.5% | 18.5% | 18.8% | 15.6% | % |
|  Free Cash Flow(1) | $17963 | $(16267) | $16521 | $917 |  |
|  Adjusted ROCE(1) | 13.2% | 16.7% | 22.2% | 17.6% | % |

---

(1) For definitions of Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow and Adjusted ROCE and reconciliations to their most directly comparable financial measures calculated and presented in accordance with GAAP, see "—Non-GAAP financial measures."

(2) Calculated as a percentage of revenue.

**Non-GAAP financial measures** 

Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, EBITA and Adjusted ROCE (each as defined herein) are non-GAAP financial measures and should not be considered alternatives to, or more meaningful than, net income, net income as a percentage of revenue, net cash provided by (used in) operating activities, net income as a percentage of total assets or any other measure presented in accordance with GAAP. Our computation of Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, EBITA and Adjusted ROCE may differ from computations of similarly titled measures of other companies. For a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures, please see below.

***Adjusted EBITDA and Adjusted EBITDA Margin***

We use Adjusted EBITDA and Adjusted EBITDA Margin (each, a non-GAAP measure) as one of the indicators to evaluate and compare the results of our operations from period to period by removing the effect of our capital structure and certain non-recurring items. We define Adjusted EBITDA as net income before interest expense,

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net, income tax expense, depreciation and amortization and certain non-recurring items that we do not consider to be indicative of our ongoing operating performance such as, but not limited to, IT system implementation, restructuring and other expenses and foreign currency transaction (gain) loss. We track Adjusted EBITDA on an absolute dollar basis and as a percentage of revenue, which we refer to as Adjusted EBITDA Margin. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. We believe that Adjusted EBITDA is a supplemental measurement tool used by analysts and investors to evaluate overall operating performance, ability to pursue and service possible debt opportunities and possible future investment opportunities. In addition, we believe that Adjusted EBITDA Margin is a supplemental measurement tool used by analysts and investors to evaluate profitability of sales. Adjusted EBITDA does not represent funds available for our discretionary use and is not intended to represent or to be used as a substitute for net income, as measured under GAAP. The items excluded from Adjusted EBITDA and Adjusted EBITDA Margin, but included in the calculation of reported net income, are significant components of the consolidated statements of income and must be considered in performing a comprehensive assessment of overall financial performance.

The following table presents a reconciliation of the GAAP financial measure of net income to Adjusted EBITDA and Adjusted EBITDA Margin for each of the periods indicated:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Predecessor historical**  | **Predecessor historical**  | **Predecessor historical**  | **Predecessor historical**  | **HMH Inc. pro forma** | **HMH Inc. pro forma** |
| | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** | **Year ended December 31,** | **Year ended December 31,** | **Nine months ended<br>September 30, 2025** | **Year ended<br>December 31, 2024** |
| <br>**(in thousands, except percentages)** | **2025** | **2024** | **2024** | **2023** | **Nine months ended<br>September 30, 2025** | **Year ended<br>December 31, 2024** |
|  **Net income** | $**31475** | $**44948** | $**51956** | $**17402** | **$** | **$** |
|  Add: |  |  |  |  |  |  |
|  Interest expense, net | 26619 | 26705 | 37255 | 46269 |  |  |
|  Income tax expense | 14757 | 14655 | 24533 | 15357 |  |  |
|  Depreciation and amortization | 31877 | 28897 | 39402 | 37951 |  |  |
|  IT system implementation |  |  |  | 3231 |  |  |
|  Restructuring and other expenses | 4447 |  |  | 3159 |  |  |
|  Foreign currency transaction (gain) loss | (7015) | (1357) | 5293 | (796) |  |  |
|  **Adjusted EBITDA** | $**102160** | $**113848** | $**158439** | $**122573** | **$** | **$** |
|  Net income as a % of revenue | 5.1% | 7.3% | 6.2% | 2.2% |  |  |
|  **Adjusted EBITDA Margin(1)** | **16.5%** | **18.5%** | **18.8%** | **15.6%** **% %** |  |  |

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(1) Calculated as a percentage of revenue.

***Free Cash Flow***

We use Free Cash Flow (a non-GAAP measure) to evaluate our liquidity to provide flexibility and optionality to achieve our broader capital allocation strategy. We define Free Cash Flow as cash flow from operations minus purchases of property and equipment and development costs. We believe that Free Cash Flow is a meaningful indicator of liquidity that provides information to our management and investors about the amount of cash generated from operations, after purchases of property and equipment that can be used for investment in our business and for acquisitions as well as to strengthen our balance sheet. Free Cash Flow has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of other GAAP financial measures, such as net cash provided by (used in) operating activities. Free Cash Flow does not reflect our ability to meet future contractual commitments and may be calculated differently by other companies in our industry, limiting its usefulness as a comparative measure.

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The following table presents a reconciliation of the GAAP financial measure of net cash provided by (used in) operating activities to Free Cash Flow for each of the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Predecessor historical**  | **Predecessor historical**  | **Predecessor historical**  | **Predecessor historical**  |
| | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** | **Year ended December 31,** | **Year ended December 31,** |
| <br>**(in thousands)** | **2025** | **2024** | **2024** | **2023** |
|  **Net cash provided by (used in) operating activities** | $**28948** | $**(4600)** | $**34861** | $**25574** |
|  **Adjusted for:** |  |  |  |  |
|  Purchases of property and equipment | (6586) | (10014) | (16096) | (14116) |
|  Development costs(1) | (4399) | (1653) | (2244) | (10541) |
|  **Free Cash Flow** | $**17963** | $**(16267)** | $**16521** | $**917** |

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(1) Development costs consist of charges related to the upgrade of our Enterprise Resource Planning software, coupled with internally developed software costs that will have alternative uses for our ongoing business.

***Adjusted ROCE***

We use Adjusted ROCE (a non-GAAP measure) to evaluate the profitability of the Company's capital employed in its business operations compared with that of its peers. We define Adjusted ROCE as net income plus interest expense, net, income tax expense and amortization expense for intangible assets, which we refer to as EBITA (a non-GAAP measure), divided by total assets less goodwill, other intangibles and total current liabilities. We believe Adjusted ROCE is a good indicator of long-term company and management performance as it relates to capital efficiency.

The following table presents a reconciliation of the GAAP financial measure of net income to EBITA and Adjusted ROCE for each of the periods indicated:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Predecessor historical** | **Predecessor historical** | **Predecessor historical** | **Predecessor historical** | **HMH Inc. pro forma** | **HMH Inc. pro forma** |
| | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** | **Year ended December 31,** | **Year ended December 31,** | **Nine months ended<br>September 30, 2025** | **Year ended<br>December 31, 2024** |
| <br>**(in thousands, except<br>percentages)** | **2025** | **2024** | **2024** | **2023** | **Nine months ended<br>September 30, 2025** | **Year ended<br>December 31, 2024** |
|  **Numerator:** |  |  |  |  |  |  |
|  **Net income** | $**31475** | $**44948** | $**51956** | $**17402** | **$** | **$** |
|  Add: |  |  |  |  |  |  |
|  Interest expense, net | 26619 | 26705 | 37255 | 46269 |  |  |
|  Income tax expense | 14757 | 14655 | 24533 | 15357 |  |  |
|  Intangible asset amortization | 18485 | 14648 | 19951 | 19058 |  |  |
|  **EBITA** | $91336 | $100956 | $133695 | $**98086** | **$** | $|
|  **Denominator:** |  |  |  |  |  |  |
|  Total assets | $1350147 | $1392492 | $1381217 | $1368418 | $| $|
|  Goodwill | (303537) | (300422) | (300939) | (287848) |  |  |
|  Other intangibles | (123864) | (143234) | (135154) | (147244) |  |  |
|  Total current liabilities | (233088) | (344148) | (342163) | (376293) |  |  |
|  Adjusted capital employed | $689658 | $604688 | $602961 | $557033 | $| $|
|  Net income as a % of total assets | 2.3% | 3.2% | 3.8% | 1.3% |  |  |
|  **Adjusted ROCE** | **13.2%** | **16.7%** | **22.2%** | **17.6%** **% %** |  |  |

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**Cautionary statement regarding forward-looking statements** 

This prospectus contains forward-looking statements. Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include the words "may," "could," "plan," "project," "budget," "predict," "pursue," "target," "seek," "objective," "believe," "expect," "anticipate," "intend," "estimate," and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements. Our forward-looking statements include statements about our business strategy, our industry, our future profitability, our expected capital expenditures and the impact of such expenditures on our performance, the costs of being a publicly traded corporation and our capital programs.

A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. We believe that we have chosen these assumptions or bases in good faith and that they are reasonable. You are cautioned not to place undue reliance on any forward-looking statements. You should also understand that it is not possible to predict or identify all such factors and should not consider the following list to be a complete statement of all potential risks and uncertainties. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include:

• uncertainty regarding the timing, pace and extent of an economic recovery in the United States and elsewhere, which, in
turn, will likely affect demand for oil and natural gas and therefore the demand for our products and services;

• worldwide demand for, and production of, oil and natural gas and the resultant market prices of oil and natural gas;

• global or national health concerns, including health epidemics or pandemics such as the COVID-19 pandemic, related economic repercussions and the resulting severe disruption in the oil and natural gas industry and negative impact on demand for oil and natural gas, which may negatively impact our
business;

• a further decline or future decline in spending by our customers in the oil and natural gas industry;

• actions by the Organization of the Petroleum Exporting Countries ("OPEC"), its members and other
state-controlled oil companies relating to oil price and production controls;

• the level of production in non-OPEC countries;

• domestic and international political, military, regulatory and economic conditions, including global inflationary
pressures, Russia's ongoing invasion of Ukraine and sanctions related thereto, the ongoing conflicts in the Middle East and political, economic and social instability in Venezuela, each of which may negatively impact our operating results;

• changes in general economic and geopolitical conditions;

• competition among oilfield service and equipment providers;

• changes in the long-term supply of, demand for and inventory levels of oil and natural gas;

• cost and availability of storage and transportation of oil, gas and related products;

• actions taken by our customers, competitors and third-party operators;

• the discovery rate, size and location of new oil and natural gas reserves, including in offshore areas;

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• delay and regulatory uncertainty stemming from local or environmental non-governmental opposition to offshore and onshore energy development projects;

• laws and regulations related to environmental matters, including those addressing alternative energy sources and the risks
of global climate change;

• the ability of oil and natural gas producers to generate funds for their capital-intensive businesses, including via their
ability to raise equity capital and debt financing;

• our ability to successfully implement our business plan;

• large or multiple customer defaults, including defaults resulting from actual or potential insolvencies;

• contractions in the credit market and the price and availability of debt and equity financing (including changes in
interest rates);

• our ability to complete growth strategies on time and on budget;

• our ability to integrate and realize the benefits expected from recent and potential future acquisitions, including any
related synergies;

• introduction of new drilling or completion techniques or equipment, products or services using new technologies subject to
patent or other intellectual property protections and our ability to obtain and, as applicable, enforce such intellectual property protections;

• technological advances, including technology related to the exploitation of shale oil, which can result in over-supply of
oil and natural gas or a change in demand for oil and natural gas;

• operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control;

• unionization of our workforce;

• the imposition of laws or regulations that result in reduced E&P activities or that increase our operating costs or
operating requirements, including laws and regulations addressing climate change;

• the effects of asserted and unasserted claims and the extent of available insurance coverage;

• social unrest, acts of terrorism, war and other armed conflict;

• loss or corruption of our information or a cyberattack on our computer systems;

• the price and availability of alternative fuels and energy sources;

• federal, state and local regulation of oilfield service activities, as well as E&P activities, including public
pressure on governmental bodies and regulatory agencies to regulate our industry;

• the effects of existing and future laws and governmental regulations (or the interpretation thereof) on us and our
customers;

• the effects of inflation;

• supply chain disruptions;

• the effects of future litigation;

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• expectations regarding future energy prices;

• disruptions in global trade, including as a result of tariffs, trade restrictions, retaliatory trade measures or the effect
of such actions on trading relationships between the United States and other countries;

• worldwide financial instability or recessions; and

• other factors discussed in this prospectus.

Although forward-looking statements reflect our good faith beliefs at the time they are made, forward-looking statements involve known and unknown risks, uncertainties and other factors, including the factors described under "Risk factors," which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf.

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**Risk factors** 

*An investment in our Class A common stock involves a high degree of risk. You should carefully consider the risks described below, together with the other information in this prospectus, before deciding whether to purchase our Class A common stock. If any of the risks described below actually occur, our business, financial condition, results of operations or prospects could be materially adversely affected. In any such case, the trading price of our Class A common stock could decline, and you could lose all or part of your investment.* 

**Risks related to our business** 

***We generate substantial revenues from companies involved in oil and natural gas exploration and production, an industry known for its cyclical nature, with levels of activity that are directly affected by the fluctuating levels and volatility of oil and natural gas prices.***

The demand for our products and services depends, in large part, on the demand for, and production of, oil and natural gas. In particular, demand for our products and services depends, in large part, on capital investment in offshore drilling. Oil and natural gas are commodities and, therefore, their prices are subject to wide fluctuations in response to relatively minor changes in supply and demand. Supply and demand for oil and natural gas are dependent upon a variety of factors, many of which are beyond our control. These factors include the following:

• worldwide demand of oil and gas, including economic activity in the United States, other large energy consuming markets and
in developing energy markets;

• the action of OPEC, its members and other state-controlled oil companies relating to oil price and production controls;

• the level of production in non-OPEC countries;

• domestic and international political, military, regulatory and economic conditions, including global inflationary
pressures, Russia's ongoing invasion of Ukraine and sanctions related thereto, the ongoing conflicts in the Middle East and political, economic and social instability in Venezuela;

• delay and regulatory uncertainty stemming from federal or local governmental or environmental (including non-governmental organization) opposition to offshore and onshore energy development projects;

• the cost of exploring for, producing and delivering oil and natural gas;

• the discovery rate, size and location of new oil and natural gas reserves, including in offshore areas;

• the rate of decline of existing oil and natural gas reserves due to production;

• laws and regulations related to environmental matters, including those addressing alternative energy sources and the risks
of global climate change;

• the development, exploitation and market acceptance of alternative fuels or energy sources and end-user conservation trends;

• domestic, local and foreign governmental regulation, moratoriums on drilling, taxes, tariffs and economic sanctions;

• technological advances, including technology related to the exploitation of shale oil, which can result in over-supply of
oil and natural gas or a change in demand for oil and natural gas;

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• global or national health concerns, including health epidemics or pandemics such as the COVID-19 pandemic;

• contractions in the credit market;

• cost and availability of storage and transportation of oil, gas and related products;

• inventory levels of oil, gas and related products;

• accidents, adverse weather conditions, natural disasters and other similar incidents relating to the oil and gas industry;

• uncertainty in commodities markets;

• acquisition and divestiture activity among oil and natural gas producers;

• competition among oilfield service and equipment providers;

• the ability of oil and natural gas producers to generate funds for their capital-intensive businesses, including via their
ability to raise equity capital and debt financing;

• rough seas and adverse weather conditions, including hurricanes and typhoons;

• expectations regarding future energy prices; and

• worldwide financial instability or recessions.

Prices for oil and natural gas have historically been, and we anticipate they will continue to be, volatile and reactive to changes in the supply of and demand for oil and natural gas, domestic and worldwide economic conditions and political instability in oil producing countries. In particular, oil prices fluctuated during 2018 and 2019, and declined dramatically during 2020 due to the decline in demand caused by COVID-19 and associated lockdowns, dropping to $9.12 per barrel of Brent crude oil on April 21, 2020. Oil prices steadily increased significantly in 2021 and the first half of 2022 due to increased demand, domestic supply reductions, OPEC control measures and market disruptions resulting from the Russia-Ukraine war and sanctions on Russia. Since the Russia-Ukraine conflict first commenced, Brent crude oil prices have been volatile, reaching a high of $112.24 per barrel in June 2022 before declining to $67.70 per barrel as of January 26, 2026. Natural gas prices reached a high of $9.68 per MMbtu in August 2022 before declining to $3.06 per MMbtu as of January 16, 2026 and then spiking to $30.72 as of January 23, 2026 in connection with Winter Storm Fern. Further volatility in the prices for oil and natural gas may occur due to heightened levels of uncertainty related to geopolitical issues such as Russia's ongoing invasion of Ukraine and sanctions related thereto, the ongoing conflicts in the Middle East and political, economic and social instability in Venezuela. Any substantial decline in oil and natural gas prices will likely have an adverse effect on demand for our products and services, and any decreases, over a sustained period of time, could have a material adverse effect on our business, financial condition, results of operations and cash flows.

***We face competition that may cause us to lose market share.***

The oilfield services industry is highly competitive. The principal competitive factors impacting sales of our products and services are price, technology, service quality and safety track record. The market is also fragmented and includes numerous small companies capable of competing effectively in our markets on a local basis, especially in the onshore oil and gas market, as well as several large companies that possess substantially greater financial and other resources than we do, especially in the offshore oil and gas market. Our larger competitors' greater resources could allow those competitors to compete more effectively than we can. For instance, our larger competitors may offer products at below-market prices or bundle ancillary products and services at no additional cost to customers. We compete with large national and multi-national companies that have longer operating histories, greater financial, technical and other resources and greater

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name recognition than we do. Some of our competitors provide a broader array of products and services, have a stronger presence in more geographic markets and may be able to respond more quickly to changes in customer requirements resulting from emerging technologies and services.

Most sales of products and projects are awarded on a bid basis, which further increases competition based on price. Pricing is one of the primary factors in determining which qualified contractor is awarded a job. The competitive environment may be further intensified by business combinations among oil and gas companies or other events that have the effect of reducing the number of available customers. If competition remains the same or increases as a result of future industry downturns, we may be required to lower our prices, which would adversely affect our results of operations. In the future, we may lose market share or be unable to maintain or increase prices for our present products and services or to acquire additional business opportunities, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

***We depend on suppliers and we may become subject to product shortages, long lead times and price increases, which could have a negative impact on our results of operations.***

Our business relies on a broad range of raw materials and commodities for the products we manufacture. Shortages and transportation and supply disruptions can adversely impact supply of our manufacturing raw materials, as well as delivery of finished goods and transportation of our personnel for services. If we are unable to purchase raw materials for our products on a timely basis to meet the demands of our customers, our existing customers may, under certain circumstances (such as excessive delays) and pursuant to certain contractual provisions, be able to claim liquidated damages or terminate their contractual relationships with us, or we may not be able to compete for business from new or existing customers, which, in each case, could have a material adverse effect on our business, financial condition, results of operations and cash flows. Further, supply chain bottlenecks, such as those experienced as a result of the COVID-19 pandemic, could adversely affect our ability to obtain necessary materials, parts or other components used in our operations or increase the costs of such items. A significant increase in the price of such equipment, materials and services, as a result of supply chain and logistics disruptions or otherwise, could have a negative impact on our business, financial condition, results of operations and cash flows.

Most of the raw materials and components used in our operations are supplied by certain key vendors. Our reliance on these suppliers involves several risks, including price increases and a potential inability to obtain an adequate supply of required components in a timely manner. Weak economic conditions or widespread financial distress could reduce the liquidity of our suppliers or vendors, making it more difficult for them to meet their commitments or obligations to us. Nonperformance by suppliers or vendors who have committed to provide us with critical products or services could raise our costs, interfere with our ability to successfully conduct our business or have a negative impact on our business, financial condition, results of operations and cash flows. We do not have long-term contracts for raw materials or component parts with certain of these suppliers, and a partial or complete loss of any of these sources could have a negative impact on our results of operations and could damage our customer relationships. In addition, the preferences of our customers with respect to particular vendors may change, which could require us to find new vendors.

***We depend on a limited number of customers.***

We depend on a limited number of significant customers. Our top five customers accounted for approximately 41.8%, 42.0% and 32.9% of our total consolidated revenues for the nine months ended September 30, 2025 and the years ended December 31, 2024 and 2023, respectively. During the nine months ended September 30, 2025, one customer accounted for 17.3% of our revenues for such period, and during the year ended December 31, 2024, one customer accounted for 18.2% of our revenues for such year. The loss of business from one or

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more significant customers, or the failure to perform under any contract with such significant customers, could have a material adverse effect on our business, financial condition, results of operations and cash flows.

***There are risks associated with certain contracts for our products and services.***

As of September 30, 2025, we had a backlog of contracts in the amount of $364.6 million, of which $117.8 million was attributable to projects and products and $246.8 million was attributable to services. The following factors, among others, could reduce our margins on our contracts for the sale of products and services, adversely impact completion of these contracts, adversely affect our position in the market or subject us to contractual penalties:

• financial challenges for consumers of our products and services;

• failure to obtain timely payments from our customers, defaults on our customers' payment obligations or disputes with
customers involving such payment obligations;

• credit market conditions for consumers of our products and services;

• our failure to adequately estimate costs for making our products;

• our inability to manufacture products that meet contracted technical requirements;

• our inability to timely deliver finished goods;

• our inability to transport our personnel for services;

• our inability to maintain our quality standards during the design and manufacturing process;

• our inability to secure parts made by third-party vendors at reasonable costs and within required timeframes;

• unexpected increases in the costs of raw materials;

• our inability to manage unexpected delays due to weather, shipyard access, labor shortages, public health crises such as
the COVID-19 pandemic or other factors beyond our control;

• inability or unwillingness of the customer to renew or sign additional contracts with us;

• the imposition of tariffs, duties or economic sanctions, which could materially affect our global supply chain
(*e.g.*, steel tariffs under Section 232 of the Trade Expansion Act of 1962 (19 U.S.C. §1862), as amended, may increase our costs, reduce margins or otherwise adversely affect us); and

• trade or travel restrictions, including export sanctions, trade controls or other supply chain interruptions, which could
affect our ability to manufacture, sell or receive payment for our products or services.

Our existing contracts for products and services generally carry significant down payment and progress billing terms to facilitate the ultimate completion of these projects, and the majority do not allow customers to cancel projects for convenience. However, unfavorable market conditions or financial difficulties experienced by our customers have in the past and may in the future result in cancellation of contracts, the delay or abandonment of projects, unwillingness to enter into subsequent contracts and our inability to attract new customers. Additionally, some of our contracts allow for cancellation by the customer in the event of our insolvency or bankruptcy or a material uncured breach by us. Finally, some of our contracts include force majeure provisions where we or our customers are relieved, temporarily or sometimes permanently, of contractual obligations. Any such developments could have a material adverse effect on our operating results and financial condition.

***We sometimes provide packages and other engineered products for multi-year, fixed price contracts that may require us to assume risks associated with cost over-runs, operating cost inflation, labor availability, supplier and contractor pricing and performance and potential claims for liquidated damages.***

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We sometimes provide packages of equipment or complex equipment in the form of multi-year contracts, without price escalation clauses. Some of these contracts are required by our customers, including national oil companies. These projects include acting as suppliers of packages of equipment or engineered products, as well as installation and commissioning services and may require us to assume additional risks associated with cost over-runs from our vendors or due to material or labor cost escalation. In addition, national oil companies often possess substantial leverage in the event of dispute or disagreement regarding performance under an agreement and they often operate in countries with unsettled political conditions, war, civil unrest or other types of community issues. These issues may also result in cost over-runs, delays and project losses.

Providing packages of equipment and engineered products as well as services on an integrated basis may also require us to assume additional risks associated with operating cost inflation, labor availability and productivity, supplier pricing and performance and potential claims for liquidated damages. We rely on third-party subcontractors, consortium partners and equipment providers to assist us with the completion of these types of contracts. To the extent that we cannot engage subcontractors or acquire equipment or materials in a timely manner and on reasonable terms, our ability to complete a project in accordance with stated deadlines or at a profit may be impaired. If the amount we are required to pay for these goods and services exceeds the amount we have estimated in bidding for fixed-price work, we could experience losses in the performance of these contracts. These delays and additional costs may be substantial, and we may be required to compensate our customers for these delays. This may reduce the profit to be realized or result in a loss on a project.

***Unionization efforts, labor interruptions and labor regulations could have a material adverse effect on our operations.***

Certain of our employees and contractors in international markets, including Germany, Norway and Mexico, are represented by labor unions and work under collective bargaining or similar agreements, which are subject to periodic renegotiation. Although we have not experienced any labor disruptions, strikes or other forms of labor unrest in connection with our personnel, there can be no assurance that labor disruptions by employees and contractors will not occur in the future. Further, unionized employees of third parties on whom we rely may be involved in labor disruptions, strikes or other forms of labor unrest, causing operational disruptions. Such actions could result in the occurrence of additional costs, as well as limitations on our ability to operate or provide products and services to our customers, which may materially adversely affect our business, financial condition, results of operations and cash flows. In addition, strikes may occur in connection with any salary negotiations with respect to unionized employees or contractors. If future labor strikes force us to shut down any of our operations, such interruption in operations could materially adversely affect our business, financial condition, results of operations and cash flows.

***Certain developments in the global oil and gas markets, such as the impacts we experienced from COVID-19, the Russian invasion of Ukraine and related sanctions, the ongoing conflicts in the Middle East and political, economic and social instability in Venezuela, have had, and may continue to have, material adverse consequences for general economic, financial and business conditions, and could materially and adversely affect our business, financial condition, results of operations and cash flows and those of our customers, suppliers and other counterparties.***

The outbreak of the COVID-19 pandemic in 2020 had significant global effects on demand for oil and gas and resulted in substantial reductions in demand for our products and services. While oil and gas prices and, therefore, demand for our products and services have largely recovered as the impacts of COVID-19 pandemic have been alleviated, concerns over the prolonged negative effects of the COVID-19 outbreak may persist. Such conditions have resulted in, and could again result in, reductions to our customers' drilling and production expenditures and delays or cancellations of projects, thus decreasing demand for our products and services, and an increased risk that our customers may seek price reductions or more favorable economic terms for our products and services or terminate our contracts.

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Beginning in 2014 and to a greater extent following Russia's military action in Ukraine in 2022, the United States, the European Union ("EU") and the United Kingdom, among others, have imposed significant economic sanctions and export control measures on Russia and others supporting Russia's military and political actions in Ukraine, including restrictions on the Russian energy and financial sectors, prohibitions and restrictions relating to Russian origin oil and oil products, and export controls limiting the export of a wide range of goods and technical assistance to Russia. In response, Russia has implemented certain counter-sanctions. Existing and future economic sanctions, export controls, import controls and other measures, including those that may be enacted by the Trump Administration, as well as the existing and potential further responses from Russia or other countries to such economic sanctions, and further tensions and military actions, could adversely affect the global economy and financial markets and could adversely affect our business, financial condition and results of operations.

Additionally, the ongoing conflicts in the Middle East, the political, economic and social instability in Venezuela and the Russian invasion of Ukraine and related sanctions have collectively disrupted supply chains for crude oil and natural gas in certain of the markets in which we operate. The Russia-Ukraine conflict and other geopolitical tensions, as well as the related international response, have exacerbated global supply chain disruptions, which have resulted in, and may continue to result in, shortages in materials and services and related uncertainties. Such shortages have resulted in, and may continue to result in, cost increases for labor, fuel, materials and services, and could continue to cause costs to increase and also result in the scarcity of certain materials. Any economic slowdown or recession in Europe or globally, including as a result of such supply chain disruptions or sanctions, may also impact demand and depress the price for crude oil, natural gas or other products, which could have significant adverse consequences on our financial condition and the financial condition of our customers, suppliers and other counterparties, and could diminish our liquidity. Further, the ongoing conflicts in the Middle East and political, economic and social instability in Venezuela could escalate into broader conflicts or greater economic and social instability that could further disrupt energy operations and supply chains globally.

***Our operations may be impacted by changing macroeconomic conditions, including inflation.***

Ongoing inflationary pressures resulted in, and may in the future result in, additional increases to the costs of goods, services and personnel, which in turn could cause our capital expenditures and operating costs to rise, as well as a scarcity of certain products and raw materials. Like others in our industry, in the past few years, we faced, and may in the future face, considerable inflation in the cost of raw materials and personnel. International conflicts or other geopolitical events, such as the continuing Russia-Ukraine war, the ongoing conflicts in the Middle East and political, economic and social instability in Venezuela, may also cause upward pressure on the cost of raw materials due to transportation disruptions, higher manufacturing costs, disruptions in supply chains and availability of raw materials, interruptions in manufacturing operations and heightened inflation. To the extent inflation rises, we may experience further cost increases for our operations, as well as increased labor costs. Sustained levels of high inflation caused the U.S. Federal Reserve to raise its target range for the federal funds rate multiple times in 2022 and 2023, but the U.S. Federal Reserve cut rates multiple times between September of 2024 and December of 2025, resulting in a total aggregate increase of 350 basis points. The U.S. Federal Reserve's target rate is currently between 3.50% and 3.75%. Future rate hikes from the U.S. Federal Reserve (or its equivalent in other nations) or other efforts to curb inflationary pressure on the costs of goods and services could have the effect of raising the cost of capital and depressing economic growth, either of which (or the combination thereof) could hurt the financial and operating results of our business.

High oil and natural gas prices are also inflationary, and governmental or economic responses to high oil and natural gas prices could impact the operations of our customers. Sustained high oil and natural gas prices could also drive over-investment and create the potential for global oversupply, which could cause prices to fall, also impacting investment by our customers.

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Any future reduction in worldwide economic growth and economic activity could, if sustained, ultimately lead to a global recession. In a global recession, it is likely that the demand for oil and natural gas would decline and the number of planned offshore energy projects would decrease. Such a scenario would negatively impact the demand for our products and services and, in turn, our financial performance.

***A deterioration in global economic conditions and adverse developments affecting the financial services industry could affect our current and projected business operations and our financial condition and results of operations.***

Our results of operations are materially affected by conditions in the global capital markets and the economy generally, both in the United States and elsewhere around the world. Weak economic conditions, sustained uncertainty about global economic conditions or a prolonged or further tightening of credit markets could cause our customers and potential customers to postpone or reduce spending on products or services or put downward pressure on prices, which could have an adverse effect on our business, financial condition, results of operations and cash flows. In the event of extreme prolonged adverse market events, such as a global credit crisis, we could incur significant losses. The future impact of these types of events on our business, financial condition, results of operations and cash flows depends largely on developments outside our control.

Our access to funding sources and other credit arrangements in amounts adequate to finance our current and projected future business operations could be significantly impaired by factors that affect us, any financial institutions with which we enter into credit agreements or arrangements directly, or the financial services industry or economy in general. These factors could include, among others, events such as liquidity constraints or failures affecting financial institutions, the ability of financial institutions to perform obligations under various types of financial, credit or liquidity agreements or arrangements or disruptions or instability in the financial services industry or financial markets.

The results of events or concerns that involve one or more of these factors could include a variety of material adverse effects on our current and projected business operations, financial condition and results of operations. These risks include, but may not be limited to, the following:

• delayed access to deposits or other financial assets or the uninsured loss of deposits or other financial assets;

• inability to enter into credit facilities or other working capital resources;

• potential or actual breach of contractual obligations that require us to maintain letters of credit or other credit support
arrangements; or

• termination of cash management arrangements or delays in accessing or actual loss of funds subject to cash management
arrangements.

In addition, investor concerns regarding the U.S. or international financial systems could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, refusal to refinance existing indebtedness upon its maturity or on terms similar to the expiring debt or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us to acquire financing on acceptable terms or at all. Any decline in available funding or access to our cash and liquidity resources could, among other risks, adversely impact our ability to meet our operating expenses or other obligations, financial or otherwise, result in breaches of our financial or contractual obligations or could result in temporary violations of international, federal or state wage and hour laws.

Any of these impacts, or any other impacts resulting from the factors described above or other related or similar factors, could have material adverse effects on our liquidity and our current and projected business operations and financial condition and results of operations. In addition, deterioration in the macroeconomic

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economy or financial services industry could lead to losses or defaults by our partners, vendors or suppliers, which in turn could have a material adverse effect on our current and projected business operations, results of operations and financial condition.

***The default by customers and counterparties could adversely affect our business, financial condition, results of operations and cash flows.***

The deterioration in the financial condition of one or more of our significant customers or counterparties could result in their failure to perform under the terms of their agreements with us or default in payments owed to us. Our customers and counterparties include crude oil and natural gas E&P companies, drilling contractors, equipment and raw material suppliers, shipyards and manufacturers of capital equipment whose creditworthiness may be suddenly and disparately impacted by, among other factors, commodity price volatility, deteriorating energy market conditions and public and regulatory opposition to energy producing activities. Additionally, we depend on a limited number of customers for a significant portion of our revenues. Our top five customers accounted for approximately 41.8%, 42.0% and 32.9% of our total consolidated revenues for the nine months ended September 30, 2025 and the years ended December 31, 2024 and 2023, respectively. During the nine months ended September 30, 2025, one customer accounted for 17.3% of our revenues for such period, and during the year ended December 31, 2024, one customer accounted for 18.2% of our revenues for such year. As a result of the volatility in the commodity market and the depressed prices for oil and natural gas following the emergence of COVID-19, some of our customers have undergone Chapter 11 bankruptcy or other reorganization procedures within the past five years. During such bankruptcies, we were considered a critical vendor and suffered only minor delays and discounts on payment collections, but we may not be considered a critical vendor in the event of any customer bankruptcies in the future.

The concentration of credit risk may be affected by changes in economic or other conditions within our industry and may accordingly affect our overall credit risk. While we have credit approval procedures and policies in place, we are unable to completely eliminate the performance and credit risk to us associated with doing business with these parties. In a low commodity price environment, certain of our customers have been or could be negatively impacted, causing them significant economic stress, resulting, in some cases, in a customer bankruptcy filing or an effort to renegotiate our contracts. The deterioration in the creditworthiness of our customers and the resulting increase in nonpayment or nonperformance by them could cause us to write down or write off accounts receivables or tangible and intangible assets. Such write-downs or write-offs could negatively affect our operating results in the periods in which they occur, and, if significant, could have a material adverse effect on our business, financial condition, results of operations and cash flows. To the extent one or more of our key customers commences bankruptcy proceedings, our contracts with the customers may be subject to rejection under applicable provisions of the United States Bankruptcy Code or, if we so agree, may be renegotiated. Further, during any such bankruptcy proceeding, prior to assumption, rejection or renegotiation of such contracts, the bankruptcy court may temporarily authorize the payment of value for our services less than contractually required, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. The resolution of our outstanding claims against such a customer or counterparty is dependent on the terms of the plan of reorganization but may include our claims being converted to equity in the reorganized entity and in addition to impacting our business, financial condition, results of operations and cash flows could require us to incur impairment charges against the associated assets or write down our goodwill.

***Our estimates of market potential and forecasts of market growth may prove to be inaccurate.***

Market estimates and growth forecasts, including those of Rystad Energy, the IEA and our management, are uncertain and based on assumptions and estimates that may be inaccurate. The extent of our potential market size and growth depends on a number of factors, including changes in the competitive landscape, technological changes, customer budgetary constraints, changes in business practices, changes in the regulatory

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environment, changes in economic conditions, oil and gas activity levels and the price we can charge for our products and services. Our estimates relating to the extent of our potential market size and growth may prove to be inaccurate. Even if the markets in which we compete meet the size estimates and growth rates we estimate or forecast, our business could fail to grow at similar rates, if at all, which could cause the trading price of our Class A common stock to decline or be volatile.

***The growth of our business through recent and potential future acquisitions may expose us to various risks, including those relating to difficulties in identifying suitable acquisition opportunities and integrating businesses, assets and personnel, as well as difficulties in obtaining financing for targeted acquisitions and the potential for increased leverage or debt service requirements.***

We intend to pursue selected acquisitions of complementary assets and businesses, such as the Drillform Acquisition. The success of this strategy is dependent upon our ability to identify appropriate acquisition targets, negotiate transactions on favorable terms, finance transactions, obtain necessary regulatory approvals, complete transactions and successfully integrate them into our existing business. Acquisitions involve numerous risks, including:

• unanticipated costs and exposure to liabilities assumed in connection with the acquired business or assets, including, but
not limited to, environmental liabilities and title issues;

• difficulties in integrating the operations and assets of the acquired business and any acquired personnel;

• complexities associated with managing a larger, more complex, integrated business;

• limitations on our ability to properly assess and maintain an effective internal control environment over an acquired
business;

• potential losses of key employees, customers and business partners of the acquired business;

• performance shortfalls at one or both of the companies as a result of the diversion of management's attention from
their day-to-day responsibilities caused by completing an acquisition and integrating an acquired business into the combined company;

• risks of entering markets in which we have limited prior experience; and

• increases in our expenses and working capital requirements.

The process of integrating an acquired business may involve unforeseen costs and delays or other operational, technical and financial difficulties, and may require a significant or disproportionate amount of time and managerial and financial resources. We may experience difficulties in integrating recent and future acquired businesses' operations into our business and in realizing expected benefits and synergies from such acquisitions. If we are unable to successfully integrate the operations of recent and future acquired businesses with our business, we may be unable to achieve consolidation savings and may incur unanticipated costs and liabilities.

Our failure to incorporate acquired businesses and assets into our existing operations successfully or to minimize any unforeseen operational difficulties could have a material adverse effect on our business, liquidity position, financial condition, prospects and results of operations. Furthermore, competition for acquisitions may increase the cost of, or cause us to refrain from, completing acquisitions.

In addition, we may not have sufficient capital resources to complete any additional acquisitions. Historically, we have financed our acquisitions with a combination of cash generated from operations, borrowings, performance-based deferred payments and debt issuances. Subject to the terms of our indebtedness, we may incur substantial

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indebtedness to finance future acquisitions, may issue equity, debt or convertible securities in connection with such acquisitions and may incur performance-based deferred payments. Debt service requirements could represent a significant burden on our results of operations and financial condition, and the issuance of additional equity or convertible securities could be dilutive to our existing stockholders. Furthermore, we may not be able to obtain additional financing as needed or on satisfactory terms.

Our ability to grow through acquisitions and manage growth will require us to continue to invest in operational, financial and management information systems and to attract, retain, motivate and effectively manage our employees. The inability to effectively manage the integration of acquisitions could reduce our focus on current operations, which, in turn, could negatively impact our earnings and growth. Our financial position and results of operations may fluctuate significantly from period to period, based on whether or not significant acquisitions are completed in particular periods.

***We are subject to risks relating to existing international operations and expansion into new geographical markets.***

We continue to focus on expanding sales globally as part of our overall growth strategy and expect sales from outside the United States to continue to represent a significant and growing portion of our revenue. Our international operations and global expansion strategy are subject to general risks related to such operations, including:

• political, social and economic instability and disruptions;

• social unrest, acts of terrorism, war and other armed conflict;

• nationalization and expropriation;

• public health crises and other catastrophic events, such as the COVID-19 pandemic;

• export controls, economic sanctions, embargoes, import controls, duties and tariffs and other trade restrictions;

• limitations on ownership and on repatriation or dividend of earnings;

• transportation delays and interruptions;

• labor unrest and current and changing regulatory environments;

• increased compliance costs, including costs associated with disclosure requirements and related due diligence;

• difficulties in staffing and managing multinational operations;

• limitations on our ability to enforce legal rights and remedies;

• access to or control of networks and confidential information due to local government controls and vulnerability of local
networks to cybersecurity risks;

• inflation;

• changes in tax laws; and

• fluctuations in foreign currency exchange rates.

If we are unable to successfully manage the risks associated with expanding our global business or adequately manage operational risks of our existing international operations, these risks could have a material adverse effect on our growth strategy into new geographical markets, our reputation and our business, financial condition, results of operations and cash flows.

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***We must comply with export and import controls, economic sanctions and embargoes and other international trade laws and regulations, and any failure to comply with such laws and regulations could subject us to liability and have a material adverse impact on our business, financial condition and results of operations.***

We conduct business globally, and our business activities and services must be conducted in compliance with applicable import and export control laws and regulations, as well as economic sanctions and other international trade laws of the United States, the EU, the United Kingdom, Norway and other countries. The export and import controls, economic sanctions, embargoes and other international trade laws include the U.S. Commerce Department's Export Administration Regulations, the U.K. Strategic Export Control List, the Norwegian Export Control Act, the Norwegian Export Control Regulation, economic sanctions regulations administered by the U.S. Department of the Treasury's Office of Foreign Assets Control, the U.S. Department of State, the United Nations ("U.N.") Security Council, the European Commission, competent authorities of EU Member States, the U.K.'s Office of Financial Sanctions Implementation and the Norwegian Ministry of Foreign Affairs and their equivalents in other countries where we operate. Although we have instituted and implemented policies and procedures reasonably designed to promote compliance with such laws and regulations, our global operations expose us to the risk of violating, or being accused of violating, import and export controls, economic sanctions, embargoes and other international laws and regulations. Violation of import or export control laws and regulations or economic sanctions, embargoes or other international trade laws could result in negative consequences to us, including government investigations, sanctions, criminal or civil fines or penalties, more onerous compliance requirements, loss of authorizations or licenses needed to conduct aspects of our business, default under debt, reputational harm and other adverse consequences. Moreover, if any of our counterparties or jurisdictions where we do business becomes the target of economic sanctions, we may face an array of issues, including, but not limited to, having to abandon the related project, being unable to recoup prior invested time and capital or being subject to lawsuits, investigations or regulatory proceedings that could be time consuming and expensive to respond to, and which could lead to criminal or civil fines or penalties. For example, in compliance with applicable trade restrictions relating to Russia, we withdrew all operations in and sales into Russia and no longer support our equipment installed in Russia, and there are various other regions where we refrain from making sales of our products and services. Furthermore, the laws and regulations concerning import activity, export recordkeeping and reporting, export control and economic sanctions are complex and constantly changing. These laws and regulations can cause delays in shipments, unscheduled operational downtime and material impacts to our business operations. Despite our compliance efforts, we cannot assure compliance by our employees or representatives for which we may be held responsible, and any such violation could materially adversely affect our reputation, business, financial condition and results of operations.

***The results of our operations are subject to market risk from changes in foreign currency exchange rates.***

Our non-U.S. operations generate significant revenues and earnings, and we pay expenses, purchase assets, source raw materials and incur liabilities in countries using currencies other than the U.S. dollar, including, but not limited to, the Euro ("EUR"), the British pound sterling and the Norwegian krone ("NOK"). During 2024 and the nine months ended September 30, 2025, 63.9% and 65.7%, respectively, of our revenue was derived from sales outside the United States. Because our financial statements are presented in U.S. dollars, we must translate revenues and expenses into U.S. dollars at exchange rates in effect during or at the end of each reporting period. Thus, increases or decreases in the value of the U.S. dollar against other currencies in which our operations are conducted will affect our revenue and operating income. Because of the geographic diversity of our operations, weaknesses in some currencies might be offset by strengths in others over time. Additionally, fluctuations in foreign currency exchange rates may affect product demand and may adversely affect the profitability in U.S. dollars of the products we provide in international markets where payment for our products is made in the local currency. We use derivative financial instruments to mitigate our net exposure to currency

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exchange fluctuations. We had forward contracts with a notional amount of $142.9 million (with a fair value of a net asset of $1.8 million) as of September 30, 2025, to reduce the impact of foreign currency exchange rate movements. We are also subject to risks that the counterparties to these contracts fail to meet the terms of our foreign currency contracts. We cannot assure you that fluctuations in foreign currency exchange rates would not affect our financial results.

***Policy changes affecting international trade could adversely impact the demand for our products and our competitive position.***

Changes in government policies on foreign trade and investment can affect the demand for our products and services, impact the competitive position of our products and services or prevent us from being able to sell products and services in certain countries. Our business benefits from free trade agreements, and efforts to withdraw from or substantially modify such agreements, in addition to the implementation of more restrictive trade policies, such as more detailed inspections, higher tariffs, import or export licensing requirements, economic sanctions, anti-boycott laws, exchange controls or new barriers to entry, could have a material adverse effect on our business, financial condition, results of operations and cash flows. For example, we are already experiencing increased tariffs on certain of our products and product components from China. In April 2025, the Trump Administration announced a baseline tariff of 10% on products imported from all countries and an additional individualized reciprocal tariff on the countries with which the United States has the largest trade deficits. Many of these reciprocal tariffs went into effect in August 2025. In March 2025, the Trump Administration imposed a 25% tariff on steel and aluminum imports, which was later raised to 50% in June 2025. In August 2025, the Trump Administration announced a 25% tariff on India in response to its continued importation of Russian oil, which is in addition to the existing 25% reciprocal tariff on India. Also in August 2025, however, the U.S. Court of Appeals for the Federal Circuit ruled that many of the tariffs imposed under the Trump Administration exceed presidential authority and therefore are invalid, though the decision has been stayed pending U.S. Supreme Court review. This ruling introduces additional uncertainty as to the scope and durability of existing and future tariff measures. Increased tariffs by the United States have led and may continue to lead to the imposition of retaliatory tariffs by foreign jurisdictions. Such tariffs and any retaliatory tariffs may put upwards pressure on prices in other jurisdictions from which we purchase product components, which could reduce our ability to offer competitive pricing to potential customers and affect the demand for our products. Additionally, the Trump Administration has announced and rescinded multiple tariffs on several foreign jurisdictions, which has increased uncertainty regarding the ultimate effect of the tariffs on economic conditions.

We cannot predict what changes to trade policy will be made by the Trump Administration, the U.S. Congress or other governments, including whether existing tariff policies will be maintained or modified or whether the entry into new bilateral or multilateral trade agreements will occur, nor can we predict the effects that any such changes would have on our business or the global economy. Changes in U.S. trade policy, or threat of such changes, have resulted and could again result in reactions from U.S. trading partners, including adopting responsive trade policies making it more difficult or costly for us to export our products or import products or product components from countries where we currently purchase products or product components or sell products or services. Such changes, or threatened changes, to trade policy or in laws and policies governing foreign trade, and any resulting negative sentiments towards the United States as a result of such changes, could materially and adversely affect our business, financial condition, results of operations and liquidity.

***Equipment failures or production curtailments or shutdowns at our manufacturing and production facilities could adversely affect our manufacturing capability.***

Our manufacturing capacity is subject to equipment failures and the risk of catastrophic loss due to unanticipated events, such as fires, explosions and adverse weather conditions. Our manufacturing processes depend on critical pieces of equipment. Such equipment may, on occasion, be out of service as a result of

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unanticipated failures, which could require us to close part or all of the relevant manufacturing and production facility or cause us to reduce production on one or more of our product lines. Any interruption in manufacturing capability may require us to make significant and unanticipated capital expenditures to effect repairs, which could have a negative effect on our profitability and cash flows. We carry business interruption insurance; however, recoveries under insurance coverage that we currently maintain or may obtain in the future may not be sufficient to completely offset the lost revenues or increased costs resulting from a disruption of our operations. See "—We may not have adequate insurance for potential environmental, product or personal injury liabilities." A sustained disruption to our business could also result in delays to or cancellations of customer orders and contractual penalties, which may also negatively impact our reputation among our customers. Any or all of these occurrences could have a material adverse effect on our business, financial condition, results of operations and cash flows.

***The loss of senior management or technical personnel could materially adversely affect our operations.***

We depend on the services of our senior management and technical personnel. In particular, we depend on our current senior management for the implementation of our strategy and the supervision of our day-to-day activities. We do not maintain, nor do we plan to obtain, any insurance against the loss of any of these individuals. The loss of the services of our senior management or technical personnel, or an inability to attract and retain additional senior management or technical personnel, could have a material adverse effect on our business, financial condition and results of operations.

Many of our products are mechanically complex and often must perform in extremely challenging conditions. The design and delivery of our products and the performance of our services require skilled and qualified technical personnel with specialized skills and experience, and our ability to be productive and profitable will depend upon our ability to employ and retain skilled workers. The demand for skilled workers is high, and the supply is limited. As a result, competition for experienced personnel is intense, and we face significant challenges in competing for employees and management with large and well-established competitors. There is a greater shortage of skilled workers in some regions where we operate, such as Brazil. Additionally, we are subject to local content laws in jurisdictions where we operate, including certain countries in West Africa. Noncompliance could result in monetary fines and other penalties that may restrict our ability to operate in such countries. A significant increase in the wages paid by competing employers could result in a reduction of our skilled labor force, increases in the wage rates that we must pay or both. If either of these events were to occur, our cost structure could increase, and our operations and growth potential could be impaired. Employee turnover may also lead to lost productivity and decrease employee engagement, which could adversely impact our business.

***We may incur liabilities to customers as a result of warranty claims that could adversely affect our reputation, ability to obtain future business and earnings.***

We provide warranties as to the proper operation and conformance to specifications of the products we manufacture or install. Failure of our products to operate properly or to meet specifications may increase costs by requiring additional engineering resources and services, replacement of parts and equipment or monetary reimbursement to a customer. We have in the past received warranty claims, and we expect to continue to receive them in the future. To the extent that we incur substantial warranty claims in any period, our reputation, ability to obtain future business and earnings could be adversely affected.

***Our operations and our customers' operations are subject to unforeseen interruptions and hazards inherent in the oil and natural gas industry, for which we or our customers may not be adequately insured and which could cause us to lose customers and substantial revenue.***

Our operations and our customers' operations are exposed to the risks inherent to our industry, such as equipment defects, vehicle accidents, fires, explosions, blowouts, surface cratering, uncontrollable flows of gas

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or well fluids, pipe or pipeline failures, abnormally pressured formations and various environmental hazards, such as oil spills and releases of, and exposure to, hazardous substances. In addition, our operations and our customers' operations are exposed to potential natural disasters, including blizzards, tornadoes, wildfires, storms, floods, other adverse weather conditions and earthquakes. The occurrence of any of these events could result in substantial losses to us or our customers due to injury or loss of life, severe damage to or destruction of property, natural resources and equipment, pollution or other environmental damage, clean-up responsibilities, regulatory investigations and penalties or other damage resulting in curtailment or suspension of our operations or our customers' operations. The cost of managing such risks may be significant. The frequency and severity of such incidents may affect operating costs, insurability and relationships with customers, employees and regulators. Our existing and potential future customers may elect not to purchase our products and services if they view our environmental or safety record as unacceptable, which could cause us to lose customers and substantial revenues. While we maintain a portfolio of insurance policies, our insurance may not be adequate to cover all losses or liabilities we may suffer. See "—We may not have adequate insurance for potential environmental, product or personal injury liabilities."

***As a designer, manufacturer, installer and servicer of oil and gas pressure control equipment, we may be subject to liability (including for environmental contamination), personal injury, property damage and environmental contamination should such equipment fail to perform to specifications.***

We provide products and systems to customers involved in oil and gas exploration, development and production, as well as in certain other non-oil and gas markets. Some of our equipment is designed to operate in high-temperature or high-pressure environments on land, on offshore platforms and on the seabed. We also provide parts and services at numerous facilities located around the world, as well as at customer sites for this type of equipment. Because of applications to which our products and services are put, particularly those involving the high temperature or pressure environments, a failure of such equipment, or a failure of our customers to maintain or operate the equipment properly, could cause damage to the equipment, damage to the property of customers and others, personal injury and environmental contamination, onshore or offshore, leading to claims against us.

***We may not have adequate insurance for potential environmental, product or personal injury liabilities.***

While we maintain a portfolio of insurance policies to protect our core businesses against loss of property, business interruption, injury to personnel and liability to third parties for such losses as per industry standards, this insurance is subject to coverage limits. Certain types of losses are generally not insured by us because they are either uninsurable or not economically insurable, such as losses caused as a result of inability to deliver on time or at the right quality, or losses occasioned by willful misconduct, criminal acts, fines and penalties and various perils associated with war and terrorism. In addition, certain policies do not provide coverage for damages resulting from environmental contamination or may exclude coverage for other reasons. We face the following risks with respect to our insurance coverage:

• we may not be able to maintain or obtain insurance of the type and amount we desire on commercially reasonable terms;

• market conditions may cause premiums and deductibles for certain of our insurance policies to increase;

• we may be faced with types of liabilities that will not be covered by our insurance;

• our insurance carriers may not be able to meet their obligations under the policies; or

• the dollar amount of any liabilities may exceed our policy limits or sub-limits.

An uninsured loss, a loss that exceeds the limits of our insurance policies or a succession of such losses could have a material adverse effect on our business, operations and financial condition. Even a partially uninsured

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claim, if successful and of significant size, could have a material adverse effect on our consolidated financial statements. In addition, we may not be able to secure additional insurance or bonding that might be required by new governmental regulations. This may cause us to restrict our operations, which might severely impact our financial position.

***Our limited combined historical financial statements may not be indicative of future performance.***

HMH B.V. was formed in October 2021, through the combination of Baker Hughes's Subsea Drilling Systems pressure control business and Akastor's MHWirth drilling equipment business, and have a limited combined operating history. Additionally, due to the demand for our products and services depending, in large part, on the highly fluctuating and cyclical demand for, and production of, oil and natural gas, comparisons of our current and future operating results with prior periods are difficult. As a result, our limited combined historical financial performance may make it difficult for stockholders to evaluate our business and results of operations to date and to assess our future prospects and viability. As a public company, our cost structure will be different and will include both additional recurring costs and non-recurring costs that we will incur during our transition to being a public company. Accordingly, our historical consolidated financial information may not be reflective of our financial position, results of operations, cash flows or costs had we been a public company during the periods presented, and the historical financial information may not be a reliable indicator of what our financial position, results of operations or cash flows will be in the future. See "Management's discussion and analysis of financial condition and results of operations."

***A terrorist attack or armed conflict could harm our business.***

Terrorist activities, anti-terrorist efforts and other armed conflicts involving the United States or other countries may adversely affect the United States and global economies and could prevent us from meeting our financial and other obligations. If any of these events occur, the resulting political instability and societal disruption could reduce overall demand for oil and natural gas, potentially putting downward pressure on demand for our services and causing a reduction in our revenue. Oil and gas related facilities could also be direct targets of terrorist attacks, and our operations could be adversely impacted if infrastructure integral to our customers' operations is destroyed or damaged. Costs for insurance and other security may increase as a result of these threats, and some insurance coverage may become more difficult to obtain, if available at all.

***Certain of our facilities are located in close proximity to the Gulf and, as a result, are susceptible to damage by hurricanes and other tropical storms.***

Hurricanes and other tropical storms and the threat thereof could result in the shutdown of operations in coastal regions, including the Gulf, as well as operations within the path and the projected path of the hurricanes or tropical storms. A number of our facilities are located within close proximity of the coast of the Gulf, such as two facilities in Houston, Texas, USA, one facility in Mobile, Alabama, USA and one facility in Veracruz, Mexico. Our results of operations could be negatively impacted in the event of a hurricane or other tropical storm in the Gulf that strikes the coastline near our facilities.

**Risks related to environmental and regulatory matters** 

***Environmental liabilities could adversely affect our customers' business, financial condition and results of operations, which in turn could have a negative impact on demand for our products and services.***

The oil and natural gas business is subject to environmental hazards, such as oil spills, gas leaks, ruptures, fires and discharges of petroleum products and hazardous and other substances and historical disposal activities. These environmental hazards could expose our customers to material liabilities, such as for property damages, personal injuries, criminal fines and penalties or environmental remediation measures, including costs of

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investigating and remediating contaminated properties. A variety of stringent laws and regulations govern the environmental aspects of our customers' businesses and impose strict requirements for, among other things:

• well drilling or workover, operation and abandonment;

• handling, transporting and disposing of a variety of fluids and substances, including hydraulic fracturing fluids, such as
produced water;

• accidental spills or releases or oil or other hazardous substances, and the remediation thereof;

• protection of natural resources, air, water, wetlands, soil, protected species and protected areas;

• seismic activity;

• chemical use and storage;

• financial assurance; and

• controlling air emissions, preventing water contamination and unauthorized waste discharges.

***Our business and our customers' businesses are subject to complex laws and regulations that can adversely affect the cost, manner or feasibility of doing business.***

Our operations are subject to extensive international conventions and treaties, as well as U.S. federal, state and local laws and regulations, including complex environmental laws, occupational health and safety laws and moratoriums on drilling. We may incur substantial costs in order to maintain compliance with these existing laws and regulations. Failure to comply with these laws and regulations may also result in the suspension or termination of our operations and subject us to administrative, civil and criminal penalties. Future laws or regulations, any adverse changes in the interpretation of existing laws and regulations, inability to obtain necessary regulatory approvals or a failure to comply with existing legal requirements may harm our business, financial condition, results of operations and cash flows.

We or our customers may incur significant delays, costs and liabilities as a result of environmental and occupational health and safety laws and regulations. These delays, costs and liabilities could arise under a wide range of federal, regional, state and local laws and regulations relating to the generation, transportation and disposal of hazardous substances, waste disposal, air emissions, water discharges, remediation, restoration and reclamation of environmental contamination, including oil spill cleanup and well plugging and abandonment requirements, protection of endangered and other protected species and related matters. We are also subject to extensive regulation of worker health and safety. Failure to comply with these laws and regulations may result in the assessment of administrative, civil and criminal penalties, denial, modification or revocation of permits or other authorizations, imposition of cleanup and site restoration costs and liens and, in some instances, issuance of orders or injunctions limiting or requiring discontinuation of certain operations. Despite the Trump Administration's stated opposition to some of these regulations and initiatives, individual states have the right to enforce their own laws and, in some cases, federal laws, independent of the federal government.

In January 2023, the EU enacted the Corporate Sustainability Reporting Directive ("CSRD"), which considerably expanded the scope of mandatory sustainability reporting to which certain EU companies are subject. The CSRD entered into effect for the first in-scope companies from January 1, 2024, and requires the reporting of significant amounts of sustainability or Environmental, Social and Governance ("ESG") information, including for many companies Scope 1, Scope 2 and Scope 3 emissions and climate-related financial risks. On March 6, 2024, the SEC adopted a new set of rules that require a wide range of climate-related disclosures, including material climate-related risks, information on any climate-related targets or goals that are material to the registrant's business,

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results of operations or financial condition, Scope 1 and Scope 2 greenhouse gas ("GHG") emissions on a phased-in basis by certain larger registrants when those emissions are material and the filing of an attestation report covering the same, and disclosure of the financial statement effects of severe weather events and other natural conditions, including costs and losses. Multiple lawsuits have been filed challenging the SEC's new climate rules, which have been consolidated in the U.S. Court of Appeals for the Eighth Circuit. On April 4, 2024, the SEC issued an order staying the final rules until judicial review is complete. On March 27, 2025, the SEC voted to end the defense of the rules in the litigation. On April 4, 2025, a group of 18 intervenor-respondent states and the District of Columbia moved to hold the cases in abeyance until the SEC amends or rescinds the regulations, which motion was granted by the Eighth Circuit in an order issued on April 24, 2025. Further, the Eighth Circuit directed the SEC to file a status report within 90 days (by July 23, 2025) advising the Court whether the SEC intends to review or reconsider the rules at issue in the case. On July 23, 2025, the SEC filed a status report, advising the Eighth Circuit that the SEC does not intend to review or reconsider the rules at issue and requesting that the court terminate the abeyance and decide the case on the merits. On September 12, 2025, the U.S. Court of Appeals issued an order to hold the petitions challenging the climate disclosure rules in abeyance pending further action by the SEC. While the ultimate outcome of legal challenges and any resulting changes to the final rules are not yet known, we cannot predict the costs of implementation or any potential adverse impacts resulting from the rulemaking. To the extent this rulemaking is implemented, which is uncertain at this time, we could incur increased costs relating to the assessment and disclosure of climate-related risks, and we cannot predict how any information disclosed under the rules may be used by financial institutions or investors. We may face increased litigation risks, or limits or restrictions on our access to capital, related to disclosures made pursuant to the rule if finalized as proposed. While the SEC's new climate rules may ultimately not be implemented, individual states may continue to impose climate-related disclosure mandates. In addition to the SEC climate-related rules, laws and regulations in some state jurisdictions, such as the California Climate Corporate Data Accountability Act and Climate-Related Financial Risk Act, impose present and future obligations to report GHG emissions. The California Climate Corporate Data Accountability Act requires covered entities to annually report Scope 1 and 2 emissions starting in 2026 and Scope 3 emissions starting in 2027. The Climate-Related Financial Risk Act requires covered entities to submit climate risk reports by January 1, 2026, but the U.S. Court of Appeals for the Ninth Circuit issued an injunction to the enforcement of the Climate-Related Financial Risk Act and the California Air Resources Board indicated in December 2025 that it will not enforce the January 1, 2026 deadline. Calculation of some GHG emissions can involve uncertainty and lack precision because of the absence of reliable inputs or methods to perform such calculations. Accordingly, the California regulations and other similar regulations may give rise to litigation risk concerning the required disclosures.

The CSRD, adopted in 2023, has a much broader scope than the SEC's new climate rules and requires in-scope companies to publish reports on how their business and value chains impact the environment and society, as well as the social and environmental risks and opportunities to which they are subject. The CSRD also includes the disclosure of Scope 3 emissions (which were left out of the final SEC climate rules), to the extent that climate change is determined to be a material topic for the Company as part of a double materiality assessment. We began implementing policies and procedures to comply with these expansive new requirements in 2024 for financial periods beginning on or after January 1, 2024, but that implementation process has extended into 2027 as a result of the subsequent revisions to the CSRD.

On July 25, 2024, the EU Corporate Sustainability Due Diligence Directive ("CS3D") entered into force. The CS3D requires the use of risk-based due diligence to mitigate "adverse environmental and human rights impacts" in an in-scope company's "chain of activities," including certain activities of its business partners. Nonetheless, the provisions of the CS3D will not take effect until July 26, 2029, which is the date in-scope entities will need to comply with the due diligence requirements. France has also adopted laws requiring large companies to carry out human rights and environmental due diligence, while similar laws have been proposed in other EU Member States, such as Belgium, the Netherlands and Austria. Further, the Norwegian Transparency Act ("NTA"), which

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took effect on July 1, 2022, requires mapping actual and potential risks of adverse impacts on decent working conditions and human rights.

On February 26, 2025, the European Commission published a proposal involving, among other things, significant simplifications of the CSRD and the CS3D. For the CSRD, the European Commission's proposal includes, among other things, a postponed application, a reduced scope of companies covered, as well as revised reporting standards (ESRS). For the CS3D, the European Commission's proposal includes, among other things, a postponed application and less stringent requirements relating to due diligence. On April 17, 2025, the proposed postponements relating to the obligations of the CSRD and the CS3D entered into force through Directive (EU) 2025/794, which requires EU member states to adopt the changes into domestic legislation by December 31, 2025 at the latest. In Norway, amendments to the Norwegian Accounting Act were adopted on July 3, 2025 to reflect the postponements of the CSRD reporting requirements. The other proposed simplifications of the CSRD and the CS3D were approved by the European Parliament and the Council of the European Union on December 16, 2025. The approved text needs to be published in the Official Journal of the European Union before it can enter into force.

Compliance with these climate disclosures and broader ESG rules and value chain-related rules could be costly and time-consuming. Such enhanced disclosure and value chain related requirements could accelerate the trend of certain stockholders and lenders restricting or seeking more stringent conditions with respect to their investments in certain carbon intensive sectors.

Laws and regulations protecting the environment have become more stringent in recent years, and may, in some circumstances, result in liability for environmental damage regardless of negligence or fault through a strict, joint and several liability scheme. Costs associated with compliance with these laws, defending against related claims, and any actual liabilities have been and will continue to be significant.

Additionally, changes in environmental laws or regulations, including laws relating to the emission of carbon dioxide and other GHGs or other climate change concerns, could require us to devote capital or other resources to comply with these laws and regulations. Thus, any changes in environmental laws and regulations or re-interpretation of enforcement policies that result in more stringent and costly pollution control equipment and operations, the occurrence of delays in the permitting or performance of projects or waste handling, storage, transport, disposal or remediation requirements could have a material adverse effect on our business, financial condition, results of operations and cash flows. These changes could also subject us to additional costs and restrictions, including increased fuel costs. Such changes in laws or regulations could increase costs of compliance and doing business for our customers and thereby decrease the demand for our services. Because our business depends on the level of activity in the offshore oil and gas industry, existing or future laws and regulations related to GHGs and climate change, including incentives to conserve energy or use alternative energy sources, could have a negative impact on our business if such laws and regulations reduce the worldwide demand for oil and gas or limit drilling opportunities for our customers, which in turn reduces demand for our products and services.

***Our business may be subject to risks related to climate change, including physical risks such as increased adverse weather patterns and transition risks such as evolving climate change regulation, alternative fuel measures and mandates, shifting consumer preferences, technological advances and negative shifts in market perception towards the oil and natural gas industry and associated businesses, any of which could result in increased operating expenses and capital costs or decreased resources and adversely affect our financial results.***

Climate change continues to attract considerable attention in the United States and internationally, including from regulators, legislators, companies in a variety of industries, financial market participants and other stakeholders. This focus, together with government grants, incentives and subsidies focused on alternative energy development, such as those contained in the Inflation Reduction Act of 2022 (the "IRA 2022"), and changes in consumer and industrial/commercial behavior, preferences and attitudes with respect to the generation and consumption of energy, petroleum products and the use of products manufactured with, or

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Climate change legislation and regulatory initiatives may arise from a variety of sources, including international, national, regional and state levels of government and associated administrative bodies, seeking to monitor, restrict or regulate existing emissions of GHGs, such as carbon dioxide and methane, as well as to restrict or eliminate future emissions. Restrictions on GHG emissions that may be imposed, or the adoption and implementation of regulations that require reporting of GHG emissions or other climate-related information or otherwise seek to limit GHG emissions (including carbon pricing schemes) from us or our customers, could adversely affect our business and the oil and gas industry. For example, in 2015, the U.N. Climate Change Conference in Paris resulted in an agreement (the "Paris Agreement") to set a target of keeping global temperature increase to below 1.5°C of pre-industrial levels. To measure progress towards this target, the Paris Agreement requires the parties to complete a global stocktake, assessing members' collective efforts and achievements in reducing GHG emissions and adapting to the impacts of climate change, every five years. On December 13, 2023, the 28th annual U.N. Climate Change Conference ("COP 28") issued its first global stocktake, which calls on parties to contribute to transitioning away from fossil fuels, reduce methane emissions and increase renewable energy capacity, among other things, to achieve net zero by 2050. The Paris Agreement and other like international conventions and agreements are expected to result in additional laws and regulations or changes to existing laws and regulations, including energy conservation incentives, in the EU and other countries where we have a presence, and could have a material adverse effect on our business and the business of our customers.

In response to the growing concerns regarding the role of methane in climate change, the United States enacted the IRA 2022, which contains provisions that impose fees for excess methane emissions from oil and gas facilities and includes incentives for renewable energy development. Further, on December 2, 2023, during COP 28, the United States announced new stricter methane rules to reduce emissions from both new and existing oil and natural gas industry sources. The final rules revising the new source performance standards regulating GHGs and volatile organic compounds emissions for the Crude Oil and Natural Gas source category pursuant to the Clean Air Act were published on March 8, 2024, and the final rules implementing the waste emissions charge (the "Waste Emissions Charge") were published on November 18, 2024. On March 14, 2025, President Trump signed a Joint Resolution of Disapproval under the Congressional Review Act to prohibit the Environmental Protection Agency's ("EPA") Waste Emissions Charge rules from taking effect. On July 4, 2025, President Trump signed the One Big Beautiful Bill Act, which, among other things, postpones the EPA's imposition of the Waste Emissions Charge to 2034. On July 31, 2025, the EPA issued an interim final rule extending several compliance deadlines associated with the 2024 new source performance standards for the oil and gas industry, which rule was finalized in December 2025. In September 2025, the EPA announced a proposal to end the GHG Reporting Program for all sectors except petroleum and natural gas systems (excluding reporting for natural gas distribution, which would also be eliminated under the proposal) and deferring reporting for petroleum and natural gas systems until 2034. Further, on January 20, 2025, the Trump Administration issued an executive order that initiated the process to withdraw the United States from the Paris Agreement, mandated ending the United States' financial commitments under the UN Framework Convention on Climate Change, and revoked the U.S. International Climate Finance Plan. The United States' withdrawal from the Paris Agreement became effective on January 27, 2026. On January 7, 2026, the Trump Administration issued an executive order directing United States executive agencies to cease participation in and

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withdraw from the UN Framework Convention on Climate Change. In addition to the executive order mentioned above, as of January 29, 2026, the Trump Administration had issued a series of executive orders that signal a shift in the United States' energy and climate change policies. Among other directives, such executive orders: (i) direct federal agencies to identify and exercise emergency authorities to facilitate conventional energy production, transportation and refining, and call for the use of emergency regulations to expedite energy infrastructure projects; (ii) promote energy exploration and production on federal lands and waters; (iii) mandate a review of existing regulations that may burden domestic energy development; and (iv) pause the disbursement of funds appropriated through the IRA 2022 and the Infrastructure Investment and Jobs Act. It is not possible to predict the impact of the Trump Administration on these climate and energy initiatives at this time. While the Trump Administration may seek to reverse some or all of the initiatives advanced by the Biden Administration, it is unknown whether such reversals will ultimately be successful, and these or additional changes in the future could impact our business and operations, and those of our customers.

Accordingly, our business and operations, and those of our customers, are subject to executive, regulatory, political and financial risks associated with onshore and offshore operations, petroleum products and the emission of GHGs. Any legislation or regulatory programs related to climate change could increase our costs and require substantial capital, compliance, operating and maintenance costs, reduce demand for petroleum and related marine transportation services, reduce our access to financial markets and create greater potential for governmental investigations or litigation.

The adoption of legislation or regulatory programs to reduce GHG emissions could require us or our customers to incur increased operating costs or acquire emissions allowances to comply with new regulatory requirements. Such regulatory initiatives could also stimulate demand for alternative forms of energy that do not rely on petroleum products and indirectly reduce demand for our products and services.

Litigation risks are also increasing as a number of entities have sought to bring suit against various oil and natural gas companies in state or federal court, alleging, among other things, that such companies created public nuisances by producing fuels that contributed to climate change or alleging that the companies have been aware of the adverse effects of climate change for some time but defrauded their investors or customers by failing to adequately disclose those impacts. Such litigation against us or our customers could reduce the demand for our products and services, which could have a material adverse effect on our business, financial condition and results of operations.

There are also increasing financial risks for fossil fuel producers as stockholders currently invested in fossil fuel energy companies may elect in the future to shift some or all of their investments into non-fossil fuel related sectors. Institutional lenders who provide financing to fossil fuel energy companies also have become more attentive to sustainable lending practices, and some of them may elect not to provide funding for fossil fuel energy companies. There is also a risk that financial institutions will be required to adopt policies that have the effect of reducing the funding provided to the fossil fuel sector. Limitation of investments in and financing for fossil fuel energy companies could result in the restriction, delay or cancellation of drilling programs or development or production activities, which could reduce the demand for our products and services and have a material adverse effect on our business, financial condition and results of operations.

Fuel conservation measures, alternative fuel requirements, increasing consumer demand for alternatives to oil and natural gas, technological advances in fuel economy and energy generation devices, and the increased competitiveness of and technological advances with respect to alternative energy sources (such as electric vehicles, wind, solar, geothermal, tidal, fuel cells and biofuels), could reduce demand for oil and natural gas, resulting in reduced demand for oilfield services. The impact of the changing demand for oil and natural gas services and products may have a material adverse effect on our business, financial condition, results of operations and cash flows.

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Finally, many scientists have concluded that increasing concentrations of GHG in the atmosphere may have significant physical climate effects, such as increased frequency and severity of storms, droughts, wildfires, floods and other climate events that could have an adverse effect on our and our customers' operations.

***Imposition of laws, executive actions or regulatory initiatives to restrict, delay or cancel leasing, permitting or drilling activities in deepwaters of the United States or foreign countries may reduce demand for our services and products and have a material adverse effect on our business, financial condition or results of operations.***

We provide products and services for oil and natural gas E&P customers operating offshore in the deepwaters of the United States and in other countries. In the United States, President Biden issued an executive order in January 2021 that commits to substantial action on climate change, calling for, among other things, the elimination of subsidies provided to the fossil fuel industry and an increased emphasis on climate-related risks across government agencies and economic sectors. On January 20, 2025, the Trump Administration issued an executive order seeking to revoke the January 2021 executive order. In September 2023, the Biden Administration announced that federal agencies will be directed to consider the social cost of GHGs in agency budgeting, procurement and other agency decisions, including in environmental reviews conducted pursuant to the National Environmental Policy Act, where appropriate. On March 12, 2025, the Trump Administration announced an action to revisit the use of the social cost of GHGs and listed for potential rescission the EPA's 2009 final rule under the Clean Air Act, which found that GHGs endanger the public health and welfare of current and future generations (the "Endangerment Finding") and formed the legal authority to regulate GHG emissions. On July 29, 2025, as part of the EPA's list of planned "deregulatory" actions, the EPA released a pre-publication proposed rule that would rescind the Endangerment Finding. This final draft rule was sent to the White House Office of Management and Budget for review in January 2026.

Regulatory agencies at the federal, state or local level may issue new or amended laws or rulemakings regarding deepwater leasing, permitting or drilling, including moratoriums on drilling, which could result in more stringent or costly restrictions, delays or cancellations in offshore oil and natural gas E&P activities. Additionally, decisions regarding federal offshore leasing have been subject to legal challenges that could delay or suspend offshore lease auctions, adversely affecting our customers' businesses and reducing demand for our services. In September 2023, the Biden Administration announced a new five-year offshore leasing plan for the U.S. Gulf, which the Trump Administration sought to reverse via executive order in January 2025. The Biden Administration's plan called for a maximum of three offshore lease sales, in 2025, 2027 and 2029, and no lease sales were held in 2024. The five-year lease plan would represent the smallest number of planned sales in the history of the offshore leasing program. The One Big Beautiful Bill Act displaced the Biden Administration's five-year offshore leasing plan, instead providing for at least 30 region-wide sales in the U.S. Gulf between December 2025 and March 15, 2040. On January 6, 2025, President Biden issued a Memorandum of Withdrawal pursuant to the Outer Continental Shelf Lands Act of the entire U.S. East Coast, the eastern Gulf, the Pacific off the coasts of Washington, Oregon and California, and additional portions of the Northern Bering Sea in Alaska from oil and gas leasing, which the Trump Administration sought to reverse by executive order in January 2025. In November 2025, the Trump Administration published a draft five-year lease plan for 2026-2031 that would provide for 34 offshore lease auctions in the U.S. Gulf and the Pacific Ocean off the coast of California and Alaska.

On January 26, 2024, the Biden Administration implemented a temporary pause on the U.S. Department of Energy's ("DOE") review of pending decisions for authorization to export liquified natural gas ("LNG") to non-Free Trade Agreement countries while the DOE reviews and updates the underlying analyses for such decisions using more current data to account for considerations like the environmental and climate change impacts of LNG. The temporary pause was then overturned by the U.S. District Court for the Western District of Louisiana in July 2024, and the Trump Administration restarted the review of new LNG export terminals via executive order in January 2025. On April 23, 2024, the U.S. Department of the Interior ("DOI") published a final rule to revise the Bureau of Land Management's oil and gas leasing regulations, which revised fiscal terms of the onshore federal oil and gas leasing program. While certain aspects of the 2024 final rule remain in effect, the One Big Beautiful Bill Act, signed on July 4, 2025, reversed the increases to royalty rates, which were raised under the IRA 2022. The One Big Beautiful Bill Act also increases U.S.

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lease sales both onshore and offshore. In May 2025, the DOI announced a policy update designed to expedite oil and gas leasing on onshore public lands. It is not possible to predict the impact of the Trump Administration on these climate and energy initiatives at this time. While the Trump Administration may seek to reverse some or all of these initiatives, it is unknown whether such reversals will ultimately be successful.

Any new legislation, executive actions or regulatory initiatives, whether in the United States or in other countries, that impose increased costs or more stringent operational standards or result in significant delays, cancellations or disruptions in our customers' operations could increase the risk of losing leasing or permitting opportunities, result in expired leases due to the time required to develop new technology or increased supplemental bonding costs or cause our customers to incur penalties, fines or shut-in production at one or more of their facilities, any or all of which could reduce demand for our services. We cannot predict with any certainty the full impact of any new laws, regulations, executive actions or regulatory initiatives on our customers' drilling operations or the opportunity to pursue such operations, or on the cost or availability of insurance to cover the risks associated with such operations. The matters described above, individually or in the aggregate, could have a material adverse effect on our business, financial condition, results of operations and cash flows.

***We face various risks associated with increased activism against oil and natural gas exploration and development activities.***

Opposition toward oil and natural gas drilling and development activity, and to companies associated therewith, has been growing globally. Companies in or associated with the oil and natural gas industry are often the target of activist efforts from both individuals and non-governmental organizations regarding safety, human rights, environmental matters, sustainability and business practices. Anti-development activists are working to, among other things, delay or cancel certain operations such as offshore drilling and development.

Future activist efforts could result in the following:

• decreased oil and gas drilling and exploration, in particular in the offshore industry;

• increased focus of investors, customers and other stakeholders on sustainability and the energy transition;

• decreased ability for us and our customers to access the capital markets, including the ability to raise equity capital and
debt financing;

• reputational harm, if we do not adequately identify or manage ESG-related risks or
if there are negative perceptions of our response to ESG issues;

• restrictions on the use of certain operating practices;

• legal challenges or lawsuits against us or our customers;

• damaging publicity about us;

• increased regulation;

• increased costs of doing business as a result of our efforts to address ESG issues important to our stakeholders, including
providing expanded reporting on ESG issues;

• declines in our stock price;

• limitations on our ability to refinance our debt; and

• reduction in demand for our products and services.

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There are various corporate and non-governmental initiatives that are focused on voluntary reductions of GHG emissions. These developments, and public perception relating to climate change, may shift demand from oil and natural gas towards an investment in relatively lower carbon emitting energy sources and alternative energy solutions. If, for example, new energy sources become more competitive than oil and natural gas globally, it could have a material effect on our results of operations.

Additionally, certain segments of the investor community have recently expressed negative sentiment towards investing in the oil and gas industry and associated businesses. Climate change-related developments in particular may result in negative perceptions of the traditional oil and gas industry and in turn reputational risks involving business activities associated with petroleum product exploration and production. There have been efforts in recent years, for example, to influence the investment community, including investment advisors, institutional lenders, insurance companies and certain sovereign wealth, pension and endowment funds and other groups, by promoting divestment of fossil fuel equities and pressuring lenders to limit funding and insurance underwriters to limit coverages to companies engaged in the extraction of fossil fuel reserves. Some financial institutions have begun shifting some or all of their investment into non-fossil fuel related sectors, and additional financial institutions may elect to do so in the future. Some investors, including certain pension funds, university endowments and family foundations, have stated policies to reduce or eliminate their investments in the oil and natural gas sector based on social and environmental considerations. Institutional lenders who provide financing to companies associated with the oil and gas industry have also become more attentive to sustainable lending practices, and some may elect not to provide traditional energy producers or companies that support such producers with funding. There is also a risk that financial institutions will be required to adopt policies that have the effect of reducing the funding provided to the fossil fuel sector. Enhanced climate disclosure requirements could accelerate the trend of certain stakeholders and lenders restricting or seeking more stringent conditions with respect to their investments in certain carbon intensive sectors. Such developments could ultimately result in reduced demand for our products and services or reduce our access to, and increase the cost of, debt or capital.

Any legislation, regulatory programs, technological advances or social pressures related to climate change could increase our or our customers' operating and compliance costs, reduce demand for our products and services and, together with negative investor sentiment, have a material adverse effect on our business, financial condition, results of operations and cash flows.

***Negative public perception can lead to additional regulatory burdens and reduced business opportunities for us.***

Increasing attention to climate change and natural capital, societal expectations on companies to address climate change, investor and societal expectations regarding regulatory and voluntary ESG initiatives and disclosures and consumer demand for alternative sources of energy may result in increased costs (including but not limited to increased costs associated with compliance, stakeholder engagement, contracting and insurance), reduced demand for our customers' hydrocarbon products and our product and services, reduced profits, increased legislative and judicial scrutiny, investigations and litigation and negative impacts on our stock price and access to capital markets. Negative public perception regarding our industry and the oil and gas industry may lead to increased regulatory scrutiny, which may, in turn, lead to new state and federal safety, environmental, climate change and ESG laws, regulations, guidelines or enforcement interpretations. Additionally, environmental and other advocacy groups may oppose our or our customers' operations through organized protests, attempt to block or sabotage our customers' operations, intervene in regulatory or administrative proceedings involving our customers' assets or file lawsuits or other actions designed to prevent, disrupt or delay the development or operation of our and our customers' assets. These actions may increase our costs and reduce our customers' production levels over time, which, as a result, may reduce demand for our products and services. Moreover, governmental authorities exercise considerable discretion in the timing and

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scope of permit issuance and the public may engage in the permitting process, including through intervention in the courts. Negative public perception could cause the permits that we or our customers require to conduct operations to be withheld, delayed or burdened by requirements that restrict our or our customers' ability to profitably conduct business. Ultimately, this could make it more difficult to secure funding for our operations.

In addition, failure or a perception (whether or not valid) of failure to implement ESG strategies or achieve ESG goals or commitments, including any GHG reduction goals or commitments, could result in governmental investigations or enforcement, private litigation and damage our reputation, cause our investors or consumers to lose confidence in the Company and negatively impact our operations. While we may create and publish disclosures regarding ESG matters, it is possible that the statements in those disclosures may be considered or found to be based on hypothetical expectations and assumptions that may or may not be representative of current or actual risks or events or forecasts of expected risks or events, including the costs associated therewith. Such expectations and assumptions are necessarily uncertain and may be prone to error or subject to misinterpretation given the long timelines involved and the lack of an established single approach to identifying and measuring many ESG matters. Such disclosures may also be partially reliant on third-party information that we have not or cannot independently verify. Additionally, we expect there will likely be increasing levels of regulation, disclosure-related and otherwise, with respect to ESG matters, and increased regulation will likely lead to increased compliance costs as well as scrutiny that could heighten all of the risks identified in this risk factor.

In addition, organizations that provide information to investors on corporate governance and related matters have developed ratings processes for evaluating companies on their approach to ESG matters. Such ratings are used by some investors to inform their investment and voting decisions. Unfavorable ESG ratings and recent activism directed at shifting funding away from companies with fossil fuel-related assets could lead to increased negative investor sentiment toward us, our customers and our respective industries and to the diversion of investment to other industries, which could have a negative impact on the price of our Class A common stock and our or our customers' access to and cost of capital. Also, institutional lenders may decide not to provide funding for fossil fuel energy companies or their suppliers based on climate change-related concerns, which could affect our or our customers' access to capital for potential growth projects. Moreover, to the extent ESG matters negatively impact our or the fossil fuel industry's reputation, we may not be able to compete as effectively to recruit or retain employees, which may adversely affect our operations.

***The EU taxonomy system that classifies environmentally sustainable activity could have a material impact on how we conduct business.***

The EU taxonomy system is a classification system that sets out a list of environmentally sustainable economic activities. It forms part of the EU's plan to scale up sustainable investment and implement the European Green Deal. The EU Taxonomy Regulation (Regulation 2020/852) (the "EU Taxonomy") entered into force on July 12, 2020. Since then, the EU has implemented Delegated Acts to further expand on the EU Taxonomy framework. The Climate Delegated Act, the Complementary Climate Delegated Act and the Environmental Delegated Act (each, as amended) set out a list of eligible activities along with technical screening criteria for when the activities can be considered sustainable. We continue to monitor and invest in EU Taxonomy-aligned activities.

The EU Taxonomy could have an impact on us as it sets out criteria for what is considered an environmentally sustainable economic activity, and we may either look to adjust our strategy to undertake more activities that are eligible and aligned with the EU Taxonomy or, to the extent we do not, we may be viewed more negatively by certain stakeholders in this regard. We plan to take steps to reduce our environmental impact in order to qualify. This may include reducing GHG emissions, investing in renewable energy sources and looking into other business segments.

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We will be required to publicly report the EU Taxonomy-alignment of our activities in coming years as we begin undertaking CSRD reporting. As a result, to the extent that our public disclosures of EU Taxonomy-alignment do not demonstrate that we are improving, or are likely to meet any goals or targets that we have set in this regard, that may negatively impact stakeholder sentiment in relation to our environmental claims and reputation. We have assessed our economic activity and have concluded that none of our economic activities are considered eligible for 2023.

On February 26, 2025, the European Commission published a proposal involving, among other things, significant simplifications of the CSRD and the EU Taxonomy. For the CSRD, the European Commission's proposal includes, among other things, a postponed application for certain companies, a reduced scope of companies covered, as well as revised reporting standards (ESRS). As for the EU Taxonomy, the European Commission's proposal includes, among other things, a reduction of the scope of companies covered and simplifications of the reporting templates. On April 17, 2025, the proposed postponements relating to the obligations of the CSRD entered into force through Directive (EU) 2025/794, which requires EU member states to adopt the changes into domestic legislation by December 31, 2025 at the latest. In Norway, amendments to the Norwegian Accounting Act were adopted on July 3, 2025 to reflect the postponements of the CSRD reporting requirements. The other proposed simplifications of the CSRD were approved by the European Parliament and the Council of the European Union on December 16, 2025. The approved text needs to be published in the Official Journal of the European Union before it can enter into force. As for the simplifications of the EU Taxonomy, an agreement on the revisions was reached, and the revised text was published in the Official Journal of the European Union on January 8, 2026.

We are committed to continually reducing our impact on the environment. We design products and services that reduce undesirable environmental effects and provide for the safe and efficient utilization of energy and natural resources. Our operations are carried out with efficient use of materials and energy and with a focus on minimizing waste and damage to the environment. We strive to ensure that products can be recycled or safely disposed.

**Risks related to legal, accounting and tax matters** 

***We have identified material weaknesses in our internal control over financial reporting and may otherwise fail to maintain effective internal control over financial reporting, which could result in a restatement of our financial statements or cause us to fail to meet our reporting obligations.***

As a public company, we will be subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act") and, if approved for listing, the rules and regulations and the listing standards of Nasdaq.

The Sarbanes-Oxley Act requires, among other things, that we maintain effective disclosure controls and procedures and internal control over financial reporting. We are continuing to develop and refine our disclosure controls and other procedures that are designed to ensure that information required to be disclosed by us in the reports that we will file with the SEC is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that information required to be disclosed in reports under the Exchange Act is accumulated and communicated to our principal executive and financial officers. We are also continuing to improve our internal control over financial reporting. In order to maintain and improve the effectiveness of our disclosure controls and procedures and internal control over financial reporting, we have expended, and anticipate that we will continue to expend, significant resources, including accounting-related costs and significant management oversight.

In the fourth quarter of 2023, we commenced the implementation of an internal controls system that is intended to comply with the rules and requirements of the Sarbanes-Oxley Act. In connection with the

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preparation of HMH B.V.'s financial statements for the years ended December 31, 2022 and 2023, due in part to inadequate time to fully monitor and test such internal controls system implemented in the fourth quarter of 2023, we identified certain deficiencies in the design and operation of internal control over financial reporting that constituted material weaknesses. A "material weakness" is 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 our financial statements will not be prevented or detected and corrected on a timely basis. The material weaknesses specifically resulted from the (i) insufficient number of qualified personnel with appropriate GAAP and SEC financial reporting and internal controls expertise; (ii) insufficient risk assessment relating to the financial reporting process; (iii) insufficient design, implementation and operating effectiveness of IT general controls and business process controls; and (iv) insufficient segregation of duties.

Because of the significant remediation efforts we undertook in 2024, we were able to remediate all the deficiencies noted above. These efforts included: (i) hiring five additional qualified personnel with appropriate knowledge of GAAP and SEC financial reporting requirements, IT general controls and business process internal controls; (ii) additional in-house training of personnel involved in the performance of internal controls and, if and to the extent that we deemed necessary, third-party training of personnel; (iii) utilizing third-party consultants to further enhance control procedures and supplement internal resources; (iv) establishing effective monitoring and oversight of controls in line with the internal controls system that we commenced implementing in the fourth quarter of 2023; and (v) enhancing our risk assessment procedures as well as design and implementation of general IT controls and process level controls through process walkthroughs and enhanced monitoring procedures.

As part of the increased internal control monitoring and oversight noted above, we identified a new material weakness related to our operational finance activities leading to ineffective operating effectiveness of process level controls, including controls over revenue cutoff, in subsidiaries in certain regions. This material weakness was a result of insufficient capacity within the operational finance organization within those subsidiaries. We anticipate remediating this deficiency through the addition of qualified personnel with relevant revenue accounting and controls experience to oversee these functions within such regions. If not remediated, investors may lose confidence in the accuracy and completeness of our financial reports, the market price of our Class A common stock could be adversely affected and we could become subject to litigation or investigations, which could require additional financial and management resources.

We may discover additional deficiencies or weaknesses in our disclosure controls and procedures and internal control over financial reporting in the future. We cannot assure you that we have identified all, or that we will not in the future have additional, deficiencies. Deficiencies or weaknesses may still exist when we report on the effectiveness of our internal control over financial reporting as required by reporting requirements under Section 404 of the Sarbanes-Oxley Act after the completion of this offering. Any failure to develop or maintain effective controls or any difficulties encountered in their implementation or improvement could harm our operating results or cause us to fail to meet our reporting obligations and may result in a restatement of our financial statements for prior periods. Any failure to implement and maintain effective internal control over financial reporting could also adversely affect the results of periodic management evaluations and annual independent registered public accounting firm attestation reports regarding the effectiveness of our internal control over financial reporting that we will eventually be required to include in our periodic reports that will be filed with the SEC. Once such reporting becomes required, our independent registered public accounting firm may issue a report that is adverse in the event it is not satisfied with the level at which our internal control over financial reporting is documented, designed or operating. For as long as we are an "emerging growth company" under the JOBS Act, our independent registered public accounting firm will not be required to attest to the effectiveness of our system of 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. Please read "Summary—Emerging growth company status." We must comply with Section 404 of the Sarbanes-Oxley Act (except

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for the requirement for an auditor's attestation report) beginning with our fiscal year ending December 31, 2026. We are not currently required to comply with the SEC rules that implement Section 404 of the Sarbanes-Oxley Act and are therefore not required to make a formal assessment of the effectiveness of our internal control over financial reporting for that purpose. As a public company, we will be required to provide an annual management report on the effectiveness of our internal control over financial reporting commencing with our second annual report. Ineffective disclosure controls and procedures and internal control over financial reporting could cause delays in our ability to comply with public company reporting requirements (including under the Exchange Act or stock exchange rules) and could also cause investors to lose confidence in our reported financial and other information, which could have a negative effect on the trading price of our Class A common stock. In addition, if we are unable to continue to meet these requirements, we may not be able to remain listed on Nasdaq.

***Subjective estimates and judgments used by management in the preparation of our financial statements, including estimates and judgments that may be required by new or changed accounting standards, may impact our financial condition and results of operations.***

The preparation of financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses. Due to the inherent uncertainty in making estimates, results reported in future periods may be affected by changes in estimates reflected in our financial statements for earlier periods. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. From time to time, there may be changes in the financial accounting and reporting standards that govern the preparation of our financial statements. These changes can materially impact how we record and report our financial condition and results of operations. In some instances, we could be required to apply a new or revised standard retrospectively. If the estimates and judgments we use in preparing our financial statements are subsequently found to be incorrect or if we are required to restate prior financial statements, our financial condition or results of operations could be significantly affected.

***Changes in tax laws, regulations and treaties could adversely affect our business, financial condition and results of operations.***

Changes in tax laws, regulations and treaties in any of the multiple jurisdictions in which we operate could result in an unfavorable change in our effective tax rate, which could adversely affect our business, financial condition and operating results. Such changes may include (but are not limited to) the taxation of operating income, investment income, dividends received or (in the specific context of withholding tax) dividends paid or the taxation of partnerships and other pass-through entities. As a result, the tax laws in the United States and in jurisdictions in which we do business could change on a prospective or retroactive basis, and any such changes could have an adverse effect on our worldwide tax liabilities, business, financial condition and results of operations. We are unable to predict what tax reform may be proposed or enacted in the future or what effect such changes would have on our business, but such changes, to the extent they are brought into tax legislation, regulations, policies or practices, could affect our financial position and overall or applicable tax rates in the future in countries where we have operations, reduce post-tax returns to our stockholders and increase the complexity, burden and cost of tax compliance.

For example, on October 8, 2021, the Organization for Economic Co-operation and Development (the "OECD")/G20 Inclusive Framework on Base Erosion and Profit Shifting released a statement indicating that its members had agreed to a two-pillar solution to address the tax challenges arising from the digitalization of the economy ("Pillar Two"). Pillar Two aims to establish a minimum global tax rate of 15%, assessed through a top-up tax imposed on a country-by-country basis. On December 20, 2021, the OECD released the Pillar Two model rules providing a framework for implementing a 15% minimum tax, also referred to as the Global Anti-Base Erosion ("GloBE") rules, on earnings of multinational companies with consolidated annual revenue exceeding

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€750 million. On December 14, 2022, EU Member States agreed to adopt the 15% minimum tax under the Pillar Two model rules, to be enacted into the Member States' domestic tax law by December 31, 2023, with an effective date of January 1, 2024. For entities with a deviating fiscal year (*e.g*., July 1-June 30), the rules applied from the start of their first fiscal year beginning after December 31, 2023. As of the date hereof, most EU Member States have implemented the 15% minimum tax. Our global footprint includes operations within the EU, as well as other non-EU jurisdictions that have enacted GloBE related legislation. At this time, we are evaluating what effect, if any, Pillar Two or GloBE will have on our consolidated financial statements. We will continue to closely monitor Pillar Two developments and evaluate the potential impact to us as more foreign countries enact legislation and as new information and guidance becomes available.

In addition, in the United States, the IRA 2022 introduced, among other changes, a 15% corporate minimum tax on certain U.S. corporations and a 1% excise tax on certain stock redemptions by publicly traded U.S. corporations. We do not currently expect that the 15% corporate minimum tax would have an effect on our overall effective tax rate. However, we are currently unable to predict the ultimate impact of the IRA 2022, actions of the Trump Administration or the U.S. Congress or any further changes in U.S. tax law on our business, financial condition and results of operations.

On July 4, 2025, the One Big Beautiful Bill Act was enacted, introducing a broad range of changes to the Code. Because HMH B.V. is treated as a partnership for U.S. federal income tax purposes and its taxable income is allocated to its shareholders, we do not expect HMH B.V. to recognize U.S. federal income tax expense as a result of the One Big Beautiful Bill Act. However, as a U.S. corporation and a shareholder of HMH B.V., we are continuing to evaluate the broader effects of the One Big Beautiful Bill Act on our consolidated financial statements and operations, including potential impacts on HMH Inc.'s taxes, tax distributions from HMH B.V. and payments under the Tax Receivable Agreement. We are therefore unable to predict the ultimate impact on our business, financial condition or results of operations.

***A loss of a major tax dispute or a successful tax challenge to our operating structure, intercompany pricing policies or the taxable presence of our subsidiaries in certain countries could result in a higher taxes on our worldwide earnings, which could result in a significant negative impact on our earnings and cash flows from operations.***

Our tax returns are subject to review and examination. We do not recognize the benefit of income tax positions we believe are more likely than not to be disallowed upon challenge by a tax authority. We have in the past been, and currently are, subject to tax audits in the ordinary course of business. If we lose a material tax dispute in any country, our taxes on our worldwide earnings could increase substantially and our earnings and cash flows from operations could be materially adversely affected.

***We are subject to various anti-corruption laws and regulations and laws and regulations relating to economic sanctions. Violations of these laws and regulations could have a material adverse effect on our business, financial condition and results of operations.***

We are subject to various anti-corruption laws and regulations, including the U.S. Foreign Corrupt Practices Act of 1977, the U.K. Bribery Act 2010, the U.N. Convention Against Corruption, the Norwegian Penal Code (Sections 387, 388 and 389) and the Brazil Clean Company Act. These laws and regulations generally prohibit companies and their intermediaries from engaging in bribery, in receiving or making other improper payments of cash (or anything else of value) to government officials and other persons in order to obtain or retain business or to obtain an improper business benefit. Our business operations also must be conducted in compliance with applicable economic sanctions laws and regulations, including rules administered by the U.S. Department of the Treasury's Office of Foreign Assets Control, the U.S. Department of State, the U.S. Department of Commerce, the U.N. Security Council, the EU and its Member States, the United Kingdom, Norway and other relevant authorities.

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We strive to conduct our business activities in compliance with relevant anti-corruption laws and regulations, and we have adopted proactive procedures to promote such compliance. While we are not aware of issues of historical noncompliance, full compliance cannot be guaranteed. Violations of anti-corruption laws and regulations, or even allegations of such violations, could result in civil or criminal penalties or other fines or sanctions, including prohibition of our participating in or curtailment of business operations in those jurisdictions and the seizure of assets, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. Moreover, we may be held liable for actions taken by local partners or agents in violation of applicable anti-bribery laws and regulations, even though these partners or agents may themselves not be subject to such laws and regulations. Further, changes to the applicable laws and regulations, or significant business growth, may result in the need for increased compliance-related resources and costs.

***Impairment in the carrying value of long-lived assets could reduce our earnings.***

We have a significant number of long-lived assets on our consolidated balance sheet. Under GAAP, we are required to review our long-lived assets for impairment when events or circumstances indicate that the carrying value of such assets may not be recoverable or such assets will no longer be utilized by us. The carrying value of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If business conditions or other factors cause the expected undiscounted cash flows to decline, we may be required to record non-cash impairment charges. Events and conditions that could result in impairment in the value of our long-lived assets include changes in the industry in which we operate, long-term extended reduction in demand for oil and natural gas (and by extension, demand for our products and services), competition, advances in technology, adverse changes in the regulatory environment or other factors leading to a reduction in our expected long-term profitability.

***A prolonged downturn in the economic environment could cause an impairment of goodwill or other intangible assets and reduce our earnings.***

As of September 30, 2025, we had $303.5 million of goodwill and $123.9 million of other identifiable intangible assets, including customer relationships. Goodwill is recorded when the purchase price of a business exceeds the fair market value of the tangible and separately measurable intangible net assets. GAAP requires us to test goodwill for impairment on an annual basis or when events or circumstances occur indicating that goodwill might be impaired. Any event that causes a reduction in demand for our services could result in a reduction of our estimates of future cash flows and growth rates in our business. These events could cause us to record impairments of goodwill or other intangible assets.

***Oilfield anti-indemnity provisions enacted by many U.S. states may restrict or prohibit a party's indemnification of us.***

We typically enter into agreements with our customers governing the provision of our services, which usually include certain indemnification provisions for losses resulting from operations. Such agreements may require each party to indemnify the other against certain claims regardless of the negligence or other fault of the indemnified party; however, many states place limitations on contractual indemnity agreements, particularly agreements that indemnify a party against the consequences of its own negligence. Furthermore, certain states, including Louisiana, New Mexico, Texas and Wyoming, have enacted statutes generally referred to as "oilfield anti-indemnity acts" expressly prohibiting certain indemnity agreements contained in or related to oilfield services agreements. Such oilfield anti-indemnity acts may restrict or void a party's indemnification of us, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

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**Risks related to technology and intellectual property** 

***New technology may cause us to become less competitive.***

The oilfield equipment and services industry continues to see innovation, such as new drilling equipment, techniques and services using new technologies, some of which may be protected by patents or other intellectual property protections. Although we believe our technologies, products and services currently give us a competitive advantage, as competitors and others use or develop new or comparable technologies in the future, we may lose market share or be placed at a competitive disadvantage. Further, we may face competitive pressure to develop, implement or acquire certain new technologies at a substantial cost. Some of our competitors have greater financial, technical and human resources that may give them a competitive advantage in developing, implementing and acquiring new technologies. Alternative products and services using new technologies may compete with or displace our products and services. We may not be able to successfully differentiate our products and services from those of our competitors, or the relative value of our products and services may be eroded. We cannot be certain that we will be able to continue to develop, implement and acquire new technologies, products or services. For example, we may encounter resource constraints, technical barriers or other difficulties that would delay introduction of new products and services in the future. Additionally, the time and expense invested in product development may not result in commercial applications. Limits on our ability to develop, bring to market, implement and effectively use new technologies may have a material adverse effect on our business, financial condition, results of operations and cash flows, including a reduction in the value of assets replaced by new technologies.

***Our intellectual property rights may be inadequate to protect our business.***

We attempt to protect our intellectual property rights in the United States and in foreign countries through a combination of patent, trademark, copyright and trade secret laws, as well as license agreements and third-party non-disclosure and assignment agreements. Our failure to adequately protect our intellectual property could have a material adverse effect on our business, financial condition and results of operations.

While we believe that we are not dependent on any one patent to protect our material technology, obtaining patent protection for our products is an important component of our overall competitive business strategy. Patents typically give the owner the right to exclude third parties from making, using, selling and offering for sale the inventions claimed in the patents in the applicable country. Patent rights do not necessarily grant the owner of a patent the right to practice the invention claimed in a patent, but merely the right to exclude others from practicing the invention claimed in the patent. Patent laws and their implementation vary throughout the world. Some foreign countries do not protect intellectual property rights to the same extent as the United States. Further, policing the unauthorized use of our intellectual property in foreign jurisdictions may be difficult and expensive. Therefore, our intellectual property rights may not be as strong or as easily enforced outside of the United States. It may also be possible for a third party to design around our patents. Patent rights have territorial limits. While we generally apply for patents in countries where we intend to make, have made, use or sell patented products or services, we may not accurately predict all of the countries where patent protection will ultimately be desirable, and we do not have patents in every jurisdiction in which we conduct business. Also, drilling may be conducted in international waters and therefore may not fall within the scope of any country's patent jurisdiction. As a result, we may not be able to enforce our patents against infringement occurring in international waters. The patents we own could be challenged, invalidated or circumvented by others. In any event, our patent portfolio will not protect all aspects of our business and for the aspects it does protect, the portfolio may not provide us with meaningful protection or provide us with a commercial advantage, which would not prevent third parties from entering the same market. While we have patented some of our key technologies, we do not patent all of our proprietary technology, even when regarded as

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patentable. The process of seeking patent protection can be long and expensive. Further, there can be no assurance that patents will be issued from currently pending or future applications or that, if patents are issued, they will be of sufficient scope or strength to provide meaningful protection or any commercial advantage to us.

Trademarks are also of considerable importance to the marketing of our products. Although we typically register trademarks in many of the countries where the trademarked products are used or generate revenue, we have not registered our trademarks in every country where we do or intend to do business. Moreover, we cannot guarantee that our attempts to register trademarks in the future will be successful, and third parties could seek to oppose the registration of our trademarks, cancel any registrations or otherwise challenge our rights in trademarks. We also benefit from common law protection for our trademarks in those countries where such common law rights are recognized. If we lose the rights to use our trademarks or our rights are challenged, we could be forced to rebrand the corresponding products and devote resources to marketing new brands. In turn, this could result in a loss of goodwill or substantial expenditure or otherwise have a material adverse effect on our business.

We also rely on trade secret laws and contracts to protect our confidential and proprietary information. We attempt to limit access to and distribution of our technology and trade secrets by customarily entering into confidentiality agreements with our employees, consultants, partners, customers, potential customers and suppliers. There can be no assurance, however, that these agreements will provide meaningful protection for our trade secrets, in the event of any unauthorized use, misappropriation or disclosure of them. Despite our efforts to protect our proprietary rights, former employees, consultants, partners, customers, suppliers or other third parties may, in an unauthorized manner, attempt to use, copy or otherwise obtain and market or distribute our intellectual property rights or technology or otherwise develop a product with the same functionality as our technology. Moreover, trade secret protection does not prevent third parties from independently obtaining or developing similar information. Publicly available information (for example, information in expired patents, published patent applications and scientific literature) can also be used by third parties to independently develop technology. We cannot provide assurance that this independently developed technology will not be equivalent or superior to our proprietary technology. Inability to maintain the proprietary nature of our technologies could have a material adverse effect on our business.

We rely on copyright laws to protect our software and offerings, such as, among others, DEAL, SeaLytics, SeaPrime and SeaONYX, and we register the copyrights in the vast majority, but not all, of our copyrightable works. Copyrights must be registered in the United States before the copyright owner may bring an infringement suit in the United States. Furthermore, if a U.S. copyright is not registered before infringement starts or within three months of publication of the underlying work, the copyright owner is precluded from seeking statutory damages or attorneys' fees in a U.S. enforcement action, and is limited to seeking actual damages and lost profits. Accordingly, if one of our unregistered U.S. copyrights is infringed by a third party, we will need to register the copyright before we can file an infringement suit in the United States, and our remedies in any such infringement suit may be limited.

***Our inability to obtain and retain licenses to intellectual property owned by third parties for the commercialization of our products may negatively impact our prospects and financial results.***

In order to commercialize certain of our products, we license third-party patents, unpatented technology and trademarks in exchange for the performance of other obligations. For example, we are a party to license agreements with a subsidiary of Baker Hughes giving us a limited right to use the terms Vetco<sup>™</sup> and VetcoGray<sup>™</sup> as trademarks on certain products traditionally sold under those trademarks and certain other intellectual property rights relating to the business line Baker Hughes contributed to HMH B.V. at the time of HMH B.V.'s formation. In addition, we are party to another license agreement with Tenaris S.A., via our predecessor in

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interest, General Electric Company, relating to our wholly owned subsidiary's use of the Hydril<sup>™</sup> trademark. Our breach of any of these licenses may result in their termination or expose us to financial liability or legal claims and could require us to cease using the trademarks or making, using or selling products that exploit the licensed technology. Our loss of third-party intellectual property rights or inability to license such rights in the future may result in a loss of competitive advantage, decreased revenue or increased operating expenses or otherwise adversely affect our business, financial condition, results of operations, cash flow and prospects.

***We may have to enforce our intellectual property against others, and defend against intellectual property challenges against us, which could materially and adversely affect our business and competitive position.***

The protection of our intellectual property rights is essential to maintaining our competitive position and recognizing the value of our investments in technology and intellectual property in our existing and future products. Intellectual property litigation and threats of litigation are becoming more common in the oilfield equipment and services industry. We may in the future be involved in litigation, in the United States or abroad, to enforce our patents or other intellectual property rights, protect our trade secrets and know-how or defend ourselves against allegations of intellectual property infringement brought by our competitors or other third parties.

Policing unauthorized use of our intellectual property rights is difficult, and nearly impossible on a worldwide basis. Therefore, we cannot be certain that the steps we have taken or will take in the future will prevent misappropriation of our technology or intellectual property rights. In the event that we need to enforce our intellectual property against an infringer or party otherwise misappropriating or violating our intellectual property rights, litigation can require multiple years to come to resolution or settlement, and even if we ultimately prevail, we may be unable to realize adequate protection of our competitive position. In addition, these actions commonly result in defendants attacking the validity of the asserted intellectual property. Even with a meritorious case, there is no guarantee of success, and intellectual property litigation can result in substantial costs and diversion of management resources. In the event that one or more of our patents are challenged, a court, the United States Patent and Trademark Office ("USPTO") or its equivalent in foreign jurisdictions may invalidate a patent or determine that a patent is not enforceable, which could harm our competitive position. If any of our patents are invalidated, or if the scope of the claims in any of these patents is limited by a court decision, USPTO decision or decision from an equivalent authority in a foreign jurisdiction, we could be prevented from pursuing certain litigation matters or licensing the invalidated or limited portion of such patents. Such adverse decisions could negatively impact our business, financial condition, results of operations and cash flows.

We also face the risk of claims that we have infringed third parties' patents or other intellectual property rights. Our competitors in both the United States and foreign countries, many of which have substantially greater resources and have made substantial investments in competing technologies, may have applied for or obtained, or may in the future apply for and obtain, patents that will prevent, limit or otherwise interfere with our ability to make and sell our products. The large number of patents, the rapid rate of new patent issuances, the complexities of the technology involved and the uncertainty of litigation increase the risk of potential litigation. In the event that we or one of our customers becomes involved in a dispute over infringement, misappropriation or other violation of intellectual property rights relating to equipment or technology owned or used by us, services performed by us or products provided by us, we may lose access to important equipment or technology or our ability to provide our products or services. In addition, we could be required to cease use of some equipment or technology or forced to modify our equipment, technology, products or services, and we could be required to pay substantial damages. We could also be required to pay license fees or royalties for the use of equipment, technology or products. We may not be able to obtain the necessary licenses on acceptable terms, or at all, or be able to re-engineer our products successfully. If our inability to obtain required licenses for our technologies or

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products prevents us from selling our products, that could adversely impact our financial condition and results of operations. Further, we may lose a competitive advantage in the event we are unsuccessful in enforcing our rights against third parties. All of the foregoing could have a material adverse effect on our business, financial condition, results of operations and cash flows.

***We may be subject to claims that our employees, consultants or advisors have wrongfully used or disclosed alleged trade secrets of their current or former employers or claims asserting ownership of what we regard as our own intellectual property.***

Some of our employees and consultants are currently or were previously employed at other companies in our field, including our competitors or potential competitors. Although we try to ensure that our employees and consultants do not use the proprietary information or know-how of others in their work for us, we may be subject to claims that we or these individuals have used or disclosed intellectual property, including trade secrets or other proprietary information, of any such individual's current or former employer. Litigation may be necessary to defend against these claims. If we fail in defending any such claims, in addition to paying monetary damages, we may lose valuable intellectual property rights or personnel. Even if we are successful in defending against such claims, litigation could result in substantial costs and be a distraction to management.

Although, as a condition of employment or engagement, our employees and contractors acknowledge that all intellectual property developed in the scope of their employment or in performance of services belongs to us as a work for hire, those personnel involved in developing intellectual property we regard as our own may dispute whether such intellectual property is owned by us. In addition, while it is our policy to require our employees and contractors who may be involved in the conception or development of inventions to execute agreements assigning such inventions to us, we may be unsuccessful in executing such an agreement with each party who, in fact, conceives or develops inventions that we regard as our own. An employee or other party may refuse to execute an assignment of intellectual property rights, or the assignment agreements may be breached, and we may be forced to bring claims or defend claims that such parties may bring against us to determine the ownership of what we regard as our intellectual property. Any of the foregoing could have a material adverse effect on our business, financial condition, results of operations and cash flows.

***Errors or failures of our proprietary software may result in liability or reputational damages or otherwise adversely affect our business.***

Our software products include drilling optimization, automation and other solutions that support the drilling operations of our customers. Our development processes and quality control programs for our software are intended to avoid the introduction of defects and errors in our proprietary software. However, we cannot guarantee that we have identified all defects and errors in our software, or that ongoing maintenance and development of the software will not introduce defects and errors in it. In addition, our software uses open source software, which may contain undetected defects or errors now or in the future. Defects or errors in our software products may result in disruptions to or failures in the drilling operations that they support. Disruption or failure of our customers' drilling operations may result in accidents and financial liability for us and our customers, which could have a material adverse effect on our reputation, business, financial condition, results of operations and cash flows.

***Cybersecurity attacks, IT system failures and network disruptions may result in potential liability or reputational damage or otherwise adversely affect our business.***

Many of our business and operational processes are heavily dependent on traditional and emerging IT systems, some of which are managed by us and some of which are managed by third-party service providers, to conduct

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day-to-day operations, improve safety and efficiency and lower costs. We use computerized systems to help run our financial and operations functions, including the processing of payment transactions and storing confidential records, which may subject our business to increased risks. If we experience a material failure of any of our financial, operational or other technology systems, interruption of service, compromise of data security or other cybersecurity threat, our financial results could be adversely affected. These risks could occur either as a result of inadvertent error or deliberate tampering with or manipulation of our operational systems. In addition, dependence upon automated systems may further increase the risk of operational system flaws.

Cybersecurity incidents are increasing in frequency and evolving in sophistication and can include, but are not limited to, installation of malicious software, phishing scams, ransomware, attempts to gain unauthorized access to systems or data and other electronic security breaches that could lead to disruptions in systems, unauthorized release of confidential or otherwise protected information and corruption of data. In addition, cybersecurity risk is exacerbated with the advancement of technologies like artificial intelligence, which malicious third parties are using to create new, sophisticated and more frequent attacks. Unauthorized access to our customer or employee data or other proprietary or commercially sensitive information could lead to data integrity issues, communication interruption or other disruptions in our operations or planned business transactions, any of which could have a material adverse impact on our business and operations.

We have implemented security measures, internal controls and testing that are designed to detect and protect against cyberattacks. We regularly update and review our testing protocols; however, no security measure is infallible. Despite these measures and any additional measures we may implement or adopt in the future, our facilities and systems, and those of our third-party service providers, have been and remain potentially vulnerable to security breaches, computer viruses, lost or misplaced data, programming errors, scams, burglary, human errors, misdirected wire transfers and other adverse events, including threats to our critical operations technologies and process control networks. The increased number of employees relying on remote access to our information systems since the COVID-19 pandemic increases our exposure to potential cybersecurity breaches. Third-party systems on which we rely could also suffer such attacks or operational system failures. Such attacks and incidents may continue to occur in the future. While to date no incidents have had a material impact on our operations or financial results, we cannot guarantee that material incidents will not occur in the future.

Any of these occurrences could result in material harm to our business, including ransom payments, significant remediation and cybersecurity protection costs, loss of customer or employee data, loss of intellectual property or proprietary information, diversion of management or workforce attention, litigation and legal risks, including regulatory actions, potential liability, reputational damage or damage to our competitiveness, stock price and long-term stockholder value, or otherwise have an adverse effect on our business, operations and financial results. In addition, laws and regulations governing cybersecurity, data privacy and the unauthorized disclosure of confidential or protected information, including the EU's General Data Protection Regulation, the United Kingdom's General Data Protection Regulation, the Swiss Federal Act on Data Protection and recent legislation in certain U.S. states pose increasingly complex compliance challenges and may potentially elevate costs, and failure to comply with these laws and regulations could result in significant penalties and legal liability.

***Use of artificial intelligence ("AI") tools and network disruptions may result in potential liability, exposure of personal or proprietary information or otherwise adversely affect our business.***

The use of third-party and open-source AI tools, such as ChatGPT, by our employees and consultants could pose risks relating to the protection of data, including the potential exposure of our proprietary, confidential or otherwise protected information to unauthorized recipients and the misuse of our or third-party intellectual property. Use of AI tools may result in allegations or claims against us related to violation of third-party intellectual property rights, unauthorized access to or use of proprietary information and failure to comply with open-source software requirements.

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**Risks related to our indebtedness** 

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

As of September 30, 2025, on a pro forma basis, after giving effect to the corporate reorganization and this offering and the application of the net proceeds therefrom, our total indebtedness was $ million, including $ million of outstanding borrowings under the Prior Revolver (as defined herein) and $200.0 million aggregate principal amount of the Senior Secured Bonds (as defined herein), and our outstanding borrowing capacity under the Prior Revolver was $ million. As of December 18, 2025, all indebtedness under the Prior Revolver (and the obligations thereunder) were amended and restated pursuant to the Amended and Restated Revolver (as defined herein). Our indebtedness could have important consequences, including the following:

• making it more difficult for us to satisfy our other obligations;

• limiting our ability to obtain additional financing to fund future working capital, capital expenditures, acquisitions or
other general corporate purposes;

• requiring us to dedicate a substantial portion of our cash flows to debt service payments instead of other purposes,
thereby reducing the amount of cash flows available for working capital, capital expenditures, acquisitions and other general corporate purposes;

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

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

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

• increasing our cost of borrowing.

***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 applicable debt instruments, which may not be successful.***

Our ability to make scheduled payments on or to refinance our indebtedness obligations depends on our financial condition and operating performance, which are subject to prevailing economic and competitive conditions and certain financial, business and other factors beyond our control. We may not be able to maintain a level of cash flows from operating activities sufficient to permit us to pay the principal, premium, if any, and interest on our indebtedness.

If our cash flows and capital resources are insufficient to fund debt service obligations, we may be forced to reduce or delay investments and capital expenditures, sell assets, seek additional capital or restructure or refinance indebtedness. Our ability to restructure or refinance indebtedness will depend on the condition of the capital markets and our financial condition at such time. Any refinancing of indebtedness could be at higher interest rates and may require us to comply with more onerous covenants, which could further restrict business operations. The terms of existing or future debt instruments may restrict us from adopting some of these alternatives. In addition, any failure to make payments of interest and principal on outstanding indebtedness on a timely basis would likely result in a reduction of our credit rating, which could harm our ability to incur additional indebtedness. In the absence of sufficient cash flows and capital resources, we could face substantial liquidity problems and might be required to dispose of material assets or operations to meet debt service and other obligations. Our debt agreements may restrict our ability to dispose of assets and our use of the proceeds from such disposition. We may not be able to consummate those dispositions, and the proceeds of any such disposition may not be adequate to meet any debt service obligations then due.

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If we are unable to meet our debt service and repayment obligations, we would be in default under the terms of our debt agreements, which would allow our creditors at that time to declare all outstanding indebtedness to be due and payable. Under these circumstances, our lenders and creditors could compel us to apply all of our available cash to repay our borrowings. In addition, our lenders could seek to foreclose on any of our assets that constitute their collateral. If the amounts outstanding under our indebtedness were to be accelerated, or were the subject of foreclosure actions, our assets may not be sufficient to repay in full the money owed to the lenders, and such payment acceleration would have a material adverse effect on our liquidity, business and financial condition.

***Restrictions in our existing and future debt agreements could limit our growth and our ability to engage in certain activities.***

Our existing debt agreements contain, and our future debt agreements will likely contain, a number of significant covenants, including restrictive covenants that may limit our ability to, among other things:

• incur additional indebtedness and guarantee indebtedness;

• pay dividends or make other distributions on, or redeem or repurchase, capital stock and make other restricted payments;

• prepay, redeem or repurchase certain debt;

• issue certain preferred stock or similar equity securities;

• make loans, investments or capital expenditures;

• consummate certain asset sales;

• make certain acquisitions;

• engage in transactions with affiliates;

• grant or assume liens;

• alter the businesses we conduct;

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

• consolidate, merge or transfer all or substantially all of our assets.

Furthermore, our debt agreements contain certain other operating and financial covenants, including the obligation to satisfy, under certain circumstances, a certain debt-to-equity ratio, a leverage ratio, interest cover ratio and a liquidity requirement. Our ability to comply with the covenants and restrictions contained in our debt agreements may be affected by events beyond our control, including prevailing economic, financial and industry conditions. If market or other economic conditions deteriorate, our ability to comply with these covenants may be impaired. If we violate any of the restrictions, covenants, ratios or tests in our debt agreements, all or a significant portion of our indebtedness may become immediately due and payable, and our lenders' commitment to make further loans to us may terminate. We might not have, or be able to obtain, sufficient funds to make these accelerated payments. The Amended and Restated Revolver is secured by liens on substantially all of HMH B.V.'s assets, including the equity of its material subsidiaries, and guarantees, either directly or indirectly, from its material subsidiaries. The New Senior Secured Bonds (as defined herein) are secured by liens on substantially all of HMH B.V.'s assets, including the equity of its material subsidiaries, and guarantees, either directly or indirectly, from its material subsidiaries. Any acceleration of our debt obligations

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could result in a foreclosure on the collateral securing such debt. Our debt agreements also require us to make mandatory prepayments and repurchases in certain circumstances. Any future required prepayments or repurchases will reduce our cash available for investment in our business. Any subsequent replacement of our debt agreements or any new indebtedness could have similar or greater restrictions. See "Management's discussion and analysis of financial condition and results of operations—Liquidity and capital resources—Debt agreements."

***An increase in interest rates would increase the cost of servicing our indebtedness and could reduce our net income and cash flows.***

The Amended and Restated Revolver provides for, and our future debt agreements may provide for, debt incurred thereunder to bear interest at variable rates. As a result, increases in interest rates could increase the cost of servicing such indebtedness, even though the principal amount borrowed may remain the same, and materially reduce our net income and cash flows, including cash available for servicing our indebtedness.

***We and our subsidiaries may be able to incur substantial indebtedness.***

We may incur substantial additional indebtedness in the future. Although the terms of the agreements governing the Amended and Restated Revolver, the Shareholder Loans and the New Senior Secured Bonds contain restrictions on our ability to incur additional indebtedness, these restrictions are subject to a number of important exceptions, and indebtedness incurred in compliance with these restrictions could be substantial. If we and our subsidiaries incur significant additional indebtedness, the related risks to our financial condition could increase.

**Risks related to this offering and ownership of our Class A common stock** 

***We are a holding company. Our only material asset after completion of this offering will be our equity interest in HMH B.V., and we will accordingly be dependent upon distributions from HMH B.V. to pay taxes, make payments under the Tax Receivable Agreement and cover our corporate and other overhead expenses.***

We are a holding company and will have no material assets other than our equity interest in HMH B.V. Please see "Corporate reorganization." We will have no independent means of generating revenue. To the extent HMH B.V. has available cash and subject to the terms of any existing and future debt instruments, we intend to cause HMH B.V. to make (i) generally pro rata distributions to its shareholders, including us, in an amount sufficient to allow its shareholders to pay taxes on their allocable share of HMH B.V.'s taxable income from U.S. and non-U.S. operations, as applicable, and to allow us to make payments under the Tax Receivable Agreement we will enter into with the Principal Stockholders in connection with the closing of this offering and (ii) non-pro rata payments to us to reimburse us for our corporate and other overhead expenses. To the extent that we need funds and HMH B.V. or its subsidiaries are restricted from making such distributions or payments under applicable law or regulation or under the terms of any current or future financing arrangements, or are otherwise unable to provide such funds, our liquidity and financial condition could be materially adversely affected.

Moreover, because we will have no independent means of generating revenue, our ability to make payments under the Tax Receivable Agreement is dependent on the ability of HMH B.V. to make distributions to us in an amount sufficient to cover our obligations under the Tax Receivable Agreement. This ability, in turn, may depend on the ability of HMH B.V.'s subsidiaries to make distributions to it. The ability of HMH B.V., its subsidiaries and other entities in which it directly or indirectly holds an equity interest to make such distributions will be subject to, among other things, (i) the applicable provisions of Dutch law (or other applicable jurisdiction) that may limit the amount of funds available for distribution and (ii) restrictions in

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relevant debt instruments issued by HMH B.V. or its subsidiaries and other entities in which it directly or indirectly holds an equity interest. To the extent that we are unable to make payments under the Tax Receivable Agreement for any reason, such payments will be deferred and will accrue interest until paid.

***No market currently exists for our Class A common stock, and an active, liquid trading market for our Class A common stock may not develop, which may cause shares of our Class A common stock to trade at a discount from the initial offering price and make it difficult to sell the shares of Class A common stock you purchase.***

Prior to this offering, there has not been a public trading market for shares of our Class A common stock. We cannot predict the extent to which investor interest in us will lead to the development of a trading market or how active and liquid that market may become. If an active and liquid trading market does not develop or continue, you may have difficulty selling your shares of our Class A common stock at an attractive price or at all. The initial public offering price per share of Class A common stock will be determined by negotiations between us and the underwriters, and may not be indicative of the price at which shares of our Class A common stock will trade in the public market after this offering. The market price of our Class A common stock may decline below the initial offering price and you may not be able to sell your shares of our Class A common stock at or above the price you paid in this offering, or at all. An inactive market may also impair our ability to raise capital by selling our Class A common stock, and it may impair our ability to attract and motivate our employees through equity incentive awards and our ability to acquire other companies, products or technologies by using our Class A common stock as consideration.

***We will be required to make payments under the Tax Receivable Agreement for certain tax benefits we may claim, and the amounts of such payments could be significant.***

In connection with the closing of this offering, we will enter into the Tax Receivable Agreement with the Principal Stockholders. The Tax Receivable Agreement will generally provide for the payment by us to the Principal Stockholders of 85% of the net cash savings, if any, in U.S. federal, state, local and foreign income tax and franchise tax that we actually realize (or are deemed to realize in certain circumstances) in periods after this offering as a result of certain increases in tax basis, the utilization of certain NOL carryovers (in the event we acquire Mercury HoldCo Inc. shares) and certain benefits attributable to imputed interest. We will retain the benefit of the remaining 15% of these cash savings.

The term of the Tax Receivable Agreement will commence upon the completion of this offering and will continue until all tax benefits that are subject to the Tax Receivable Agreement have been utilized or expired, unless we exercise our right to terminate the Tax Receivable Agreement (or the Tax Receivable Agreement is terminated due to other circumstances, including our breach of a material obligation thereunder or certain mergers or other changes of control), and we make the termination payment specified in the Tax Receivable Agreement. In addition, payments we make under the Tax Receivable Agreement will be increased by any interest accrued from the due date (without extensions) of the corresponding tax return. In the event that the Tax Receivable Agreement is not terminated, the payments under the Tax Receivable Agreement are anticipated to continue for 16 years after the date of the last redemption of the B.V. Non-Voting Shares.

The payment obligations under the Tax Receivable Agreement are our obligations and not obligations of HMH B.V., and we expect that the payments we will be required to make under the Tax Receivable Agreement will be substantial. Estimating the amount and timing of payments that may become due under the Tax Receivable Agreement is by its nature imprecise. For purposes of the Tax Receivable Agreement, cash savings in tax generally will be calculated by comparing our actual tax liability (determined by using the actual applicable U.S. federal, state, local and foreign income tax rates and franchise tax rates) to the amount we would have been required to pay had we not been able to utilize any of the tax benefits subject to the Tax Receivable Agreement.

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The amounts payable, as well as the timing of any payments, under the Tax Receivable Agreement are dependent upon significant future events and assumptions, including the timing of the redemptions of B.V. Non-Voting Shares (and, if applicable, acquisitions of Mercury HoldCo Inc. shares), the price of our Class A common stock at the time of each redemption or acquisition, the extent to which such redemptions are taxable transactions, the amount of each Principal Stockholder's tax basis in its B.V. Non-Voting Shares at the time of the relevant redemption, the depreciation and amortization periods that apply to the increase in tax basis, the utilization of certain NOL carryovers (in the event we acquire Mercury HoldCo Inc. shares), the amount and timing of the utilization of tax attributes, the amount and timing of taxable income we generate in the future, the U.S. federal, state, local and foreign income tax rates and franchise tax rates then applicable and the portion of our payments under the Tax Receivable Agreement that constitute imputed interest or give rise to depreciable or amortizable tax basis. For additional information regarding the Tax Receivable Agreement, see "Certain relationships and related party transactions—Tax Receivable Agreement."

***In certain cases, payments under the Tax Receivable Agreement may be accelerated and significantly exceed the actual benefits, if any, we realize in respect of the tax attributes subject to the Tax Receivable Agreement.***

If we experience a change of control (as defined in the Tax Receivable Agreement) or the Tax Receivable Agreement terminates early (at our election or as a result of a material breach of our obligations thereunder), we could be required to make a substantial, immediate lump-sum payment. Any early termination payment may be made significantly in advance of, and may materially exceed, the actual realization, if any, of the future tax benefits to which the termination payment relates, and such early termination payment may exceed our cash on hand and ability to pay.

If we experience a change of control (as defined in the Tax Receivable Agreement) or the Tax Receivable Agreement terminates early (at our election or as a result of a material breach of our obligations thereunder), we could be required to make payments under the Tax Receivable Agreement that exceed our actual cash tax savings under the Tax Receivable Agreement. 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 or other forms of business combinations or changes of control. There can be no assurance that we will be able to finance our obligations under the Tax Receivable Agreement. Please read "Certain relationships and related party transactions—Tax Receivable Agreement."

***In the event that our payment obligations under the Tax Receivable Agreement are accelerated upon certain mergers, other forms of business combinations or other changes of control, the consideration payable to holders of our Class A common stock could be substantially reduced.***

If we experience a change of control (as defined in the Tax Receivable Agreement), we could be obligated to make a substantial, immediate lump-sum payment, and such payment may be significantly in advance of, and may materially exceed, the actual realization, if any, of the future tax benefits to which the payment relates and such payment may exceed our cash on hand and ability to pay. As a result of this payment obligation, holders of our Class A common stock could receive substantially less consideration in connection with a change of control transaction than they would receive in the absence of such obligation. Accordingly, the Principal Stockholders' interests may conflict with those of the holders of our Class A common stock. Please read "Risk factors—Risks related to this offering and our Class A common stock—In certain cases, payments under the Tax Receivable Agreement may be accelerated and significantly exceed the actual benefits, if any, we realize in respect of the tax attributes subject to the Tax Receivable Agreement" and ''Certain relationships and related party transactions—Tax Receivable Agreement."

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***We will not be reimbursed for any payments made under the Tax Receivable Agreement in the event that any tax benefits are subsequently disallowed.***

Payments under the Tax Receivable Agreement will be based on the tax reporting positions that we will determine and the Internal Revenue Service ("IRS") or another tax authority may challenge all or part of the tax basis increases or other tax benefits covered under the Tax Receivable Agreement, as well as other related tax positions we take, and a court could sustain such challenge. The Principal Stockholders will not reimburse us for any payments previously made under the Tax Receivable Agreement if such basis increases or other tax benefits that have given rise to payments under the Tax Receivable Agreement are subsequently disallowed, except that excess payments made to the Principal Stockholders will be netted against payments that would otherwise be made to the Principal Stockholders, if any, after our determination of such excess. As a result, in such circumstances, we could make payments that are greater than our actual cash tax savings, if any, and may not be able to recoup those payments, which could adversely affect our liquidity.

***The Principal Stockholders and their affiliates are not limited in their ability to compete with us, and the corporate opportunity provisions in our amended and restated certificate of incorporation could enable the Principal Stockholders and their affiliates to benefit from corporate opportunities that might otherwise be available to us.***

Our governing documents will provide that the Principal Stockholders and their affiliates are not restricted from owning assets or engaging in businesses that compete directly or indirectly with us and that we renounce any interest or expectancy in any business opportunity that may be from time to time presented to the Principal Stockholders or their affiliates. In particular, subject to the limitations of applicable law, our amended and restated certificate of incorporation will, among other things, contain provisions relating to the duties of any affiliate of Baker Hughes or Akastor who is also one of our officers or directors that becomes aware of a potential business opportunity, transaction or other matter (other than one expressly offered to that director or officer solely in his or her capacity as our director or officer).

The Principal Stockholders or their affiliates may become aware, from time to time, of certain business opportunities (such as acquisition opportunities) and may direct such opportunities to other businesses in which they have invested, in which case we may not become aware of or otherwise have the ability to pursue such opportunity. Further, such businesses may choose to compete with us for these opportunities, possibly causing these opportunities to not be available to us or causing them to be more expensive for us to pursue. As a result, our renouncing our interest and expectancy in any business opportunity that may be from time to time presented to the Principal Stockholders and their affiliates could adversely impact our business or prospects if attractive business opportunities are procured by such parties for their own benefit rather than for ours. Please read "Description of capital stock—Corporate opportunities."

The Principal Stockholders and their affiliates are established participants in the oil and natural gas industry and have resources greater than ours, which may make it more difficult for us to compete with the Principal Stockholders and their affiliates with respect to commercial activities as well as for potential acquisitions. We cannot assure you that any conflicts that may arise between us and our stockholders, on the one hand, and the Principal Stockholders and their affiliates, on the other hand, will be resolved in our favor. As a result, competition from the Principal Stockholders and their affiliates could adversely impact our results of operations.

***In certain circumstances, HMH B.V. will be required to make tax distributions to the Principal Stockholders and us, and the tax distributions that HMH B.V. will be required to make may be substantial.***

Pursuant to the partnership agreement of HMH B.V. (the "HMH B.V. Partnership Agreement"), HMH B.V. will, to the extent cash is available and to the extent permitted under applicable law, make generally pro rata cash

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distributions, or tax distributions, to certain of the Principal Stockholders and us in an amount sufficient to allow its shareholders to pay taxes on their allocable share of HMH B.V.'s taxable income from U.S. and non-U.S. operations, as applicable, and to allow us to make payments under the Tax Receivable Agreement we will enter into with the Principal Stockholders in connection with the closing of this offering. Under applicable tax rules, HMH B.V. is required to allocate net taxable income disproportionately to its shareholders in certain circumstances. The amount of tax distributions will be determined based on an assumed tax rate.

Funds used by HMH B.V. to satisfy its tax distribution obligations will not be available for reinvestment in our business. Moreover, the tax distributions HMH B.V. will be required to make may be substantial. In addition, because these payments will be calculated with reference to an assumed tax rate, and because applicable tax rules require HMH B.V. to allocate net taxable income disproportionately to its shareholders in certain circumstances, these payments may exceed the actual tax liability for some of the shareholders of HMH B.V. If we retain the excess cash received, the Principal Stockholders that hold B.V. Non-Voting Shares would benefit from any value attributable to such accumulated cash balances upon their exercise of the Redemption Right or HMH B.V.'s exercise of the Call Right, as applicable. However, we expect to take steps to eliminate any material cash balances.

***The Principal Stockholders will, if and when their voting interests align, initially have the ability to direct the voting of a majority of the voting power of our capital stock, and their interests may conflict with those of our other stockholders.***

Holders of shares of our Class A common stock and Class B common stock will vote together as a single class on all matters presented to our stockholders for their vote or approval, except as otherwise required by applicable law or our amended and restated certificate of incorporation. Upon completion of this offering, Baker Hughes will beneficially own % of the total voting power of our capital stock (or % if the underwriters exercise in full their option to purchase additional shares of Class A common stock), and Akastor will beneficially own % of the total voting power of our capital stock (or % if the underwriters exercise in full their option to purchase additional shares of Class A common stock). As a result, the Principal Stockholders will, if and when their voting interests align, initially be able to control matters requiring stockholder approval, including the election and removal of directors, changes to our organizational documents and significant corporate transactions, including any merger, consolidation or sale of all or substantially all of our assets. This concentration of ownership makes it unlikely that any other holder or group of holders of our Class A common stock will be able to affect the way we are managed or the direction of our business. For more information, see "Corporate reorganization," "Security ownership of certain beneficial owners and management" and "Certain relationships and related party transactions." The interests of each Principal Stockholder with respect to matters potentially or actually involving or affecting us, such as future acquisitions, financings and other corporate opportunities and attempts to acquire us, may conflict with the interests of our other stockholders.

For example, a Principal Stockholder may have different tax positions from us, especially in light of the Tax Receivable Agreement, that could influence its decisions regarding whether and when to support the disposition of assets, the incurrence or refinancing of new or existing indebtedness or the termination of the Tax Receivable Agreement and accelerate our obligations thereunder. In addition, the determination of future tax reporting positions, the structuring of future transactions and the handling of any challenge by any taxing authority to our tax reporting positions may take into consideration a Principal Stockholder's tax or other considerations that may differ from the considerations of us or our other stockholders. Please read "Certain relationships and related party transactions—Tax Receivable Agreement."

Given this concentrated ownership, at least one of the Principal Stockholders would have to approve any potential acquisition of us. Furthermore, our amended and restated certificate of incorporation and the Stockholder's Agreement will provide each of the Principal Stockholders with certain powers and protections,

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including the right to designate to our board of directors (i) two nominees so long as such Principal Stockholder and its affiliates collectively beneficially own at least shares of our common stock and (ii) one nominee so long as such Principal Stockholder and its affiliates collectively beneficially own at least but less than shares of our common stock, and also certain information rights. See the discussion of our amended and restated certificate of incorporation in "Description of capital stock—Anti-takeover provisions" and "Management—Board of directors" and see also "Certain relationships and related party transactions—Stockholders' Agreement." In addition, certain of our director nominees are currently employees of the Principal Stockholders or their affiliates. These directors' duties as employees of the Principal Stockholders or their affiliates may conflict with their duties as our directors, and the resolution of these conflicts may not always be in our or your best interest. Finally, the existence of significant stockholders may have the effect of deterring hostile takeovers, delaying or preventing changes in control or changes in management or limiting the ability of our other stockholders to approve transactions that they may deem to be in the best interests of our company. The Principal Stockholders' concentration of stock ownership may also adversely affect the trading price of our Class A common stock to the extent investors perceive a disadvantage in owning stock of a company with significant stockholders.

***A significant reduction by the Principal Stockholders of their ownership interests in us could adversely affect us.***

Upon the expiration of the lock-up restrictions on transfers or sales of or disposition or hedge of any share or any securities convertible into or exchangeable for shares of our capital stock following the completion of this offering, none of the Principal Stockholders will be subject to any contractual obligation to maintain its ownership interest in us and may elect at any time thereafter to sell all or a substantial portion of or otherwise reduce its ownership interest in us. In the event the Principal Stockholders reduce their ownership interest in us, a Principal Stockholder and its affiliates may have less incentive to assist in our success and the individuals initially appointed to our board of directors by a Principal Stockholder may resign. Such actions could adversely affect our ability to successfully implement our business strategies, which could adversely affect our business, financial condition and results of operations.

***If HMH B.V. were to become a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, we and HMH B.V. might be subject to potentially significant tax inefficiencies, and we would not be able to recover payments previously made by us under the Tax Receivable Agreement even if the corresponding tax benefits were subsequently determined to have been unavailable due to such status.***

We intend to operate such that HMH B.V. does not become a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes. A "publicly traded partnership" is a partnership the interests of which are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof. Under certain circumstances, redemptions or acquisitions of B.V. Non-Voting Shares pursuant to the Redemption Right, our Call Right, the Hybrid Redemption Right or other transfers of B.V. Non-Voting Shares could cause HMH B.V. to be treated as a publicly traded partnership. Applicable U.S. Treasury regulations provide for certain safe harbors from treatment as a publicly traded partnership, and we intend to operate such that one or more such safe harbors shall apply. For example, we intend to limit the number of shareholders of HMH B.V., and the HMH B.V. Partnership Agreement, which will be entered into in connection with the closing of this offering, will provide for limitations on the ability of the HMH B.V. shareholders to transfer their B.V. Shares and will provide us, as owner of all B.V. Voting Shares, with the right to impose restrictions (in addition to those already in place) on the ability of shareholders of B.V. Non-Voting Shares to cause HMH B.V. or us to acquire or directly cancel their B.V. Non-Voting Shares pursuant to the Redemption Right or the Hybrid Redemption Right to the extent we believe it is necessary to ensure that HMH B.V. will continue to be treated as a partnership for U.S. federal income tax purposes. From time to time, the

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U.S. Congress has considered legislation to change the tax treatment of partnerships, and there can be no assurance that any such legislation will not be enacted or, if enacted, will not be adverse to us.

If HMH B.V. were to become a publicly traded partnership, significant tax inefficiencies might result for us and for HMH B.V., including as a result of our inability to file a consolidated U.S. federal income tax return with HMH B.V. In addition, we would no longer have the benefit of certain increases in tax basis covered under the Tax Receivable Agreement, and we would not be able to recover any payments previously made by us under the Tax Receivable Agreement, even if the corresponding tax benefits (including any claimed increase in the tax basis of HMH B.V.'s assets) were subsequently determined to have been unavailable.

***If we were deemed to be an investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), applicable restrictions could make it impractical for us to continue our business as contemplated and could have a material adverse effect on our business, prospects, financial condition, results of operations and cash flows.***

Under Sections 3(a)(1)(A) and (C) of the 1940 Act, a company generally will be deemed to be an "investment company" for purposes of the 1940 Act if it (i) is, or holds itself out as being, engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities or (ii) is engaged, or proposes to engage, in the business of investing, reinvesting, owning, holding or trading in securities and it owns or proposes to acquire investment securities having a value exceeding 40% of the value of its total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis. We do not believe that we are an "investment company," as such term is defined in either of those sections of the 1940 Act.

As the owner of all of the B.V. Voting Shares, we will control and manage HMH B.V. On that basis, we believe that our interest in HMH B.V. is not an "investment security" under the 1940 Act. Therefore, we have less than 40% of the value of our total assets (exclusive of U.S. government securities and cash items) in "investment securities." However, if we were to lose the right to manage and control HMH B.V., interests in HMH B.V. could be deemed to be "investment securities" under the 1940 Act.

We intend to conduct our operations so that we will not be deemed to be an investment company. However, if we were deemed to be an investment company, restrictions imposed by the 1940 Act, including limitations on our capital structure and our ability to transact with affiliates, could make it impractical for us to continue our business as contemplated and could have a material adverse effect on our business, prospects, financial condition, results of operations and cash flows.

***You will incur immediate and substantial dilution.***

Prior stockholders have paid substantially less per share of our Class A common stock than the price in this offering. The assumed initial public offering price per share of our Class A common stock will be substantially higher than the pro forma net tangible book value per share of outstanding Class A common stock prior to completion of this offering. Based on our as adjusted pro forma net tangible book value as of September 30, 2025, and upon the issuance and sale of shares of our Class A common stock by us at an assumed initial public offering price of $ per share (which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus), if you purchase our Class A common stock in this offering, you will pay more for your shares than the amounts paid by our existing stockholders for their shares and you will suffer immediate dilution of $ per share. Dilution is the amount by which the offering price paid by purchasers of our Class A common stock in this offering will exceed the as adjusted pro forma net tangible book value per share of our Class A common stock upon completion of this offering. If the underwriters exercise their option to purchase additional shares, you will experience additional dilution. You may experience additional dilution in connection with any LTI Awards that may vest in connection with this offering and the reservation of shares of Class A common stock under the 2026 LTIP, when adopted (including any equity awards representing the right to receive shares of our Class A common stock that may be granted in connection with the consummation of this offering). See "Dilution."

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***Our stock price may change significantly following this offering, and you may not be able to resell shares of our Class A common stock at or above the price you paid or at all, and you could lose all or part of your investment as a result.***

We and the underwriters will negotiate to determine the initial public offering price. You may not be able to resell your shares at or above the initial public offering price due to a number of factors such as those listed in "—Risks related to our business" and the following:

• results of operations that vary from the expectations of securities analysts and investors;

• results of operations that vary from those of our competitors;

• changes in expectations as to our future financial performance, including financial estimates and investment
recommendations by securities analysts and investors;

• changes in economic conditions for companies in our industry;

• changes in market valuations of, or earnings and other announcements by, companies in our industry;

• declines in the market prices of stocks generally, particularly those of companies in our industry;

• additions or departures of key management personnel;

• strategic actions by us or our competitors;

• announcements by us, our competitors or our suppliers of significant contracts, price reductions, new products or
technologies, acquisitions, joint marketing relationships, joint ventures, other strategic relationships or capital commitments;

• changes in preference of our customers;

• changes in general economic or market conditions or trends in our industry or the economy as a whole;

• changes in business or regulatory conditions;

• future sales of our Class A common stock or other securities by us or the Principal Stockholders, or the perception
that such sales may occur;

• investor perceptions of or the investment opportunity associated with our Class A common stock relative to other
investment alternatives;

• the public's response to press releases or other public announcements by us or third parties, including our filings
with the SEC;

• announcements relating to litigation or governmental investigations;

• guidance, if any, that we provide to the public, any changes in this guidance or our failure to meet this guidance;

• the development and sustainability of an active trading market for our stock;

• changes in accounting principles; and

• other events or factors, including those resulting from IT system failures and disruptions, natural disasters, war, acts of
terrorism, pandemics or responses to these events.

Furthermore, the stock market may experience extreme volatility that, in some cases, may be unrelated or disproportionate to the operating performance of particular companies. These broad market and industry fluctuations

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may adversely affect the market price of our Class A common stock, regardless of our actual operating performance. In addition, price volatility may be greater if the public float and trading volume of our Class A common stock is low.

In the past, following periods of market volatility, stockholders have instituted securities class action litigation. If we were to become involved in securities litigation, it could have a substantial cost and divert resources and the attention of executive management from our business regardless of the outcome of such litigation.

***If securities or industry analysts do not publish or cease publishing research or reports about our business, or if they issue an adverse or misleading opinion regarding our stock, our stock price and trading volume could decline.***

The trading market for our Class A common stock will be influenced by the research and reports that industry or securities analysts publish about us or our business. We do not currently have and may never obtain research coverage by securities and industry analysts. If no or few securities or industry analysts commence coverage of us, the trading price for our Class A common stock would be negatively impacted. In the event we obtain securities or industry analyst coverage, if any of the analysts who cover us issue an adverse or misleading opinion regarding us, our business model or our stock performance, or if our results of operations fail to meet the expectations of analysts, our stock price would likely decline. If one or more of these analysts cease coverage of us or fail to publish reports on us regularly, we could lose visibility in the financial markets, which in turn could cause our stock price or trading volume to decline.

***Taking advantage of the reduced disclosure requirements applicable to "emerging growth companies" may make our Class A common stock less attractive to investors.***

We qualify as an "emerging growth company" as defined in the JOBS Act. An emerging growth company may take advantage of certain reduced reporting and other requirements that are otherwise applicable generally to public companies. Pursuant to these reduced disclosure requirements, emerging growth companies are not required to, among other things, comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, provide certain disclosures regarding executive compensation, hold stockholder advisory votes on executive compensation or obtain stockholder approval of any golden parachute payments not previously approved. In addition, emerging growth companies have longer phase-in periods for the adoption of new or revised financial accounting. We will cease to be an emerging growth company upon the earliest of (i) the last day of the fiscal year following the fifth anniversary of this offering; (ii) the last day of the fiscal year in which we have equal to or more than $1.235 billion in annual revenue; (iii) the date on which we issue more than $1 billion of non-convertible debt over a three-year period; or (iv) the date on which we become a "large accelerated filer" (the fiscal year-end on which the total market value of our common equity securities held by non-affiliates is $700 million or more as of June 30).

We intend to take advantage of all of the reduced reporting requirements and exemptions, including the longer phase-in periods for the adoption of new or revised financial accounting standards under Section 107 of the JOBS Act, until we are no longer an emerging growth company. If we were to subsequently elect instead to comply with these public company effective dates, such election would be irrevocable pursuant to Section 107 of the JOBS Act.

Our election to use the phase-in periods permitted by this election may make it difficult to compare our financial statements to those of non-emerging growth companies and other emerging growth companies that have opted out of the longer phase-in periods under Section 107 of the JOBS Act and who will comply with new or revised financial accounting standards. We cannot predict if investors will find our Class A common stock less attractive because we will rely on these exemptions. If some investors find our Class A common stock less attractive as a result, there may be a less active trading market for our Class A common stock, and our Class A

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common stock price may be more volatile. Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies.

***We will incur significantly increased costs and become subject to additional regulations and requirements as a result of becoming a public company, and our management will be required to devote substantial time to new compliance matters, which could lower our profits or make it more difficult to run our business.***

As a public company, we will incur significant legal, regulatory, finance, accounting, investor relations and other expenses that we have not incurred as a private company, including costs associated with public company reporting requirements. As a result of having publicly traded Class A common stock, we will also be required to comply with, and incur costs associated with such compliance with, the Sarbanes-Oxley Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), as well as rules and regulations implemented by the SEC and the exchange on which we list our shares. The expenses incurred by public companies generally for reporting and corporate governance purposes have been increasing. We expect these rules and regulations to increase our legal and financial compliance costs and to make some activities more time-consuming and costly. Our management will need to devote a substantial amount of time to ensure that we comply with all of these requirements, diverting the attention of management away from revenue-producing activities. These laws and regulations also could make it more difficult or costly for us to obtain certain types of insurance, including director and officer liability insurance, and we may be forced to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. These laws and regulations could also make it more difficult for us to attract and retain qualified persons to serve on our board of directors or our board committees or as our executive officers. Furthermore, if we are unable to satisfy our obligations as a public company, we could be subject to delisting of our Class A common stock, fines, sanctions and other regulatory action and potentially civil litigation.

***Future sales, or the perception of future sales, by us or our existing stockholders in the public market following this offering could cause the market price for our Class A common stock to decline.***

After this offering, the sale of shares of our Class A common stock in the public market, or the perception that such sales could occur, including sales by the Principal Stockholders, could harm the prevailing market price of shares of our Class A common stock. These sales, or the possibility that these sales may occur, also might make it more difficult for us to sell equity securities in the future at a time and at a price that we deem appropriate.

Upon completion of this offering and prior to giving effect to the vesting of any LTI Awards that may vest in connection with this offering, the reservation of shares of Class A common stock under the 2026 LTIP, the grant of awards thereunder in connection with this offering and any future redemptions of B.V. Non-Voting Shares (and, if applicable, acquisitions of Mercury HoldCo Inc. shares) pursuant to the Exchange Agreement, we will have a total of shares of our Class A common stock outstanding (shares if the underwriters exercise in full their option to purchase additional shares of Class A common stock) and shares of Class B common stock (shares if the underwriters exercise in full their option to purchase additional shares of Class A common stock). Of such outstanding shares, the shares of Class A common stock sold in this offering (or shares of Class A common stock if the underwriters exercise in full their option to purchase additional shares of Class A common stock) will be freely tradable without restriction or further registration under the Securities Act, except that any shares held by our affiliates, as that term is defined under Rule 144 under the Securities Act ("Rule 144"), including our directors, director nominees, executive officers and other affiliates (including the Principal Stockholders), may be sold only in compliance with the limitations described in "Shares eligible for future sale."

The shares of Class A common stock beneficially held by the Principal Stockholders and certain of our directors, director nominees and executive officers after this offering, representing % of the total aggregate number

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of Class A common stock and Class B common stock outstanding following this offering (without giving effect to any purchases that certain of our directors, director nominees and executive officers may make through the Directed Share Program), will be "restricted securities" within the meaning of Rule 144 and subject to certain restrictions on resale. Restricted securities may be sold in the public market only if they are registered under the Securities Act or are sold pursuant to an exemption from registration such as Rule 144, as described in "Shares eligible for future sale."

In connection with this offering, we, our directors, director nominees and executive officers and the Principal Stockholders will sign lock-up agreements with the underwriters that will, subject to certain exceptions, restrict the disposition of, or hedging with respect to, the shares of our Class A common stock or securities convertible into or exchangeable for shares of Class A common stock, each held by them for 180 days following the date of this prospectus, except with the prior written consent of each of J.P. Morgan Securities LLC, Piper Sandler & Co. and Evercore Group L.L.C. See "Underwriting" for a description of these lock-up agreements. J.P. Morgan Securities LLC, Piper Sandler & Co. and Evercore Group L.L.C., on behalf of the underwriters, may, in their sole discretion, release all or some portion of the shares subject to the 180-day lock-up agreements prior to the expiration of such period.

Upon the expiration of the lock-up agreements described above, all of such shares will be eligible for resale in a public market, subject, in the case of shares held by our affiliates, to volume, manner of sale and other limitations under Rule 144. We expect that the Principal Stockholders and their respective affiliates may be considered our affiliates based on their respective expected share ownership (consisting of shares of Class A common stock and shares of Class B common stock beneficially owned by affiliates of the Principal Stockholders), as well as their board designation rights. Certain other of our stockholders may also be considered affiliates at that time.

In connection with this offering, we plan to enter into the Registration Rights Agreement with the Principal Stockholders. We expect that the Registration Rights Agreement will contain provisions by which we agree to register under the federal securities laws the offer and resale of shares of our Class A common stock by the Principal Stockholders, their affiliates or their respective permitted transferees. See "Certain relationships and related party transactions—Registration Rights Agreement." By exercising their registration rights and selling a large number of shares of Class A common stock, the Principal Stockholders could cause the prevailing market price of our Class A common stock to decline. Following completion of this offering, the shares of Class A common stock (including the number of shares of Class A common stock that the Principal Stockholders may receive in exchange for an equal number of B.V. Non-Voting Class A Shares, B.V. Non-Voting Class B Shares and shares of our Class B common stock) covered by registration rights would represent % of our total Class A common stock outstanding (or % if the underwriters exercise in full their option to purchase additional shares of Class A common stock). Registration of any of these outstanding shares of Class A common stock would result in such shares becoming freely tradable without compliance with Rule 144 upon effectiveness of the registration statement. See "Shares eligible for future sale." It is anticipated that the Principal Stockholders may exercise their registration rights to effect additional public sales of our Class A common stock.

As soon as practicable following this offering, we may file one or more registration statements on Form S-8 under the Securities Act to register the shares of our Class A common stock that may be reserved for issuance under any long-term incentive plan that may be adopted (including the 2026 LTIP). Any such Form S-8 registration statements will automatically become effective upon filing. Accordingly, shares registered under such registration statements will be available for sale in the open market. We expect that any initial registration statement on Form S-8 will cover shares of our Class A common stock.

As restrictions on resale end, or if the Principal Stockholders exercise their registration rights, the market price of our shares of Class A common stock could drop significantly if the holders of these shares sell them or are

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perceived by the market as intending to sell them. These factors could also make it more difficult for us to raise additional funds through future offerings of our shares of Class A common stock or other securities.

In the future, we may also issue our securities in connection with investments or acquisitions. The amount of shares of our Class A common stock issued in connection with an investment or acquisition could constitute a material portion of our then-outstanding shares of our Class A common stock. Any issuance of additional securities in connection with investments or acquisitions may result in additional dilution to you.

***Anti-takeover provisions in our organizational documents could delay or prevent a change of control.***

Certain provisions of our amended and restated certificate of incorporation and our amended and restated bylaws, once adopted, may have an anti-takeover effect and may delay, defer or prevent a merger, acquisition, tender offer, takeover attempt or other change of control transaction that a stockholder might consider in its best interest, including those attempts that might result in a premium over the market price for the shares held by our stockholders.

These provisions will, among other things:

• authorize the issuance of undesignated preferred stock, the terms of which may be established and the shares of which may
be issued without stockholder approval, and which may include super voting, special approval, dividend or other rights or preferences superior to the rights of our Class A common stock;

• in the event that the Principal Stockholders are no longer entitled to designate for nomination at least three directors to
our board of directors pursuant to the Stockholders' Agreement, prohibit stockholder action by written consent, which requires all stockholder actions to be taken at a meeting of our stockholders;

• provide that our board of directors is expressly authorized to make, alter or repeal our amended and restated bylaws; and

• establish advance notice requirements for nominations of directors or for proposing matters that can be acted upon by
stockholders at stockholder meetings.

These anti-takeover provisions could make it more difficult for a third party to acquire us, even if the third party's offer may be considered beneficial by many of our stockholders. As a result, our stockholders may be limited in their ability to obtain a premium for their shares in such circumstances. See "Description of capital stock."

In addition, certain change of control events could have the effect of accelerating the payment due under the Tax Receivable Agreement, which could be substantial and accordingly serve as a disincentive to a potential acquirer of us. Please see "—In certain cases, payments under the Tax Receivable Agreement may be accelerated and significantly exceed the actual benefits, if any, we realize in respect of the tax attributes subject to the Tax Receivable Agreement." Further, certain of our outstanding debt agreements place restrictions on a change of control. See "Management's discussion and analysis of financial condition and results of operations—Liquidity and capital resources—Debt agreements—Amended and Restated Revolver."

***Our board of directors will be authorized to issue and designate shares of our preferred stock without stockholder approval.***

Our amended and restated certificate of incorporation will authorize our board of directors, without the approval of our stockholders, to issue shares of our preferred stock, subject to limitations prescribed by applicable law, rules and regulations and the provisions of our amended and restated certificate of incorporation, as shares of preferred stock in series, to establish from time to time the number of shares to be included in each such series

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and to fix the designation, powers, preferences and rights of the shares of each such series and the qualifications, limitations or restrictions thereof. The powers, preferences and rights of these series of preferred stock may be senior to or on parity with our Class A common stock, which may reduce its value.

***Our amended and restated bylaws will designate the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees or agents.***

***Dividends may not be declared or paid to holders of our Class A common stock in the foreseeable future, and our existing debt agreements place certain restrictions on our ability to do so.***

The declaration and payment of dividends by us will be at the sole discretion of our board of directors. We currently intend to retain future earnings, if any, to finance the growth and development of our business. However, our dividend policy is within the discretion of our board of directors and will depend upon then-existing conditions, including our results of operations, financial condition, capital requirements, investment opportunities, statutory or contractual restrictions on our ability to pay dividends and other factors our board of directors may deem relevant. See "Dividend policy." In addition, our existing debt agreements place, and we expect our future debt agreements will place, certain restrictions on our ability to pay cash dividends on our Class A common stock. Consequently, unless and until our board of directors decides to declare a dividend, your only opportunity to achieve a return on your investment is if the price of our Class A common stock appreciates. There is no guarantee that the price of our Class A common stock that will prevail in the market will ever exceed the price that you pay in this offering.

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**Use of proceeds** 

We expect to receive $ million of net proceeds (assuming the midpoint of the price range set forth on the cover page of this prospectus) from the sale of Class A common stock by us in this offering, after deducting underwriting discounts and commissions and estimated offering expenses payable by us. If the underwriters exercise in full their option to purchase additional shares of Class A common stock from us, we estimate that the net proceeds will be $ million, after deducting underwriting discounts and commissions and estimated offering expenses payable by us.

We intend to (i) use $ million of the net proceeds from this offering to pay the cash consideration portion of the purchase price to purchase an aggregate B.V. Voting Class A Shares and B.V. Voting Class B Shares from Baker Hughes and/or Akastor pursuant to the corporate reorganization (see "Corporate reorganization") and (ii) contribute all of the remaining net proceeds from this offering to HMH B.V. in exchange for a number of B.V. Voting Class A Shares and B.V. Voting Class B Shares such that the number of B.V. Voting Class A Shares and B.V. Voting Class B Shares, respectively, held by us (taking into account the B.V. Voting Class A Shares and B.V. Voting Class B Shares acquired by us from the Principal Stockholders pursuant to the corporate reorganization) equals the number of shares of Class A common stock sold by us in the offering. HMH B.V. intends to use $ million of the net proceeds received by it to repay all of the outstanding principal and accrued and unpaid interest under the Shareholder Loans from Baker Hughes Holdings LLC and Akastor AS, which totaled $140.8 million as of September 30, 2025, and any remaining amounts for general corporate purposes, which may include funding for acquisitions, working capital requirements, capital expenditures and the repayment, refinancing, redemption or repurchase of indebtedness or other securities.

If the underwriters exercise in full their option to purchase additional shares of Class A common stock, we intend to contribute all of the additional net proceeds to HMH B.V. in exchange for an additional B.V. Voting Class A Shares and B.V. Voting Class B Shares. HMH B.V. intends to use such additional net proceeds for general corporate purposes, which may include funding for acquisitions, working capital requirements, capital expenditures and the repayment, refinancing, redemption or repurchase of indebtedness or other securities.

The Shareholder Loans mature on the earliest to occur of October 1, 2026 or a liquidation event (as defined in the Shareholder Loan Agreement) such as the consummation of this offering. As of September 30, 2025, the total amount of principal and accrued and unpaid interest outstanding under the Shareholder Loans was $140.8 million, which included $110.2 million outstanding under the Baker Hughes Shareholder Loan (as defined herein) and $30.6 million outstanding under the Akastor Shareholder Loan (as defined herein). The Shareholder Loans bear interest at a rate of 8.0% per annum. See "Management's discussion and analysis of financial condition and results of operations—Liquidity and capital resources—Debt agreements—Shareholder Loans" and "Certain relationships and related party transactions—Shareholder Loans."

A $1.00 increase or decrease in the assumed initial public offering price of $ per share would cause the net proceeds from this offering, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us, to increase or decrease, respectively, by $ million, assuming the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same. If the proceeds increase due to a higher initial public offering price or due to the issuance of additional shares, we will use the additional net proceeds for general corporate purposes. If the proceeds decrease due to a lower initial public offering price or a decrease in the number of shares issued, we will contribute fewer net proceeds to HMH B.V., which may reduce by a corresponding amount the net proceeds directed to repay the Baker Hughes Shareholder Loan and the Akastor Shareholder Loan.

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The expected use of net proceeds from this offering represents our intentions based upon our present plans and business conditions. We cannot predict with certainty all of the particular uses for the proceeds from this offering or the amounts that we will actually spend on the uses set forth above. Accordingly, our management will have significant flexibility in applying the net proceeds from this offering. The timing and amount of our actual expenditures will be based on many factors, including cash flows from operations and the anticipated growth of our business.

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**Dividend policy** 

The declaration and payment of dividends by us will be at the sole discretion of our board of directors. We currently intend to retain future earnings, if any, to finance the growth and development of our business. However, our dividend policy is within the discretion of our board of directors and will depend upon then-existing conditions, including our results of operations, financial condition, capital requirements, investment opportunities, statutory or contractual restrictions on our ability to pay dividends and other factors our board of directors may deem relevant. In addition, our existing debt agreements place, and we expect our future debt agreements will place, certain restrictions on our ability to pay cash dividends on our Class A common stock. See "Risk factors—Risks related to this offering and ownership of our Class A common stock—Dividends may not be declared or paid to holders of our Class A common stock in the foreseeable future, and our existing debt agreements place certain restrictions on our ability to do so." Consequently, unless and until our board of directors decides to declare a dividend, your only opportunity to achieve a return on your investment is if the price of our Class A common stock appreciates.

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**Capitalization** 

The following table sets forth our cash and cash equivalents and capitalization as of September 30, 2025:

• on an actual basis as of September 30, 2025 for our predecessor;

• on an as adjusted basis for HMH Inc., giving effect to (i) the corporate reorganization, (ii) the sale of shares
of our Class A common stock in this offering at an assumed initial offering price of $ per share, after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us,
and (iii) the application of the net proceeds from this offering as described under "Use of proceeds."

The 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. This table should be read in conjunction with "Management's discussion and analysis of financial condition and results of operations," "Use of proceeds" and the financial statements and related notes thereto included elsewhere in this prospectus.

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| | | |
|:---|:---|:---|
|  | **As of September 30, 2025(1)** | **As of September 30, 2025(1)** |
| | **Predecessor actual** | **HMH Inc. as adjusted(2)** |
|  | **(in millions, except share and per share amounts)** | **(in millions, except share and per share amounts)** |
|  Cash and cash equivalents | $56.6 | $|
|  **Long-term debt, including current portions:** |  |  |
|  Senior Secured Bonds | 198.2 |  |
|  Credit Line in China | 0.7 |  |
|  Shareholder Loans | 140.8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total debt, net | $339.7 | $|
|  **Shareholders' equity:** |  |  |
|  Ordinary shares (€1.00 par value, 200 shares authorized and 200 shares issued and outstanding) | $— | $|
|  Class A Common stock, par value $0.01 per share; no shares authorized, no shares issued and outstanding, actual; 1,000,000,000 shares authorized, shares issued and outstanding, as adjusted |  |  |
|  Class B Common stock, par value $0.01 per share; no shares authorized, no shares issued and outstanding, actual; 500,000,000 shares authorized, shares issued and outstanding, as adjusted |  |  |
|  Additional paid-in capital | 610.4 |  |
|  Retained earnings | 69.7 |  |
|  Accumulated other comprehensive income (loss) | 4.8 |  |
|  Non-controlling interests | 1.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity | $686.3 | $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total capitalization | $1026.0 | $|

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(1) HMH Inc. was incorporated in April 2024. The data in this table has been derived from the historical consolidated financial statements included elsewhere in this prospectus, which pertain to the assets, liabilities,
revenues and expenses of our accounting predecessor, HMH B.V.

(2) The as adjusted column includes the HMH B.V. interests not owned by us, which represents   % of the B.V. Shares. The Principal Stockholders will hold a   % equity interest in HMH B.V. HMH Inc.
will hold a   % equity interest in HMH B.V.

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**Dilution** 

Purchasers of our Class A common stock in this offering will experience immediate and substantial dilution in the net tangible book value (tangible assets less total liabilities) per share of our Class A common stock for accounting purposes. Our pro forma net tangible book value as of September 30, 2025 after giving pro forma effect to the corporate reorganization was $ million, or $ per share of Class A common stock.

Pro forma net tangible book value per share is determined by dividing our pro forma net tangible book value, or total tangible assets less total liabilities, by our shares of Class A common stock that will be outstanding immediately prior to the closing of this offering, including giving effect to the corporate reorganization (assuming that 100% of our Class B common stock has been cancelled in connection with a redemption of B.V. Non-Voting Shares for Class A common stock). Assuming an initial public offering price of $ per share (which is the midpoint of the price range set forth on the cover page of this prospectus), after giving pro forma effect to the sale of the shares in this offering and further assuming the receipt of the estimated net proceeds (after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us and the application of such proceeds as described in the as adjusted column in "Capitalization"), our as adjusted pro forma net tangible book value as of September 30, 2025 would have been $ million, or $ per share. This represents an immediate increase in the pro forma net tangible book value of $ per share to our existing investors and an immediate dilution to new investors purchasing shares in this offering of $ per share, resulting from the difference between the assumed offering price and the as adjusted pro forma net tangible book value after giving effect to the corporate reorganization and this offering. The following table illustrates the per share dilution to new investors purchasing shares in this offering (assuming that 100% of our Class B common stock has been cancelled in connection with a redemption of B.V. Non-Voting Shares for Class A common stock):

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| | |
|:---|:---|
|  Assumed initial public offering price per share | $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro forma net tangible book value per share as of September 30, 2025 after giving effect to the corporate reorganization (before this offering) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase per share attributable to new investors in this offering | $— |
|  As adjusted pro forma net tangible book value per share (after giving effect to the corporate reorganization and this offering) | $|
|  Dilution in pro forma net tangible book value per share to new investors in this offering(1) | $|

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(1) If the initial public offering price were to increase or decrease by $1.00 per share, then dilution in pro forma net tangible book value per share to new investors in this offering would equal
$ or $, respectively.

The following table summarizes, on an adjusted pro forma basis as of September 30, 2025, the total number of shares of Class A common stock owned by our existing investors (assuming that 100% of our Class B common stock has been cancelled in connection with a redemption of B.V. Non-Voting Shares for Class A common stock) and to be owned by new investors, the total consideration paid and the average price per share paid by our existing investors and to be paid by new investors in this offering at $ per share, calculated before deduction of estimated underwriting discounts and commissions.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares acquired** | **Shares acquired** | **Total consideration** | **Total consideration** | **Average price<br>per share** |
|  | **Number** | **Percent** | **Percent** | **Percent** | **Average price<br>per share** |
| | **(in thousands)** | | | | |
|  Existing investors |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | $|
|  New investors in this offering |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  | 100% | $— | 100% | $|

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The data in the table excludes the shares of Class A common stock that may be reserved for issuance under any long-term incentive plan that may be adopted (including the 2026 LTIP).

Each $1.00 increase (decrease) in the initial public offering price of $ per share of Class A common stock would increase (decrease) the total consideration paid by new investors in this offering and the total consideration paid by all holders of Class A common stock by $ million, assuming the number of shares of Class A common stock offered by us, as set forth on the cover page of this prospectus, remains the same, after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.

If the underwriters exercise in full their option to purchase additional shares of Class A common stock, the number of shares of Class A common stock being offered in this offering will be increased to , with such additional shares representing % of the total number of shares of Class A common stock.

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**Management's discussion and analysis of financial condition and results of operations** 

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with "Summary—Summary historical and pro forma financial data" and the accompanying financial statements and related notes thereto included elsewhere in this prospectus. The following discussion contains forward-looking statements that reflect our future plans, estimates, beliefs and expected performance. The forward-looking statements are dependent upon events, risks and uncertainties that may be outside our control. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences are discussed elsewhere in this prospectus, including in "Risk factors" and "Cautionary statement regarding forward-looking statements," all of which are difficult to predict. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed may not occur. We do not undertake any obligation to publicly update any forward-looking statements except as otherwise required by applicable law.* 

*Unless otherwise indicated, the historical financial information in this "Management's discussion and analysis of financial condition and results of operations" reflects only the historical financial results of our predecessor, HMH B.V., and does not give effect to the transactions described in "Corporate reorganization."* 

**Company overview** 

We are a leading provider of highly engineered, mission-critical equipment solutions, providing customers with a comprehensive portfolio of drilling equipment, services and systems utilized in oil and gas drilling operations, both offshore and onshore. Our global reach, technical expertise and innovative product offerings, coupled with our integrated operations from manufacturing to aftermarket services, allow us to provide customers with first class technology, engineering and project management services through the entire asset lifecycle of the equipment we provide. In addition, we are growing our portfolio of products and services to adjacent industries, such as mining. The complexity and criticality of our installed equipment drive customers to choose us for their aftermarket support, particularly in the offshore environment, which is subject to extensive regulation.

Our comprehensive portfolio of offerings, supported by integrated delivery capabilities and broad range of applications, enables us to address a full range of customer priorities. Our offerings are broadly categorized as:

•  ***Sales of projects and products*.** This includes (i) comprehensive drilling equipment
packages containing a full suite of components needed for a newbuild or reactivated drilling rig and (ii) individual or grouped components of drilling and pressure control equipment that facilitate customers maintaining and upgrading their
existing fleet. During the nine months ended September 30, 2025 and the year ended December 31, 2024, we derived 27.1% and 27.2%, respectively, of our revenue from sales of projects and products.

•  ***Aftermarket services*** . This includes services on installed equipment and integrated digital
solutions. Our aftermarket services facilitate customers maintaining and improving the lifespan, safety and efficiency of their existing drilling rig fleets. During the nine months ended September 30, 2025 and the year ended December 31,
2024, we derived 45.4% and 43.4%, respectively, of our revenue from aftermarket services.

•  ***Sales of spare parts*** . This includes replacement parts for installed equipment used in oil and gas drilling
operations. During the nine months ended September 30, 2025 and the year ended December 31, 2024, we derived 27.5% and 29.4%, respectively, of our revenue from sales of spare parts.

Approximately 75% of our installed base of equipment serves the offshore drilling market, which is more highly regulated, more demanding and more technologically sophisticated than is typically encountered in the onshore market. As a result, offshore operators require highly engineered equipment and technical support services to keep their operations running safely, efficiently and productively. We believe that we are

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well-positioned to continue supporting and building our presence in the offshore drilling market as a result of our full, integrated suite of mission-critical drilling solutions, highly technical expertise, aftermarket services offerings and long experience providing and maintaining equipment in this industry.

We are a global company, with locations in 15 countries and sales in over 80 countries in 2025. We are headquartered in Houston, Texas, USA, with two major operational centers located close to key offshore areas in Houston, Texas, USA, and Kristiansand, Norway. In addition to our sales offices and direct sales efforts, we incorporate distributors and manufacturing sales representatives into our sales and marketing channels in certain limited locations to market our various offerings.

We sell equipment and services to three core customer categories across the markets that we serve: (i) drilling contractors; (ii) operators, including both oil and gas E&P companies and mining companies onshore and offshore; and (iii) manufacturers, consisting of shipyards and manufacturers of capital equipment. In addition to providing a range of equipment, spare parts, recurring aftermarket services and digital solutions to the onshore and offshore oil and gas drilling industry, we provide equipment and services to the onshore and subsea mining industry. Over our 125-year history, we believe we have developed trusted relationships with our customers and a strong reputation across industries with recognizable brand names, such as Hydril, VetcoGray, Wirth and Maritime Hydraulics.

HSSE is a key component of our organizational culture, and we strive to cultivate an HSSE-focused mindset among our employees and in connection with our activities. Our employees are expected to advance our corporate HSSE values and principles, including caring for the environment and prioritizing the safety and well-being of our employees and other stakeholders.

We have an asset-light business model through the leveraging of our existing operating footprint and OEM and CEM business model and are well positioned to grow and scale our business with low incremental investment and capital expenditures. During the nine months ended September 30, 2025, our net income was $31.5 million (or 5.1% of revenue) (as compared to net income of $44.9 million during the nine months ended September 30, 2024) and our Adjusted EBITDA was $102.2 million (or 16.5% of revenue), while capital expenditures, including development costs, represented only 1.6% of revenue. During the year ended December 31, 2024, our net income was $52.0 million (or 6.2% of revenue) (as compared to net income of $17.4 million during the year ended December 31, 2023) and our Adjusted EBITDA was $158.4 million (or 18.8% of revenue), while capital expenditures, including development costs, represented only 2.2% of revenue. Having an asset-light business allows us to generate a strong Adjusted ROCE, a metric that we use to evaluate the profitability of our capital employed in our business operations. During the nine months ended September 30, 2025 and the year ended December 31, 2024, our Adjusted ROCE was 13.2% and 22.2%, respectively. Adjusted EBITDA and Adjusted ROCE are non-GAAP financial measures. Please see "Summary—Summary historical and pro forma financial data—Non-GAAP financial measures" for the definitions of Adjusted EBITDA and Adjusted ROCE and a reconciliation of Adjusted EBITDA and Adjusted ROCE to our most directly comparable financial measures calculated and presented in accordance with GAAP.

HMH B.V. was formed on October 1, 2021, through the combination of Baker Hughes's Subsea Drilling Systems pressure control business and Akastor's MHWirth drilling equipment business. As of January 29, 2026, 50% of HMH B.V.'s ordinary shares were held by Baker Hughes, and 50% of HMH B.V.'s ordinary shares were held by Akastor. Baker Hughes is an energy technology company with a diversified portfolio of technologies and services that span the energy and industrial value chain. Akastor is a Norway-based oil services investment company with a portfolio of industrial and financial holdings.

Together with our traditional business lines, we are embracing new opportunities in adjacent industries, including subsea mining. We approach all industries with a commitment to quality, safety and value. In even the most demanding environments, we strive to deliver value-adding products and services.

**Our predecessor and HMH Inc.** 

HMH Inc. was formed on April 29, 2024, and has not conducted and will not conduct any material business operations prior to the completion of the transactions described under "Corporate reorganization" other than

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certain activities related to this offering. Our predecessor consists of HMH B.V. and its subsidiaries on a consolidated basis. Unless otherwise indicated, the historical consolidated financial information included in this prospectus presents the historical financial information of HMH B.V. Historical consolidated financial information is not indicative of the results that may be expected in any future periods. For more information, please see the historical consolidated financial statements and related notes thereto included elsewhere in this prospectus and "—Factors affecting the comparability of our results of operations."

**Market factors and trends** 

Oil and gas play a critical role in enabling modern society to function and providing increased standards of living to the global population. We believe that oil and gas will continue to play a leading role in the future global energy mix. While the world will take the needed efforts to diversify its energy supply into renewables and more sustainable forms of energy, including nuclear, the IEA estimates that oil and gas will nonetheless comprise 45% of global energy supply in 2050 and that global energy consumption is expected to increase to 533 exajoule ("EJ") by 2050, a 20% increase from 2023 levels and a 41% increase from 2010 levels.

Our business is driven by the number of drilling rigs working globally onshore and offshore (particularly those drilling rigs on which our equipment is installed), which in turn is driven by oil and gas demand, levels of global drilling activity and spending by E&P operators associated with supplying oil and gas. As demand for contracted drilling rigs increases, our customers may seek to replace existing equipment that is in need of major refurbishment or no longer operational, upgrade the capacities of their existing drilling rigs with our highly engineered, integrated drilling solutions or retrofit a new comprehensive drilling package or entire newbuild drilling rig. We provide ongoing aftermarket services and spare part sales on drilling rigs with our installed equipment, as well rigs with equipment from other OEMs, allowing us to capture recurring revenues throughout the lifecycle of a drilling rig.

As drilling rigs work and age, and as increasingly complex wells generate more wear-and-tear, we benefit from the resulting additional demand for our products, aftermarket services and spare parts. Historically, we have seen aftermarket-driven demand growth as offshore drilling activity increases, and we expect that pattern to continue. Additionally, as our customers bring offshore rigs that are warm stacked or cold stacked back into service, the revenue base for our aftermarket services and spare parts increases. This is in addition to our benefitting from the revenue opportunities from equipment upgrades associated with such reactivations.

The last build cycle for offshore drilling rigs ended in 2015 when E&P operators shifted spending to short-cycle onshore shale from offshore, leading to an oversupply of floater and jack-up rigs, sending the offshore drilling industry into a prolonged downturn. This led to chronic underinvestment, which, when combined with declining rates on existing wells, created upward pressure on day rates and led to increases in activity in 2019. The decrease in customer spending as a result of the emergence of the COVID-19 pandemic in 2020 and the resulting decline in oil and gas demand caused our customers to take rigs out of service as offshore drilling activity contracted. Beginning in 2021 with the gradual reopening of supply chains, however, the offshore oil and gas industry had largely returned to its pre-COVID recovery trend.

According to Rystad Energy, after years of underinvestment, global greenfield and brownfield oil and gas capital expenditures are projected to be over $700 billion in each of 2025, 2026 and 2027, an increase of over 60% as compared to 2020. As global capital expenditures for the oil and gas industry increase, the offshore rig market is also approaching activity levels not seen in nearly a decade. Rystad Energy forecasts a compounded annual growth rate of approximately 4% for floater rigs between 2025 and 2028, and offshore production is expected to grow 13% between 2025 and 2030. Rystad Energy also expects to see offshore deepwater production as the main contributor to global non-OPEC oil supply beyond 2027 as spending shifts towards offshore in response to the relative underinvestment in long-cycle, high-volume offshore developments over the past decade. Such increase in oil and gas exploration and drilling activity, particularly offshore, is expected to result in increased demand for our equipment, aftermarket services and spare parts.

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Demand related to onshore oil and gas drilling activity tends to be shorter cycle and regionally focused as each market may have specific dynamics that vary from location to location. Since the cyclical trough in activity during the last commodity price decline and COVID-19, the total number of active land rigs has increased and, in the key Middle East market, the demand for modern, high-spec land rigs capable of supporting complex drilling operations has resulted in newbuild opportunities. In the North American unconventional market, efficiency gains in drilling and completion activity have resulted in production increasing without a corresponding increase in rig counts—implying each active rig is drilling more wells and more footage in a given period than previously. This increased cadence of drilling activity in challenging subsurface environments and more complex, longer lateral wells create increased wear-and-tear on equipment, resulting in additional demand for our products, aftermarket services and spare parts.

We have an overall positive outlook for global oil and gas activity, with a specific emphasis on tailwinds in global offshore E&P spending and onshore E&P spending in the Middle East. We believe that increased E&P activity in the oil and gas industry, particularly offshore, will be required to meet expected growth in global demand. We believe that current low levels of E&P capital spending are not sustainable, and the E&P industry will require more capital investment in order to increase production capacity to meet near-term and long-term demand for oil and gas.

**Tariffs and trading relationships** 

In April 2025, the U.S. government announced a baseline tariff of 10% on products imported from all countries and an additional individualized reciprocal tariff on the countries with which the United States has the largest trade deficits. Many of these reciprocal tariffs went into effect in August 2025. In March 2025, the U.S. government imposed a 25% tariff on steel and aluminum imports, which was later raised to 50% in June 2025. In August 2025, the U.S. government announced a 25% tariff on India in response to its continued importation of Russian oil, which is in addition to the existing 25% reciprocal tariff on India. Also in August 2025, however, the U.S. Court of Appeals for the Federal Circuit ruled that many of the tariffs imposed under the Trump Administration exceed presidential authority and therefore are invalid, though the decision has been stayed pending U.S. Supreme Court review. This ruling introduces additional uncertainty as to the scope and durability of existing and future tariff measures. Increased tariffs by the United States have led and may continue to lead to the imposition of retaliatory tariffs by foreign jurisdictions. Additionally, the U.S. government has announced and rescinded multiple tariffs on several foreign jurisdictions, which has increased uncertainty regarding the ultimate effect of the tariffs on economic conditions. Current uncertainties about tariffs and their effects on trading relationships may affect costs for and availability of raw materials and component parts or contribute to inflation in the markets in which we operate. Although we are continuing to monitor the economic effects of such announcements, as well as opportunities to mitigate their related impacts, costs and other effects associated with the tariffs remain uncertain.

**Description of certain components of financial data** 

***Revenues***

We generate our revenue primarily from three broadly categorized offerings: (i) product revenue, which comprises revenue from sales of projects and products and includes (a) comprehensive drilling equipment packages containing a full suite of components needed for a newbuild or reactivated drilling rig and (b) individual or grouped components of drilling and pressure control equipment that facilitate customers maintaining and upgrading their existing fleet, (ii) service revenue, which comprises aftermarket services relating to installed equipment and integrated digital solutions, and (iii) spare parts revenue, which includes replacement spare parts. We also generate our revenue from related parties via sales to Baker Hughes, which primarily consists of sales of products and services consistent in nature with those of external parties.

During the nine months ended September 30, 2025, we derived 27.1% of our revenue from sales of projects and products, 45.4% from aftermarket services and 27.5% from sales of spare parts. During 2024, we derived 27.2% of our revenue from sales of projects and products, 43.4% from aftermarket services and 29.4% from sales of spare parts. We are a global company, with over 30 physical locations in 15 countries and with sales in over 80 countries in 2025.

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***Cost of sales***

Our cost of sales consists of costs related to the manufacturing and procurement of our products and projects in addition to the costs of our aftermarket services and spare parts. Cost of sales related to the manufacturing and procurement of our products and projects includes the cost of components sourced from third-party suppliers and direct and indirect costs to manufacture and supply products and projects, including labor, materials, machine time, lease expense related to our manufacturing facilities, freight and other variable manufacturing costs. Cost of services includes personnel expenses for our field service organization, lease expense related to our operations facilities, materials, vehicle expenses and freight and other variable costs. Cost of sales related to spare parts includes the cost of the spare parts inventory, personnel expenses, lease expense related to our facilities, inventory management expenses, freight and other variable costs.

***Selling, general and administrative expenses***

Selling, general and administrative expenses consist of costs such as sales and marketing, general corporate overhead, compensation expense, IT expenses, safety and environmental expenses, insurance costs, legal expenses and other related administrative functions. As a result of becoming a public company, we anticipate incurring incremental general and administrative expenses relating to expenses associated with SEC reporting requirements, including annual and quarterly reports, tax return preparation and dividend expenses, Sarbanes-Oxley Act compliance expenses, expenses associated with listing on Nasdaq, independent auditor fees, legal expenses and investor relations expenses. These incremental general and administrative expenses are not reflected in our predecessor's historical financial statements included elsewhere in this prospectus.

***Research and development expenses***

Research and development expenses consist of costs that are incurred in connection with the development of new cutting-edge technologies and solutions and the innovation of existing product and service offerings. Such costs include both the utilization of our employees, facilities and resources to create and develop new ideas and products and the engagement of third parties to perform development activities under our coordination and management.

***Depreciation and amortization***

Depreciation and amortization expense consists of depreciation related to our tangible assets, including investments in property and equipment, and amortization of intangible assets, including identified intangible assets step up related to the formation of HMH B.V. and acquisition purchase price accounting. Depreciation and amortization expense is included in the consolidated statements of income within cost of sales and selling, general and administrative expenses.

***Restructuring and other expenses***

During the nine months ended September 30, 2025, restructuring and other expenses consisted of restructuring charges and additional de minimis incidental operating expenses incurred by the business. See our predecessor's historical financial statements and related notes thereto included elsewhere in this prospectus for further information.

***Other operating expenses (income), net***

During the year ended December 31, 2024, other operating expenses (income), net consisted of additional de minimis incidental operating expenses incurred by the business. See our predecessor's historical financial statements and related notes thereto included elsewhere in this prospectus for further information.

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***Other non-operating income, net***

Other non-operating income, net consists of income on disposal or impairments of long-lived assets as well as other miscellaneous charges that management deems to not be part of our core business.

***Foreign currency gain (loss), net***

Foreign currency gain (loss), net consists of net gains or losses resulting from a change in exchange rates between the functional currency and the currency in which a foreign currency transaction is denominated. Our foreign subsidiaries, whose functional currency is the local currency, conduct a portion of their operations in U.S. dollars. As a result, these subsidiaries hold significant monetary assets denominated in U.S. dollars. These monetary assets are subject to changes in exchange rates between the U.S. dollar and the local currency.

***Interest expense, net***

Interest expense, net primarily consists of interest expense associated with the Prior Revolver and the Senior Secured Bonds.

***Income tax expense***

Income tax expense consists of income tax expenses in the various jurisdictions in which we operate. We are subject to income taxes in both the United States and foreign jurisdictions in which we operate. Differences between our effective tax rate and the U.S. federal income tax rate are primarily due to state taxes, foreign jurisdiction rate differences, permanent differences between book and tax income and change in valuation allowance.

**How we evaluate our results of operations** 

We use a variety of financial and operating metrics to analyze our performance. These metrics are significant factors in assessing our results of operations and profitability and include:

•  ***Revenues.*** **  Our revenues are generated primarily from (i) projects and products, (ii) aftermarket
services and (iii) spare parts. One of our measures of financial performance is the amount of revenue generated quarterly and annually as revenue is an indicator of our overall business growth.

•  ***Operating Income.*** **  We track operating income on an absolute dollar basis. One of our measures of
financial performance is the amount of operating income generated quarterly and annually, as operating income is an indicator of profit derived from our core business operations.

•  ***Net Income.*** **  We track net income on an absolute dollar basis and as a percentage of revenue. One of our
measures of financial performance is the amount of net income generated quarterly and annually as net income is an indicator of our overall profitability.

•  ***Adjusted EBITDA and Adjusted EBITDA Margin.*** **  We use Adjusted EBITDA and Adjusted EBITDA Margin (each, a
non-GAAP measure) as one of the indicators to evaluate and compare the results of our operations from period to period by removing the effect of our capital structure and certain non-recurring items. We define Adjusted EBITDA as net income before
interest expense, net, income tax expense, depreciation and amortization and certain non-recurring items that we do not consider to be indicative of our ongoing operating performance such as, but not limited to, IT system implementation,
restructuring and other expenses and foreign currency transaction (gain) loss. We track Adjusted EBITDA on an absolute dollar basis and as a percentage of revenue, which we refer to as Adjusted EBITDA Margin. We define Adjusted EBITDA Margin as
Adjusted EBITDA divided by revenue. We believe that Adjusted EBITDA is a supplemental

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measurement tool used by analysts and investors to evaluate overall operating performance, ability to pursue and service possible debt opportunities and possible future investment opportunities. In addition, we believe that Adjusted EBITDA Margin is a supplemental measurement tool used by analysts and investors to evaluate profitability of sales. Adjusted EBITDA does not represent funds available for our discretionary use and is not intended to represent or to be used as a substitute for net income, as measured under GAAP. The items excluded from Adjusted EBITDA and Adjusted EBITDA Margin, but included in the calculation of reported net income, are significant components of the consolidated statements of income and must be considered in performing a comprehensive assessment of overall financial performance. For a reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin to net income, the most directly comparable GAAP measure, see "—Comparison of non-GAAP financial measures." <br>

•  ***Free Cash Flow*** . We use Free Cash Flow (a non-GAAP measure) to evaluate our liquidity to provide flexibility
and optionality to achieve our broader capital allocation strategy. We define Free Cash Flow as cash flow from operations minus purchases of property and equipment and development costs. We believe that Free Cash Flow is a meaningful indicator of
liquidity that provides information to our management and investors about the amount of cash generated from operations, after purchases of property and equipment that can be used for investment in our business and for acquisitions as well as to
strengthen our balance sheet. Free Cash Flow has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of other GAAP financial measures, such as net cash provided by (used in) operating
activities. Free Cash Flow does not reflect our ability to meet future contractual commitments and may be calculated differently by other companies in our industry, limiting its usefulness as a comparative measure. For a reconciliation of Free Cash
Flow to net cash provided by (used in) operating activities, the most directly comparable GAAP measure, see "—Comparison of non-GAAP financial measures."

•  ***Adjusted ROCE.*** **  We use Adjusted ROCE (a non-GAAP measure) to evaluate the profitability of the
Company's capital employed in its business operations compared with that of its peers. We define Adjusted ROCE as net income plus interest expense, net, income tax expense and amortization expense for intangible assets, which we refer to as
EBITA (a non-GAAP measure), divided by total assets less goodwill, other intangibles and total current liabilities. We believe Adjusted ROCE is a good indicator of long-term company and management performance as it relates to capital efficiency. For
a reconciliation of EBITA and Adjusted ROCE to net income, the most directly comparable GAAP measure, see "—Comparison of non-GAAP financial measures."

Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, EBITA and Adjusted ROCE are non-GAAP financial measures and should not be considered alternatives to, or more meaningful than, net income, net income as a percentage of revenue, net cash provided by (used in) operating activities, net income as a percentage of total assets or any other measure presented in accordance with GAAP. Our computation of Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, EBITA and Adjusted ROCE may differ from computations of similarly titled measures of other companies. For a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures, see "—Comparison of non-GAAP financial measures."

**Factors affecting the comparability of our results of operations** 

The historical financial condition and results of operations of our predecessor for the periods presented may not be comparable, either from period to period or for HMH Inc. going forward, for the following reasons:

•  ***Corporate Reorganization*** . The historical consolidated financial statements included elsewhere in this
prospectus are based on the financial statements of our accounting predecessor, HMH B.V. As a result, the historical consolidated financial data may not give you an accurate indication of what our actual results would have been if the corporate
reorganization had been completed at the beginning of the periods presented or of what our future results of operations are likely to be. After giving effect to the corporate

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reorganization, HMH B.V. will be treated as a flow-through entity for U.S. federal income tax purposes and, as such, will generally not be subject to U.S. federal income tax at the entity level. The corporate reorganization will be accounted for as a reorganization of entities under common control and, as a result, our consolidated financial statements will recognize the assets and liabilities received in the corporate reorganization at their historical carrying amounts, as reflected in the historical consolidated financial statements of HMH B.V. In addition, in connection with the corporate reorganization and this offering, we will enter into the Tax Receivable Agreement pursuant to which we will be required to pay the Principal Stockholders 85% of the net cash savings, if any, that we are deemed to realize as a result of our utilization of certain tax benefits described under "Certain relationships and related party transactions—Tax Receivable Agreement." Finally, the corporate reorganization that will be completed in connection with the closing of this offering provides a mechanism by which the B.V. Non-Voting Shares will be allocated among the Principal Stockholders. As a result, the satisfaction of all conditions relating to the vesting of certain phantom awards in HMH B.V. held by our management and certain employees and non-employees will be probable. Accordingly, we will recognize a charge for stock compensation expense of $ related to the estimated fair value of the phantom awards at the time of grant, all of which will be non-cash. Based on an assumed initial offering price of $ per share (which is the midpoint of the price range set forth on the cover page of this prospectus), over the next year as the vesting conditions of the unvested phantom awards are satisfied, we will recognize additional non-cash charges for stock compensation expense of $ million. <br>

•  ***IPO-Related Compensation Expenses.*** We expect to incur a one-time share-based compensation expense of $ million, based on an assumed initial offering price of $ per share (which is the midpoint of the price
range set forth on the cover page of this prospectus), as a result of the successful completion of this offering. Certain of our employees and non-employees were granted Founders' Awards, 2022 LTI Awards, 2023 LTI Awards, 2024 LTI Awards and
2025 LTI Awards (each as defined herein and collectively, the "LTI Awards"), each of which are denominated in cash and, if the event triggering payment is an IPO (as defined in the award agreements), will settle in shares of our
Class A common stock. The liability and associated compensation expense for these awards will not be recognized until an IPO is consummated. No share-based compensation expenses were recognized prior to the IPO because an IPO was not considered
probable, so such general and administrative expenses are not reflected in our predecessor's historical financial statements included elsewhere in this prospectus. See "Executive compensation—Outstanding equity awards at fiscal year-end" for more information.

•  ***Inflation and Macroeconomic Conditions.*** Our operational performance is influenced by prevailing economic
conditions, including macroeconomic conditions, the overall inflationary climate and business sentiment. During the past few years, we experienced significant inflation in costs related to our products and services as a result of global inflationary
trends. Inflationary pressures experienced in recent years have resulted in, and may in the future result in, additional increases to the costs of goods, services, labor and personnel, which in turn could cause our capital expenditures and operating
costs to rise, as well as a scarcity of certain products and raw materials, including steel. Like others in our industry, in the past few years, we faced, and may in the future face, considerable inflation in the cost of raw materials and personnel.
Sustained levels of high inflation caused the U.S. Federal Reserve to raise its target range for the federal funds rate multiple times in 2022 and 2023, but the U.S. Federal Reserve cut rates multiple times between September of 2024 and December of
2025, resulting in a total aggregate increase of 350 basis points. The U.S. Federal Reserve's target rate is currently between 3.50% and 3.75%. Future rate hikes from the U.S. Federal Reserve (or its equivalent in other nations) or other
efforts to curb inflationary pressure on the costs of goods and services could have the effect of raising the cost of capital and depressing economic growth. As a result of the persistent economic and geopolitical uncertainty in many markets around
the world, we have also experienced, and may in the future experience, fluctuations in foreign currency exchange rates, supply chain

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disruptions, lack of liquidity in the capital markets or an increase in interest rates, all of which may negatively affect us or the parties with whom we do business. Additionally, our floating rate indebtedness may subject us to increased borrowing costs.

•  ***Public Company Expenses.*** We expect to incur additional selling, general and administrative expenses as a
result of becoming a publicly traded company. These costs include expenses associated with our annual and quarterly reporting, tax return preparation expenses, Sarbanes-Oxley Act compliance expenses, audit fees, legal fees, director and officer
insurance, director compensation, national stock exchange fees, investor relations expenses and registrar and transfer agent fees. These additional selling, general and administrative expenses are not reflected in our predecessor's historical
financial statements included elsewhere in this prospectus.

•  ***Income Taxes.*** HMH Inc. is subject to U.S. federal and state income taxes as a corporation. HMH B.V. is
treated as a flow-through entity for U.S. federal income tax purposes, and as such, is generally not subject to U.S. federal income tax at the entity level. Rather, the tax liability with respect to its taxable income will be passed through to the
shareholders of HMH B.V., including HMH Inc., following the corporate reorganization. Accordingly, the financial data attributable to HMH B.V. contains no U.S. federal income tax expense or income tax expense in any state or locality (other than
margin tax in the State of Texas). We estimate that HMH Inc. would have been subject to U.S. federal, state and local taxes at a blended statutory rate of     % of 2023 pre-tax earnings
and would be subject to a blended statutory rate of     % of 2024 pre-tax earnings. Based on blended statutory rates of     % and     %
for 2023 and 2024, respectively, HMH Inc. would have incurred pro forma income tax expense for the years ended December 31, 2023 and 2024 of $ million and $ million, respectively. On July
4, 2025, the One Big Beautiful Bill Act was enacted, introducing a broad range of changes to the Code. Because HMH B.V. is treated as a partnership for U.S. federal income tax purposes and its taxable income is allocated to its shareholders, we do
not expect HMH B.V. to recognize U.S. federal income tax expense as a result of the One Big Beautiful Bill Act. However, as a U.S. corporation and a shareholder of HMH B.V., we are continuing to evaluate the broader effects of the One Big Beautiful
Bill Act on our consolidated financial statements and operations, including potential impacts on HMH Inc.'s taxes, tax distributions from HMH B.V. and payments under the Tax Receivable Agreement. We are therefore unable to predict the ultimate
impact on our business, financial condition or results of operations.

**Results of operations** 

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

The following table sets forth, for the periods indicated, certain consolidated statement of income data:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine months ended**<br>**September 30,** | **Nine months ended**<br>**September 30,** | | |
| <br>**(in thousands, except percentages)** | **2025** | **2024** |<br>**$ Change** |<br>**% Change** |
|  **Revenue** |  |  |  |  |
|  Service revenue | $280678 | $263901 | $16777 | 6.4% |
|  Product revenue | 167424 | 154420 | 13004 | 8.4% |
|  Spare parts revenue | 170511 | 193805 | (23294) | (12.0)% |
|  Related party revenue | 445 | 2644 | (2199) | (83.2)% |
|  **Total revenue** | **619058** | **614770** | **4288** | **0.7%** |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine months ended**<br>**September 30,** | **Nine months ended**<br>**September 30,** | | |
| <br>**(in thousands, except percentages)** | **2025** | **2024** |<br>**$ Change** |<br>**% Change** |
|  **Operating expenses** |  |  |  |  |
|  Cost of services sold | 192486 | 158411 | 34075 | 21.5% |
|  Cost of goods sold - products | 152560 | 143234 | 9326 | 6.5% |
|  Cost of goods sold - spare parts | 105787 | 107863 | (2076) | (1.9)% |
|  **Total cost of sales** | **450833** | **409508** | **41325** | **10.1%** |
|  Selling, general and administrative expenses | 97040 | 115139 | (18099) | (15.7)% |
|  Research and development expenses | 1778 | 5489 | (3711) | (67.6)% |
|  Restructuring and other expenses | 4447 |  | 4447 | 100.0% |
|  **Total operating expenses** | **554098** | **530136** | **23962** | **(4.5)%** |
|  **Operating income** | **64960** | **84634** | **(19674)** | **(23.2)%** |
|  Foreign currency gain, net | 7015 | 1357 | 5658 | 416.9% |
|  Other non-operating income, net | 876 | 317 | 559 | 176.3% |
|  Interest expense, net | (26619) | (26705) | 86 | (0.3)% |
|  **Income before income taxes** | **46232** | **59603** | **(13371)** | **(22.4)%** |
|  Income tax expense | (14757) | (14655) | (102) | 0.7% |
|  **Net income** | $**31475** | $**44948** | $**(13473)** | **(30.0)%** |

---

We have historically reported two operating segments: Equipment and System Solutions ("ESS"), which consists of the legacy MHWirth drilling equipment business, and Pressure Control Systems ("PCS"), which consists of the legacy Subsea Drilling Systems pressure control business. ESS is a supplier of drilling solutions and complete topside drilling packages and services to both onshore and offshore oil and gas producers and drilling contractors, which includes hoisting and rotating systems, drilling (mud) circulating systems, condition-based maintenance and other services. PCS is a supplier of integrated drilling products and services, and the key product offerings consist of BOPs and BOP control systems, drilling risers, wellhead connectors, technical and operational rig support that includes a 24/7 support center, CSAs and long-term service agreements.

The following table sets forth, for the periods indicated, disaggregated revenue by segment:

---

| | | |
|:---|:---|:---|
| | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** |
| <br>**(in thousands)** | **2025** | **2024** |
|  **Revenue** |  |  |
|  Service revenue - ESS | $138155 | $133634 |
|  Product revenue - ESS | 111237 | 96536 |
|  Spare parts revenue - ESS | 87018 | 85003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total revenue - ESS** | $**336410** | $**315173** |
|  Service revenue - PCS | $142523 | $130267 |
|  Product revenue - PCS | 56632 | 60528 |
|  Spare parts revenue - PCS | 83493 | 108802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total revenue - PCS** | $**282648** | $**299597** |
|  **Total revenue** | $**619058** | $**614770** |

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During 2025, the Company continues to go through organizational changes and as a result of these changes, we anticipate discontinuing segment reporting based on ESS and PCS and the Chief Operating Decision Maker ("CODM"), who is our Chief Executive Officer, will begin assessing performance and making resource allocation decisions based on the breakdown between (i) sales of projects and products, (ii) aftermarket services and (iii) sales of spare parts. Equipment in our sales of projects and products generally falls under two broad categories: (i) pressure control systems (previously reported under the PCS segment), including BOPs, BOP control systems and drilling risers, and (ii) topside equipment (previously reported under the ESS segment), which is comprised of hoisting and rotating systems and drilling (mud) circulating systems. Aftermarket services includes services on installed equipment and integrated digital solutions. Our aftermarket services facilitate customers maintaining and improving the lifespan, safety and efficiency of their existing drilling rig fleets. Spare parts includes replacement parts for installed equipment used in oil and gas drilling operations. During the nine months ended September 30, 2025, we derived 45.4% of our revenue from aftermarket services, 27.5% of our revenue from sales of spare parts and 27.1% of our revenue from sales of projects and products. Once the change is complete, prior period comparable results for segmented information will be recast to reflect the change in reportable segments. This segment reporting change will have no impact on our consolidated results.

***Revenue.*** Revenue increased by $4.3 million, or 0.7%, to $619.1 million in the nine months ended September 30, 2025 from $614.8 million in the nine months ended September 30, 2024. The overall increase in revenue was driven by an increase in service revenue of $16.8 million and an increase in product revenue of $13.0 million, partially offset by a decrease in spare parts revenue of $23.3 million and a decrease in related party revenue of $2.2 million.

Service revenue increased by $16.8 million, or 6.4%. This was due to increased contract services activity. As a result, service revenue accounted for 45.3% of our total revenue in the nine months ended September 30, 2025, which was an increase from 42.9% in the nine months ended September 30, 2024.

Product revenue increased by $13.0 million, or 8.4%. The higher product revenue across our business was mainly due to greater progress on ongoing projects. As a result, product revenue accounted for 27.1% of our total revenue in the nine months ended September 30, 2025, which was an increase from 25.5% in the nine months ended September 30, 2024.

Spare parts revenue decreased by $23.3 million, or 12.0%. This was due to lower spare parts volume resulting from current market conditions. As a result, spare parts revenue accounted for 27.5% of our total revenue in the nine months ended September 30, 2025, which was a decrease from 31.5% in the nine months ended September 30, 2024.

***Cost of sales.*** Cost of sales increased by $41.3 million, or 10.1%, to $450.8 million in the nine months ended September 30, 2025, up from $409.5 million in the nine months ended September 30, 2024. Cost of sales as a percentage of revenue increased to 72.8% in the nine months ended September 30, 2025 as compared to 66.6% in the nine months ended September 30, 2024. The increase in cost of sales and cost of sales as a percentage of revenue was primarily due to mix as we had a higher proportion of product revenue in the period as well as lower utilization of our service and spare parts facilities. This was partially offset by completion of unfavorable product contracts in 2024 that did not repeat in 2025, leading to cost reductions.

Cost of services sold increased by $34.1 million, or 21.5%, to $192.5 million in the nine months ended September 30, 2025, up from $158.4 million in the nine months ended September 30, 2024. The increase in cost of services sold was mainly due to mix and lower utilization of service facilities in the period. Cost of services sold as a percentage of service revenue increased to 68.6% in the nine months ended September 30, 2025 as compared to 60.0% in the nine months ended September 30, 2024, mainly due to the change in revenue mix within service sales.

Cost of goods sold - products increased by $9.3 million, or 6.5%, to $152.6 million in the nine months ended September 30, 2025, up from $143.2 million in the nine months ended September 30, 2024. The increase in cost

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of goods sold - products was in line with the increase in product revenue. Cost of goods sold - products as a percentage of product and related party revenue decreased to 90.9% in the nine months ended September 30, 2025 as compared to 91.2% in the nine months ended September 30, 2024 due to product and project contracts with lower margins that did not repeat in 2025.

Cost of goods sold - spare parts decreased by $2.1 million, or 1.9%, to $105.8 million in the nine months ended September 30, 2025, down from $107.9 million in the nine months ended September 30, 2024. The decrease in cost of goods sold - spare parts was due to mix and lower utilization of spare parts facilities in the period leading to cost increases. Cost of goods sold - spare parts as a percentage of spare parts revenue increased to 62.0% in the nine months ended September 30, 2025 as compared to 55.7% in the nine months ended September 30, 2024, mainly due to the aforementioned mix and facility utilization during the period.

***Selling, general and administrative expenses.*** For the nine months ended September 30, 2025, selling, general and administrative expenses decreased by $18.1 million, or 15.7%, to $97.0 million from $115.1 million in the nine months ended September 30, 2024. This decrease was attributable mainly to continued cost optimization efforts.

***Research and development expenses.*** For the nine months ended September 30, 2025, research and development expenses decreased by $3.7 million, or 67.6%, to $1.8 million from $5.5 million in the nine months ended September 30, 2024. This decrease was attributable mainly to strategic deployment of development resources and capitalization of development costs.

***Restructuring and other expenses****.* For the nine months ended September 30, 2025, restructuring and other expenses increased to $4.4 million from zero in restructuring and other expenses in the nine months ended September 30, 2024. This increase was attributable to restructuring and other expenses for lease exits and cost reduction programs.

***Foreign currency gain, net.*** For the nine months ended September 30, 2025, the change in foreign currency gain was favorable by $5.7 million, or 416.9%, to an income of $7.0 million from an income of $1.4 million in the nine months ended September 30, 2024. This favorable variance was attributable mainly to currency exchange rate movements of the U.S. dollar as compared to other currencies in which we transact.

***Interest expense, net.*** For the nine months ended September 30, 2025, interest expense, net decreased by $0.1 million, or 0.3%, to $26.6 million from $26.7 million in the nine months ended September 30, 2024. This decrease was attributable mainly to interest rate and balance variability on our revolving credit facility in the nine months ended September 30, 2025 relative to the nine months ended September 30, 2024.

***Income tax expense.*** For the nine months ended September 30, 2025, income tax expense increased by $0.1 million, or 0.7%, to an income tax expense of $14.8 million from an income tax expense of $14.7 million in the nine months ended September 30, 2024. This increase was attributable mainly to an increase in profit during the nine months ended September 30, 2025, coupled with a change in our geographic mix of revenues.

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

The following table sets forth, for the periods indicated, certain consolidated statement of income data:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | | |
| <br>**(in thousands, except percentages)** | **2024** | **2023** |<br>**$ Change** |<br>**% Change** |
|  **Revenue** |  |  |  |  |
|  Service revenue | $366202 | $328653 | $37549 | 11.4% |
|  Product revenue | 225521 | 179629 | 45892 | 25.5% |
|  Spare parts revenue | 248025 | 268434 | (20409) | (7.6)% |
|  Related party revenue | 3615 | 8730 | (5115) | (58.6)% |
|  **Total revenue** | **843363** | **785446** | **57917** | **7.4%** |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | | |
| <br>**(in thousands, except percentages)** | **2024** | **2023** |<br>**$ Change** |<br>**% Change** |
|  **Operating expenses** |  |  |  |  |
|  Cost of services sold | 223376 | 203613 | 19763 | 9.7% |
|  Cost of goods sold - products | 205172 | 222735 | (17563) | (7.9)% |
|  Cost of goods sold - spare parts | 142625 | 148710 | (6085) | (4.1)% |
|  **Total cost of sales** | **571173** | **575058** | **(3885)** | **(0.7)%** |
|  Selling, general and administrative expenses | 146810 | 127417 | 19393 | 15.2% |
|  Research and development expenses | 7067 | 3041 | 4026 | 132.4% |
|  Other operating expenses (income), net | (301) | 1929 | (2230) | (115.6)% |
|  **Total operating expenses** | **724749** | **707445** | **17304** | **2.4%** |
|  **Operating income** | **118614** | **78001** | **40613** | **52.1%** |
|  Foreign currency gain (loss), net | (5293) | 796 | (6089) | (764.9)% |
|  Other non-operating income, net | 423 | 231 | 192 | 83.1% |
|  Interest expense | (37255) | (46269) | 9014 | 19.5% |
|  **Income before income taxes** | **76489** | **32759** | **43730** | **133.5%** |
|  Income tax expense | (24533) | (15357) | (9176) | (59.8)% |
|  **Net income** | $**51956** | $**17402** | $**34554** | **198.6%** |

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The following table sets forth, for the periods indicated, disaggregated revenue by segment:

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| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| <br>**(in thousands)** | **2024** | **2023** |
|  **Revenue** |  |  |
|  Product revenue - ESS | $142162 | $85790 |
|  Service revenue - ESS | 190222 | 189924 |
|  Spare parts revenue - ESS | 110805 | 105121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total revenue - ESS** | $**443189** | $**380835** |
|  Product revenue - PCS | $86974 | $102569 |
|  Service revenue - PCS | 175980 | 138729 |
|  Spare parts revenue - PCS | 137220 | 163313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total revenue - PCS** | $**400174** | $**404611** |
|  **Total revenue** | $**843363** | $**785446** |

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***Revenue.*** Revenue increased by $57.9 million, or 7.4%, to $843.4 million in 2024 from $785.4 million in 2023. The overall increase in revenue was driven by an increase in service revenue of $37.5 million and an increase in product revenue of $40.8 million, partially offset by a decrease in spare parts revenue of $20.4 million.

Product revenue increased by $40.8 million, or 21.6%. The higher product revenue across our business was mainly due to volume increases driven by market demand. As a result, product revenue accounted for 27.2% of our total revenue in 2024, which was an increase from 24.0% in 2023.

Service revenue increased by $37.5 million, or 11.4%. This was due to increased volume from overhaul and repair activity and digital technology upgrades. As a result, service revenue accounted for 43.4% of our total revenue in 2024, which was an increase from 41.8% in 2023.

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Spare parts revenue decreased by $20.4 million, or 7.6%. This was due to a reduction in volume in the second half of 2024 driven by flat rig activity and restrained spending by customers. As a result, spare parts revenue accounted for 29.4% of our total revenue in 2024, which was a decrease from 34.2% in 2023.

***Cost of sales.*** Cost of sales decreased by $3.9 million, or 0.7%, to $571.2 million in 2024, down from $575.1 million in 2023. Cost of sales as a percentage of revenue decreased to 67.7% in 2024 as compared to 73.2% in 2023. The decrease in cost of sales and cost of sales as a percentage of revenue was primarily due to improvement in indirect manufacturing expenses in 2024 and completion of unfavorable product contracts in 2023 that did not repeat in 2024 leading to cost reductions, offset by the increases in cost of sales associated with revenue growth.

Cost of goods sold - products decreased by $17.6 million, or 7.9%, to $205.2 million in 2024, down from $222.7 million in 2023. The decrease in cost of goods sold - products was due to sales of product and project contracts with lower margins in 2023 that did not repeat in 2024 and improvement in indirect manufacturing expenses. Cost of goods sold - products as a percentage of product and related party revenue decreased to 89.5% in 2024 as compared to 118.3% in 2023 due to product and project contracts with lower margins that did not repeat in 2024.

Cost of services sold increased by $19.8 million, or 9.7%, to $223.4 million in 2024, up from $203.6 million in 2023. The increase in cost of services sold was mainly in line with the increase in service revenue for the year ended December 31, 2024. Cost of services sold as a percentage of service revenue decreased to 61.0% in 2024 as compared to 62.0% in 2023, mainly due to the change in revenue mix within service sales.

Cost of goods sold - spare parts decreased by $6.1 million, or 4.1%, to $142.6 million in 2024, down from $148.7 million in 2023. The decrease in cost of goods sold - spare parts was in line with the decrease in spare parts revenue for the year ended December 31, 2024. Cost of goods sold - spare parts as a percentage of spare parts revenue increased to 57.5% in 2024 as compared to 55.4% in 2023, mainly due to the change in revenue mix of spare parts sales.

***Selling, general and administrative expenses.*** For 2024, selling, general and administrative expenses increased by $19.4 million, or 15.2%, to $146.8 million from $127.4 million in 2023. This increase was attributable mainly to public company readiness expenses incurred in 2024.

***Research and development expenses.*** Research and development expenses increased by $4.0 million, or 132.4%, to $7.0 million from $3.0 million in 2023. This increase was attributable mainly to continued development work on in-process R&D efforts for our pressure control suite of products.

***Other operating expenses (income), net.*** For 2024, other operating expenses (income), net decreased by $2.2 million, or 115.6%, to $0.3 million of other operating income, net from $1.9 million of other operating expenses, net in 2023. This decrease was attributable mainly to restructuring and other expenses that occurred in 2023 that did not repeat in 2024.

***Foreign currency gain (loss), net.*** For 2024, the change in foreign currency gain (loss) was unfavorable by $6.1 million, or 764.9%, to an expense of $5.3 million in 2024 from an income of $0.8 million in 2023. This unfavorable variance was attributable mainly to currency exchange rate movements of the U.S. dollar to other currencies in which we transact.

***Interest expense, net.*** For 2024, interest expense, net decreased by $9.0 million, or 19.5%, to $37.3 million from $46.3 million in 2023. This decrease was attributable mainly to our bond refinancing in November 2023 in which we successfully placed a new $200.0 million senior secured bond at a reduced cost of capital.

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***Income tax expense.*** For 2024, income tax expense increased by $9.2 million, or 59.8%, to an income tax expense of $24.5 million from an income tax expense of $15.4 million in 2023. This increase was attributable mainly to an increase in profit during 2024 coupled with a change in our geographic mix of revenues.

**Comparison of non-GAAP financial measures** 

We have performed a detailed analysis of the non-GAAP measures that are relevant to our business and its operations and determined that the appropriate units of measure to analyze our performance are Adjusted EBITDA (net income before interest expense, net, income tax expense, depreciation and amortization and certain non-recurring items that we do not consider to be indicative of our ongoing operating performance such as, but not limited to, IT system implementation, restructuring and other expenses and foreign currency transaction (gain) loss), Adjusted EBITDA Margin (Adjusted EBITDA divided by revenue), Free Cash Flow (cash flow from operations minus purchases of property and equipment and development costs) and Adjusted ROCE (net income plus interest expense, net, income tax expense and amortization expense for intangible assets, or EBITA, divided by total assets less goodwill, other intangibles and total current liabilities). We believe that the adjustments and exclusions in each of these non-GAAP financial measures enable us to evaluate more effectively our operations period over period and to identify operating trends that could otherwise be masked by unadjusted or excluded items. It is our determination that Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow and Adjusted ROCE are more relevant measures of how we review our ability to meet commitments and pursue capital projects.

***Adjusted EBITDA and Adjusted EBITDA Margin***

The following table reconciles our reported net income to Adjusted EBITDA and Adjusted EBITDA Margin for each of the respective periods:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Predecessor historical** | **Predecessor historical** | **Predecessor historical** | **Predecessor historical** | **HMH Inc. pro forma** | **HMH Inc. pro forma** |
| | **Nine months ended** <br>**September 30,** | **Nine months ended** <br>**September 30,** | **Year ended**<br>**December 31,** | **Year ended**<br>**December 31,** | **Nine months ended<br>September 30,<br>2025** | **Year ended<br>December 31,<br>2024** |
| <br>**(in thousands, except percentages)** | **2025** | **2024** | **2024** | **2023** | **Nine months ended<br>September 30,<br>2025** | **Year ended<br>December 31,<br>2024** |
|  **Net income** | $**31475** | $**44948** | $**51956** | $**17402** | **$** | **$** |
|  Add: |  |  |  |  |  |  |
|  Interest expense, net | 26619 | 26705 | 37255 | 46269 |  |  |
|  Income tax expense | 14757 | 14655 | 24533 | 15357 |  |  |
|  Depreciation and amortization | 31877 | 28897 | 39402 | 37951 |  |  |
|  IT system implementation |  |  | **—** | 3231 |  |  |
|  Restructuring and other expenses | 4447 |  | **—** | 3159 |  |  |
|  Foreign currency transaction (gain) loss | (7015) | (1357) | 5293 | (796) |  |  |
|  **Adjusted EBITDA** | $**102160** | $**113848** | $**158439** | $**122573** | **$** | **$** |
|  Net income as a % of revenue | 5.1% | 7.3% | 6.2% | 2.2% |  |  |
|  **Adjusted EBITDA Margin(1)** | **16.5%** | **18.5%** | **18.8%** | **15.6%** **% %** |  |  |

---

(1) Calculated as a percentage of revenue.

Adjusted EBITDA for the nine months ended September 30, 2025 was $102.2 million, a decrease of $11.7 million, or 10.3%, from $113.8 million for the nine months ended September 30, 2024. The primary reason for the decrease was the decrease in net income, which was driven primarily by an increase in cost of sales.

Adjusted EBITDA for the year ended December 31, 2024 was $158.4 million, an increase of $35.9 million, or 29.3%, from $122.6 million for the year ended December 31, 2023. The primary reason for the increase was the increase in net income, which was driven primarily by an increase in revenue from more favorable market conditions.

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***Free Cash Flow***

The following table reconciles our reported net cash provided by (used in) operating activities to Free Cash Flow for each of the respective periods:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Predecessor historical**  | **Predecessor historical**  | **Predecessor historical**  | **Predecessor historical**  |
| | **Nine months ended September 30,** | **Nine months ended September 30,** | **Year ended December 31,** | **Year ended December 31,** |
| <br>**(in thousands)** | **2025** | **2024** | **2024** | **2023** |
|  **Net cash provided by (used in) operating activities** | $**28948** | $**(4600)** | $**34861** | $**25574** |
|  **Adjusted for:** |  |  |  |  |
|  Purchases of property and equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6586) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10014) | (16096) | (14116) |
|  Development costs(1) | (4399) | (1653) | (2244) | (10541) |
|  **Free Cash Flow** | $**17963** | $**(16267)** | $**16521** | $**917** |

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(1) Development costs consist of charges related to the upgrade of our Enterprise Resource Planning software, coupled with internally developed software costs that will have alternative uses for our ongoing business.

Free Cash Flow for the nine months ended September 30, 2025 was $18.0 million, a favorable change of $34.2 million, or 210.4%, from $(16.3) million for the nine months ended September 30, 2024. The reason for the favorable change was the decrease in capital expenditures, including purchases of property and equipment and an increase in net cash provided by operating activities.

Free Cash Flow for the year ended December 31, 2024 was $16.5 million, an increase of $15.6 million, or 1,701.6%, from $0.9 million for the year ended December 31, 2023. The reasons for the increase were the increase in net cash provided by operating activities discussed below and a decrease in capital expenditures including purchases of property and equipment and development costs.

***Adjusted ROCE***

The following table reconciles our reported net income to EBITA and Adjusted ROCE for each of the respective periods:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Predecessor historical**  | **Predecessor historical**  | **Predecessor historical**  | **Predecessor historical**  | **Predecessor historical**  | **HMH Inc. pro forma** | **HMH Inc. pro forma** |
| | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** | **Year ended**<br>**December 31,** | **Year ended**<br>**December 31,** | **Year ended**<br>**December 31,** | **Nine months ended<br>September 30,<br>2025** | **Year ended<br>December 31,<br>2024** |
| <br>**(in thousands, except percentages)** | **2025** | **2024** | **2024** | **2023** | **2023** | **Nine months ended<br>September 30,<br>2025** | **Year ended<br>December 31,<br>2024** |
|  **Numerator:** |  |  |  |  |  |  |  |
|  **Net income** | $**31475** | $**44948** | $**51956** | **$** | **17402** | **$** | **$** |
|  Add: |  |  |  |  |  |  |  |
|  Interest expense, net | 26619 | 26705 | 37255 |  | 46269 |  |  |
|  Income tax expense | 14757 | 14655 | 24533 |  | 15357 |  |  |
|  Intangible asset amortization | 18485 | 14648 | 19951 |  | 19058 |  |  |
|  **EBITA** | $**91336** | $**100956** | $133695 | $| 98086 | $| $|
|  **Denominator:** |  |  |  |  |  |  |  |
|  Total assets | $1350147 | $1392492 | $1381217 | $| 1368418 | $| $|
|  Goodwill | (303537) | (300422) | (300939) |  | (287848) |  |  |
|  Other intangibles | (123864) | (143234) | (135154) |  | (147244) |  |  |
|  Total current liabilities | (233088) | (344148) | (342163) |  | (376293) |  |  |
|  Adjusted capital employed | $**689658** | $**604688** | $602961 | $| 557033 | $| $|
|  Net income as a % of total assets | 2.3% | 3.2% | 3.8% |  | 1.3% |  |  |
|  **Adjusted ROCE** | **13.2%** | **16.7%** | **22.2%** |  | **17.6%% %** |  |  |

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Adjusted ROCE for the nine months ended September 30, 2025 was 13.2%, a decrease of 3.5% from 16.7% for the nine months ended September 30, 2024. The primary reason for the decrease was a decrease in net income as a result of factors discussed above, coupled with lower intangible asset amortization and lower total current liabilities for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024.

Adjusted ROCE for the year ended December 31, 2024 was 22.2%, an increase of 4.6% from 17.6% for the year ended December 31, 2023. The primary reason for the increase was an increase in net income as a result of factors discussed above, coupled with a decrease in total current liabilities for 2024 as compared to 2023.

**Costs of conducting our business** 

The principal costs of products and services involved in operating our business are manufacturing costs, raw materials and direct labor costs. Our fixed costs are relatively low and a large portion of the costs described below are only incurred as we perform jobs for our customers.

***Manufacturing costs.*** As an OEM and CEM, our manufacturing costs include machine time, lease expense related to our manufacturing facilities, freight and other variable manufacturing costs. Certain of these costs are constant, such as lease expense, while others are variable depending on the type and quantity of customer orders.

***Raw materials.*** Our manufacturing of products relies on various raw materials and component parts, specifically various grades of steel and other raw metals.

***Direct labor costs.*** Payroll and benefit expenses directly related to the delivery of our products and services are included in our cost of sales.

**Liquidity and capital resources** 

Our financial objectives include the maintenance of sufficient liquidity, adequate financial resources and financial flexibility to fund our business. Our primary sources of liquidity are, and after the completion of this offering are expected to continue to be, our existing cash on hand, cash generated from operations, borrowings under the Amended and Restated Revolver, proceeds from the issuance of the New Senior Secured Bonds, the governing terms of which allow us to issue additional senior secured bonds in an aggregate principal amount up to $125.0 million and also enter into separate bridge financing facilities, and proceeds from this offering. As of September 30, 2025, December 31, 2024 and December 31, 2023, our cash and cash equivalents were $56.6 million, $48.9 million and $62.5 million, respectively. As of September 30, 2025, December 31, 2024 and December 31, 2023, our availability under the Prior Revolver was $50.0 million, $35.6 million and $28.9 million, respectively. As of September 30, 2025, December 31, 2024 and December 31, 2023, our total indebtedness was $339.8 million, $343.1 million and $338.2 million, respectively.

Our total capital expenditures are estimated to range between $15 million and $20 million for 2025. Our total capital expenditures, including development costs, were $11.0 million and $18.3 million for the nine months ended September 30, 2025 and the year ended December 31, 2024, respectively, of which $6.6 million and $16.1 million, respectively, were used for the purchase or manufacture of equipment to directly support customer-related activities in addition to purchases of property, plant and equipment, inclusive of software costs. The actual amount of capital expenditures for the purchase and manufacture of equipment may fluctuate based on market conditions. We continue to focus on preserving and protecting our strong balance sheet, optimizing utilization of our existing assets and, where practical, limiting new capital expenditures.

We have certain obligations related to debt maturities, finance leases and operating leases. As of September 30, 2025, we had $10.7 million of operating lease obligations during the remainder of 2025 and, for periods after 2025, we had an additional $65.1 million of operating lease obligations. As of September 30, 2025, the incremental borrowing rate on our lease obligations ranged from 3.0% to 8.3%.

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In addition, as of September 30, 2025, we had no debt maturities during the remainder of 2025, and $300.0 million aggregate principal amount of debt maturities during 2026 comprised of $200.0 million of Senior Secured Bonds maturities and $100.0 million of Shareholder Loans maturities. Interest on the Senior Secured Bonds accrued at a fixed rate of 10.01944% per annum as of September 30, 2025, which reverted to a fixed rate of 9.875% per annum on November 16, 2025. Our effective interest rate on the Prior Revolver for the year ended December 31, 2024 was the compounded reference rate plus 3.75%. In November 2023, we paid off all outstanding borrowings under our $70.0 million term loan facility, which bore interest at a rate of Secured Overnight Financing Rate ("SOFR") plus 4.01% for tranche A and SOFR plus 5.01% for tranche B. In addition, in November 2023, we refinanced our $150.0 million Senior Secured Floating Rate Bond and replaced it with our $200.0 million Senior Secured Bonds. See "Note 10—Debt" to our audited consolidated financial statements for additional information. Further, in December 2025, we refinanced our $200.0 million Senior Secured Bonds and replaced them with our $200.0 million New Senior Secured Bonds. In connection therewith, we also amended and restated the Prior Revolver in December 2025 pursuant to the Amended and Restated Revolver.

We believe that our existing cash on hand, cash generated from operations and available capacity under the Amended and Restated Revolver and the New Senior Secured Bonds will be sufficient to meet our liquidity needs in the short term and long term. Our ability to satisfy our liquidity requirements depends on our future operating performance, which is affected by prevailing economic conditions, market conditions in the oil and natural gas industry, availability and cost of raw materials and other factors, many of which are beyond our control.

***Cash flows***

Cash flows provided by (used in) operations by type of activity were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine months ended September 30,** | **Nine months ended September 30,** | **Year ended December 31,** | **Year ended December 31,** |
| <br>**(in thousands)** | **2025** | **2024** | **2024** | **2023** |
|  Net cash provided by (used in) operating activities | $28948 | $(4600) | $34861 | $25574 |
|  Net cash used in investing activities | (10985) | (31445) | (37943) | (24056) |
|  Net cash provided by (used in) financing activities | (14298) | 7692 | (7308) | 14656 |
|  Effect of foreign exchange rate changes on cash and cash equivalents | 4031 | (771) | (3222) | (986) |
|  **Net increase (decrease) in cash and cash equivalents and restricted cash** | $**7696** | $**(29124)** | $**(13612)** | $**15188** |

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*Operating activities* 

Net cash provided by operating activities for the nine months ended September 30, 2025 increased by $33.5 million compared to the nine months ended September 30, 2024, primarily due to a $28.9 million favorable change in operating assets and liabilities and an $18.1 million favorable change in non-cash expenses, offset by a $13.5 million decrease in net income.

Net income was unfavorable by $13.5 million as we generated net income of $31.5 million for the nine months ended September 30, 2025 as compared to net income of $44.9 million for the nine months ended September 30, 2024. The reasons for the decrease in net income are set forth under "—Results of operations."

Non-cash expenses were favorable by $18.1 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The favorable variance in non-cash expenses was driven by changes in bad debt expense, restructuring and other expenses and depreciation and amortization expense.

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The change in operating assets and liabilities for the nine months ended September 30, 2025 resulted in a $28.9 million increase in cash as compared to the change in operating assets and liabilities for the nine months ended September 30, 2024. The increase in cash resulting from the changes in assets and liabilities was primarily due to a change in inventories, net, offset by a change in accrued expenses and accounts payable and accounts payable—related party.

The favorable cash variances resulting from inventories, net were due to the consumption of existing inventory and a slower build of new inventory in the nine months ended September 30, 2025 relative to the increase in the nine months ended September 30, 2024. The unfavorable cash variances in accrued expenses resulted from the timing of incurred expenses.

Net cash provided by operating activities in 2024 increased by $9.3 million compared to 2023, primarily due to increases resulting from a positive change in net income of $34.6 million, a $28.8 million unfavorable change in operating assets and liabilities and a $3.5 million favorable change in non-cash expenses.

Net income was favorable by $34.6 million as we generated net income of $52.0 million in 2024 as compared to net income of $17.4 million in 2023. The reasons for the increase in net income are set forth under "—Results of operations."

The change in operating assets and liabilities during 2024 resulted in a $28.8 million decrease in cash as compared to the change in operating assets and liabilities during 2023. The decrease in cash resulting from the changes in assets and liabilities was primarily due to a decrease in contract liabilities, offset by an increase in inventories.

The unfavorable cash variance in contract liabilities resulted from the fulfillment of performance obligations relative to the timing of milestone invoicing. This was offset by a favorable cash variance resulting from inventories, net due to a slower build of inventory in 2024 relative to the increase in 2023. This was due to a 2023 strategic build of inventory in anticipation of 2024 and beyond demand and deliveries.

Non-cash expenses were favorable by $3.5 million in 2024 compared to 2023. The favorable variance in non-cash expenses was driven by higher depreciation and amortization expense and deferred income tax expense in 2024.

*Investing activities* 

Net cash used in investing activities decreased by $20.5 million for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. The decrease in net cash used in investing activities was principally the result of a $3.6 million decrease in purchase of property, plant and equipment and a $19.6 million decrease in acquisition of business, net of cash, offset by a $2.7 million increase in development costs.

Net cash used in investing activities increased by $13.9 million in 2024 as compared to 2023. The increase in net cash used in investing activities was principally the result of a $20.2 million increase in net cash paid for the Drillform business combination in 2024, offset by a $6.3 million decrease in capital expenditures in 2024.

*Financing activities* 

Net cash used in financing activities increased by $22.0 million for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 from a net source of cash of $7.7 million for the nine months ended September 30, 2024 to a net use of cash of $14.3 million for the nine months ended September 30, 2025. The unfavorable variance was primarily due to pay down of an outstanding credit facility balance during the nine months ended September 30, 2025 relative to the nine months ended September 30, 2024.

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Net cash provided by financing activities decreased by $22.0 million in 2024 as compared to 2023 from a net source of cash of $14.7 million in 2023 to a net use of cash of $7.3 million in 2024. The unfavorable variance was primarily due to the net payment of debt in 2024 versus a net cash borrowing in 2023, partially offset by decreased borrowing costs paid in 2024 versus the higher borrowing costs in 2023 due to the refinancing of our debt.

***Debt agreements***

*Prior Revolver* 

On November 20, 2023, HMH B.V., DNB Bank ASA, as agent, certain financial institutions party thereto as lenders (the "Prior Revolver Lenders") and DNB Carnegie, a part of DNB Bank ASA, and Nordea Bank Abp, filial i Norge, as mandated lead arrangers and bookrunners, entered into a senior facility agreement (as amended, the "Prior Revolver") pursuant to which the Revolver Lenders provided revolving credit financing to HMH B.V. in an aggregate principal amount of up to $50.0 million. The scheduled maturity date of the Prior Revolver was May 16, 2026. The Prior Revolver was amended and restated in its entirety on December 18, 2025 pursuant to the Amended and Restated Revolver described herein. The Prior Revolver is no longer in effect, and the obligations thereunder are now subject to the Amended and Restated Revolver described below.

Borrowings under the Prior Revolver bore interest at the compounded reference rate, which was the applicable SOFR plus the applicable credit spread adjustment, plus a margin ranging from 3.50% to 4.25% based on HMH B.V.'s most recent leverage ratio. In addition to paying interest on outstanding principal under the Prior Revolver, HMH B.V. was required to pay a quarterly commitment fee equal to 40% of the applicable margin on the unused available commitments.

The Prior Revolver was secured by liens on substantially all of HMH B.V.'s assets, including the equity of its material subsidiaries, and guarantees, either directly or indirectly, from its material subsidiaries. The security of the Prior Revolver was subject to the Intercreditor Agreement (as defined herein) with the trustee under the Senior Secured Bonds. The Prior Revolver included certain restrictive covenants that could have limited our ability to, among other things, incur additional indebtedness, guarantee obligations, incur liens, make investments, loans or capital expenditures, sell or dispose of assets, enter into mergers or consolidations, enter into transactions with affiliates or make or declare dividends. The Prior Revolver also required HMH B.V. to maintain at all times a minimum liquidity of not less than $30.0 million, a gearing ratio of Consolidated Net Total Borrowings to Consolidated Total Equity (each as defined in the Prior Revolver) not to exceed 1.00 to 1.00 and an interest cover ratio of Adjusted EBITDA to Net Interest Expenses (each as defined in the Prior Revolver) of not less than 2.50 to 1.00. The Prior Revolver contained customary representations and warranties, affirmative covenants and events of default. If an event of default existed under the Prior Revolver, the Prior Revolver Lenders would have been able to accelerate the maturity of the Prior Revolver and exercise other rights and remedies. If an event of default existed under the Senior Secured Bonds, a cross-default would have been triggered under the Prior Revolver, and the Prior Revolver Lenders would have been able to accelerate the maturity of the Prior Revolver and exercise other rights and remedies. Subject to certain notice requirements and certain partial prepayment amount restrictions, HMH B.V. had the option to voluntarily prepay outstanding loans under the Prior Revolver in whole or in part without premium or penalty. Following a Change of Control (as defined in the Prior Revolver), HMH B.V. could have been required to prepay the loans in whole if the parties did not reach an agreement to continue the loan.

On March 10, 2025, DNB Bank ASA agreed as agent under the Prior Revolver to amend certain terms of the Prior Revolver to permit implementation of the corporate reorganization and the listing of our Class A common stock on Nasdaq, and the documentation formally implementing the same became effective as of March 11, 2025.

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*Intercreditor Agreement* 

On November 22, 2023, the facility agent under the Prior Revolver and the trustee under the Senior Secured Bonds entered into a pari passu intercreditor agreement (the "Intercreditor Agreement") (subject to the super senior ranking of HMH B.V.'s obligations under the Prior Revolver and the hedging liabilities, in each case, with respect to the applications of proceeds thereunder) governing (i) the relative priorities of their respective security interests in the assets securing the Prior Revolver, the Senior Secured Bonds and certain future secured indebtedness and (ii) certain other matters relating to the administration of their respective security interests, including the occurrence of an insolvency event.

*Senior Secured Bonds* 

On or around November 15, 2023, HMH B.V. issued $200.0 million aggregate principal amount of its senior secured bonds (the "Senior Secured Bonds"), which were scheduled to mature on November 16, 2026. Interest on the Senior Secured Bonds accrued at a fixed rate of 10.01944% per annum as of September 30, 2025, which reverted to a fixed rate of 9.875% per annum on November 16, 2025. The Senior Secured Bonds were

redeemed in full on December 23, 2025 with proceeds from the issuance of the New Senior Secured Bonds.

The Senior Secured Bonds were secured by liens on substantially all of HMH B.V.'s assets, including the equity of its material subsidiaries, and guarantees, either directly or indirectly, from its material subsidiaries. The security of the Senior Secured Bonds was subject to the Intercreditor Agreement with the facility agent under the Prior Revolver. The agreement governing the Senior Secured Bonds included customary representations and warranties, affirmative covenants and certain restrictive covenants that may have limited our ability to, among other things, incur additional indebtedness, guarantee obligations, incur liens, make investments, loans or capital expenditures, sell or dispose of assets, enter into mergers or consolidations, enter into transactions with affiliates or make or declare dividends. The Senior Secured Bonds also required HMH B.V. to maintain at all times a minimum liquidity of not less than $30.0 million, a gearing ratio of Consolidated Net Total Borrowings to Consolidated Total Equity (each as defined in the agreement governing the Senior Secured Bonds) not to exceed 1.00 to 1.00 and an interest cover ratio of Adjusted EBITDA to Net Interest Expenses (each as defined in the agreement governing the Senior Secured Bonds) of not less than 2.50 to 1.00. Subject to compliance with certain conditions, HMH B.V. was permitted to increase its borrowings under the Senior Secured Bonds by up to $75.0 million, and HMH B.V. was also permitted to enter into certain bridge financing facilities with the lender(s) party thereto. The agreement governing the Senior Secured Bonds contained customary events of default. If an event of default existed under the Senior Secured Bonds, the lenders would have been able to accelerate the maturity of the Senior Secured Bonds and exercise other rights and remedies. If an event of default existed under the Prior Revolver, a cross-default would have been triggered under the Senior Secured Bonds, and the bondholders thereunder would have been able to accelerate the maturity of the Senior Secured Bonds and exercise other rights and remedies.

The Senior Secured Bonds were redeemable, at our option, (i) prior to May 16, 2025, at a price equal to the make-whole amount and (ii) beginning on May 16, 2025, at a premium of 104.938%. The redemption premium then declined in steps until May 16, 2026, at which time we could have redeemed the bonds at a premium of 100.500%. The redemption premium then would have fallen away at the maturity date, at which time we could have redeemed the bonds at par value.

Following a Change of Control or a Share De-Listing Event (each as defined in the agreement governing the Senior Secured Bonds), HMH B.V. could have been required to prepay the Senior Secured Bonds at 101% of the nominal amount of the bonds being repaid.

Following a material asset sale, HMH B.V. could have been required to prepay the Senior Secured Bonds at 100% of the nominal amount of the bonds being repaid, up to 50% of the gross proceeds of the material asset sale.

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As of June 11, 2025, the Senior Secured Bonds were approved for listing and commenced trading on the Oslo Stock Exchange under the ticker code "HMHH02."

On December 23, 2025, the outstanding $200.0 million aggregate principal amount of our Senior Secured Bonds was refinanced using the proceeds of the New Senior Secured Bonds at a price equal to 103.292% of nominal value (plus accrued and unpaid interest to the date of redemption). In connection with the refinancing, the Senior Secured Bonds were also delisted from the Oslo Stock Exchange.

*Shareholder Loans* 

On October 1, 2021, HMH B.V. entered into a loan agreement with Baker Hughes Holdings LLC and Akastor AS (as amended, the "Shareholder Loan Agreement") to finance its operating and finance activities. Baker Hughes Holdings LLC provided an $80.0 million term loan under the Shareholder Loan Agreement (the "Baker Hughes Shareholder Loan"), and Akastor AS provided a $20.0 million term loan under the Shareholder Loan Agreement (the "Akastor Shareholder Loan" and, together with the Baker Hughes Shareholder Loan, the "Shareholder Loans"). The Shareholder Loans mature on the earliest to occur of October 1, 2026 or a liquidation event (as defined in the Shareholder Loan Agreement) such as the consummation of this offering. As of September 30, 2025, the total amount of principal and accrued and unpaid interest outstanding under the Shareholder Loans was $140.8 million, which included $110.2 million outstanding under the Baker Hughes Shareholder Loan and $30.6 million outstanding under the Akastor Shareholder Loan. HMH B.V. also agreed to pay Baker Hughes and Akastor for certain deferred tax assets related to the contributed businesses in the amounts of approximately $0.3 million and $3.0 million, respectively, with such payment made by way of an increase to the Shareholder Loans. Such additional amounts relating to deferred tax assets are reflected in the Shareholder Loans' balances as of September 30, 2025. The Shareholder Loans bear interest at a rate of 8.0% per annum. The Shareholder Loans are unsecured. The Shareholder Loan Agreement includes certain restrictive covenants that may limit our ability to, among other things, incur additional indebtedness or make or declare dividends. The Shareholder Loan Agreement contains customary representations and warranties, affirmative covenants and events of default. If an event of default exists under the Shareholder Loan Agreement, the lenders will be able to accelerate the maturity of the Shareholder Loans and exercise other rights and remedies. Subject to certain notice requirements, HMH B.V. may voluntarily prepay outstanding loans under the Shareholder Loan Agreement in whole or in part without premium or penalty.

We intend to contribute a portion of the net proceeds from this offering to HMH B.V., and HMH B.V. intends to use $ million of the net proceeds received by it to repay all of the outstanding principal and accrued and unpaid interest under the Shareholder Loans, which totaled $140.8 million as of September 30, 2025. See "Use of proceeds."

*Credit Line in China* 

On August 22, 2023, HMH B.V. entered into a credit line agreement (the "2023 Credit Line in China") with Bank of China Shanghai Pudong branch (the "Credit Line in China Lender") pursuant to which the Credit Line in China Lender provided a credit line in an aggregate principal amount of up to Chinese renminbi (RMB) 10.0 million (or approximately USD $1.4 million based on the exchange rate as of September 30, 2025). The 2023 Credit Line in China expired by its terms on July 26, 2024. The borrowing length for each withdrawal was one year. As of September 22, 2024, all borrowings under the 2023 Credit Line in China had matured and been repaid by HMH B.V.

On March 27, 2025, HMH B.V. extended its credit line agreement (the "Credit Line in China") with the Credit Line in China Lender pursuant to which the Credit Line in China Lender provides a credit line in an aggregate principal amount of up to Chinese renminbi (RMB) 10.0 million (or approximately USD $1.4 million based on the exchange rate as of September 30, 2025). The extension is effective through March 26, 2026. The borrowing length for each withdrawal is one year.

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Borrowings under the Credit Line in China bear interest at the compounded reference rate, which is the applicable China Loan Prime Rate minus margin 0.4%. Interest is paid quarterly in the last month of each quarter. There is no quarterly commitment fee or guarantee requirement based on HMH B.V.'s financial status. As of September 30, 2025 and December 31, 2024, the aggregate principal amount outstanding under the Credit Line in China was $0.7 million and zero, respectively.

The Credit Line in China is only to be used for HMH B.V.'s daily operations and cannot be used to purchase real estate, re-lend to other companies or make investments.

*Amended and Restated Revolver* 

On December 18, 2025, HMH B.V., DNB Bank ASA, as agent, certain financial institutions party thereto as lenders (the "Amended and Restated Revolver Lenders") and DNB Carnegie, a part of DNB Bank ASA, and Nordea Bank Abp, filial i Norge, as mandated lead arrangers and bookrunners, entered into an amendment and restatement of the Prior Revolver (the "Amended and Restated Revolver") pursuant to which the Amended and Restated Revolver Lenders provide revolving credit financing to HMH B.V. in an aggregate principal amount of up to $75.0 million. The scheduled maturity date of the Amended and Restated Revolver is June 17, 2028 (which is an extension from the May 16, 2026 scheduled maturity date under the Prior Revolver).

Borrowings under the Amended and Restated Revolver bear interest at the compounded reference rate, which is the applicable SOFR plus the applicable credit spread adjustment, plus a margin ranging from 3.00% to 4.00% (resulting in an overall pricing decrease from the Prior Revolver) based on HMH B.V.'s most recent leverage ratio. In addition to paying interest on outstanding principal under the Amended and Restated Revolver, HMH B.V. is required to pay a quarterly commitment fee equal to 40% of the applicable margin on the unused available commitments.

The Amended and Restated Revolver is secured by liens on substantially all of HMH B.V.'s assets, including the equity of its material subsidiaries, and guarantees, either directly or indirectly, from its material subsidiaries. The security of the Amended and Restated Revolver is subject to the New Intercreditor Agreement (as defined herein) with the trustee under the New Senior Secured Bonds. The Amended and Restated Revolver includes certain restrictive covenants that may limit our ability to, among other things, incur additional indebtedness, guarantee obligations, incur liens, make investments, loans or capital expenditures, sell or dispose of assets, enter into mergers or consolidations, enter into transactions with affiliates or make or declare dividends. The Amended and Restated Revolver also requires HMH B.V. to maintain at all times a minimum liquidity of not less than $30.0 million, a gearing ratio of Consolidated Net Total Borrowings to Consolidated Total Equity (each as defined in the Amended and Restated Revolver) not to exceed 1.00 to 1.00 and an interest cover ratio of Adjusted EBITDA to Net Interest Expenses (each as defined in the Amended and Restated Revolver) of not less than 2.50 to 1.00. The Amended and Restated Revolver contains customary representations and warranties, affirmative covenants and events of default. If an event of default exists under the Amended and Restated Revolver, the Amended and Restated Revolver Lenders will be able to accelerate the maturity of the Amended and Restated Revolver and exercise other rights and remedies. If an event of default exists under the New Senior Secured Bonds, a cross-default will be triggered under the Amended and Restated Revolver, and the Amended and Restated Revolver Lenders will be able to accelerate the maturity of the Amended and Restated Revolver and exercise other rights and remedies. Subject to certain notice requirements and certain partial prepayment amount restrictions, HMH B.V. may voluntarily prepay outstanding loans under the Amended and Restated Revolver in whole or in part without premium or penalty. Following a Change of Control (as defined in the Amended and Restated Revolver), which definition varies depending on whether an initial public offering has occurred, HMH B.V. can be required to prepay the loans in whole if the parties do not reach an agreement to continue the loan.

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*New Intercreditor Agreement* 

On December 18, 2025, HMH B.V., the facility agent under the Amended and Restated Revolver, the trustee under the New Senior Secured Bonds, in its capacities as bond trustee and security agent, and certain other parties entered into an intercreditor agreement (the "New Intercreditor Agreement") governing (i) the relative priorities of their respective security interests in the assets securing the Amended and Restated Revolver, the New Senior Secured Bonds and certain future secured indebtedness and (ii) certain other matters relating to the administration of their respective security interests, including the occurrence of an insolvency event. Pursuant to the New Intercreditor Agreement, the liabilities under, and the security and guarantees provided in respect of, the Amended and Restated Revolver, the New Senior Secured Bonds and any hedging agreements shall rank pari passu in payments and security, subject to the super senior status of the liabilities under the Amended and Restated Revolver and any hedging liabilities with respect to the application of proceeds received or recovered by the security agent.

*New Senior Secured Bonds* 

On or around December 17, 2025, HMH B.V. issued $200.0 million aggregate principal amount of its senior secured bonds (the "New Senior Secured Bonds"), which mature on December 17, 2028. Interest on the New Senior Secured Bonds accrued at a fixed rate of 7.875% per annum as of December 17, 2025. The New Senior Secured Bonds are secured by liens on substantially all of HMH B.V.'s assets, including the equity of its material subsidiaries, and guarantees, either directly or indirectly, from its material subsidiaries. The security of the New Senior Secured Bonds is subject to the New Intercreditor Agreement with the facility agent under the Amended and Restated Revolver. The agreement governing the New Senior Secured Bonds includes customary representations and warranties, affirmative covenants and certain restrictive covenants that may limit our ability to, among other things, incur additional indebtedness, guarantee obligations, incur liens, make investments, loans or capital expenditures, sell or dispose of assets, enter into mergers or consolidations, enter into transactions with affiliates or make or declare dividends. The New Senior Secured Bonds also require HMH B.V. to maintain at all times a minimum liquidity of not less than $30.0 million, a gearing ratio of Consolidated Net Total Borrowings to Consolidated Total Equity (each as defined in the agreement governing the New Senior Secured Bonds) not to exceed 1.00 to 1.00 and an interest cover ratio of Adjusted EBITDA to Net Interest Expenses (each as defined in the agreement governing the New Senior Secured Bonds) of not less than 2.50 to 1.00. Subject to compliance with certain conditions, HMH B.V. is permitted to issue additional bonds under the agreement governing the New Senior Secured Bonds in an aggregate principal amount up to $125.0 million, and HMH B.V. is also permitted to enter into certain bridge financing facilities. We intend to list the New Senior Secured Bonds on the Euronext ABM during the first half of 2026. The agreement governing the New Senior Secured Bonds contains customary events of default. If an event of default exists under the New Senior Secured Bonds, the lenders will be able to accelerate the maturity of the New Senior Secured Bonds and exercise other rights and remedies. If an event of default exists under the Amended and Restated Revolver, a cross-default will be triggered under the New Senior Secured Bonds, and the bondholders thereunder will be able to accelerate the maturity of the New Senior Secured Bonds and exercise other rights and remedies.

The New Senior Secured Bonds are redeemable, at our option, (i) prior to June 17, 2027, at a price equal to the make-whole amount and (ii) beginning on June 17, 2027, at a premium of 103.938%. The redemption premium then declines in steps until June 17, 2028, at which time we may redeem the bonds at a premium of 100.500%. The redemption premium then falls away at the maturity date, at which time we may redeem the bonds at par value.

Following a Change of Control or a Share De-Listing Event (each as defined in the agreement governing the New Senior Secured Bonds), HMH B.V. can be required to prepay the New Senior Secured Bonds at 101% of the nominal amount of the bonds being repaid.

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Following a material asset sale, HMH B.V. can be required to prepay the New Senior Secured Bonds at 100% of the nominal amount of the bonds being repaid, up to 50% of the gross proceeds of the material asset sale.

Following a Real Property Sale (as defined in the agreement governing the New Senior Secured Bonds), HMH B.V. is required to (i) deposit the net cash proceeds received from a Real Property Sale in a separate account held by HMH B.V. or any guarantor under the agreement governing the New Senior Secured Bonds and (ii) reinvest such net cash proceeds within a 12-month period in an acquisition of another company or business. If HMH B.V. fails to reinvest such net cash proceeds within 12 months, it will be required to apply 50% of the net cash proceeds toward the redemption of the New Senior Secured Bonds; provided that up to $5.0 million of any remaining net cash proceeds received from a Real Property Sale may be released to HMH B.V. to be used for general corporate purposes.

**Contractual obligations** 

Our material contractual obligations as of September 30, 2025 consisted of the following:

• total debt of $339.8 million, which included $200.0 million aggregate principal amount of the Senior Secured Bonds due
in November 2026 that accrued at a fixed rate of 10.01944% per annum as of September 30, 2025 (which reverted to a fixed rate of 9.875% per annum on November 16, 2025), $80.0 million aggregate principal amount outstanding under the Baker Hughes
Shareholder Loan that accrues interest at a rate of 8.0% per annum and $20.0 million aggregate principal amount outstanding under the Akastor Shareholder Loan that accrues interest at a rate of 8.0% per annum;

• non-cancellable leases for our various facilities, which have future minimum payments of $10.7 million,
$8.8 million, $7.2 million, $4.7 million and $3.9 million, as of December 31, 2025, 2026, 2027, 2028 and 2029, respectively;

• purchase commitments of $88.6 million, which are due within 24 months, that primarily consist of commitments to
purchase materials for the satisfaction of our contractual obligations; and

• various bank guarantees totaling $35.4 million, such as advance payment guarantees, surety bonds, performance
guarantees, bid bonds, customs and tax guarantees to guarantee the Company's performance as it relates to contracts with customers, contract bidding, customs duties, tax appeals and obligations in various jurisdictions.

**Tax Receivable Agreement** 

With respect to obligations we expect to incur under the Tax Receivable Agreement (except in cases where we elect to terminate the Tax Receivable Agreement early or the Tax Receivable Agreement is terminated early due to other circumstances, including our breach of a material obligation thereunder or certain mergers or other changes of control), payments are generally due within a specified period of time following the filing of our tax return for the taxable year with respect to which the payment obligation arises, and interest on such payments will accrue from the due date (without extensions) of such tax return. In certain cases, payments under the Tax Receivable Agreement may be accelerated and/or significantly exceed the actual benefits, if any, we realize in respect of the tax attributes subject to the Tax Receivable Agreement. We intend to account for any amounts payable under the Tax Receivable Agreement in accordance with Accounting Standards Codification ("ASC") Topic 450, Contingent Consideration. For further discussion regarding the potential acceleration of payments under the Tax Receivable Agreement and its potential impact, please read "Risk Factors—Risks related to this offering and our Class A common stock." For additional information regarding the Tax Receivable Agreement, see "Certain relationships and related party transactions—Tax Receivable Agreement."

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**Capital expenditures** 

In addition to our operating metrics and contractual obligations, we also focus on capital expenditures. Our two primary categories of capital expenditures are property and equipment and development costs. For the nine months ended September 30, 2025, our capital expenditures related to property and equipment were $6.6 million, and our capital expenditures related to development costs were $4.4 million. For the years ended December 31, 2024 and 2023, our capital expenditures related to property and equipment were $16.1 million and $14.1 million, respectively. Expenditures for development costs were $2.2 million and $10.5 million for the years ended December 31, 2024 and 2023, respectively.

**Implications of being an emerging growth company** 

We are an "emerging growth company," as defined in the JOBS Act, and we may remain an emerging growth company for up to five years following the completion of this offering. For so long as we remain an emerging growth company, we are permitted and intend to rely on certain exemptions from various public company reporting requirements, including not being required to have our internal control over financial reporting audited by our independent registered public accounting firm pursuant to Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and any golden parachute payments not previously approved. In particular, in this prospectus, we have provided only two years of audited financial statements and have not included all of the executive compensation-related information that would be required if we were not an emerging growth company. Accordingly, the information contained herein may be different than the information you receive from other public companies in which you hold stock.

Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. We have elected to use this extended transition period for complying with certain new or revised accounting standards. As a result, our financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

**Critical accounting policies and estimates** 

The discussion and analysis of our financial condition and results of operations is derived from the review of our predecessor's consolidated financial statements prepared in accordance with GAAP, which includes our interpretation of accounting guidance and application through accounting policies. The preparation of our predecessor's financial statements requires the use of judgments and estimates. Our critical accounting estimates are described below to provide a better understanding of how we develop our assumptions and judgments about future events and related estimates and how they can impact our financial statements. A critical accounting estimate is one that requires our most difficult, subjective or complex judgments and assessments and is fundamental to our results of operations.

We base our estimates on historical experience and on various other assumptions we believe to be reasonable according to the current facts and circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. We believe the following are the critical accounting estimates used in the preparation of our consolidated financial statements, as well as the significant estimates and judgments affecting the application of these policies. This discussion and analysis should be read in conjunction with our consolidated financial statements and related notes thereto included elsewhere in this prospectus.

Our predecessor's historical financial statements included elsewhere in this prospectus include the accounts of each wholly owned subsidiary of HMH B.V. All intercompany accounts and transactions have been eliminated in the financial statements.

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***Revenue recognition***

Revenue from performance obligations satisfied over time, typically in project contracts and service contracts, is recognized according to progress. This requires estimates of the final total revenue, as well as measurement of progress achieved to date as a proportion of the total work to be performed. The estimated progress in long-term project and other manufacturing contracts is based on internal and external estimates of progress.

Revenue from project and other manufacturing contracts is recognized according to progress. The input method used to measure progress is determined by reference to the costs incurred to date relative to the total estimated contract cost. Because of the uniqueness of the project and the required engineering in the initial phases of construction contracts, we may defer recognition of revenue, in excess of costs, until the point that progress can be measured reliably, which is when a project is approximately 20% complete.

Variable consideration for liquidated damages is recognized as a reduction of the transaction price unless it is highly probable that it will not be incurred. Disputed amounts and claims are only recognized when negotiations have reached an advanced stage, customer acceptance is highly likely and the amounts can be measured reliably.

***Income taxes***

We operate through various subsidiaries in a number of countries throughout the world. Income taxes have been recorded based upon the income tax laws and rates of the countries in which we operate and earn income. Our annual income tax expense is based on taxable income, statutory income tax rates and tax planning opportunities available in the various jurisdictions in which we operate.

The financial statement effects of tax positions are recognized if the tax position is more likely than not to be realized. Recognized tax positions are measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized. A valuation allowance is established for any portion of a deferred tax asset that management believes is not more likely than not to be realized. Valuation of deferred tax assets is dependent on management's assessment of future recoverability of the deferred tax benefit. Expected recoverability may result from expected taxable income in the near future, planned transactions or planned tax optimizing measures. Economic conditions may change and lead to a different conclusion regarding recoverability, and such change may affect the results for each future reporting period.

***Goodwill impairment***

We perform impairment testing if any impairment indicators are identified. We first assess qualitative factors to determine whether it is more likely than not that the fair value of our reporting unit is less than its carrying value. If the qualitative assessment indicated that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, a quantitative test is required. These calculations require management to estimate future cash flows expected to arise from these reporting units and an appropriate discount rate to reflect the time value of the money. The discounted cash flow is based on management's forecast of operating performance for each reporting unit. The two main assumptions used in measuring goodwill impairment, which bear the risk of change and could impact our goodwill impairment analysis, include the cash flow from operations from each of our individual reporting units and the weighted average cost of capital. The starting point for each reporting unit's cash flow from operations is the detailed annual plan or updated forecast. Cash flows beyond the specific operating plans were estimated using a terminal value calculation, which incorporated historical and forecasted financial cyclical trends for each reporting unit and considered long-term earnings growth rates in the oil and gas industry. The financial and credit market volatility directly impacts our fair value measurement through our weighted average cost of capital that we use to determine our discount rate. Key assumptions made by management also include assumptions for future market conditions, which require a high degree of judgment. If the carrying value of the reporting unit including

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goodwill exceeds its fair value, an impairment charge equal to the excess would be recognized up to a maximum amount of goodwill allocated to that reporting unit.

**New accounting standards to be adopted** 

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 provide for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for the Company prospectively to all annual periods beginning after December 15, 2025. Early adoption is permitted. The Company expects the adoption of ASU 2023-09 to result in expanded income tax disclosures in the full year financial statements for the year ended December 31, 2026.

In November 2024, the FASB issued ASU No. 2024-03, "Disaggregation of Income Statement Expenses (Subtopic 220-40)" ("ASU 2024-03"). ASU 2024-03 requires public entities to disaggregate, in a tabular presentation, certain income statement expenses into different categories, such as purchases of inventory, employee compensation, depreciation and intangible asset amortization. The guidance is effective for fiscal years beginning after December 15, 2026, with early adoption permitted, and may be applied retrospectively. The Company is currently evaluating the impact of adopting ASU 2024-03 on its consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU No. 2025-05, "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets" ("ASU 2025-05"), which introduces a practical expedient for the application of the current expected credit loss model to current accounts receivable and contract assets. ASU 2025-05 is effective for the Company prospectively for all annual periods beginning after December 15, 2025, and for interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-05 on its consolidated financial statements and related disclosures.

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"). Under the new guidance, internal-use software costs are capitalized when management has authorized and committed to funding the project, and it is probable that the software will be completed and used for its intended function. ASU 2025-06 is effective for the Company for annual reporting periods beginning after December 15, 2027 and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2025-06 on its consolidated financial statements and related disclosures.

**Internal controls and procedures** 

We are not currently required to comply with the SEC's rules implementing Section 404 of the Sarbanes-Oxley Act and are therefore not required to make a formal assessment of the effectiveness of our internal control over financial reporting for that purpose. Upon becoming a public company, we will be required to comply with the SEC's rules implementing Section 302 of the Sarbanes-Oxley Act, which will require our management to certify financial and other information in our quarterly and annual reports and provide an annual management report on the effectiveness of our internal control over financial reporting. However, we will not be required to make our first assessment of our internal control over financial reporting under Section 404 of the Sarbanes-Oxley Act until our second annual report on Form 10-K after we become a public company.

Furthermore, our independent registered public accounting firm is not yet required to formally attest to the effectiveness of our internal control over financial reporting and will not be required to do so for as long as we are an "emerging growth company" pursuant to the provisions of the JOBS Act. See "—Implications of being an emerging growth company."

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In the fourth quarter of 2023, we commenced the implementation of an internal controls system that is intended to comply with the rules and requirements of the Sarbanes-Oxley Act. In connection with the preparation of HMH B.V.'s financial statements for the years ended December 31, 2022 and 2023, due in part to inadequate time to fully monitor and test such internal controls system implemented in the fourth quarter of 2023, we identified certain deficiencies in the design and operation of internal control over financial reporting that constituted material weaknesses. A "material weakness" is 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 our financial statements will not be prevented or detected and corrected on a timely basis. The material weaknesses specifically resulted from the (i) insufficient number of qualified personnel with appropriate GAAP and SEC financial reporting and internal controls expertise; (ii) insufficient risk assessment relating to the financial reporting process; (iii) insufficient design, implementation and operating effectiveness of IT general controls and business process controls; and (iv) insufficient segregation of duties.

Because of the significant remediation efforts we undertook in 2024, we were able to remediate all the deficiencies noted above. These efforts included: (i) hiring five additional qualified personnel with appropriate knowledge of GAAP and SEC financial reporting requirements, IT general controls and business process internal controls; (ii) additional in-house training of personnel involved in the performance of internal controls and, if and to the extent that we deemed necessary, third-party training of personnel; (iii) utilizing third-party consultants to further enhance control procedures and supplement internal resources; (iv) establishing effective monitoring and oversight of controls in line with the internal controls system that we commenced implementing in the fourth quarter of 2023; and (v) enhancing our risk assessment procedures as well as design and implementation of general IT controls and process level controls through process walkthroughs and enhanced monitoring procedures.

As part of the increased internal control monitoring and oversight noted above, we identified a new material weakness related to our operational finance activities leading to ineffective operating effectiveness of process level controls, including controls over revenue cutoff, in subsidiaries in certain regions. This material weakness was a result of insufficient capacity within the operational finance organization within those subsidiaries. We anticipate remediating this deficiency through the addition of qualified personnel with relevant revenue accounting and controls experience to oversee these functions within such regions. If not remediated, investors may lose confidence in the accuracy and completeness of our financial reports, the market price of our Class A common stock could be adversely affected and we could become subject to litigation or investigations, which could require additional financial and management resources.

**Inflation** 

During the past few years, we experienced significant inflation in costs related to our products and services as a result of global inflationary trends. Inflationary pressures experienced in recent years resulted in, and may in the future result in, additional increases to the costs of goods, services, labor and personnel, which in turn could cause our capital expenditures and operating costs to rise, as well as a scarcity of certain products and raw materials, including steel. Like others in our industry, in the past few years, we faced, and may in the future face, considerable inflation in the cost of raw materials and personnel. To date, these costs have largely been passed on to customers and we do not believe that the effects of inflation have had a material effect on our business, financial condition or results of operations. However, if our costs become subject to significant inflationary pressures, we may not be able to offset such increased costs through price increases. Our inability or failure to offset any such cost increases in the future could have a material adverse effect on our business, financial condition and results of operations.

Sustained levels of high inflation caused the U.S. Federal Reserve to raise its target range for the federal funds rate multiple times in 2022 and 2023, but the U.S. Federal Reserve cut rates multiple times between September of 2024 and December of 2025, resulting in a total aggregate increase of 350 basis points. The U.S. Federal

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Reserve's target rate is currently between 3.50% and 3.75%. Future rate hikes from the U.S. Federal Reserve (or its equivalent in other nations) or other efforts to curb inflationary pressure on the costs of goods and services could have the effect of raising the cost of capital and depressing economic growth.

**Off-balance sheet arrangements** 

Currently, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, cash requirements or capital resources.

**Quantitative and qualitative disclosures about market risk** 

***Commodity price risk***

The market for our products and services is indirectly exposed to fluctuations in the prices of oil and natural gas to the extent such fluctuations impact drilling and completion activity levels and thus impact the activity levels of our customers in the E&P industry. We do not believe that we are particularly exposed to short-term fluctuations. We do not currently intend to hedge our indirect exposure to commodity price risk.

***Foreign currency exchange rate risk***

A portion of our revenues is derived internationally and, accordingly, our competitiveness and financial results may be impacted by foreign currency fluctuations where revenues and costs are denominated in local currencies rather than U.S. dollars. For the nine months ended September 30, 2025, 65.7% of our revenues were denominated in foreign currencies. For the years ended December 31, 2024 and 2023, 63.9% and 62.0%, respectively, of our revenues were denominated in foreign currencies. We hedge currency risk in relevant projects using forward contracts.

We use a sensitivity analysis model to measure the potential impact on revenue and net income (loss) of a 10% adverse movement of foreign currency exchange rates against the U.S. dollar over the previous year. Based upon this model, a 10% decrease would have resulted in a decrease in revenues of $40.7 million and a decrease in net income of $11.1 million for the nine months ended September 30, 2025. Based upon this model, a 10% decrease would have resulted in a decrease in revenues of $53.9 million and a decrease in net income of $17.4 million for 2024. There can be no assurance that the exchange rate decrease projected above will materialize as fluctuations in exchange rates are beyond our control.

***Interest rate risk* **

We are primarily exposed to interest rate risk through the Amended and Restated Revolver. As of September 30, 2025 and December 31, 2024, we had zero and $14.4 million, respectively, of aggregate principal amount outstanding under the Prior Revolver, which bore interest at the compounded SOFR plus an applicable margin (consistent with interest calculations applicable to the Amended and Restated Revolver). We do not currently intend to hedge our exposure to interest rate risk.

***Credit risk***

Our customers are predominantly drilling contractors and drilling rig manufacturers, drilling rig owners and drilling rig operators in all segments, such as offshore and onshore oil and gas companies and production shipyards. Changes in economic, regulatory or other conditions may increase our overall credit risk from counterparties. We manage credit risk by analyzing the counterparties' financial condition prior to accepting new customers and prior to adjusting existing credit limits.

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**Industry overview** 

*Each of Rystad Energy and Wood Mackenzie has provided us certain statistical and graphical information contained in this prospectus, including the industry information and data presented in this section. Each of Rystad Energy and Wood Mackenzie has advised us that the statistical and graphical information presented in this prospectus is drawn from its database and other sources. We do not have any knowledge that the information provided by Rystad Energy or Wood Mackenzie is inaccurate in any material respect. Each of Rystad Energy and Wood Mackenzie has advised that: (i) certain of the information provided is based on estimates or subjective judgments, (ii) the information in the databases of other data collection agencies may differ from the information in its database and (iii) while it has taken reasonable care in the compilation of the statistical and graphical information and believes it to be accurate and correct, data collection is subject to limited audit and validation procedures.* 

*The data and information provided by Wood Mackenzie should not be interpreted as advice and you should not rely on it for any purpose. You may not copy or use this data and information except as expressly permitted by Wood Mackenzie in writing. To the fullest extent permitted by law, Wood Mackenzie accepts no responsibility for its use of this data and information except as specified in a written agreement you may have entered into with Wood Mackenzie for the provision of such data and information. The source files for the Wood Mackenzie information contained herein are as follows: Global Nickel Investment Horizon Outlook Q4 2025, Global Lithium Investment Horizon Outlook Q4 2025, Global Copper Investment Horizon Outlook Q4 2025 and Global Cobalt Investment Horizon Outlook Q4 2025.* 

**Global energy demand and crude oil production** 

Our products and services primarily serve customers that support or are engaged directly in the exploration and production of oil and gas. As a result, the demand for our products and services is tied to the level of drilling activity and the spending of E&P operators associated with supplying hydrocarbons.

While there is a concerted effort in much of the world to increase the share of energy provided by renewable energy sources, it is expected that oil and gas will remain a critical component of the energy mix through 2050. According to the IEA's 2024 World Energy Outlook, global energy consumption is expected to increase to 541 EJ by 2050, a 19% increase from 2024 levels and a 43% increase from 2010 levels. The increase in energy consumption is expected to largely be driven by expanding populations and increasing energy intensity of emerging economies. The largest increase in consumption is expected to come from electricity, with demand increasing from 95 EJ in 2024 to 169 EJ in 2050. Oil and natural gas will continue to be critical components of electricity generation and demand, as oil is expected to plateau while natural gas increases through 2035 and both decline gradually thereafter through 2050. The IEA's Stated Policy Scenario indicates further growth through 2035 in oil consumption and through 2040 in natural gas consumption before peaking.

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| | |
|:---|:---|
| ![LOGO](g75409g05g01.jpg) | ![LOGO](g75409g05g02.jpg) |
| *Source: IEA 2025 World Energy Outlook* | *Source: IEA 2025 World Energy Outlook*<br> *\* Note: Converted from Bcm at a factor of 6.42857 Bcm/MM Boe and 365 days* |

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During the recent slowdown in global economic activity resulting from COVID-19 and related volatility in commodity prices, global investment activity by E&P operators decreased as the industry focused on cash preservation. Rystad Energy estimates that 2020 global upstream capital expenditures decreased 33% from 2019 levels to approximately $470 billion. Capital expenditure levels remained below 2019 levels until 2023. This resulted in the first notable annual decline in the supply of hydrocarbon liquids (crude oil, natural gas

liquids and related commodities) in recent history. Rystad Energy estimates that hydrocarbon liquids demand decreased approximately 10% from 2019 to 2020. However, as a result of the long lead times associated with oil and gas production, the retraction in spending during the period and the strong economic recovery from the shutdowns relating to COVID-19, Rystad Energy recorded an average annual supply shortfall of 0.6 MM Bbls/day from 2021 to 2024, which recovered in 2025 to a supply surplus of 1.1 MM Bbls/day.

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| | |
|:---|:---|
| ![LOGO](g75409g00z01.jpg) <br>*Source: Rystad Energy UCube* | ![LOGO](g75409g00a09.jpg) <br> *Source: Rystad Energy UCube* |

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Global production of hydrocarbons is expected to grow through 2030 to support increasing demand in power generation, transportation fuel and other consumer end products and growing energy intensity of emerging economies in South America, Africa and Asia. Total global production is expected to increase from 172 MM Boe/

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day in 2025 to 188 MM Boe/day in 2030. While overall global supply is expected to increase by approximately 16.2 MM Boe/day, or 9%, from 2025 to 2030, offshore production is expected to grow 13% over that same period, or 6.1 MM Boe/day.

![LOGO](g75409g00b09.jpg)

*Source: Rystad Energy UCube*

It should be noted, however, that, beyond the 2030 time horizon, Rystad Energy expects that the lack of investment in exploration-directed activity during the last cycle could result in a more pronounced shortfall in global liquids supply in a conservative demand scenario. Rystad Energy has analyzed the potential liquids demand under a +2.2 degree Celsius and +1.9 degree Celsius level (versus pre-industrial levels) and found that the currently identified discoveries and the existing under-development and producing fields will not be sufficient to support demand. Deepwater offshore is one of the few target areas with the potential to meaningfully increase identified resources.

![LOGO](g75409g00z02.jpg) <br>

*Source: Rystad Energy UCube* 

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The expected shift in spending towards offshore and away from land-directed activity is a reversal of the shift towards unconventional land production from 2012 to 2015, which was largely driven by the significant resource identified in U.S. shale, and in particular, in the Permian basin where horizontal drilling and hydraulic fracturing allowed operators to extract significantly greater volumes from the reservoir. Given rapid decline rates in shale and tight oil reservoirs and decreasing productivity from onshore non-OPEC production, Rystad Energy expects to see offshore deepwater production as the main contributor to global non-OPEC oil supply beyond 2027.

![LOGO](g75409g01r18.jpg)

*Source: Rystad Energy UCube* 

As previously noted, operators prioritized investments in shorter-cycle, unconventional projects primarily in the United States. This resulted in the rapid increase in production in the United States over this period and decline in offshore-directed spending beginning in 2014 and 2015. Rystad Energy estimates that shale and tight oil spending accounted for 12% of total global E&P spending in 2010 and increased to 23% in 2025. However, Rystad Energy estimates that approximately 14,000 additional offshore wells will be required to be drilled between 2025 and 2028 to meet future demand. Further, the costs of production offshore and declining productivity from U.S. shale resources have resulted in deepwater development costs being on par with those of shale resources, a marked shift from prior years.

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![LOGO](g75409g00m06.jpg)

*Source: Rystad Energy UCube and EmissionCube* 

In addition to the larger resource base and competitive cost profile of offshore production relative to shale activity, offshore production compares favorably to all other sources of production on an emissions basis. Deepwater production is estimated to have a GHG emissions intensity of 10 kg CO<sub>2</sub>e per Boe, 15 to 20% below that of shale, and approximately 50% below conventional onshore. Given the ESG focus of E&P operators, the lower emissions intensity of offshore production is a further incentive to increase spending on offshore directed development.

![LOGO](g75409g37y39.jpg)

*Source: Rystad Energy UCube and EmissionCube* 

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**Global onshore and offshore exploration and production** 

Rystad Energy estimates that to support the expected increase in demand for both oil and natural gas through 2030, offshore-directed spending will need to increase to $240 billion in 2027 from $212 billion in 2024, which is a 71% increase from the $140 billion spent in 2021, and approximately 14,000 additional offshore wells will be required to be drilled between 2025 and 2028. Of these, approximately 2,800 are expected to be deepwater wells, which will require a floater, and the balance will be in shallow waters, thus supporting jack-up drilling rig activity. This increase in investment serves as a notable tailwind for our business.

![LOGO](g75409g00a14.jpg)

*Source: Rystad Energy UCube* 

**Global offshore drilling market dynamics** 

The offshore contract drilling industry provides drilling, workover and well construction services to E&P companies primarily using jack-up rigs, semisubmersible rigs and drillships. The offshore drilling market is generally segmented into two large categories: shallow and deepwater drilling. Shallow water drilling, which is typically conducted in water depths of up to approximately 450 feet, tends to be in areas relatively close to shore and utilizes jack-up rigs. Deepwater activity requires a semisubmersible or drillship (collectively referred to as "floaters"), which are capable of drilling in water depths of up to 12,500 feet.

***Semisubmersibles and drillships (floaters) market***

Floaters include semisubmersibles and drillships. A semisubmersible rig is a floating platform supported on pontoons and columns submerged below sea level while the operating deck is above sea level. The rig features a ballasting system that can vary the draft of the partially submerged hull from a shallow transit draft, to the required, deeper, operational draft. Semisubmersibles move on location by tugs or, if self-propelled, can relocate independent of such vessels. The rig stays in position by either a conventional mooring system or a computer-controlled system known as a dynamic positioning system. A drillship is a self-propelled ship-shaped vessel including a drilling package and station-keeping equipment. Drillships are kept on location by either a conventional mooring system or a dynamic positioning system. Typically, drillships operate in deeper waters and are suitable for operations in remote locations because of their mobility and large deck load capacity. Once on location, the drillship utilizes either anchors or a dynamic positioning system to stay on location.

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Prior to the aforementioned shift in activity focus in the mid-2010s, the offshore floater market experienced significant growth and investment. Rystad Energy estimated that 239 floaters, primarily midwater moored semisubmersible rigs, had been delivered globally from 1970 to 2005, when the technology developed. Since 2005, orders were placed for 207 modern floaters. 188 have been placed in service as of 2025, which includes six rigs that were ordered prior to 2005, and the balance of 13 remains in shipyards. Notably, there have been effectively no newbuild orders for floaters since 2014. Demand for our products, either in the form of replacement spare parts or upgrades to equipment in need of major refurbishment, increases as these floaters continue to age and are subject to the wear-and-tear of continued use, and our aftermarket services are critical to maintaining the safety, reliability and productivity of these older floaters. Additionally, some rig contractors may choose to replace the entire topside package on an older floater but retain the existing hull, which we can provide through the sale of one of our comprehensive drilling projects.

In addition to the shortage of newbuild floater activity in recent years, 210 floaters have been retired from the global fleet since 2010, leaving the available number of floaters at 173 by year-end 2025, according to Rystad Energy. We are poised to supply our integrated, comprehensive drilling projects for any newbuild rigs manufactured to replace aging or retired floaters.

The rapid pace of retirements in the industry has resulted in a significant recovery in both day rates and utilization levels across the available fleet. In particular, day rates and utilization for modern 6th generation rigs and above (defined as rigs capable of operating in over 7,500 feet of water, with dynamical positioning and built in the last 20 years) have displayed a notable recovery. Day rates for these modern high-spec floaters have recovered to levels not seen since the prior peak in the mid-2010s. These averaged approximately $434,000 for combined 6<sup>th</sup> and 7<sup>th</sup> generation floaters in the fourth quarter of 2025, 20% higher than the same period in 2022.

![LOGO](g75409g00a17.jpg)

*Source: Rystad Energy RigCube* 

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According to Rystad Energy, marketed contracted utilization rates for the current floaters are reported to be in the low-80% range as of December 2025 due in large part to the retirement of floaters. Utilization rates at this level have not been seen since 2014. The current fleet includes 19 cold stacked floaters. Of the cold stacked fleet, 8 were cold stacked prior to 2020, and of the remaining 11 cold stacked rigs, four are 2nd, 4th and 5th generation rigs that are not competitive in the modern drilling market. The remaining seven cold stacked floaters are potential reactivation candidates at current day rates.

![LOGO](g75409g00b17.jpg)

*Source: Rystad Energy RigCube* 

***Jack-up market***

Jack-up rigs are bottom-supported and self-elevating units with three or four movable legs that can be extended, or ''jacked,'' above or below the drilling deck, or hull. Jack-up rigs are mobile and their legs can be lowered to the ocean floor until a foundation is established for support. Jack-up rigs are towed to the offshore drill site with the hull, which is a water-tight barge that floats on the water's surface, lowered to the water level, and the legs extended above the hull. When the rig reaches the drill site, the crew jacks the legs downward through the water and into the sea floor. This anchors the rig and allows the hull and the drilling deck to be elevated to a height well above the waves. When the transit distances are long, the jack-up rig is placed on heavy-lift vessels for transport.

The jack-up market is categorized between standard and premium jack-ups. Standard or commodity jack-up rigs are generally capable of operating in water depths of less than 350 feet or without an independent leg cantilever design. Premium jack-ups are characterized by independent-leg cantilever designs and are generally rated to work in water depths in excess of 350 feet. Both standard and premium jack-ups are suitable for use in benign drilling environments, such as the U.S. Gulf, Mexico and Southeast Asia. High-spec jack-ups are a subset of premium jack-ups that may feature a larger lifting capacity (hook load capacity of in excess of 1.5 million pounds, larger mud pumps and those capable of operating in water depths in excess of 350 feet) and that are rated to withstand operations in harsh environments such as those seen in the North Sea or capable of drilling very deep, high pressure gas wells. Jack-up rigs are also generally suited to working in shallow water environments.

Similar to the floater market, the jack-up market experienced significant investment through the mid-2010s with 343 jack-ups ordered between 2005 and 2016 and 333 delivered to the fleet since 2005, which includes 14 ordered prior to 2005. However, it should be noted that 25 of the jack-ups ordered between 2013 and 2016 are still in the shipyard with deliveries scheduled through 2036, indicating that these rigs are unlikely to enter service.

During the period from 2010 to 2022, 223 jack-ups rigs were formally retired from the global fleet, partially offsetting newbuilds being delivered from shipyards. The current global jack-up fleet stands at 484 rigs as of December 2025. Of these, 292 are premium or high-spec rigs, of which only 272 were delivered since 2000.

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Rystad Energy estimated that the current jack-up fleet stands at 484 rigs, while demand sits at 340 rig years as of December 2025, which has resulted in the contracted utilization for the jack-up fleet to increase to 80% as of December 2025, a significant increase from the secular low of 67% during the fourth quarter of 2017 and the first quarter of 2018.

![LOGO](g75409g00r20.jpg)

*Source: Rystad Energy RigCube* 

According to Rystad Energy, the market for premium and high-spec jack-ups is even tighter than the utilization would indicate for the broader jack-up fleet as operators increasingly show a willingness to pay for, and preference for, modern jack-up rigs given the increased operational window and efficiency of these rigs relative to older and lower-spec rigs in the fleet.

![LOGO](g75409g01r22.jpg)

*Source: Rystad Energy RigCube* 

We believe that there is limited availability of premium, modern jack-ups that could be supportive of continued newbuild activity in the near term as operator requirements continue to increase and the availability of suitable jack-up rigs remains limited.

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**Critical minerals** 

The global critical minerals industry encompasses the extraction of valuable metals and minerals from the earth's surface. It plays a crucial role in various sectors, including energy, manufacturing and infrastructure, automotive, aerospace, plastics and, in particular, the electrification and infrastructure for renewable energy. Accordingly, the critical minerals industry plays an active and growing role in our portfolio of products, specifically our slurry pumps. These pumps are used to extract and transport material, an activity that is increasingly crucial to supporting electrification infrastructure build-out initiatives.

Near-term demand for critical minerals already reflects this increasing demand. According to Wood Mackenzie, demand for lithium and cobalt is expected to see year-over-year growth in 2025 of 25.8% and 14.1%, respectively. Battery electric vehicles require around two to five times more minerals than conventional cars, and passenger battery electric vehicle penetration is expected to rise from 13% in 2024 to 37% in 2035, illustrating alternative energies' massive dependence on mineral supplies. Global refined copper production capability is projected to grow by 9.1% in 2026 while Democratic Republic of the Congo export constraints continue to limit cobalt supply, expected through early second quarter of 2026. A significant ramp in mining activity is required to meet the increasing demand from large-scale electrification and renewable energy initiatives.

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|:---|:---|
| ![LOGO](g75409g01a24.jpg) | ![LOGO](g75409g01b24.jpg) |
| ![LOGO](g75409g01c24.jpg) | ![LOGO](g75409g01d24.jpg) |

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*Source: Wood Mackenzie*

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From 2023 to 2028, the demand for key mineral production from end markets that we currently serve, including copper, lithium, cobalt and nickel, is expected to increase significantly. Wood Mackenzie expects to see the annual consumption of these critical minerals increase by 8.0 megatons from 2023 to 2028, driven by a 5.7 megaton increase to 37.7 megatons per year for copper, a 1.1 megaton increase to 4.3 megatons per year for nickel, a 1.2 megaton increase to 2.2 megatons per year for lithium and a 0.1 megaton increase to 0.3 megatons per year for cobalt.

We expect continued growth in the demand for our existing portfolio of mining related equipment, primarily our slurry pumps, as mining companies invest in expanding their facilities and developing recently-identified sites.

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**Business** 

**Company overview** 

We are a leading provider of highly engineered, mission-critical equipment solutions, providing customers with a comprehensive portfolio of drilling equipment, services and systems utilized in oil and gas drilling operations, both offshore and onshore. Our global reach, technical expertise and innovative product offerings, coupled with our integrated operations from manufacturing to aftermarket services, allow us to provide customers with first class technology, engineering and project management services through the entire asset lifecycle of the equipment we provide. In addition, we are growing our portfolio of products and services to adjacent industries, such as mining. The complexity and criticality of our installed equipment drive customers to choose us for their aftermarket support, particularly in the offshore environment, which is subject to extensive regulation.

Our comprehensive portfolio of offerings, supported by integrated delivery capabilities and broad range of applications, enables us to address a full range of customer priorities. Our offerings are broadly categorized as:

•  ***Sales of projects and products*** . This includes (i) comprehensive drilling equipment
packages containing a full suite of components needed for a newbuild or reactivated drilling rig and (ii) individual or grouped components of drilling and pressure control equipment that facilitate customers maintaining and upgrading their
existing fleet. During the nine months ended September 30, 2025 and the year ended December 31, 2024, we derived 27.1% and 27.2%, respectively, of our revenue from sales of projects and products.

•  ***Aftermarket services*** . This includes services on installed equipment and integrated digital
solutions. Our aftermarket services facilitate customers maintaining and improving the lifespan, safety and efficiency of their existing drilling rig fleets. During the nine months ended September 30, 2025 and the year ended December 31, 2024,
we derived 45.4% and 43.4%, respectively, of our revenue from aftermarket services.

•  ***Sales of spare parts*** . This includes replacement parts for installed equipment used in oil and
gas drilling operations. During the nine months ended September 30, 2025 and the year ended December 31, 2024, we derived 27.5% and 29.4%, respectively, of our revenue from sales of spare parts.

![LOGO](g75409g00t01.jpg)

*<sup>1</sup>* *NCS = Norwegian Continental Shelf*

Approximately 75% of our installed base of equipment serves the offshore drilling market, which is more highly regulated, more demanding and more technologically sophisticated than is typically encountered in the onshore market. As a result, offshore operators require highly engineered equipment and technical support services to

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keep their operations running safely, efficiently and productively. We believe that we are well-positioned to continue supporting and building our presence in the offshore drilling market as a result of our full, integrated suite of mission-critical drilling solutions, highly technical expertise, aftermarket services offerings and long experience providing and maintaining equipment in this industry.

We are a global company, with locations in 15 countries and sales in over 80 countries in 2025. We are headquartered in Houston, Texas, USA, with two major operational centers located close to key offshore areas in Houston, Texas, USA, and Kristiansand, Norway. In addition to our sales offices and direct sales efforts, we incorporate distributors and manufacturing sales representatives into our sales and marketing channels in certain limited locations to market our various offerings.

![LOGO](g75409g06l86.jpg)

We sell equipment and services to three core customer categories across the markets that we serve: (i) drilling contractors; (ii) operators, including both oil and gas E&P companies and mining companies onshore and offshore; and (iii) manufacturers, consisting of shipyards and manufacturers of capital equipment. In addition to providing a range of equipment, spare parts, recurring aftermarket services and digital solutions to the onshore and offshore oil and gas drilling industry, we provide equipment and services to the onshore and subsea mining industry. Over our 125-year history, we believe we have developed trusted relationships with our customers and a strong reputation across industries with recognizable brand names, such as Hydril, VetcoGray, Wirth and Maritime Hydraulics.

HSSE is a key component of our organizational culture, and we strive to cultivate an HSSE-focused mindset among our employees and in connection with our activities. Our employees are expected to advance our corporate HSSE values and principles, including caring for the environment and prioritizing the safety and well-being of our employees and other stakeholders.

We have an asset-light business model through the leveraging of our existing operating footprint and OEM and CEM business model and are well positioned to grow and scale our business with low incremental investment and capital expenditures. During the nine months ended September 30, 2025, our net income was $31.5 million (or 5.1% of revenue) (as compared to net income of $44.9 million during the nine months ended September 30, 2024) and our Adjusted EBITDA was $102.2 million (or 16.5% of revenue), while capital expenditures, including development costs, represented only 1.6% of revenue. During the year ended December 31, 2024, our net income was $52.0 million (or 6.2% of revenue) (as compared to net income of $17.4 million during the year

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ended December 31, 2023) and our Adjusted EBITDA was $158.4 million (or 18.8% of revenue), while capital expenditures, including development costs, represented only 2.2% of revenue. Having an asset-light business allows us to generate a strong Adjusted ROCE, a metric that we use to evaluate the profitability of our capital employed in our business operations. During the nine months ended September 30, 2025 and the year ended December 31, 2024, our Adjusted ROCE was 13.2% and 22.2%, respectively. Adjusted EBITDA and Adjusted ROCE are non-GAAP financial measures. Please see "Summary—Summary historical and pro forma financial data—Non-GAAP financial measures" for the definitions of Adjusted EBITDA and Adjusted ROCE and a reconciliation of Adjusted EBITDA and Adjusted ROCE to our most directly comparable financial measures calculated and presented in accordance with GAAP.

HMH B.V. was formed on October 1, 2021, through the combination of Baker Hughes's Subsea Drilling Systems pressure control business and Akastor's MHWirth drilling equipment business. As of January 29, 2026, 50% of HMH B.V.'s ordinary shares were held by Baker Hughes, and 50% of HMH B.V.'s ordinary shares were held by Akastor. Baker Hughes is an energy technology company with a diversified portfolio of technologies and services that span the energy and industrial value chain. Akastor is a Norway-based oil services investment company with a portfolio of industrial and financial holdings.

Together with our traditional business lines, we are embracing new opportunities in adjacent industries, including subsea mining. We approach all industries with a commitment to quality, safety and value. In even the most demanding environments, we strive to deliver value-adding products and services.

**Our history and brands** 

Although the *HMH* trade name was created in connection with the formation of HMH B.V. in 2021, many of our product lines have been associated with the manufacture of highly engineered, mission-critical equipment for the oil and gas drilling industry for decades, and in the case of Wirth, for more than 125 years. Building on our legacy of historical brands, and with an eye towards innovation, we have created a comprehensive portfolio of products, systems and services for offshore and onshore drilling, subsea and onshore mining and certain large and complex construction applications. We continue to build on our legacy of historical brands such as Maritime Hydraulics, Wirth and Hydril, among others, giving us a unique opportunity to innovate in different segments and expand on our existing portfolio.

Many of our product lines have been in existence for decades, providing us opportunities to pursue improvements and innovations as our customers grow and undertake new challenges. Wirth developed its first mud pump in 1905, and since then has continuously worked to improve the portfolio of mud pump designs. Wirth was also one of the pioneers of pile top drill rigs and reverse circulation drilling. Hydril Company, a name derived from the term "Hydraulic Drilling Equipment," was formed in 1933. During that decade, it produced the first hydraulically operated BOP. We reached another milestone when we began delivering drawworks and pyramid masts and substructures for onshore rigs in 1950.

Maritime Hydraulics, which was established in 1968, launched the drilling industry in Kristiansand, Norway in support of Norway's development of offshore oil production in the early 1970s. In the 1980s, Maritime Hydraulics built its first top drives, of which we have delivered nearly 400 units. In addition to our drawworks portfolio, we launched the award-winning RamRig<sup>™</sup> in 1996, a highly efficient compensating system for semisubmersible and drillship operations.

The long history of our brands and high customer recognition enables us to pursue R&D efforts to innovate existing product and service offerings for our customers, such as the fully electric BOP in development that we believe is the first of its kind and will pave the way for safer, more efficient and environmentally sustainable drilling operations. As compared to traditional hydraulic systems, a fully electric BOP minimizes downtime and

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reduces maintenance costs by providing active monitoring, real-time data and remote-control capabilities. We are also developing several other cutting-edge technologies and solutions, such as a newly designed rotating control device for managed pressure drilling and enhanced pressure assisted shearing for BOPs.

**Our global footprint and large installed base** 

We have a large, scalable and geographically diverse footprint with crucial customer proximity. Across our presence in 15 countries, we operate over 30 physical locations and delivered sales in over 80 countries in 2025. There are over 1,100 installations with our equipment globally. Our equipment offerings can be utilized in both offshore and onshore drilling markets, and we maintain locations near strategically important offshore drilling regions, including the Gulf, the North Sea, South America, West Africa and the Middle East.

Approximately 75% of our installed base serves the offshore market. We have delivered mission-critical rig equipment packages (defined as two or more integrated systems), either pressure control systems, topside equipment or a full suite of products, to 122 offshore drilling rigs and platforms, approximately 79% of which are younger than 16 years old. Offshore rigs with our equipment packages operate primarily in international markets, including 18 floaters in the North Sea and Europe, 15 in Latin America, 12 in Asia, eight in North America and four in Africa and the Middle East. Jack-ups and platform rigs with our installed base also operate primarily in international markets, including 27 in the North Sea and Europe, eight in Asia, four in Africa and the Middle East, four in Latin America and three in North America. We also have six tender rigs in Asia.

![LOGO](g75409g01x01.jpg) <br>

*Source: Company information as of January 2026*

*<sup>1</sup>* *Active rig count includes contracted and under modification or maintenance; stacked rig count includes under construction; Latin American rig count includes Mexico, Central America and South America; excludes six tender rigs*

Our operations are heavily focused on aftermarket services and sales of spare parts, which accounted for 45.4% and 27.5%, respectively, of our revenue during the nine months ended September 30, 2025 and 43.4% and 29.4%, respectively, of our revenue during the year ended December 31, 2024. A substantial majority of our revenues from aftermarket services and sales of spare parts are derived from the offshore oil and gas industry. Our ability to generate resilient and recurring revenues from aftermarket services and sales of spare parts is a direct result of our current and growing base of equipment installations globally. Increased drilling

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activity and wear-and-tear across our large installed base will continue to drive increased revenue from aftermarket services and sales of spare parts.

To effectively service our customers, we utilize our international presence, our global supply chain capabilities and a network supported by a broad and diverse supplier base that works seamlessly with our technical teams. Our global supply chain initiates and drives innovation and cost reductions by establishing long-term partnerships with qualified suppliers and optimizing inventory.

**Our products** 

We provide a broad suite of mission-critical, highly engineered equipment to the global oil and gas drilling and mining industries. Our equipment generally falls under two broad categories: (i) pressure control systems, including BOPs, and (ii) topside equipment, which is comprised of hoisting and rotating systems and drilling (mud) circulating systems. We have also developed a comprehensive suite of digital solutions that are integrated with, and augment the functionality of, many of the products we provide, as described under "—Digital innovation."

![LOGO](g75409g21x49.jpg)

***Pressure control systems***

Our pressure control systems are critical pieces of safety equipment that are integral for the safe operation of oil and drilling rigs. We provide the following primary pieces of equipment under our pressure control systems:

• <u>Blowout Preventers (BOPs)</u>: The BOP is a series of valves designed to either shear the drillstring or close around
the drillstring (via pipe rams in a ram BOP or by an annular BOP) to stop the uncontrolled flow of hydrocarbons from the wellbore. BOPs can either be placed on the seabed (a subsea BOP) or at surface as is commonly done in offshore jack-ups and onshore rigs.

• <u>BOP Control Systems</u>: Given the criticality of the BOP, the control systems monitor, activate and test the BOPs. In
the event of an issue, the control system will activate the BOP by either: (i) a signal sent by an operator, (ii) a loss of signal from surface or (iii) manual activation by a remotely operated vehicle.

• <u>Drilling Risers</u>: The subsea riser is a buoyant pipe that the drillstring runs through and provides a conduit between
the rig and the BOP or wellhead to transport drilling mud, as well as providing additional pipes that function as hydraulic fluid supply and choke and kill fluid lines.

• <u>Wellhead Connectors</u>: Our H-4 type wellhead connectors are the industry
leader in performance ratings and installed base. These devices connect a subsea BOP stack to the wellhead and are used on other OEMs' BOP stacks.

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***Topside equipment***

Our highly engineered topside equipment, which consists of hoisting and rotating systems and drilling (mud) circulating systems, is critical to a rig's ability to lift, manage and rotate the drillstring and circulate drilling fluids through the wellbore.

*Hoisting and rotating systems* 

We provide the following primary pieces of equipment under our hoisting and rotating systems:

• <u>Top Drive</u>: The top drive sits within the upper portion of the derrick and applies rotation / torque to the
drillstring during drilling operations. We have a long-standing history of providing high-spec, highly reliable top drives that are used by many of the largest global drilling contractors.

• <u>Iron Roughneck and Pipe Handling</u>: The iron roughneck is used to make and later break connections in the drillstring,
removing personnel from a very dangerous step in the process. The increased drilling cadence in both onshore and offshore makes the iron roughneck a key service item.

• <u>Derrick and Drawworks</u>: The derrick and drawworks are the weight bearing components of the rig that provide the
lifting capacity to the rig.

*Drilling (mud) circulating systems* 

We provide the following primary pieces of equipment under our drilling (mud) circulating systems:

• <u>Mud Pumps</u>: The mud pump is utilized to circulate drilling fluid (mud), which is critical as the fluid provides the
primary pressure control, hole cleaning and friction reduction during drilling. As wellbores are increasingly complex and longer, operators require higher horsepower mud pumps to circulate fluid.

&nbsp;&nbsp;&nbsp;&nbsp;• <u>Slurry Pumps</u>: Slurry pumps are our mud pumps that have been redesigned to be utilized in the transport of slurry in
mining applications.

• <u>Mud Mixing and Control Systems</u>: The drilling fluid needs to be carefully mixed and monitored to achieve required
properties for the specific operation, such as weighting to avoid either the loss of well control (underweight) or loss of fluid (overweight).

**Our services** 

Our aftermarket services generally fall under two broad categories:

• <u>Transactional Services</u>: Transactional services are services on installed equipment, such as the overhaul and repair
of installed equipment, recertifications and field labor.

• <u>Integrated Solutions</u>: We combine various tools, software and services to provide comprehensive digital solutions
designed to drive productivity, safety and efficiency in our customers' operations.

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As depicted in the graphic below, our growing portfolio of integrated solutions is designed to deliver clear value to our customers by increasing operational efficiency and reducing costs.

![LOGO](g75409g31y71.jpg) 

**Digital innovation** 

We have invested in developing digital solutions to support the safe and efficient operations of our equipment and are a leading provider of next-generation monitoring and control systems driving the future of drilling. Our digital solutions include products and services that enable operational optimization such as remote drilling automation and condition-based monitoring. Our real-time monitoring and analytics capabilities provide operational and service insights that can save our customers time and money. These offerings are an important part of our business as they provide recurring and stable revenue and upgrade opportunities to older equipment as our customers continue to invest in their own digitalization initiatives. In addition, the horizontal nature of this technology provides us with the opportunity to establish a presence in new adjacent end markets.

In alignment with our customers, we have taken the approach of building our digital solutions in a cloud-first, modern and open architecture. This provides our customers the ability to integrate our digital solutions into their existing workflow and monitoring systems and allows for the optimization of the entire well life cycle at lower costs. The differentiated nature of our digital solutions and value proposition for our customers provides a strong recurring base of revenue to our core business.

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For example, we provided a next-generation rig equipment package to a customer as depicted below, which we believe has the potential to significantly reduce the number of personnel required to operate the rig relative to existing equipment.

![LOGO](g75409g21f63.jpg)

**Spare parts** 

We provide a broad range of replacement and spare parts for installed equipment used in both onshore and offshore oil and gas drilling operations. Our spare parts replace existing installed components on rigs that have weathered the wear-and-tear involved with repetitive use throughout the lifecycle of a rig, especially in harsh offshore environments, and keep rigs functioning safely and efficiently. Additionally, our spare parts sales help customers bring back into service rigs that have been warm stacked or cold stacked. Our spare parts are compatible with our current and growing base of equipment installations globally, and such spare parts are also compatible with, and can serve as replacements for, equipment from most other major OEMs.

**Our business model** 

We offer drilling solutions through sales of projects and products, aftermarket services on our installed base of equipment and sales of spare parts. During the nine months ended September 30, 2025, we derived $167.9 million in revenue, or 27.1% of our revenue, from sales of projects and products, $280.7 million in revenue, or 45.4% of our revenue, from aftermarket services and $170.5 million in revenue, or 27.5% of our revenue, from sales of spare parts. During the year ended December 31, 2024, we derived $229.1 million in revenue, or 27.2% of our revenue, from sales of projects and products, $366.2 million in revenue, or 43.4% of our revenue, from aftermarket services and $248.0 million in revenue, or 29.4% of our revenue, from sales of spare parts.

***Sales of projects and products***

We define a project as the sale of two or more integrated systems that are designed to work together on a single drilling rig. Project sale revenue is derived primarily from new construction, reactivation or, less

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commonly, a significant capital upgrade to an existing drilling rig. Project sales are largely tied to the offshore rig newbuild cycle, particularly to the construction of floaters and jack-ups. Such projects entail substantial commissioning, manufacturing and installation, and thus shipyards or other customers seeking to outfit a newbuild or significantly upgrade an existing drilling rig prefer OEMs with differentiating expertise and reliability such as us. Production, delivery and installation on a project can span from 1.5 to 3.5 years. For a newbuild rig, we can provide an entire package of drilling equipment, which, based on the previous build cycle that ended in 2015, represents a revenue opportunity of approximately $45 million in sales for a jack-up rig, approximately $200 million to $300 million in sales for a floater and approximately $15 million to $25 million in sales for a land rig.

In addition to project sales, we sell new pieces of equipment and components to our offshore customers. As the offshore drilling market has largely avoided ordering newbuild rigs over the past seven to ten years, demand for our products has stemmed largely from wear-and-tear on the installed base as components age and operating requirements increase. Product sale revenue is derived from customers seeking to upgrade the capabilities of existing drilling rigs or replace existing equipment that is in need of major refurbishment or no longer operational, including equipment and components needed in connection with bringing warm stacked or cold stacked rigs back into service. Our project and product dynamics are similar across the onshore drilling market; however, in the current environment, onshore customers are more likely to embark on newbuild rig programs than in the offshore drilling market, especially in the Middle East.

We are one of the few global OEMs and CEMs capable of delivering a comprehensive drilling equipment package that meets the stringent requirements demanded by major international oil and gas E&P companies and national oil companies to operate in harsh, offshore environments and environmentally sensitive areas. As of January 29, 2026, we and our predecessor companies have delivered integrated systems to over 140 offshore rigs (including 122 marketed rigs) since 1983, have supplied components to over 800 offshore installations since 1975 and have supplied components to over 300 onshore rigs since 2012.

Our comprehensive product offerings, manufacturing expertise and leading-edge technology allow us to provide all the critical components needed for a modern drilling rig capable of operating in challenging conditions and environmentally sensitive areas for customers who are acutely focused on safe and responsible drilling operations. These include integrated topside drilling packages for jack-ups, floaters and platforms; integrated pressure control systems deployed onshore and offshore, both at surface and subsea; and equipment certified for operation on the Norwegian Continental Shelf.

***Aftermarket services***

We have over 1,100 equipment installations globally. Demand for aftermarket services on existing rigs is largely driven by the installed base of our equipment already in operation, the intensity at which that equipment is being run and the age of the equipment. In the case of subsea BOPs and drilling risers, regulators in the United States and Europe mandate regular inspections and certification of the equipment, which are performed by the OEM.

In the offshore market, we are the provider of choice to inspect, maintain, recertify and repair, either by mandate or industry best practices, the equipment that we have delivered. Given the complexities of offshore equipment, even in situations where the OEM is not mandated to perform the service, it is uncommon for a customer to engage a third party to perform the work. We leverage our global operating footprint and supply chain to deliver this service to our customers in a timely and cost-effective manner. For example, on average, we provide recurring aftermarket services on our installed BOPs for over 25 years, which includes recertification every five years, regular monitoring and maintenance on an as-needed basis.

The equipment with the highest aftermarket service revenue potential is the BOP, followed by mud pumps, iron roughnecks and associated pipe handling equipment, subsea risers and top drives. As is typical in the industry, once we install equipment we tend to generate nearly all of the service revenue associated with the equipment. Following an initial construction phase, a typical rig, depending on type, will operate for around 20 to 30 years

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and will be subject to routine regulatory inspections and maintenance, periodic recertifications of pressure control equipment and potentially overhaul. The average years of production remaining on fixed platforms in service today is more than 20 years.

***Sales of spare parts***

We provide a broad range of replacement and spare parts for installed equipment used in both onshore and offshore oil and gas drilling operations. Our spare parts replace existing installed components on rigs that have weathered the wear-and-tear involved with repetitive use throughout the lifecycle of a rig, especially in harsh offshore environments, and keep rigs functioning safely and efficiently. Additionally, our spare parts sales help customers bring back into service rigs that have been warm stacked or cold stacked. Our spare parts are compatible with our current and growing base of equipment installations globally, and such spare parts are also compatible with, and can serve as replacements for, equipment from most other major OEMs.

![LOGO](g75409g00m39.jpg)

*Source: Company management* 

We are able to partner with customers to deliver equipment sales, spare parts sales and aftermarket services through the entire operating life of a rig to provide the performance, efficiency and safety they have come to expect. Such partnership is exemplified by our CSAs with customers, which are long-term agreements under which we provide a tailored, unique solution to our customers' aftermarket service needs for between five and ten years after initial installation. We provide our customers with transparent pricing and payment structures that are predictable. We leverage our experience and expertise to take advantage of predictive analytics and continuous certification to improve equipment availability and reduce operational costs for our customers while also limiting the impact of any potential supply chain slowdowns on our customers' equipment. With our CSA offerings, for example, we have partnered with our customers to enhance BOP system availability by transferring the responsibility for BOP performance, including the management and servicing of equipment, to us. In addition to mitigating risks associated with downtime and repair costs, our customizable structures can be fine-tuned to address long-term ownership costs.

We expect to see the cadence of aftermarket and spare parts demand from onshore rigs continue to increase in the near to medium term due to the increased pace of drilling in both the conventional and unconventional onshore markets, coupled with the drilling of more complex wells and longer laterals in challenging subsurface environments, thus increasing the wear-and-tear on equipment.

**Customers and end markets** 

We serve customers in multiple industries and strive to provide reliable and safe solutions that satisfy our customers' needs. Our primary end market is the upstream oil and gas industry, both offshore and onshore. A growing share of our revenue base is attributable to our businesses that support industries sitting outside, or adjacent to, the oil and gas sector, and we see further opportunity to continue to expand our footprint in these adjacent end markets.

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We sell equipment and services to three core customer categories across the markets that we serve: (i) drilling contractors; (ii) operators, including both oil and gas E&P companies and mining companies onshore and offshore; and (iii) manufacturers, consisting of shipyards and manufacturers of capital equipment. Our largest customer segment is drilling contractors, both offshore and onshore. We provide projects, products and services for drilling contractors in order to support essential drilling operations for E&P customers internationally. Our primary exposure to E&P operators is derived through the equipment supplied to platform rigs and, to a lesser degree, land-based equipment in international markets. In both cases, the rigs themselves are typically owned by the E&P operator, who may operate the rig themselves or contract out drilling operations to a drilling contractor. For mining operators, we sell products and services directly to mining companies, and we typically sell equipment directly to those engaged in hard rock mining operations, in particular. Finally, for newbuilds, we provide complete projects directly to a shipyard, but with the influence of the drilling contractor or E&P operator who is driving the order.

As the OEM and CEM of critical drilling equipment, our customers typically purchase equipment and services from us at regular intervals to support and service their existing assets. Our sales of equipment to new customers and for new drilling rigs also allow us to continually expand this installed base of equipment. In addition to our sales offices and direct sales efforts, we incorporate distributors and manufacturing sales representatives into our sales and marketing channels in certain limited locations to market our various offerings. Our top five customers accounted for approximately 41.8%, 42.0% and 32.9% of our total consolidated revenues for the nine months ended September 30, 2025 and the years ended December 31, 2024 and 2023, respectively. During the nine months ended September 30, 2025, one customer accounted for 17.3% of our revenues for such period, and during the year ended December 31, 2024, one customer accounted for 18.2% of our revenues for such year. We expect to maintain our relationship with this customer. During the year ended December 31, 2023, no individual customer accounted for more than 10% of our revenues for such year.

We expect our customer mix to remain consistent with recent results as global drilling activity in the coming years, particularly offshore, is expected to continue to recover from cyclical trough levels seen from 2015 to 2021. In particular, due to the higher concentration of our equipment being deployed in offshore and international drilling, we expect to be the beneficiaries of an expected 17% growth in offshore and international spending from 2025 to 2030, according to Rystad Energy. We do not currently anticipate a meaningful increase in de novo newbuild offshore rig construction activity in the near term, except for specific contract tenders to support expanded rig demand in the Middle East and Southeast Asia.

Our industry is focused on operating in a safe, minimally impactful and efficient manner. Accordingly, our products are critical components and of strategic importance to our customers, and we are in constant and active dialogue with our customers to develop new solutions, identify improvements and optimize performance of existing equipment. These partnerships reinforce our credibility, lending assurance to reliability and performance within the industry, which in turn attracts new customers. Furthermore, our broad geographic exposure reflects that of our customers' global presence, providing timely service across their global operations when necessary.

While we serve a variety of end markets, the majority of our equipment and services are deployed in oil and gas drilling operations, particularly offshore and international drilling operations. Beyond the core oil and gas end markets, we supply a large and growing installed base of mining customers, primarily serving hard rock mining globally. Our product offerings, such as our slurry pumps, may be retrofitted and designed to service the needs of the both the conventional mining industry and also the subsea mining and research industries. We have seen increasing demand for our equipment from mining customers. Renewable energy technologies rely heavily on the expanded production of certain minerals, including lithium, cobalt and rare earth metals.

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**Our competitive strengths** 

We have a number of strengths that we believe will help us successfully execute our business strategies, including:

***Global provider of innovative drilling equipment, digital solutions and services***

We offer a broad portfolio of innovative drilling equipment, digital solutions and drilling rig lifecycle services designed to enhance the safety, efficiency and reliability of our customers' operations. We deliver many of our products and services through highly recognized brands, including Hydril, VetcoGray, Wirth and Maritime Hydraulics, which have been trusted names in the energy industry for decades (in the case of Wirth, for more than 125 years). The Hydril brand, for example, produced the first hydraulically operated BOP in 1937, and Hydril continues to manufacture some of the most advanced annular BOPs for both onshore and offshore applications. The long history of our brands and high customer recognition enables us to pursue R&D efforts to continuously improve existing product and service offerings for our customers while also developing innovative new technologies, such as our commercial 20,000 psi BOP capability and a fully electric BOP. With development, manufacturing and service locations distributed throughout 15 countries, our global integrated operations facilitate the efficient delivery of our products to the operating sites of our customers and servicing of our installed base of equipment.

***Large global installed base and integrated operations provide recurring and resilient aftermarket service and spare parts revenues***

We have over 1,100 equipment installations globally, approximately 75% of which serves offshore oil and gas drilling operations. As an OEM and CEM of premier equipment and with our large and growing installed base of equipment, we are well positioned to capture recurring revenues arising from aftermarket services for such equipment. During 2023, 2024 and the nine months ended September 30, 2025, aftermarket services comprised 41.8%, 43.4% and 45.4%, respectively, of total revenues and sales of spare parts comprised 34.2%, 29.4% and 27.5%, respectively, of total revenues. We anticipate aftermarket services and spare parts sales will continue to represent a substantial portion of our revenue as increased drilling activity is expected to result in our customers requiring additional aftermarket services and spare parts to sustain an increased cadence of activity globally. Following an initial construction phase, a typical rig, depending on type, will operate for around 20 to 30 years and will be subject to routine regulatory inspections and maintenance, periodic recertifications of pressure control equipment and potentially overhaul. The average years of production remaining on fixed platforms in service today is more than 20 years. We are able to partner with customers to deliver equipment sales, spare parts sales and aftermarket services through the entire operating life of a rig, including the overhaul and repair of installed equipment, recertifications and field labor. Further, we collaborate with our customers to implement our proprietary integrated digital solutions, including DrillPerform, RiCon, DrillCERT, SeaLytics and DEAL, which support safe and efficient operations through remote monitoring of machine health, predictive analytics and operational optimization features such as drilling automation. The integration of our digital solutions with our equipment provides further opportunities for recurring revenues from customers.

***Trusted partner for mission-critical services and products such as BOPs and BOP control systems***

We believe our equipment offerings are essential, mission-critical components of a drilling rig and help promote safe and effective well construction and drilling operations. For example, our pressure control systems, including our subsea BOPs, 20,000 psi BOPs and BOP control systems, assist our customers with maintaining safe drilling operations, especially in deepwater offshore, environmentally sensitive or high-pressure applications. Due to the highly regulated, technologically demanding and sophisticated nature of the offshore drilling market, we believe we are one of only a few providers of subsea BOPs accepted by the major drilling contractors and operators for use in key offshore geographies, such as the Gulf and the Norwegian sector of the North Sea. We believe customers prefer suppliers of BOPs and similar critical equipment and services with a

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demonstrated record of performance and safety, such as HMH. Through multi-year CSAs, we leverage our expertise and predictive analytics to design a unique blend of products and services for our customers aimed to increase equipment reliability, decrease downtime, reduce operational costs and ultimately lead to increased productivity and revenues for our customers. As a result of our extensive experience, track record of safety and reliability, comprehensive suite of offerings and global service network, we are a partner of choice for many of the largest independent E&P companies, national oil companies, drilling contractors, service providers and shipyards.

***Exposure to strong expected growth in offshore and international onshore oil and gas drilling markets***

With our large installed base and global presence, we are well positioned to capitalize on favorable dynamics in the oil and gas drilling industry, particularly in the offshore market where the substantial majority of our equipment is deployed today. According to Rystad Energy, after years of underinvestment, global greenfield and brownfield oil and gas capital expenditures are projected to be over $700 billion in each of 2025, 2026 and 2027, an increase of over 60% as compared to 2020. As global capital expenditures for the oil and gas industry increase, the offshore rig market is also approaching activity levels not seen in nearly a decade. Rystad Energy forecasts a compounded annual growth rate of approximately 4% for floater rigs between 2025 and 2028. Such increase in oil and gas exploration and drilling activity is expected to result in increased demand for our equipment, aftermarket services and spare parts. Further, due to the longer cycle times associated with offshore oil and gas projects as compared to onshore activity, we are well poised to benefit from the duration and stability of offshore activity. We believe our recurring revenues from aftermarket services and spare parts will benefit from the expected increase in offshore activity.

***Asset-light business model and scalable footprint provide earnings resilience***

As a supplier of equipment, aftermarket services and spare parts with increased flowthrough of product manufacturing at our current facilities, we have an asset-light business model that is well positioned to capture incremental operating margin expansion as revenues continue to grow. With our manufacturing and supply chain facilities strategically located near key offshore and onshore markets, we are well positioned to grow our business and capitalize on increased drilling activity with limited incremental investment in expanding operations and capital expenditures. During the nine months ended September 30, 2024 and 2025, our capital expenditures, including development costs, represented only 1.9% and 1.6%, respectively, of revenue, while revenue increased by 0.7%, net income decreased by 30.0% and Adjusted EBITDA decreased by 10.3% from the nine months ended September 30, 2024 to the nine months ended September 30, 2025. During the years ended December 31, 2023 and 2024, our capital expenditures, including development costs, represented only 3.1% and 2.2%, respectively, of revenue, while revenue increased by 7.4%, net income increased by 198.6% and Adjusted EBITDA increased by 29.3% from the year ended December 31, 2023 to the year ended December 31, 2024.

***Experienced management team that is well-positioned to grow the business through new product development, organic growth and acquisitions***

Most members of our executive team have been active in the drilling segment for over 20 years and are well suited to identify trends and opportunities in the drilling industry. Our management team has a proven track record of profitably scaling revenue across a global portfolio through the cultivation of long-standing customer relationships, development and successful commercialization of new technologies and optimization of international manufacturing capabilities, supply chain networks and corporate processes, including the negotiation and execution of large contracts with shipyards and drilling contractors. In addition to organic growth, our management team has an extensive track record of identifying acquisition targets and executing transactions, having executed over 100 transactions throughout their combined careers. Many of these transactions involved complex structures including joint ventures, new efforts in foreign markets and corporate carve-outs. They also have a track record of successfully integrating acquired businesses, as demonstrated by the merger of Akastor's MHWirth drilling equipment business and Baker Hughes's Subsea Drilling Systems pressure control business that formed HMH.

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**Our strategy** 

We intend to achieve our primary business objectives by successfully executing on the following strategies through a combination of organic and inorganic growth investments:

***Leverage global footprint and large installed base to capture growth in offshore drilling capital expenditures***

Our integrated operations, including the provision of aftermarket services, enable us to understand the needs of our customers and anticipate areas for growth in our core market. We will seek to capture the expected increase in capital expenditures and drilling activity in the offshore oil and gas market through our global footprint of manufacturing and supply chain facilities near key markets and our large installed base.

As drilling rigs work and age, and as increasingly complex wells generate more wear-and-tear, we benefit from the resulting additional demand for our products, aftermarket services and spare parts. Historically, we have seen aftermarket-driven demand growth as offshore drilling activity increases, and we expect that pattern to continue. Additionally, as our customers bring offshore rigs that are warm stacked or cold stacked back into service, the revenue base for our aftermarket services and spare parts increases. This is in addition to our benefitting from the revenue opportunities from equipment upgrades associated with such reactivations.

Furthermore, opportunities for newbuild offshore rigs may arise as rig demand increases and the market tightens further. For a newbuild rig, we can provide an entire package of drilling equipment, which, based on the previous build cycle that ended in 2015, represents a revenue opportunity of approximately $45 million in sales for a jack-up rig, approximately $200 million to $300 million in sales for a floater and approximately $15 million to $25 million in sales for a land rig. Additionally, we expect such opportunities for newbuilds to increase our ongoing service revenue stream as new rigs are generally put directly into active service.

***Continue to enhance customer offerings through both improvement of existing technologies, increased digitalization and expansion into additional offshore services***

We believe that we have been, and will continue to be, at the forefront of technological and digital innovation in the drilling industry. We actively invest in R&D efforts and are developing several cutting-edge technologies and solutions, such as hybrid energy solution rigs, riserless drilling, a newly designed rotating control device for managed pressure drilling, enhanced pressure assisted shearing for BOPs and an electric BOP.

We also invest in developing digital solutions, such as DrillPerform, RiCon, DrillCERT, SeaLytics and DEAL, which use real-time data and analytics that allow us to better understand our customers' needs. Our innovative equipment offerings and integrated digital solutions create value for our customers by increasing efficiency, decreasing downtime, reducing cost and enhancing safety. In recent years, we have developed integrated digital control solutions that enable remote drilling operations and increase automation in the drilling process. We will continue pursuing technological and digital advancements that we believe will lead to additional avenues for growth and enhance our position as the partner of choice for our customers.

We continue to explore opportunities to provide other services to our existing offshore drilling contractor customer base. For example, we provide inspection services on risers that were not originally provided or installed by us.

***Leverage historical capability to capture growth and market share in onshore drilling capital expenditures***

Our current suite of drilling products is well-suited for large, high-torque and high-horsepower onshore rigs. While our installed base of equipment on onshore rigs is relatively small compared to offshore rigs, we have extensive capabilities in this area and will focus on both organic and inorganic investments to increase our

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penetration of new equipment sales for land drilling. The onshore drilling market is relatively more fragmented with a more diverse customer base than the offshore drilling market and represents a largely untapped aftermarket opportunity for us. We have the ability to provide a broad suite of products (over 110,000 drawings of parts are available), spare parts and repair services that are compatible with equipment provided by most major manufacturers. Recent expansion in the Middle East further enhances this capability, and we are pursuing multiple additional marketing channels to increase this activity on a global basis.

***Utilize industry expertise and manufacturing capabilities to continue growth in current onshore and subsea mining businesses***

We will continue to utilize our engineering and manufacturing expertise for the application of our products and services for use in, and the development of solutions for, adjacent and complementary markets such as onshore and subsea mining. For example, we have modified and deployed our drilling mud pumps to serve in the onshore mining sector as heavy-duty slurry pumps, which are used to transport and process mining material through high-pressure slurry lines. We are also pursuing similar opportunities in subsea mining, where our mud pump systems meet the pressure and temperature requirements for deep sea mining operations. Our technologies and products have a wide range of applications across industries, and we will actively embrace such opportunities for growth where the economics and industry outlook are favorable.

***Expand into adjacent markets that are consistent with our core competencies***

We are exploring adjacent segments that draw on similar skill sets as our core businesses. These include moving beyond the drilling rig for oil and gas customers and making completion, intervention and production equipment and services. We have a long-standing track record of developing, designing, manufacturing and delivering highly engineered equipment that is relied upon by customers operating in regions and environments with significant complexity, regulatory scrutiny and financial risk involved. We believe that this experience, technical know-how and reputation are a key differentiator for our organization, which positions us well to be able to expand our portfolio of oil and gas related products.

We believe it is important to focus on our core competencies around manufacturing highly engineered products, expanding market access to products globally, commercializing new technology and driving cost and operational efficiency. Other adjacent industries could include renewables, marine products and services and industrial business with equipment similar to our drilling equipment. Our global footprint, manufacturing capacity, operational capability and experience growing businesses globally allow us to assess and execute on this strategy.

***Capitalize on management experience to grow business through acquisitions and integration***

HMH B.V. was formed through the combination of Baker Hughes's Subsea Drilling Systems pressure control business and Akastor's MHWirth drilling equipment business. Our management team successfully combined these businesses and quickly established our corporate infrastructure to support the new company. Our management team has extensive M&A and integration experience in prior roles at other companies. Given management's experience and prior track record, we are well positioned to recognize and capitalize on trends in the industry.

Our global reach and footprint position us well to identify, source, acquire and integrate businesses that can help us continue to grow in core and adjacent markets, as exemplified by the Drillform Acquisition. We believe there is a substantial opportunity set of potential acquisition candidates that will be available over the next several years.

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We intend to invest in businesses that generally have similar characteristics to our own, such as an ongoing aftermarket component, proprietary technology and a capital-light business model. We will also focus on opportunities that can be scaled across our global platform and leverage our management team's experience in driving growth. We have a strategic and financial approach to evaluating potential acquisitions to confirm that they meet certain criteria, with a preference for potential acquisition targets that would add new products or technologies, are complementary to our core product offerings and end markets, have a strong history of generating high returns and have an asset-light business model.

***Continue to use conservative balance sheet approach and target businesses with light capital needs***

Our management team has established conservative financial principles to guide us through decision-making in any potential commodity cycle. Our asset-light business model, the recurring revenues associated with our aftermarket services and our Free Cash Flow generation mitigate our exposure to the impacts of commodity downturns and provide us with the flexibility to pursue growth opportunities. Even so, we remain focused on maintaining a conservative leverage profile and maintaining an asset-light business model.

**Competition** 

Our industry is highly competitive. Competition primarily involves factors such as safety and reliability of products and services offerings, technical expertise, development of innovative technological solutions, maintenance of customer relationships, ability to execute on complex projects and operations within acceptable time and cost boundaries and other related factors. In our main market segment of providing support to existing drilling rigs, we see a particularly competitive environment because our primary customers, drilling rig owners, face highly competitive day rates due to the overcapacity of available drilling rigs in the industry. As a result, the drilling rig owners must focus on their operational costs, which can lead to deferred maintenance and fewer upgrade contracts on which to bid; therefore, we must be aggressive on pricing to secure work.

We are, along with NOV Inc. ("NOV") and Schlumberger Limited's Cameron International ("Schlumberger"), the main providers of full equipment packages for the offshore drilling market. The offshore drilling market is becoming more highly regulated, more technologically demanding and more technologically sophisticated than the onshore market. As a result, offshore operators require highly engineered equipment and technical support services to keep their operations running safely, efficiently and productively. We believe that we are well-positioned to continue supporting and building our presence in the offshore drilling market as a result of our fully integrated suite of mission-critical equipment solutions, spare parts, highly technical expertise, aftermarket services offerings and long experience in the industry. Our comprehensive product offerings, manufacturing expertise and leading-edge technology allow us to provide customers with integrated topside drilling packages for jack-ups, floaters and platforms and integrated pressure control systems, both at surface and subsea. Our primary competitors for these products include Canrig Drilling Technology Ltd., Huisman Equipment B.V., KCA DEUTAG Drilling Group Limited, NOV, Schlumberger, Worldwide Oilfield Machine Inc. and several smaller OEMs of specific pieces of equipment. Within the global offshore drilling fleet, we have the second-largest installed base of topside drilling equipment and risers and the third largest installed base within the main pressure control equipment categories, including BOPs and diverters.

We are also growing our market presence in the onshore drilling space and are now among the leading OEMs in multiple equipment categories within the onshore drilling and pressure control equipment spaces. The onshore drilling market has less stringent regulation and less demanding technology requirements, which have allowed more companies to enter the onshore drilling equipment manufacturers market, resulting in a more fragmented market than the offshore drilling market. Many players, in addition to NOV and Schlumberger, compete against us in most product segments. Smaller manufacturers and Chinese-based manufacturers can

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more effectively compete with us onshore. Companies like Canrig Drilling Technology Ltd., Drillmec India Pvt. Ltd., Honghua Group, KCA DEUTAG Drilling Group Limited, Rongsheng Machinery Manufacture Ltd. and Worldwide Oilfield Machine Inc., among others, have significant presence in many regions in which we deliver our products and services. To effectively compete in the onshore market, we must be aggressive in bidding.

**Raw materials** 

We believe that materials and components used in our operations are generally available from multiple sources and that we are not dependent on any single source of supply for those materials and components. While we believe that we will be able to make satisfactory alternative arrangements in the event of any interruption in the supply of materials and components, we may not always be able to do so. Shortages and transportation and supply disruptions can adversely impact supply of our manufacturing raw materials, as well as delivery of finished goods and transportation of our personnel for services, and as a result our products or services may be disrupted or delayed, which could have a material adverse effect on our business, operations and financial condition. Should our current suppliers be unable or unwilling to provide the necessary parts, raw materials or equipment or otherwise fail to deliver the products timely and in the quantities required, any resulting delays in the provision of our products or services could have a material adverse effect on our business, financial condition, results of operations and cash flows. If we are unable to purchase raw materials for our products on a timely basis to meet the demands of our customers, our existing customers may terminate their contractual relationships with us, or we may not be able to compete for business from new or existing customers, which, in each case, could have a material adverse effect on our business, financial condition, results of operations and cash flows. Supply chain bottlenecks, such as those experienced as a result of the COVID-19 pandemic, may continue to persist as a consequence of evolving geopolitical trends.

The prices that we pay for raw materials may be affected by, among other things, energy, steel and other commodity prices; tariffs and duties on imported materials; economic sanctions; and foreign currency exchange rates. We have experienced rising, declining and stable prices for milled steel and standard grades in line with broader economic activity, and we have generally seen specialty alloy prices continue to rise, driven primarily by escalation in the price of the alloying agents. We have generally been successful in our efforts to mitigate the financial impact of higher raw materials costs on our operations by applying surcharges to, and adjusting prices on, the products that we sell. Higher prices and lower availability of steel and other raw materials that we use in our business may adversely impact future periods.

**Properties and geographic areas** 

We maintain principal executive offices in Houston, Texas, USA. Additionally, we currently own or lease the following additional material properties, which are used for the purposes and segments indicated below:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location** | **Owned/leased** | **Purpose** | **Segment** | **Size (Sq. Ft.)** | **Expiration of lease** |
|  Houston, USA | Owned | Headquarters / Manufacturing / Warehouse | PCS /ESS | 3648966 | N/A |
|  | Owned | Inventory / Shipping | PCS /ESS |  | N/A |
|  Houston, USA (Bronco) | Leased | Manufacturing | PCS / ESS | 50000 | April 30, 2029 |
|  Amsterdam, The Netherlands | Leased | Office | PCS / ESS | 269 | September 30, 2026 |
|  Kristiansand, Norway | Leased | Main building / Workshop /Parking | ESS | 210973 | September 30, 2044 |
|  | Leased | Warehouse | ESS | 76424 | September 30, 2044 |
|  Tulsa, USA | Leased | Inventory / Shipping | PCS / ESS | 109000 | June 30, 2031 |
|  | Leased | Office / Workshop | PCS / ESS |  | June 30, 2026 |
|  Brisbane, Australia | Leased | Office / Warehouse | ESS | 23992 | November 30, 2026 |

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|:---|:---|:---|:---|:---|:---|
| **Location** | **Owned/leased** | **Purpose** | **Segment** | **Size (Sq. Ft.)** | **Expiration of lease** |
|  Baku, Azerbaijan | Leased | Office / Workshop / Warehouse | PCS / ESS | 53873 | January 15, 2030 |
|  | Leased | Warehouse | PCS / ESS | 13455 | June 1, 2028 |
|  Macae, Brazil | Owned | Office / Workshop / Warehouse | PCS / ESS | 294522 | N/A |
|  Beijing, China | Leased | Office | PCS / ESS | 797 | December 14, 2027 |
|  Odessa, USA | Leased | Inventory / Shipping | PCS / ESS | 75347 | March 31, 2027 |
|  | Leased | Office / Workshop | PCS / ESS | 7500 | September 30, 2032 |
|  Chengdu, China | Leased | Engineering Office / Support | PCS / ESS | 9989 | July 24, 2029 |
|  Shanghai, China | Leased | Office | PCS / ESS | 2131 | May 23, 2027 |
|  Erkelenz, Germany | Leased | Office / Workshop / Warehouse | ESS | 487605 | December 31, 2028 |
|  Mumbai, India | Leased | Office | PCS / ESS | 5382 | June 30, 2027 |
|  Chennai, India | Leased | Engineering Office / Support | PCS / ESS | 570 | May 31, 2028 |
|  Veracruz, Mexico | Owned | Manufacturing | PCS / ESS | 84300 | N/A |
|  Fornebu, Norway | Leased | Office / Parking | ESS | 60762 | October 31, 2029 |
|  Lyngdal, Norway | Leased | Workshop | ESS | 25640 | December 31, 2026 |
|  Horten, Norway | Leased | Office | ESS | 10807 | December 12, 2026 |
|  Stavanger, Norway | Leased | Office | ESS | 12895 | March 31, 2027 |
|  Singapore | Leased | Property Land | PCS / ESS | 43551 | December 31, 2030 |
|  | Owned | Building | PCS / ESS | 42733 | N/A |
|  Ankara, Turkey | Leased | Office | PCS / ESS | 269 | August 31, 2026 |
|  Abu Dhabi, United Arab Emirates | Leased<br> Leased | Office<br> Office / Workshop | PCS / ESS<br> PCS / ESS | 323<br> 79405 | November 30, 2026<br> September 30, 2029 |
|  Dubai, United Arab Emirates | Leased | Office | PCS / ESS | 3681 | October 31, 2026 |
|  Dubai, United Arab Emirates (Bronco) | Leased | Office | PCS / ESS | 3369 | March 7, 2026 |
|  Aberdeen, United Kingdom (Tofthills) | Leased | Office / Workshop | PCS / ESS | 192000 | December 12, 2028 |
|  Aberdeen, United Kingdom (Fyvie) | Leased | Office / Workshop | PCS / ESS | 27001 | November 20, 2027 |
|  Humble, USA | Owned | Manufacturing | PCS / ESS | 160000 | N/A |
|  Mobile, USA | Owned | Workshop | PCS / ESS | 24245 | N/A |
|  | Leased | Land where workshop is built | PCS / ESS |  | February 29, 2028 |
|  | Leased | Office | PCS / ESS | 10710 | December 31, 2026 |
|  Dammam, Saudi Arabia | Leased | Office / Warehouse | PCS / ESS | 85573 | April 30, 2029 |

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We believe that our properties and facilities are adequate for our operations, are maintained in a good state of repair and are located in areas that allow us to efficiently serve our customers. We do not believe that any single facility is material to our operations and, if necessary, we could readily obtain a replacement facility.

We operate in over 30 physical locations across 15 countries. The table below presents selected geographic regions from which our revenues originated during the nine months ended September 30, 2025 and 2024 and

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the years ended December 31, 2024 and 2023, though much of our installed base may be deployed or operating in a different geographic region:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **2023** | **2023** |
| <br>**(in thousands, except<br>percentages)** | **Revenues** | **% of Total** | **Revenues** | **% of Total** | **Revenues** | **% of Total** | **Revenues** | **% of Total** |
|  United States | $212053 | 34.3% | $224958 | 36.6% | $304262 | 36.1% | $298351 | 38.0% |
|  Norway | 143898 | 23.2% | 150436 | 24.5% | 206155 | 24.4% | 176387 | 22.5% |
|  Germany | 92499 | 14.9% | 67708 | 11.0% | 99453 | 11.8% | 62002 | 7.9% |
|  United Kingdom | 39941 | 6.5% | 59259 | 9.6% | 73381 | 8.7% | 66694 | 8.5% |
|  Saudi Arabia | 20932 | 3.4% | 10582 | 1.7% | 19314 | 2.3% | 10839 | 1.4% |
|  Other countries | 109735 | 17.7% | 101827 | 16.6% | 140798 | 16.7% | 171173 | 21.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $619058 | 100.0% | $614770 | 100.0% | $843363 | 100.0% | $785446 | 100.0% |

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**Research and development** 

We believe that we have been, and will continue to be, at the forefront of technological and digital innovation in the drilling industry. Our current R&D activities are conducted in Norway, Germany and the United States. We actively invest in R&D efforts and are developing several cutting-edge technologies and solutions, such as hybrid energy solution rigs, riserless drilling, a newly designed rotating control device for managed pressure drilling, enhanced pressure assisted shearing for BOPs and an electric BOP. The focus of our R&D activities is the optimization of existing products and the exploration of new opportunities.

We are committed to making those necessary investments to improve the capabilities of existing core products and to create new product offerings to fuel organic growth. In recent years, our primary R&D project was to build upon the success of our current wireline casing shear ram ("WCSR") for our 18-inch 15,000 psi ram BOP by introducing the WCSR-X<sup>™</sup> shearing ram, which extended the shearing capacity of existing BOPs to up to an 18-inch outside diameter pipe and reduced required shear force up to 48%.

We have three major R&D projects currently in progress:

• development of a rotating control device along with associated equipment to enable open water, riserless drilling. We
believe it will be a "first of its kind" deployment that was enabled by our acquisition of some key technology through our purchase of Electrical Subsea Drilling AS ("ESD") in 2022;

• design and construction of a testbed for the development of the electric BOP actuators, motors and controllers for use in
offshore surface (platforms and jack-ups), subsea and land applications. Like the rotating control device, the key technology driver for this development was our purchase of ESD. This testbed is also being
used to bring in potential partners to aid in the design and qualification effort; and

• development of automation and digitalization solutions and digitally-powered services to improve customer efficiency,
reduce emissions and improve customer competitiveness.

We continue to explore potential partnership avenues to aid in our development efforts. New R&D efforts for 2025 and beyond include development and production of the fully electric BOP for both offshore surface (platforms and jack-ups) and subsea use, for which we are working with several publicly-listed oil and gas companies to help fund development. We expect a significant portion of funding to come from operator partners. As with the development of the rotating control device, the development of the electric BOP has been enabled by our acquisition of ESD. Additionally, we are developing next-generation elastomers for oilfield sealing applications, including those outside our current space, in cooperation with a major operator.

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Our R&D objectives are focused on improving safety and efficiency, reducing emissions and cost and improving customers' competitiveness. In pursuit of these objectives, we are exploring automation and other digital control solutions across various drilling functions.

We also invest in developing digital and automation solutions that can be integrated on operating rigs throughout the global market, such as DrillPerform, RiCon, DrillCERT, SeaLytics and DEAL, which use real-time data and analytics that allow us to better understand our customers' needs, provide strategic recommendations and offerings, assist with lowering their costs and assist with critical decision-making. In recent years, we have developed integrated digital control solutions that enable remote drilling operations and increase automation in the drilling process. We provide our customers with the ability to integrate such digital solutions into their existing systems, which leads to mutually beneficial relationships with our customers.

Our innovative equipment offerings and integrated digital solutions create value for our customers by increasing efficiency, reducing emissions, decreasing downtime, reducing cost and enhancing safety. We will continue pursuing technological and digital advancements that we believe will lead to additional avenues for growth and enhance our position as the partner of choice for our customers. As we experience strong demand for our adjacent markets, part of our R&D efforts has focused on improving and further developing existing products, such as slurry pumps portfolio, equipment and systems for seabed mining and large pile top drill rigs. Additional work has been made to exploring new opportunities in adjoining industries where we see a good fit with our competency and our core "DNA." This work has resulted in key priorities and market leads in 2025 that we will continue to explore in 2026. We plan to focus our development efforts in the coming years on what we believe are "game-changing" technologies like open water drilling and the electric BOP.

**Backlog and inbound orders** 

We generate revenue and inbound orders from a combination of sales of projects and products, sales of services and sales of spare parts. Services are typically sold directly to our customers, either through individual transactions at the time of service or through long-term CSAs. During the nine months ended September 30, 2025, we had $542 million in inbound orders and derived 45.4% of our revenue from services, 27.5% of our revenue from sales of spare parts and 27.1% of our revenue from sales of projects and products. During 2024, we had $793 million in inbound orders and derived 43.4% of our revenue from services, 29.4% of our revenue from sales of spare parts and 27.2% of our revenue from sales of projects and products. Due to the nature of our business, including the time required to manufacture projects and products and the long-term nature of some of our aftermarket service contracts (such as CSAs), we capture inbound orders for projects, products and services (such as CSAs) under backlog.

Backlog for our business includes unfilled customer orders for projects, products and services, excluding any purchase order that provides the customer with the ability to cancel or terminate without incurring a substantive penalty. Services backlog includes sales related to CSAs and other long-term aftermarket service contracts. While the length of these contracts can be up to ten years, our backlog includes the estimated value of the contract through the current fiscal year and does not account for the possibility of bonuses or escalation clauses (which might cause the realized amount to exceed the amount captured in backlog). Services backlog also includes the estimated amount of unsatisfied performance obligations for time and material agreements, material services agreements, multi-year maintenance programs and other services agreements, excluding any order that provides the customer with the ability to cancel or terminate without incurring a substantive penalty.

There can be no assurance that the backlog amounts will ultimately be realized as revenue, or that we will earn a profit on backlog work. Our backlog as of September 30, 2025 was $364.6 million, of which $117.8 million was attributable to projects and products and $246.8 million was attributable to services. While the full contract values are not included in our backlog, as of September 30, 2025, we had $29.9 million in contract value related to CSAs, thus providing us with enhanced levels of predictability and visibility into revenue from services for

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years to come. Since 2023, our average book-to-bill has been approximately 1.0x, with a book-to-bill of 0.79x for the three months ended September 30, 2025. Book-to-bill is the ratio of the revenue anticipated from customer contracts secured to total revenue received during the period. Our management believes our book-to-bill ratio is a useful indicator of our potential future revenue growth in that it measures the rate at which we are generating new customer contracts compared to our current revenue.

**Operating risks and insurance** 

Our operations are subject to hazards inherent in the oil and natural gas and mining industries, including accidents, breakdowns, blowouts, explosions, fires, oil spills and hazardous materials spills. These conditions can cause personal injury or loss of life, damage to or destruction of property, equipment, natural resources, the environment and wildlife and interruption or suspension of operations, among other adverse effects.

Despite what we view as our strong safety record and our efforts to maintain strong safety standards, we conduct our operations in a potentially dangerous drilling and production setting and from time to time have suffered accidents and similar incidents in the past and it is possible that we could experience accidents and incidents in the future. In addition to the property damage, personal injury and other losses from these accidents, the frequency and severity of these incidents may affect our operating costs and insurability and our relationships with customers, employees, regulatory agencies and other parties. Any significant increase in the frequency or severity of these incidents, or the general level of compensation awards or regulatory enforcement sanctions, could adversely affect the cost of, or our ability to obtain, workers' compensation and other forms of insurance, and could have other material adverse effects on our financial condition, our results of operations or our ability to operate.

We maintain a portfolio of insurance policies to protect our core businesses against loss of property, business interruption, injury to personnel and liability to third parties for such losses as per industry standards. Risks insured generally include loss or damage to physical assets, such as buildings, plants, equipment and work in progress, and business interruption resulting therefrom, bodily injury to and death of employees and third-party liabilities. Certain types of losses are generally not insured by us because they are either uninsurable or not economically insurable, such as losses caused as a result of inability to deliver on time or at the right quality, or losses occasioned by willful misconduct, criminal acts, fines and penalties and various perils associated with war and terrorism. Our insurance policies may not be sufficient to adequately insulate us from a claim that exceeds policy limits or against every circumstance or hazard to which we could be subject. An uninsured loss, a loss that exceeds the limits of our insurance policies or a succession of such losses could have a material adverse effect on our business, operations and financial condition.

We typically enter into agreements with our customers governing the provision of our services and use of our products, which usually include certain indemnification provisions for losses resulting from operations depending on the party that is negligent or at fault. Additionally, our agreements with customers often provide certain warranties for the products and services that we sell. The warranty period is normally between 12 and 30 months depending on the specific customer contract and terms. Based on historical warranty expense experience, the warranty provision is estimated at 1.4% of product cost in long-term project construction contracts and 1% of revenue for single product equipment sales.

**Environmental, health and safety regulation** 

Our operations are subject to domestic (including U.S. federal, state and local) and international laws and regulations with regard to air, land and water quality and other environmental protection, compliance and occupational health and safety matters. Numerous federal, state and local governmental agencies, such as the EPA, issue laws and regulations that often require difficult and costly compliance measures that carry

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substantial administrative, civil and criminal penalties for non-compliance and may result in injunctive action. These laws and regulations may require the acquisition of permits, authorizations or licenses before commencing operations; restrict the types, quantities and concentrations of various substances that can be stored, transported, disposed of or released into the environment in connection with our operations; limit or prohibit construction or drilling activities on certain lands lying within wilderness, wetlands, ecologically or seismically sensitive areas and other protected areas or due to governmental moratoriums on drilling; require action to prevent, control or remediate pollution from current or former operations; result in the suspension or revocation of necessary permits, licenses and authorizations; or require that additional pollution controls be installed and impose substantial liabilities for pollution resulting from our operations or related to our owned or operated facilities. Liability under such laws and regulations is often strict and can also be joint and several. Neighboring landowners and other third parties may file claims for personal injury and property damage allegedly caused by the release of hazardous substances, hydrocarbons or other waste products into the environment. Changes in environmental, health and safety ("EHS") laws and regulations occur frequently, and any changes that result in more stringent and costly requirements could materially adversely affect our operations and financial position, as well as the oil and natural gas industry in general. We have not experienced any material adverse effect from compliance with current EHS requirements. This trend, however, may not continue in the future. Changes in standards of enforcement of existing laws and regulations, as well as the enactment and enforcement of new legislation, may require us and our customers to modify, supplement or replace equipment or facilities or to change or discontinue present methods of operation. Our environmental compliance expenditures, our capital costs for environmental control equipment and the market for our products may change accordingly.

During 2024 and the nine months ended September 30, 2025, 24.4% and 23.2%, respectively, of our revenue was derived from Norway, including the Norwegian Continental Shelf. In Norway, the Norwegian Pollution Control Act ("NPCA") applies to all industries and is the cornerstone of Norway's environmental legislation. The Norwegian Environment Agency ("NEA") administers the NPCA, and all pollution is prohibited unless an application is specifically approved by the NEA. All emissions into air, water and soil are covered by the NPCA, including CO<sub>2</sub> emissions. In relation to manufacturing, specific emissions limitations are set by the NEA, and the NEA's express permission must be obtained before commencing any operations. The NEA and the various country governors enforce compliance with the various environmental rules and regulations set forth under the NPCA. If inspections uncover non-compliance, a deadline for rectifying the matter will be imposed, and such non-compliance will subject the offender to follow-up supervision and possible fines.

Norway's environmental and climate policies generally track that of the EU. In 2021, the European Commission adopted a series of legislative proposals depicting how it intends to achieve climate neutrality in the EU by 2050, including the intermediate target of an at least 55% net reduction in GHG emissions by 2030. These proposals have also been referred to as the "Fit for 55" package. Many of the Fit for 55 proposals have now been enacted into EU law and are currently being implemented in the Member States of the EU and European Economic Area, including Norway. This legislative package introduces new measures and revises several pieces of the EU's pre-existing climate-related legislation, including the EU Emissions Trading System ("EU ETS"), the Effort Sharing Regulation and transport and land use legislation.

In Norway, the Norwegian Accounting Act has required large enterprises to report on corporate social responsibility. However, the ESG reporting requirements that apply to certain companies in Norway and EU are set to be broadened as a result of the CSRD. The CSRD was adopted in the EU in January 2023, and amended the pre-existing ESG reporting requirements that were set out in the Non-Financial Reporting Directive. The CSRD impacts in-scope companies in a phased manner, with the first companies becoming subject to its provisions from January 2024. In March 2024, legislation was proposed to the Norwegian Parliament to adopt the CSRD model. This legislation was adopted by the Norwegian Parliament on June 11, 2024 and came into effect on November 1, 2024. Under the CSRD, companies may be required to disclose a broad range of information in relation to sustainability and ESG topics, including in relation to their business model, sustainability objectives, progress,

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management's involvement in sustainability, policies, due diligence processes, adverse impacts, mitigation measures, sustainability risks and relevant indicators. Additionally, the CSRD contains provisions regarding the disclosure of transition plans for climate change mitigation, alignment with a sustainable economy and the Paris Agreement's goal of limiting global warming to 1.5°C and the reporting of GHG emissions (including Scope 1, Scope 2 and Scope 3), if climate change is recognized as a material concern for the reporting entity following a double materiality assessment.

The NTA requires enterprises to conduct due diligence assessments pertaining to fundamental human rights and decent working conditions in their own operations and in their value chain. The NTA applies to larger enterprises that are resident in Norway and that offer goods or services in or outside Norway. It also applies to larger foreign enterprises that offer goods or services in Norway and that are liable to tax in Norway pursuant to Norwegian legislation. In addition to carrying out due diligence assessments, companies must publish an account of the due diligence assessments and have a duty to provide information.

On July 25, 2024, the CS3D entered into force. The CS3D introduces mandatory requirements relating to both human rights and environmental impacts in the supply chains of in-scope companies. However, the provisions of the CS3D will not take effect until July 26, 2029, which is the date in-scope entities will need to comply with the due diligence requirements. The CS3D will likely be incorporated into Norwegian law and will likely lead to amendments of the NTA, for example, by extending the focus of due diligence assessments to also cover environmental impacts.

On February 26, 2025, the European Commission published a proposal involving, among other things, significant simplifications of the CSRD and the CS3D. For the CSRD, the European Commission's proposal includes, among other things, a postponed application, a reduced scope of companies covered, as well as revised reporting standards (ESRS). For the CS3D, the European Commission's proposal includes, among other things, a postponed application and less stringent requirements relating to due diligence. On April 17, 2025, the proposed postponements relating to the obligations of the CSRD and the CS3D entered into force through Directive (EU) 2025/794, which requires EU member states to adopt the changes into domestic legislation by December 31, 2025 at the latest. In Norway, amendments to the Norwegian Accounting Act were adopted on July 3, 2025 to reflect the postponements of the CSRD reporting requirements. The other proposed simplifications of the CSRD and the CS3D were approved by the European Parliament and the Council of the European Union on December 16, 2025. The approved text needs to be published in the Official Journal of the European Union before it can enter into force.

***Hazardous substances and waste handling***

The Resource Conservation and Recovery Act ("RCRA") and comparable state statutes regulate the generation, transportation, treatment, storage, disposal and cleanup of hazardous and non-hazardous wastes. We are required to manage the transportation, storage and disposal of hazardous and non-hazardous wastes generated by our operations, including our operations at customer sites, in compliance with applicable laws, including RCRA.

The Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA"), also known as the Superfund law, imposes joint and several liability, without regard to fault or legality of the original conduct, on classes of persons who are considered to be responsible for the release of a hazardous substance into the environment. These persons can include the current and former owner (or lessee) or operator of the site where the release occurred, and anyone who disposed of or arranged for the disposal of a hazardous substance released at the site. We currently own, lease or operate numerous properties used for manufacturing and other operations. In the event of a release from these properties, under CERCLA, RCRA and analogous state laws, we could be required to remove substances and wastes, remediate contaminated property or perform remedial operations to prevent future contamination even if the releases are not from our operations. Such liability could

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require us to engage in litigation to defend the claims and to allocate our proportionate share of liability, if any. In addition, neighboring landowners and other third parties may also file claims for personal injury and property damage allegedly caused by releases into the environment. Any obligations to undertake remedial operations in the future may increase our cost of doing business and may have a material adverse effect on our financial condition and results of operations.

In Norway, if there is a danger of pollution contrary to the NPCA, those who are responsible must ensure that measures are taken to prevent pollution from occurring. If pollution has already occurred, the NEA may order those who are responsible for the pollution to implement measures, such as conducting further investigations, removing the pollution or limiting its effects. The NPCA does not clearly define who is considered to be responsible for older pollution, which may be particularly difficult to determine when the pollution took place many years ago. Hence, liability for older pollution has been shaped primarily by case law and by interpretation of the NPCA by the NEA and in legal theory. Any obligations to implement measures imposed by the pollution control authorities under the NPCA may have a material adverse effect on our results of operations and financial condition.

***Water discharges***

The Federal Water Pollution Control Act (the "Clean Water Act") and analogous state laws restrict and control the discharge of pollutants into "Waters of the United States" ("WOTUS"). Discharges into WOTUS associated with our operations require appropriate permits and may add material costs to our operations. The adoption of more stringent criteria in the future may also increase our costs of operation. The Clean Water Act and analogous state laws provide administrative, civil and criminal penalties for unauthorized discharges and, together with the Oil Pollution Act of 1990, impose rigorous requirements for spill prevention and response planning, as well as substantial potential liability for the costs of removal, remediation and damages in connection with any unauthorized discharges.

The EU Water Framework Directive, which has been incorporated into Norwegian law, requires that Member States of the EU and European Economic Area protect and, where necessary, restore water bodies in order to reach "good status," and to prevent deterioration. "Good status" means both good chemical and good ecological status. These obligations will have an impact on companies applying for permits, including under the NPCA, as strict limits will be set on discharges of pollutants into water.

***Air emissions***

The federal Clean Air Act, as amended ("CAA"), and comparable state laws and regulations regulate emissions of various air pollutants through the issuance of permits and the imposition of other requirements. The EPA has developed, and continues to develop, stringent regulations governing emissions of air pollutants from specified sources. New facilities may be required to obtain permits before work can begin, and existing facilities may be required to obtain additional permits and incur capital costs in order to remain in compliance. These laws and regulations may increase the costs of compliance for some facilities we or our customers own or operate, and federal and state regulatory agencies can impose administrative, civil and criminal penalties for non-compliance with air permits or other requirements of the CAA and associated state laws and regulations. Obtaining or renewing permits also has the potential to delay the development of oil and natural gas projects. Additional costs or delays incurred by our customers could adversely affect demand for the oil and natural gas they produce, which could reduce demand for our products and services. We believe that we are in substantial compliance with all applicable air emissions regulations and that we hold all necessary and valid construction and operating permits for our operations.

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***Employee health and safety***

We are subject to a number of federal and state laws and regulations, including the Occupational Safety and Health Act ("OSHA") and comparable state statutes, establishing requirements to protect the health and safety of workers. In addition, the OSHA hazard communication standard, the EPA community right-to-know regulations under Title III of the federal Superfund Amendment and Reauthorization Act and comparable state statutes require that information be maintained concerning hazardous materials used or produced in our operations and that this information be provided to employees, state and local government authorities and the public. Substantial fines and penalties can be imposed and orders or injunctions limiting or prohibiting certain operations may be issued in connection with any failure to comply with laws and regulations relating to worker health and safety.

***Climate change***

Various international, national and state governments and agencies are currently evaluating or promulgating climate-related legislation and other regulatory initiatives that would restrict GHG emissions. These regulatory measures include, among others, adoption of cap and trade regimes, carbon taxes, increased efficiency standards and incentives or mandates for renewable energy. Because our business depends on the level of activity in the oil and gas industry, existing or future laws, regulations, treaties or international agreements related to GHG emissions and climate change, including incentives to conserve energy or use alternative energy sources, could have a material adverse effect on our business, financial condition and results of operations if such laws, regulations, treaties or international agreements negatively affect global demand for oil and gas. Consideration of further legislation or regulation may be impacted by the Paris Agreement, which was announced by the parties to the U.N. Framework Convention on Climate Change in December 2015 and calls on signatories to set progressive GHG emission reduction goals. In April 2021, the United States announced that it was setting an economy-wide target of reducing its GHG emissions by 50-52% below 2005 levels in 2030. On December 13, 2023, in connection with COP 28, the first global stocktake of progress towards emissions reductions goals under the Paris Agreement was published. The stocktake agreement calls on parties, including the United States, to contribute to transitioning away from fossil fuels, reduce methane emissions and increase renewable energy capacity. Further, many state and local leaders have stated their intent to intensify efforts to support the international climate commitments. These commitments could further reduce demand and prices for fossil fuels produced by our customers. More recently, however, on January 20, 2025, the Trump Administration issued an executive order that initiated the process to withdraw the United States from the Paris Agreement, mandated ending the United States' financial commitments under the UN Framework Convention on Climate Change, and revoked the U.S. International Climate Finance Plan. The United States' withdrawal from the Paris Agreement became effective on January 27, 2026. On January 7, 2026, the Trump Administration issued an executive order directing United States executive agencies to cease participation in and withdraw from the UN Framework Convention on Climate Change. In addition to the executive order mentioned above, as of January 29, 2026, the Trump Administration had issued a series of executive orders that signal a shift in the United States' energy and climate change policies. Among other directives, such executive orders: (i) direct federal agencies to identify and exercise emergency authorities to facilitate conventional energy production, transportation and refining, and call for the use of emergency regulations to expedite energy infrastructure projects; (ii) promote energy exploration and production on federal lands and waters; (iii) mandate a review of existing regulations that may burden domestic energy development; and (iv) pause the disbursement of funds appropriated through the IRA 2022 and the Infrastructure Investment and Jobs Act. It is not possible to predict the impact of the Trump Administration on these climate and energy initiatives at this time. While the Trump Administration may seek to reverse some or all of the initiatives advanced by the Biden Administration, it is unknown whether such reversals will ultimately be successful, and these or additional changes in the future could impact our business and operations, and those of our customers.

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Additionally, despite the Trump Administration's stated opposition to some of these regulations and initiatives, individual states have the right to enforce their own laws and, in some cases, federal laws, independent of the federal government.

The IRA 2022 contained billions of dollars in incentives for the development of renewable energy, clean hydrogen, clean fuels, electric vehicles, investments in advanced biofuels and supporting infrastructure and carbon capture and sequestration, among other provisions. These incentives accelerated the transition of the economy away from the use of fossil fuels towards lower or zero-carbon emissions alternatives. In addition, the IRA 2022 imposed the first ever federal fee on excess methane emissions from sources required to report their GHG emissions to the EPA, including those sources in the offshore and onshore petroleum and natural gas production and gathering and boosting source categories. The final rules regarding the Waste Emissions Charge were published by the EPA on November 18, 2024. On March 14, 2025, President Trump signed a Joint Resolution of Disapproval under the Congressional Review Act to prohibit the EPA's Waste Emissions Charge rules from taking effect. On July 4, 2025, President Trump signed the One Big Beautiful Bill Act, which, among other things, postpones the EPA's imposition of the Waste Emissions Charge to 2034. On July 31, 2025, the EPA issued an interim final rule extending several compliance deadlines associated with the 2024 new source performance standards for the oil and gas industry, which rule was finalized in December 2025. In September 2025, the EPA announced a proposal to end the GHG Reporting Program for all sectors except petroleum and natural gas systems (excluding reporting for natural gas distribution, which would also be eliminated under the proposal) and deferring reporting for petroleum and natural gas systems until 2034. When the Waste Emissions Charge takes effect, it could increase our customers' operating costs, which could adversely impact our business.

Almost one-half of U.S. states have taken measures to reduce emissions of GHGs, primarily through the development of GHG emission inventories and regional GHG cap-and-trade programs. In addition, states have imposed increasingly stringent requirements related to the venting or flaring of gas during oil and natural gas operations.

On March 6, 2024, the SEC adopted a new set of rules that require a wide range of climate-related disclosures, including material climate-related risks, information on any climate-related targets or goals that are material to the registrant's business, results of operations or financial condition, Scope 1 and Scope 2 GHG emissions on a phased-in basis by certain larger registrants when those emissions are material and the filing of an attestation report covering the same, and disclosure of the financial statement effects of severe weather events and other natural conditions, including costs and losses. Multiple lawsuits have been filed challenging the SEC's new climate rules, which have been consolidated in the U.S. Court of Appeals for the Eighth Circuit. On April 4, 2024, the SEC issued an order staying the final rules until judicial review is complete. On March 27, 2025, the SEC voted to end the defense of the rules in the litigation. On April 4, 2025, a group of 18 intervenor-respondent states and the District of Columbia moved to hold the cases in abeyance until the SEC amends or rescinds the regulations, which motion was granted by the Eighth Circuit in an order issued on April 24, 2025. Further, the Eighth Circuit directed the SEC to file a status report within 90 days (by July 23, 2025) advising the Court whether the SEC intends to review or reconsider the rules at issue in the case. On July 23, 2025, the SEC filed a status report, advising the Eighth Circuit that the SEC does not intend to review or reconsider the rules at issue and requesting that the court terminate the abeyance and decide the case on the merits. On September 12, 2025, the U.S. Court of Appeals issued an order to hold the petitions challenging the climate disclosure rules in abeyance pending further action by the SEC. While the ultimate outcome of legal challenges and any resulting changes to the final rules are not yet known, we cannot predict the costs of implementation or any potential adverse impacts resulting from the rulemaking. To the extent this rulemaking is implemented, which is uncertain at this time, we could incur increased costs relating to the assessment and disclosure of climate-related risks, and we cannot predict how any information disclosed under the rules may be used by financial

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institutions or investors. Additionally, while the SEC's new climate rules may ultimately not be implemented, individual states may continue to impose climate-related disclosure mandates.

The EU's CSRD, adopted in 2023, has a much broader scope than the SEC's new climate rules and requires in-scope companies to publish reports on how their business and value chains impact the environment and society, as well as the social and environmental risks and opportunities to which they are subject. The CSRD also includes the disclosure of Scope 3 emissions (which were left out of the final SEC climate rules), to the extent that climate change is determined to be a material topic for the Company as part of a double materiality assessment. We began implementing policies and procedures to comply with these expansive new requirements in 2024 for financial periods beginning on or after January 1, 2024, but that implementation process has extended into 2027 as a result of the subsequent revisions to the CSRD.

On July 25, 2024, the CS3D entered into force. The CS3D requires the use of risk-based due diligence to mitigate "adverse environmental and human rights impacts" in an in-scope company's "chain of activities," including certain activities of its business partners. Nonetheless, the provisions of the CS3D will not take effect until July 26, 2029, which is the date in-scope entities will need to comply with the due diligence requirements. France has also adopted laws requiring large companies to carry out human rights and environmental due diligence, while similar laws have been proposed in other EU Member States, such as Belgium, the Netherlands and Austria. Further, the NTA, which took effect on July 1, 2022, requires mapping actual and potential risks of adverse impacts on decent working conditions and human rights.

On February 26, 2025, the European Commission published a proposal involving, among other things, significant simplifications of the CSRD and the CS3D. For the CSRD, the European Commission's proposal includes, among other things, a postponed application, a reduced scope of companies covered, as well as revised reporting standards (ESRS). For the CS3D, the European Commission's proposal includes, among other things, a postponed application and less stringent requirements relating to due diligence. On April 17, 2025, the proposed postponements relating to the obligations of the CSRD and the CS3D entered into force through Directive (EU) 2025/794, which requires EU member states to adopt the changes into domestic legislation by December 31, 2025 at the latest. In Norway, amendments to the Norwegian Accounting Act were adopted on July 3, 2025 to reflect the postponements of the CSRD reporting requirements. The other proposed simplifications of the CSRD and the CS3D were approved by the European Parliament and the Council of the European Union on December 16, 2025. The approved text needs to be published in the Official Journal of the European Union before it can enter into force.

In general, these regulatory changes do not appear to affect us in any material respect that is different, or to any materially greater or lesser extent, than other companies that are our competitors. However, to the extent our customers are subject to these or other similar proposed or newly enacted laws and regulations, the additional costs incurred by our customers to comply with such laws and regulations could impact their ability or desire to continue to operate at current or anticipated levels, which could negatively impact their demand for our products and services. In addition, any new laws or regulations establishing cap-and-trade or that favor the increased use of non-fossil fuels—such as the IRA 2022—may dampen demand for oil and natural gas production and lead to lower spending by our customers for our products and services. Similarly, to the extent we are or become subject to any of these or other similar proposed or newly enacted laws and regulations, we expect that our efforts to monitor, report and comply with such laws and regulations, and any related taxes imposed on companies by such programs, will increase our cost of doing business and may have a material adverse effect on our financial condition and results of operations. Moreover, any such regulations could ultimately restrict the exploration and production of fossil fuels, which could adversely affect demand for our products.

There have been efforts in recent years to influence the investment community, including investment advisors, institutional lenders, insurance companies and certain sovereign wealth, pension and endowment funds and other groups, by promoting divestment of fossil fuel equities and pressuring lenders to limit funding and insurance

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underwriters to limit coverages to companies engaged in the extraction of fossil fuel reserves. Such environmental activism and initiatives aimed at limiting climate change and reducing air pollution could interfere with our business activities, operations and ability to access capital. Furthermore, claims have been made against certain energy companies alleging that GHG emissions from oil and natural gas operations constitute a public nuisance under federal and state common law. As a result, private individuals or public entities may seek to enforce environmental laws and regulations against certain energy companies and could allege personal injury, property damages or other liabilities. While our business is not currently a party to any such litigation, we could be named in actions making similar allegations. An unfavorable ruling in any such case could significantly impact our operations or our customers' operations and could have an adverse impact on our financial condition.

The EU ETS is a cornerstone of the EU's climate policy and has been incorporated into Norwegian law via the Norwegian Greenhouse Gas Emission Trading Act since 2008. The EU ETS is a 'cap-and-trade' system, whereunder the overall volume of GHGs that may be emitted by installations covered by the system is limited by a cap on emission allowances. The cap is gradually tightened so that total emissions are reduced. Within the cap, companies are allocated or buy emission allowances, which they can trade as needed. The cap on the total volume of emissions ensures that emission allowances have a market value. At the end of each year, companies must surrender enough allowances to cover all their emissions or face fines as a penalty for the excess emissions. The price of EU ETS allowances has fluctuated over the years and reached a peak in early 2023 with approximately 100 EUR per ton of CO<sub>2</sub>. As of January 28, 2026, the price per ton of CO<sub>2</sub> was approximately EUR 88. The EU ETS was subject to material amendments as part of the Fit for 55 package of policies, which included bringing additional sectors within the scope of the EU ETS, and also accelerating the phase out of free allowances and the reduction in the cap.

***Offshore drilling***

Various new regulations intended to improve offshore safety systems and environmental protection have been issued since 2010, which have increased the complexity of the drilling permit process and may limit the opportunity for some operators to continue deepwater drilling in the U.S. Gulf, which could have an adverse impact on our customers' activities. For example, in 2016, the DOI's Bureau of Safety and Environmental Enforcement ("BSEE") published its first well control rule, focused on BOP requirements and included reforms in well design, well control, casing, cementing, real-time well monitoring and subsea containment. In 2019, the BSEE, under the Trump Administration, published a revised well control rule and on August 23, 2023, the BSEE published a newly revised well control rule, which builds on the 2016 rule and revises or rescinds certain modifications that were made in the 2019 rule. The 2023 well control rule clarifies BOP system requirements and modifies certain specific BOP equipment capability requirements. On August 8, 2025, the BSEE issued a request for information and comment seeking feedback on well completion safety regulations. In addition, on April 24, 2024, the DOI's Bureau of Ocean Energy Management published a final risk management and financial assurance rule that substantially revises financial assurance requirements applicable to offshore oil and gas operations. On May 2, 2025, the DOI announced its intent to revise the final risk management and financial assurance rule to reduce financial assurance requirements on offshore oil and gas operations. If the Biden Administration's well control rule and new financial assurance requirements remain in place, they may increase our customers' operating costs significantly and impact our customers' ability to obtain leases, thereby reducing demand for our products.

Further, there is ongoing uncertainty regarding the long-term outlook for the U.S. Gulf region, as a result of a prior temporary ban on leasing of U.S. federal lands imposed by President Biden in 2021. The temporary ban has been lifted and the Biden Administration resumed selling leases to drill for oil and gas on federal lands in April 2022, but with an 80% reduction in the number of acres offered and an increase in the royalties companies must pay to drill. In August 2023, the DOI proposed a scaled back offshore lease sale for certain areas in the Gulf due to concerns related to an endangered whale population in the area. The exclusion of certain lease blocks from the sale was

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successfully challenged in court, and the DOI was ordered to hold the lease sale at its original scale. This decision was upheld by the U.S. Court of Appeals for the Fifth Circuit on November 14, 2023, and the sale was held on December 20, 2023. In September 2023, the Biden Administration announced a new five-year offshore leasing plan for the U.S. Gulf, which the Trump Administration sought to reverse via executive order in January 2025. The Biden Administration's plan called for a maximum of three offshore lease sales, in 2025, 2027 and 2029, and no lease sales were held in 2024. The five-year lease plan would represent the smallest number of planned sales in the history of the offshore leasing program. The One Big Beautiful Bill Act displaced the Biden Administration's five-year offshore leasing plan, instead providing for at least 30 region-wide sales in the U.S. Gulf between December 2025 and March 15, 2040. In November 2025, the Trump Administration published a draft five-year lease plan for 2026-2031 that would provide for 34 offshore lease auctions in the U.S. Gulf and the Pacific Ocean off the coast of California and Alaska. On January 6, 2025, President Biden issued a Memorandum of Withdrawal pursuant to the Outer Continental Shelf Lands Act of the entire U.S. East Coast, the eastern Gulf, the Pacific off the coasts of Washington, Oregon and California, and additional portions of the Northern Bering Sea in Alaska from oil and gas leasing, which the Trump Administration sought to reverse by executive order in January 2025. On January 26, 2024, the Biden Administration implemented a temporary pause on the DOE's review of pending decisions for authorization to export LNG to non-Free Trade Agreement countries while the DOE reviews and updates the underlying analyses for such decisions using more current data to account for considerations like the environmental and climate change impacts of LNG. The temporary pause was then overturned by the U.S. District Court for the Western District of Louisiana in July 2024, and the Trump Administration restarted the review of new LNG export terminals via executive order in January 2025. On April 23, 2024, the DOI published a final rule to revise the Bureau of Land Management's oil and gas leasing regulations, which revised fiscal terms of the onshore federal oil and gas leasing program. While certain aspects of the 2024 final rule remain in effect, the One Big Beautiful Bill Act, signed on July 4, 2025, reversed the increases to royalty rates, which were raised under the IRA 2022. The One Big Beautiful Bill Act also increases U.S. lease sales both onshore and offshore. In May 2025, the DOI announced a policy update designed to expedite oil and gas leasing on onshore public lands. If the new regulations, policies, operating procedures and possibility of increased legal liability, as well as the general uncertainty related to federal oil and gas leases in or near the Gulf, are viewed by our current or future customers as a significant impairment to expected profitability on projects or an unjustifiable increase in risk, they could discontinue or curtail their offshore operations, thereby adversely affecting the demand for our equipment and services, which, in turn, could adversely affect our financial condition, results of operations or cash flows.

Given the wide geographical reach of our business activities, the laws and regulations in several other jurisdictions may also be relevant to our provision of aftermarket services, sales of spare parts and sales of projects and products, and the applicable legal framework and its enforcement practices may vary across different jurisdictions. For instance, we may be subject to the NPCA and the Norwegian Maritime Act of 24 June 1994 for our activities in Norway. Environmental protection laws and regulations have become increasingly stringent. Such laws and regulations are continuously evolving both nationally and internationally, particularly within the EU, to accommodate the advancing technical standards and heightened requirements for safety and environmental preservation in the energy sector. International regulations governing safety, materials discharge into the environment and other aspects of environmental protection encompass various regulations, such as the International Convention for the Safety of Life at Sea 1974, the International Convention for the Prevention of Pollution from Ships 1973, the International Safety Management Code for the Safe Operation of Ships and Pollution Prevention, the International Convention on Civil Liability for Oil Pollution Damage 1969, the International Convention on Civil Liability for Bunker Oil Pollution Damage 2001, the International Convention for the Control and Management of Ships' Ballast Water and Sediments 2004, the Convention on the Prevention of Marine Pollution by Dumping of Waste and other Matters 1972 (as amended by the 1996 London Protocol), and the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers 1978.

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**Human capital and employees** 

We are committed to investing in our human capital and creating a supportive work environment that enables our employees to thrive. We believe that by prioritizing the well-being, development and engagement of our workforce, we can drive innovation, deliver exceptional products and services and achieve long-term success.

***Workforce profile***

As of December 31, 2025, we had 2,019 employees, including 1,074 manufacturing and servicing personnel and 945 corporate, administrative and management personnel. Of this total population, approximately 580 employees in Norway, Germany and Mexico are employed under their respective collective bargaining agreements. Although we have not experienced any labor disruptions, strikes or other forms of labor unrest in connection with such personnel and we consider our employee relations to be good, there can be no assurance that labor disruptions by such employees will not occur in the future.

29.8% of our employees work in North America, 45.3% in Europe, 13.1% in Central and South America, 7.3% in the Middle East and 4.4% in Asia and Australia. Our workforce is diverse and inclusive, comprising of individuals from different backgrounds, cultures and experiences. We believe that diversity strengthens our organization and enables us to better serve our customers and communities.

***Ethics and compliance***

We operate globally and acknowledge that bribery and corruption may pose a risk. We are committed to upholding ethical and lawful practices in all aspects of our operations, recognizing our responsibility to our employees, stockholders and the communities in which we operate.

Our policies prohibit any form of corruption, including bribery, trading in influence, facilitation payments, network corruption (nepotism), illegal kick-backs or any similar illegal activities. Our Anti-Bribery and Corruption Policy provides guidance for employees to assess risks, understand relevant laws and report concerns.

We conduct annual training on our policies, which includes anti-bribery and corruption training. Additionally, we evaluate the potential exposure to bribery and corruption when engaging with customers and suppliers, and we reject partnerships where we perceive unacceptably high risks. Furthermore, we conduct audits of our suppliers to confirm their compliance with our policies and take corrective actions when necessary.

***Health, safety, security and environment***

We recognize HSSE as a key component of our organizational culture, and we strive to cultivate an HSSE-focused mindset among our employees and in connection with our activities. Our employees are expected to advance our corporate HSSE values and principles, including caring for the environment and prioritizing the safety and well-being of our employees and other stakeholders. This commitment to HSSE is highlighted by the fact that our board of directors receives and discusses a safety report at the beginning of each quarterly board meeting. Additionally, our Chief Executive Officer, Chief Financial Officer and Chief Administration Officer, General Counsel and Corporate Secretary continuously monitor and update our safety policies and best practices.

We also work towards achieving ESG standards by providing solutions that increase efficiency and reduce our carbon footprint, growing a diverse workforce and protecting human rights.

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***Employee engagement and well-being***

We prioritize the well-being and satisfaction of our employees. We believe that a healthy work-life balance is essential for productivity and overall happiness. To promote employee engagement, we offer flexible work arrangements, wellness programs and employee assistance programs.

We also value open communication and encourage feedback from our employees. We conduct regular pulse surveys and feedback sessions to understand their needs, concerns and suggestions. This helps us create a supportive and inclusive work environment where everyone feels heard and valued.

***Talent acquisition and development***

We have a comprehensive talent acquisition strategy in place to attract and hire the best candidates for our organization. We focus on identifying individuals who align with our values, possess the necessary skills and expertise and demonstrate a commitment to continuous learning and growth.

Once onboarded, we provide our employees with various opportunities for professional development and advancement. We offer training programs, mentorship initiatives and career development resources to support their growth within the Company.

***Compensation and benefits***

We provide competitive compensation packages tailored by location that reflect the skills, experience and contributions of our employees. Our compensation structure is designed to reward performance and promote fairness. We also offer a comprehensive benefits package that includes health insurance, retirement plans, paid time off and other perks.

**Patents, trademarks and other intellectual property** 

Over the last several years, we have significantly invested in our research and technology capabilities, as described under "—Research and development." As a result of these efforts, we introduced several new products and progressed on differentiating technologies that we believe will provide a competitive advantage as our customers focus on extracting oil and natural gas in the most economical and efficient ways possible, including R&D on a fully electric BOP and introduction of the WCSR-X shearing product and various digital solutions.

We seek patent protections for our technology when we deem it prudent, monitor for any potential infringements on patents and trademarks and aggressively pursue protection of these rights, up to and including litigation. As of August 2025, we owned over 670 U.S. and foreign patents and over 250 pending U.S. and foreign patent applications. In addition, we rely to a great extent on the technical expertise and know-how of our personnel to maintain our competitive position, and we make efforts to protect trade secrets and other confidential or proprietary information relating to the technologies we develop.

The term of individual patents depends on the legal term for patents in the countries in which they are granted. In most countries, including the United States, the patent term is generally 20 years from the earliest claimed filing date of a nonprovisional patent application in the applicable country or Patent Cooperation Treaty application. The patents in our current portfolio expire between August 27, 2025 and November 1, 2043. Once a patent expires, the protection ends, and the claimed invention enters the public domain; that is, anyone can commercially exploit the invention without infringing the patent.

Trademarks are also of considerable importance to the marketing of our products. We consider the HMH<sup>™</sup>, MHWirth<sup>™</sup>, Wirth<sup>™</sup>, Hydril Pressure Control<sup>™</sup>, Bronco<sup>™</sup>, VetcoGray<sup>™</sup>, mh<sup>™</sup>, Maritime Hydraulics<sup>™</sup>, mh-Pyramid<sup>™</sup>,

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Beware<sup>™</sup> and Deal<sup>™</sup> trademarks to be important to our business as a whole. We typically register trademarks in many of the countries where the trademarked products are used or generate revenue. We are party to certain license agreements that either grant us limited rights to use certain trademarks or relate to us providing others with the license to use certain trademarks. As part of the formation of HMH B.V., we entered into worldwide, fully paid, nontransferable and non-sublicensable license agreements with a subsidiary of Baker Hughes giving us a limited right to use the terms Vetco<sup>™</sup> and VetcoGray<sup>™</sup> as trademarks on certain products traditionally sold under those trademarks and certain other intellectual property rights relating to the business line Baker Hughes contributed to HMH B.V. at the time of HMH B.V.'s formation. In addition, as part of the sale of its pressure control business to our predecessor in interest, General Electric Company, Tenaris S.A. entered into a worldwide, fully paid, nontransferable and non-sublicensable limited license agreement with Hydril USA Distribution LLC, our wholly owned subsidiary, for use of the Hydril<sup>™</sup> trademark with respect to pressure control products and services related thereto. These agreements contain restrictions on our use of these trademarks, which are owned by others, and we rely upon those other parties to maintain and protect them.

We also rely on trade secret laws and contracts to protect our confidential and proprietary information. To protect our information, we customarily enter into confidentiality agreements with our employees, consultants, partners, customers, potential customers and suppliers, for example. We believe our patents, trademarks and other protections for our proprietary technologies are adequate for the conduct of our business.

**Cyclical nature of industry** 

We operate in a highly cyclical industry. Our business is particularly sensitive to factors such as oil and gas prices, the supply and demand for oil and gas, the level of exploration, development, production, investment, modification and maintenance activity and competition.

Prices for oil and gas commodities have historically been, and are expected to remain, subject to fluctuations in response to changes in the supply and demand for oil and gas, market uncertainty and a variety of other political and economic factors. Prolonged reductions in oil and gas prices typically result in decreased levels of exploration, development, production, investment, modification and maintenance activity by oil and gas companies. Any decreased levels of exploration, development and production activity or reductions or postponement of major expenditures by oil and gas companies could lead to downward pricing pressure on oil and gas service companies such as us and, therefore, could adversely affect our activity and profit.

**Seasonality** 

Historically, demand for our oil and gas-related products and services have been affected by seasonal trends in levels of drilling and production activity in the oil and gas industry. Budgets of many of our customers are based upon a calendar year, and demand for our services has historically been stronger in the second and third calendar quarters when allocated budgets are expended by our customers and seasonal weather conditions are more favorable for drilling and production activities, particularly for offshore operations. Many other factors, such as national or customary holiday seasons, the expiration of drilling leases and the supply of and demand for oil and natural gas, may affect this general trend in any particular year. While we anticipate that the seasonal and other trends described above may continue, there can be no guarantee that spending by our customers will continue to follow patterns observed in the past.

**Legal matters** 

From time to time, we are a party to ongoing legal proceedings in the ordinary course of business. We do not believe the results of currently pending proceedings, individually or in the aggregate, will have a material adverse effect on our business, financial condition, results of operations or liquidity.

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**Management** 

**Directors and executive officers** 

The following table sets forth, as of the date of this prospectus, the names, ages and titles of the individuals who are expected to constitute our directors and executive officers upon completion of this offering. Executive officers serve at the discretion of our board of directors and until their successors are elected and qualified.

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
|  Eirik Bergsvik | 65 | Chief Executive Officer |
|  Thomas W. McGee | 53 | Chief Financial Officer |
|  Dwight W. Rettig(1) | 65 | Chief Administration Officer, General Counsel and Corporate Secretary |
|  Eugene C. Chauviere III | 60 | Chief Operations Officer |
|  Roy A. Dyrseth | 58 | Chief Commercial Officer |
|  Pål Skogerbø | 52 | Chief Technology Officer |
|  Judson E. Bailey | 53 | Director Nominee |
|  Karl Erik Kjelstad | 59 | Director Nominee |
|  Svein O. Stoknes | 55 | Director Nominee |
| M. Georgia Magno | 47 | Director Nominee |
|  Lance T. Loeffler | 48 | Director Nominee |
|  Kathleen S. McAllister | 61 | Director Nominee |
|  Daniel W. Rabun | 71 | Director Nominee |

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(1) Mr. Rettig has served as the sole director of HMH Inc. since its formation on April 29, 2024 and intends to resign from such role in connection with the consummation of this offering.

Set forth below is a description of the backgrounds of our directors, director nominees and executive officers. Unless otherwise indicated, references to positions held at HMH Inc. include positions held at HMH B.V.

***Eirik Bergsvik***

Mr. Bergsvik has served as Chief Executive Officer of HMH Inc. since its formation in April 2024 and as Chief Executive Officer of HMH B.V. and its subsidiaries since January 2023. Mr. Bergsvik served as President of Equipment and System Solutions of HMH B.V. from October 2021 to January 2023. Prior to that, he served as Chief Executive Officer of MHWirth, before it was contributed to us by Akastor in the formation of HMH B.V., from February 2019 to October 2021 and Vice President of Business Development of Hunter Group ASA (OB: HUNT), an investment company focused on shipping and oil service investments, from 2017 to 2018. From 2011 to 2016, Mr. Bergsvik served as Chief Executive Officer of Interwell AS, a leading supplier of downhole products for oil companies. From 2006 to 2011, Mr. Bergsvik served as Managing Director of National Oilwell Norway AS, a supplier of oilfield services and equipment. Mr. Bergsvik has a degree in Business & Administration from Molde University College and studied Electrical Engineering at Trondheim Marine Engineers School.

***Thomas W. McGee***

Mr. McGee has served as Chief Financial Officer of HMH Inc. since its formation in April 2024 and as Chief Financial Officer of HMH B.V. and its subsidiaries since October 2021. He has more than 25 years of experience

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from the oil service, consulting and financial services industries. Prior to HMH B.V., Mr. McGee served in the Office of the Chairman of MHWirth, before it was contributed to us by Akastor in the formation of HMH B.V., from January 2019 to September 2021. From 2016 to 2018, Mr. McGee served as Executive in Residence at Warburg Pincus LLC, a global private equity firm. From 2005 to 2015, he served as Vice President of Corporate Development of NOV (NYSE: NOV), an independent equipment and technology provider to the global energy industry. Mr. McGee has a Bachelor's degree in Economics from Vanderbilt University and a Master of Business Administration from Wharton Business School at the University of Pennsylvania.

***Dwight W. Rettig***

Mr. Rettig has served as Chief Administration Officer, General Counsel and Corporate Secretary of HMH Inc. since its formation in April 2024 and as Chief Administration Officer and General Counsel of HMH B.V. since October 2021. He has more than 30 years of experience from the oil service industry. Mr. Rettig previously served in the Office of the Chairman of MHWirth, before it was contributed to us by Akastor in the formation of HMH B.V., from February 2019 to October 2021. From 2016 to 2018, Mr. Rettig served as Executive in Residence at Warburg Pincus LLC, a global private equity firm. From 1990 to 2014, he served as Executive Vice President and General Counsel of NOV. Mr. Rettig's previous experience includes establishing NOV's compliance department and assisting NOV with the buyout from United States Steel Corporation (NYSE: X) and Armco Steel Corporation and its subsequent initial public offering. Mr. Rettig has a Bachelor's degree from Indiana University and a Juris Doctor and Master of Business Administration from the University of Houston.

***Eugene C. Chauviere III***

Mr. Chauviere has served as Chief Operations Officer of HMH Inc. since July 2024. Prior to that, he served as President of Pressure Control Systems of HMH Inc. since its formation in April 2024 and of HMH B.V. since October 2021. He has more than 35 years of experience from the oil service industry. Mr. Chauviere previously served as Vice President of Subsea Drilling Systems of Baker Hughes (Nasdaq: BKR) from 2008 to October 2021. From 1998 to 2007, he held several global roles at Hydril, including services, operations, projects, engineering, Vice President of Pressure Control and ultimately Chief Executive Officer. From 1988 to 1998, he was at Cooper Cameron Corporation, a manufacturer of oil and gas industrial equipment and services, where he served as a Quality Engineer in the corporate quality team and later as a Project Manager in the subsea business. Mr. Chauviere has a Bachelor of Science degree in Industrial Engineering from Texas A&M University and attended the Stanford Executive Program.

***Roy A. Dyrseth***

Mr. Dyrseth has served as Chief Commercial Officer of HMH Inc. since its formation in April 2024 and as Chief Commercial Officer of HMH B.V. since October 2022. Prior to that, Mr. Dyrseth served as Senior Vice President and Chief Commercial Officer of MHWirth/ESS from October 2021 to October 2022. From 2016 to October 2021, he had a dual role as Executive Director of Akastor ASA for drilling-related business development and as Chief Commercial Officer of MHWirth. From 2013 to 2016, Mr. Dyrseth served as Chief Executive Officer of MHWirth. Prior to that, he served as Vice President of Sales in Europe, Africa, Russia and the Middle East of NOV from 2006 to 2013 and held various management positions at NOV from 1997 to 2006. Mr. Dyrseth has a Bachelor of Science degree in Marine Technical Operations from Aalesund University College.

***Pål Skogerbø***

Mr. Skogerbø has served as Chief Technology Officer of HMH Inc. since July 2024. Prior to that, he served as President of Equipment and System Solutions of HMH Inc. since its formation in April 2024 and of HMH B.V.

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since January 2023 and as Senior Vice President of Technology of HMH B.V. from July 2022 to January 2023. He held several roles at MHWirth from 2014 to July 2022, including Senior Vice President of Product Engineering, Senior Vice President of Digital Technology and ultimately Chief Technology Officer, and at Aker Solutions from 2007 to 2014. He has a Bachelor of Science degree in Mechatronics from the University of Agder and a Master of Science degree in Process Automation from Telemark University College (now known as the University of South-Eastern Norway).

***Judson E. Bailey***

Mr. Bailey is expected to become a director upon the listing of our Class A common stock. He has served as a member of HMH B.V.'s board of directors since July 2023. Mr. Bailey has served as Vice President of Corporate Development of Baker Hughes (Nasdaq: BKR) since August 2023, where he leads M&A and strategic early-stage investment efforts, and served as Vice President of Investor Relations of Baker Hughes from August 2019 to August 2023. Prior to joining Baker Hughes, Mr. Bailey gained extensive experience as a sell-side research analyst, covering the oilfield services and equipment industry for nearly 20 years at various firms, including serving as Managing Director at Wells Fargo Securities, LLC from 2014 to August 2019, Senior Managing Director at ISI Group, LLC from 2012 to 2014 and Managing Director at Jefferies & Company, Inc. from 2000 to 2012. His expertise and contributions have been recognized by numerous industry organizations, including multiple rankings as an equity analyst in the Institutional Investor survey for the Oilfield Services & Equipment sector and ranking #1 in 2022 and 2023 in the Institutional Investor survey for Investor Relations. Mr. Bailey has a Bachelor's degree from Texas A&M University and is a Chartered Financial Analyst (CFA).

We believe Mr. Bailey's deep knowledge of the oilfield services and energy markets as well as his capital markets and M&A experience make him qualified to serve as a member of our board of directors.

***Karl Erik Kjelstad***

Mr. Kjelstad is expected to become a director upon the listing of our Class A common stock. He has served as a member of HMH B.V.'s board of directors since October 2021. Mr. Kjelstad has served as Chief Executive Officer of Akastor ASA since 2018 and served as Executive Vice President and Investment Director of Akastor ASA from 2014 to 2017. Prior to that, he held numerous key positions at the Aker group, including Executive Vice President of Oilfield Services and Marine Assets of Aker Solutions from 2009 to 2014, Senior Partner and President of Maritime of Aker ASA from 2007 to 2009 and President and Chief Executive Officer of Aker Yards ASA from 1998 to 2007. He has also held several board positions in different industries, including the oil service, offshore drilling, offshore and merchant shipping, shipbuilding, IT services, real estate and construction industries. Mr. Kjelstad has a Master of Sciences in Marine Engineering from the Norwegian University of Science and Technology (NTNU) and an Advanced Management Program executive degree from Harvard Business School.

We believe Mr. Kjelstad's significant leadership experience in energy services companies and history of directorship on boards in various industries make him qualified to serve as a member of our board of directors.

***Svein O. Stoknes***

Mr. Stoknes is expected to become a director upon the listing of our Class A common stock. He has served as a member of HMH B.V.'s board of directors since January 2026. Mr. Stoknes has served as Chief Financial Officer of Aker ASA since 2019. Prior to that, he held numerous key positions at Aker Solutions ASA from 2007 to 2019, including Chief Financial Officer from 2014 to 2019. Mr. Stoknes has also held a range of senior positions within finance and advisory for organizations like Tandberg ASA, Citigroup Inc. (NYSE: C), Norwegian Trade Council and

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ABB Ltd. Mr. Stoknes serves on various boards of directors, including Akastor ASA (OSE: AKAST), Aker Capital AS, ICP Asset Management AS, Aker Horizons ASA (OSE: AKH) and several other private companies where Aker is the largest shareholder. He has a Master's degree in Business and Economics from the Norwegian School of Management and a Master of Business Administration from Columbia Business School in New York.

We believe Mr. Stoknes' significant leadership and finance experience and history of directorships on various companies' boards across numerous industries make him qualified to serve as a member of our board of directors.

***M. Georgia Magno***

Ms. Magno is expected to become a director upon the listing of our Class A common stock. She has served as a member of HMH B.V.'s board of directors since March 2025. Ms. Magno has served as Chief Legal Officer of Baker Hughes since January 2024, where she is responsible for Baker Hughes' legal and regulatory affairs, corporate governance and compliance function and for driving regulatory compliance, risk management and strategic direction of corporate governance across Baker Hughes, as well as liaising with its board of directors. She has more than 20 years of management and legal experience and, since joining Baker Hughes in 2017, she has served in legal roles of increasing complexity and responsibility across commercial, operational and product line organizations in multiple countries, including Italy and the United States. Her roles at Baker Hughes include Vice President and General Counsel of Baker Hughes' Industrial & Energy Technology business segment from October 2022 to December 2023, head of legal and compliance of Baker Hughes' Turbomachinery & Process Solutions, Climate Technology Solutions and New Frontiers business segments from January 2022 to October 2022, and General Counsel and Vice President of the Turbomachinery & Process Solutions business segment from January 2017 to January 2022. Prior to the merger between Baker Hughes and General Electric Company's oil and gas business ("GE Oil & Gas"), Ms. Magno served in various roles for GE Oil & Gas between April 2010 and December 2016, including Associate General Counsel of Commercial, Associate General Counsel of Global Supply Chain and Senior Counsel of Sourcing. Prior to joining GE Oil & Gas, she worked as an international litigator at Weil, Gotshal & Manges LLP from September 2006 to March 2010 and Cleary Gottlieb Steen & Hamilton LLP from September 2004 to July 2006. Ms. Magno serves as a trustee of the Baker Hughes Foundation. Ms. Magno has a Juris Doctor from Università di Bologna and a Master of Laws degree from Harvard Law School. She is a member of the New York Bar and has been a visiting researcher at the Wharton School at the University of Pennsylvania.

We believe Ms. Magno's significant international legal experience and professional experience in various executive leadership roles make her qualified to serve as a member of our board of directors.

***Lance T. Loeffler***

Mr. Loeffler is expected to become a member of our board of directors upon the listing of our Class A common stock on Nasdaq. He has served as Senior Vice President and Chief Financial Officer of International Paper Co. (NYSE: IP; LSE: IPC), a pulp and paper company, since February 2025. He previously served in various positions at Halliburton Company (NYSE: HAL), a provider of products and services to the energy industry, including Senior Vice President, Middle East North Africa Region from May 2022 to December 2024, Executive Vice President and Chief Financial Officer from 2018 to May 2022, Vice President of Investor Relations from 2016 to 2018 and Vice President of Corporate Development from 2014 to 2016. Prior to that, Mr. Loeffler spent 10 years in investment banking and held various positions at Deutsche Bank Securities from 2010 to 2014 and UBS Investment Bank from 2004 to 2010. Mr. Loeffler has a Bachelor's degree in Finance and a Master of Business Administration, with concentrations in Finance and Accounting, in each case from the McCombs School of Business at The University of Texas at Austin.

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We believe Mr. Loeffler's deep knowledge of the energy products and services industry as well as his financial experience make him qualified to serve as a member of our board of directors.

***Kathleen S. McAllister***

Ms. McAllister is expected to become a member of our board of directors upon the listing of our Class A common stock on Nasdaq. She has served as an independent director and member of the audit committee of Black Hills Corporation (NYSE: BKH), an electric and gas utility company, since November 2019 and an independent director of Höegh LNG Partners LP (formerly NYSE: HMLP), an energy infrastructure provider, since 2017. Ms. McAllister previously served on the board of directors of SilverBow Resources, Inc. (formerly NYSE: SBOW) from January 2023 until its acquisition by Crescent Energy Company in July 2024, the board of directors of TMC the metals company Inc. (Nasdaq: TMC) from February 2022 to May 2024 and the board of directors of Maersk Drilling (OMXC: DRLCO), from January 2019 to April 2021. From 2014 to 2016, she served as President, Chief Executive Officer, Chief Financial Officer and a director of Transocean Partners LLC (formerly NYSE: RIGP). From 2005 to 2014, Ms. McAllister was at Transocean Ltd. (NYSE and SIX: RIG), an international offshore contract drilling services provider, where she served as Vice President and Treasurer from 2011 to 2014 and Finance Director of Americas from 2007 to 2011. She held various finance, accounting, treasury and tax roles at Helix Energy Solutions Group, Inc. (NYSE: HLX) from 2004 to 2005, Veritas DGC Inc. (formerly NYSE and TSX: VTS) from 1997 to 2003 and Baker Hughes (formerly NYSE: BHI) from 1992 to 1997, and she began her career at Deloitte & Touche LLP in 1989. Ms. McAllister has a Bachelor of Science degree in Accounting from the University of Houston—Clear Lake and is a Certified Public Accountant (CPA).

We believe Ms. McAllister's executive leadership experience and history of directorships on boards in the energy industry makes her qualified to serve as a member of our board of directors.

***Daniel W. Rabun***

Mr. Rabun is expected to become a member of our board of directors upon the listing of our Class A common stock on Nasdaq. He has served as the chairman of HMH B.V.'s board of directors since October 2024. He has also served on the board of directors of Borr Drilling Limited (NYSE and OSE: BORR), an international drilling contractor, since April 2023, the board of directors (and is currently the chairman of the board) of ChampionX Corporation (Nasdaq: CHX), a provider of chemical solutions, artificial lift systems and equipment and technologies for the oil and gas industry, since 2018 and the board of directors of Golar LNG Ltd. (Nasdaq: GLNG), a maritime liquefied natural gas infrastructure company, since 2015. From 2015 to May 2024, Mr. Rabun served on the board of directors of APA Corporation (formerly known as Apache Corporation) (Nasdaq: APA). Prior to that, he was at Ensco plc (formerly NYSE: ESV), an offshore drilling services company, based in London, where he served as chairman of the board of directors from 2007 to 2015, Chief Executive Officer from 2007 to 2014 and President from 2006 to 2014. Prior to joining Ensco plc, Mr. Rabun was a partner with the international law firm of Baker McKenzie LLP, where he provided legal advice to oil and gas companies from 1986 to 2004. Mr. Rabun has a Bachelor's degree in Business Administration from the University of Houston and a Juris Doctor from Southern Methodist University's Dedman School of Law and is a Certified Public Accountant (CPA).

We believe Mr. Rabun's legal and accounting knowledge, executive leadership experience and history of directorships on boards makes him qualified to serve as a member of our board of directors.

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**Board of directors** 

Dwight Rettig, our Chief Administration Officer, General Counsel and Corporate Secretary, has served as the sole director of HMH Inc. since its formation on April 29, 2024 and intends to resign from such role in connection with the consummation of this offering. Upon the listing of, and so long as we maintain a listing for, our Class A common stock on Nasdaq, a majority of our board of directors generally must be independent, subject to certain limited exceptions and a phase-in period set forth under the Nasdaq listing standards. Our board of directors will consist of seven directors, three of whom will satisfy the independence requirements of the Exchange Act and the Nasdaq listing standards. We anticipate that our board of directors will determine that each of Lance T. Loeffler, Kathleen S. McAllister and Daniel W. Rabun is independent within the meaning of the Nasdaq listing standards currently in effect. We expect a majority of our board of directors to be comprised of independent directors within 12 months from the date of listing to comply with the majority independent board requirement of the Nasdaq listing standards. Upon the listing of our Class A common stock on Nasdaq, Daniel W. Rabun will serve as chairman of our board of directors.

Our board of directors will consist of one class of directors. Our amended and restated certificate of incorporation will provide that all directors elected at annual meetings of stockholders will be elected for terms expiring at the next annual meeting of stockholders. Our amended and restated certificate of incorporation will further provide that the authorized number of initial directors will be seven.

In connection with the closing of this offering, we will enter into the Stockholders' Agreement with the Principal Stockholders. The Stockholders' Agreement will provide each of the Principal Stockholders with the right to designate nominees to our board of directors as follows:

• so long as Baker Hughes and its affiliates collectively beneficially own at least      shares of
our common stock, Baker Hughes can designate two nominees to our board of directors;

• so long as Baker Hughes and its affiliates collectively beneficially own at least      but less
than      shares of our common stock, Baker Hughes can designate one nominee to our board of directors;

• so long as Akastor and its affiliates collectively beneficially own at least      shares of our
common stock, Akastor can designate two nominees to our board of directors; and

• so long as Akastor and its affiliates collectively beneficially own at least      but less than
     shares of our common stock, Akastor can designate one nominee to our board of directors.

Furthermore, for so long as a Principal Stockholder and its affiliates collectively beneficially own at least shares of our common stock, any increase or decrease to the size of our board of directors or amendment, modification or waiver of our amended and restated bylaws that relates to the size of our board of directors will require the prior written consent of such Principal Stockholder.

See "Certain relationships and related party transactions—Stockholders' Agreement."

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**Committees of the board of directors** 

Upon the listing of our Class A common stock on Nasdaq, our board of directors will have three standing committees: an audit committee, a compensation committee and a nominating and governance committee. The composition and responsibilities of each of the committees of our board of directors are described below. Members will serve on these committees until their resignation or until otherwise determined by our board of directors.

Pursuant to our amended and restated bylaws, our board of directors may, from time to time, establish other committees to facilitate the management of our business and operations. Pursuant to the Stockholders' Agreement, if we establish any committee of our board of directors other than the audit committee, the compensation committee or the nominating and governance committee, such committee will consist of at least one director nominated by each Principal Stockholder if requested by such Principal Stockholder and only if such Principal Stockholder is then entitled to nominate at least one director to our board of directors. See "Certain relationships and related party transactions—Stockholders' Agreement."

For each committee below, the rules of the SEC and Nasdaq require us to have (i) one independent committee member (a) for the audit committee, upon the listing of our Class A common stock and (b) for each of the compensation committee and the nominating and governance committee, by the earlier of the date this offering closes and five days from the listing of our Class A common stock, (ii) a majority of independent committee members within 90 days of the effective date of the registration statement of which this prospectus forms a part and (iii) all independent committee members within one year of the effective date of the registration statement of which this prospectus forms a part.

***Audit committee***

Our board of directors will establish an audit committee in connection with this offering whose functions include the following:

• assist our board of directors in its oversight responsibilities regarding the integrity of our financial statements, our
compliance with legal and regulatory requirements, the independent accountant's qualifications and independence and our accounting and financial reporting processes of and the audits of our financial statements;

• prepare the report required by the SEC for inclusion in our annual proxy statement;

• approve audit and non-audit services to be performed by the independent
accountants; and

• perform such other functions as our board of directors may from time to time assign to the audit committee.

Our audit committee will consist of Ms. McAllister (chairperson), Mr. Loeffler and Mr. Rabun, each of whom will satisfy the independence requirements of the Exchange Act and the Nasdaq listing standards and satisfy the financial literacy requirement for audit committee members under the Nasdaq listing standards. We anticipate that Ms. McAllister will qualify as an audit committee financial expert as defined under Item 407(d) of Regulation S-K and satisfy the financial sophistication requirement under the Nasdaq listing standards.

Prior to the listing of our Class A common stock on Nasdaq, our board of directors will adopt a written charter for the audit committee, which will satisfy the applicable rules of the SEC and the listing standards of Nasdaq. This charter will be posted on our website upon the listing of our Class A common stock on Nasdaq.

***Compensation committee***

Our compensation committee will consist of Mr. Rabun (chairperson), Mr. Loeffler and Ms. McAllister. This committee will establish or recommend for approval salaries, incentives and other forms of compensation for

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officers and directors. The compensation committee will also administer or make recommendations with respect to any long-term incentive plan that may be adopted. The specific functions and responsibilities of the compensation committee will be set forth in the compensation committee charter.

Prior to the listing of our Class A common stock on Nasdaq, our board of directors will adopt a written charter for the compensation committee, which will satisfy the applicable rules of the SEC and the listing standards of Nasdaq. This charter will be posted on our website upon the listing of our Class A common stock on Nasdaq.

***Nominating and governance committee***

Our nominating and governance committee will consist of Mr. Loeffler (chairperson), Ms. McAllister and Mr. Rabun. This committee will identify, evaluate and recommend qualified nominees to serve on our board of directors, develop and oversee our internal corporate governance processes and maintain a management succession plan. The specific functions and responsibilities of the nominating and governance committee will be set forth in the nominating and governance committee charter.

Prior to the listing of our Class A common stock on Nasdaq, our board of directors will adopt a written charter for the nominating and governance committee, which will satisfy the applicable rules of the SEC and the listing standards of Nasdaq. This charter will be posted on our website upon the listing of our Class A common stock on Nasdaq.

**Compensation committee interlocks and insider participation** 

None of our executive officers serve on the board of directors or compensation committee of a company that has an executive officer that serves on our board of directors or compensation committee. No member of our board of directors is an executive officer of a company in which one of our executive officers serves as a member of the board of directors or compensation committee of that company.

**Board role in risk oversight** 

Our corporate governance guidelines will provide that our board of directors is responsible for reviewing the process for assessing the major risks facing us and the options for their mitigation. This responsibility will be largely satisfied by our audit committee, which is responsible for reviewing and discussing with management and our independent registered public accounting firm our major risk exposures and the policies management has implemented to monitor such exposures, including our financial risk exposures and risk management policies.

**Code of business conduct and ethics** 

Prior to the listing of our Class A common stock on Nasdaq, our board of directors will adopt a code of business conduct and ethics applicable to our employees, directors and officers, in accordance with applicable U.S. federal securities laws and the corporate governance rules of Nasdaq. Any waiver of this code may be made only by our board of directors or a designated committee of our board of directors and will be promptly disclosed as required by applicable U.S. federal securities laws and the corporate governance rules of Nasdaq.

**Corporate governance guidelines** 

Prior to the listing of our Class A common stock on Nasdaq, our board of directors will adopt corporate governance guidelines in accordance with the corporate governance rules of Nasdaq.

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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, an Outstanding Equity Awards at Fiscal Year-End Table and a Director Compensation 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 executive officers as of December 31, 2025.

HMH Inc. was not formed until April 2024 and has not performed operations other than tasks in connection with this offering. The operations of HMH B.V. and its subsidiaries will be carried on by HMH Inc. and its subsidiaries following this offering, and the executive officers of HMH B.V. will be our executive officers. As such, we believe that disclosure regarding our executive officers' compensation for the full 2025 and 2024 fiscal years, which was established and paid by HMH B.V., is generally appropriate and relevant to the stockholders since we expect to generally continue these compensation arrangements following this offering and, as such, is disclosed below. Accordingly, our "Named Executive Officers" are:

• Eirik Bergsvik, Chief Executive Officer ("CEO");

• Thomas W. McGee, Chief Financial Officer ("CFO"); and

• Dwight W. Rettig, Chief Administration Officer ("CAO"), General Counsel ("GC") and Corporate
Secretary ("CS").

**2025 Compensation of named executive officers** 

***Annual base salary***

Annual base salaries are intended to provide a level of compensation sufficient to attract and retain an effective management team when considered in combination with the other components of the executive compensation program. From January 1, 2025 through June 30, 2025, for Mr. Bergsvik, or through July 6, 2025, for Messrs. McGee and Rettig, the Named Executive Officers' annual base salaries were $522,678, $482,040 and $482,040, respectively, and following our board of directors' annual review of compensation, for the applicable remainder of 2025, Messrs. Bergsvik's, McGee's and Rettig's annual base salaries were $538,358, $496,501 and $496,501, respectively. See the "Salary" column in the 2025 Summary Compensation Table for the annual base salary received by each of the Named Executive Officers in 2025. Mr. Bergsvik's base salary was converted to U.S. dollars for the purpose of this disclosure using the average exchange ratio of 1 NOK to 0.099 U.S. dollars for 2025.

***Annual bonuses***

Each Named Executive Officer is eligible to participate in our annual bonus program. Under our annual bonus program, participants are eligible to receive an annual cash bonus based on performance criteria established by our board of directors with a target annual incentive opportunity calculated as a percentage of their respective annual salaries. For 2025, Messrs. Bergsvik, McGee and Rettig were eligible to earn an annual performance-based bonus based on the level of achievement of the adjusted EBITDA goal set forth below, with an annual target bonus opportunity as a percentage of annual base salary equal to 100%, 75% and 75%, respectively.

Subject to achievement of International Financial Reporting Standards (IFRS) adjusted EBITDA of $160 million (U.S. dollars), 50% of the target bonus opportunity would be earned, with the percentage of the target bonus

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opportunity earned increasing by 10% for every additional $5 million in adjusted EBITDA up to $185 million, then increasing by 5% for every additional $5 million in adjusted EBITDA up to $205 million, and finally increasing by 10% for every additional $5 million in adjusted EBITDA up to $220 million. Should adjusted EBITDA hit or exceed $245 million, the maximum payout of 200% would be achieved. To the extent adjusted EBITDA had been met between two performance levels, the payout percent would have been determined based on straight-line interpolation. To the extent adjusted EBITDA was below $160 million, no bonus would be paid.

Except as described under "—Additional narrative disclosure—Potential payments upon termination or change in control," each Named Executive Officer must be employed on the date of payment in order to be eligible to receive an annual bonus.

As noted below in footnote 3 to the 2025 Summary Compensation Table, the amount of the annual cash bonuses earned in 2025 by each of our Named Executive Officers in respect of the 2025 performance year and to be paid in 2026 has not yet been determined. The Company expects to determine such amounts no later than April 30, 2026, and such amounts will be disclosed once determined.

***Equity awards***

We have granted phantom awards to key employees, including our Named Executive Officers, as described below. Recipients are required to satisfy service-based and, for certain awards, performance-based requirements to vest in their awards, and the awards will be paid only if a "liquidity event" occurs as described in more detail below. The value of the award paid will be based on the value of the Company at the time of a liquidity event relative to the value of the Company at the time of grant. A "liquidity event" is defined as a change in control or an IPO (each, as defined in the award agreements), in either case, that occurs before the earliest of (i) the eighth anniversary of grant, (ii) the date on which the recipient violates any restrictive covenant to which the recipient is subject and (iii) the date of the recipient's termination, except as otherwise set forth in the award agreements and described below. In the event of a recipient's termination for "cause" (as defined in the award agreements) prior to a liquidity event, such recipient's awards will be forfeited, even if the vesting requirements had been met prior to such termination.

In the event of a change in control, the service-based vesting requirements will be deemed satisfied and the awards will be paid in cash or, in the discretion of our board of directors, in whole or in part in the same form of transaction proceeds received in connection with the change in control. In the event of an IPO, the awards will be paid in shares of our Class A common stock. The consummation of this offering will constitute an "IPO" under the award agreements. In either type of liquidity event, the level of achievement of the performance-based vesting criteria may be deemed satisfied at a specified level at the time of the liquidity event, as described in more detail below.

Recipients of phantom awards are subject to 12-month post-termination non-competition, non-solicitation (of employees, independent contractors and business relationships) and non-interference restrictions. Additionally, recipients are subject to non-disparagement and confidentiality restrictions. For additional information regarding the treatment of Messrs. McGee's and Rettig's phantom awards in connection with certain terminations of employment, see "—Additional narrative disclosure—Potential payments upon termination or change in control."

*Founders' Awards* 

Effective January 31, 2022, we granted and issued phantom awards to employees, including the Named Executive Officers, subject to a service-based vesting requirement to remain employed through the date of a liquidity event (the "Founders' Awards"). Based on a $600 million valuation of the Company's equity, Messrs. Bergsvik's, McGee's and Rettig's Founders' Award values would be $700,000, $900,000 and $900,000, respectively. The consummation of this offering will result in the vesting of the service-based requirements of the Founders' Awards.

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*2022 LTI program* 

Effective September 1, 2022, we granted and issued phantom awards that are 50% subject to the Named Executive Officer satisfying service-based vesting requirements only (the "2022 Time-based LTI") and 50% subject to satisfaction of service- and performance-based requirements (the "2022 Performance-based LTI" and, together with the 2022 Time-based LTI, the "2022 LTI Awards") and that are paid on the occurrence of a liquidity event (as described under "—Equity awards"). Based on a $600 million valuation of the Company's equity, Messrs. Bergsvik's, McGee's and Rettig's award values would be $600,000, $375,000 and $375,000, respectively. The service-based requirements with respect to the 2022 Time-based LTI were satisfied one-third on each of September 1, 2023, September 1, 2024 and September 1, 2025, and the 2022 Performance-based LTI was eligible to be earned up to 200% of target depending on the Company's EBITDA growth as compared to the EBITDA growth of a set of peer companies over the three-year period from September 1, 2022 through August 31, 2025 and subject to the recipient's continued service throughout such three-year period. Based on our EBITDA results and those of the peer companies over such three-year period, the 2022 Performance-based LTI was earned at 100% of target.

If a liquidity event had occurred prior to August 31, 2025, any unvested portion of the 2022 Time-based LTI would have vested and the 2022 Performance-based LTI would have vested at the target level of performance, respectively. In the event a recipient is terminated other than for cause prior to a liquidity event, the recipient will keep the vested portion of his or her 2022 LTI Award, which will be paid as described herein.

*2023 LTI program* 

Effective September 1, 2023, we granted and issued phantom awards that are 50% subject to the Named Executive Officer satisfying service-based requirements (the "2023 Time-based LTI") and 50% subject to the satisfaction of performance-based requirements (the "2023 Performance-based LTI" and, together with the 2023 Time-based LTI, the "2023 LTI Awards"). Based on a $700 million valuation of the Company's equity, Messrs. Bergsvik's, McGee's and Rettig's award values would be $570,000, $356,250 and $356,250, respectively. The service-based requirements with respect to the 2023 Time-based LTI were satisfied one-third on each of September 1, 2024 and September 1, 2025 and the remaining one-third will be satisfied on September 1, 2026, and the 2023 Performance-based LTI may be earned up to 200% of target depending on the Company's EBITDA growth as compared to the EBITDA growth of a set of peer companies over the three-year period from September 1, 2023 through August 31, 2026 and subject to the recipient's continued service throughout such three-year period.

In the event of a change in control (which does not include an IPO) that occurs after August 31, 2026, the 2023 LTI Awards, as earned, pay out. If a change in control occurs on or prior to August 31, 2026, any unvested portion of the 2023 Time-based LTI will vest and the 2023 Performance-based LTI will vest at the target level of performance, respectively, and will pay out in connection with the change in control. An IPO will not accelerate the vesting or payment of the 2023 LTI Awards. In the event of an IPO, the 2023 LTI Awards are eligible for payment at the time the applicable time-based and performance-based requirements are satisfied. In the event a recipient is terminated other than for cause prior to a liquidity event, the recipient will keep the vested portion of his or her 2023 LTI Award, which will be paid as described herein. Any unvested portion of his or her 2023 LTI Award will be forfeited upon termination.

*2024 LTI program* 

Effective as of September 1, 2024, we granted and issued phantom awards (the "2024 LTI Awards") with substantially the same terms as the 2023 LTI Awards; provided that, with respect to the 2024 LTI Awards, the date on which the service-based vesting requirements and performance period, respectively, commenced was

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September 1, 2024 and the change in control measurement date is August 31, 2027. Based on a $1.0 billion valuation of the Company's equity, Messrs. Bergsvik's, McGee's and Rettig's award values would be $570,000, $356,250 and $356,250, respectively.

*2025 LTI program* 

Effective as of September 1, 2025, we granted and issued phantom awards (the "2025 LTI Awards") with substantially the same terms as the 2024 LTI Awards; provided that, with respect to the 2025 LTI Awards, the date on which the service-based vesting requirements and performance period, respectively, commenced was September 1, 2025 and the change in control measurement date is August 31, 2028. Based on a $1.0 billion valuation of the Company's equity, Messrs. Bergsvik's, McGee's and Rettig's award values would be $570,000, $356,250 and $356,250, respectively.

*2026 LTIP* 

We intend to adopt the 2026 LTIP in order to facilitate the grant of cash and equity incentives to directors, consultants and employees (including our Named Executive Officers) of the Company and certain of its subsidiaries and to enable the Company and certain of its subsidiaries to obtain and retain the services of these individuals, which are essential to our long-term success. We expect that the 2026 LTIP, which is subject to the approval of our stockholders, will be adopted prior to the consummation of this offering. For additional information about the 2026 LTIP, see "—Compensation program following this offering—2026 LTIP."

The consummation of this offering will constitute an "IPO" under the Founders' Awards, the 2022 LTI Awards, the 2023 LTI Awards, the 2024 LTI Awards and the 2025 LTI Awards (collectively, the "LTI Awards"), and we intend to replace the LTI Awards, effective as of the date of the closing of this offering, with awards under the 2026 LTIP of equivalent value that will vest or settle, as applicable, in accordance with the vesting terms of the LTI Awards that continue to apply following the offering, in the form of shares of Class A common stock, and we will receive a corresponding number of B.V. Voting Class A Shares and B.V. Voting Class B Shares from HMH B.V. as part of such vesting or settlement, as applicable, in accordance with the Partnership Agreement.

**2025 Summary compensation table** 

The following table summarizes the compensation awarded to, earned by or paid to our Named Executive Officers for the fiscal years ended December 31, 2025 and December 31, 2024:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and<br>principal position** | **Year** | **Salary<br>($)(1)** | **Bonus<br>($)** | **Stock<br>awards<br>($)(2)** | **Option<br>awards<br>($)** | **Non-equity<br>incentive plan<br>compensation<br>($)(3)** | **All other<br>compensation<br>($)(4)** | **Total ($)** |
|  Eirik Bergsvik | 2025 | 530518 | – | 570000 | – |  | 86767 | 1187285 |
| &nbsp;&nbsp;&nbsp;&nbsp; *CEO* | 2024 | 484058 | – | 570000 | – | 530508 | 89699 | 1674265 |
|  Thomas W. McGee | 2025 | 488714 | – | 356250 | – |  | 25658 | 870622 |
| &nbsp;&nbsp;&nbsp;&nbsp; *CFO* | 2024 | 474480 | – | 356250 | – | 390452 | 25214 | 1246396 |
|  Dwight W. Rettig | 2025 | 488714 | – | 356250 | – |  | 37244 | 882208 |
| &nbsp;&nbsp;&nbsp;&nbsp; *CAO, GC & CS* | 2024 | 474480 | – | 356250 | – | 390452 | 29861 | 1251043 |

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(1) Mr. Bergsvik's base salary was converted to U.S. dollars for the purpose of this disclosure using the average exchange ratio of (i) 1 NOK to 0.099 U.S. dollars for 2025 and (ii) 1 NOK to 0.093 U.S.
dollars for 2024. Although Norwegian laws can vary the timing of vacation accrual between years, any incremental costs associated therewith are not reflected in Mr. Bergsvik's salary amount.

(2) The amounts shown in this column for 2025 include the value of the 2025 LTI Awards as computed for accounting purposes in accordance with ASC Topic 718; however, the accounting cost of the 2025 LTI Awards has not been
recorded in the Company's financial statements because, pursuant to applicable guidance, the occurrence of a liquidity event was not deemed probable. The amounts shown in this column for 2024

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include the value of the 2024 LTI Awards as computed for accounting purposes in accordance with ASC Topic 718; however, the accounting cost of the 2024 LTI Awards has not been recorded in the Company's financial statements because, pursuant to applicable guidance, the occurrence of a liquidity event was not deemed probable. <br>

(3) The amounts shown in this column are the annual cash bonus amounts paid to the applicable Named Executive Officers. The amount of the annual cash bonus earned in 2025 by each of our Named Executive Officers in respect
of the 2025 performance year and to be paid in 2026 has not yet been determined. The Company expects to determine such amounts no later than April 30, 2026, and such amounts will be disclosed once determined. See "—2025 Compensation of
named executive officers—Annual bonuses" for more information. The amounts shown in this column for 2024 are the amounts paid to the applicable Named Executive Officers in 2025 and relate to the annual cash bonus in respect of the 2024
performance year, with Mr. Bergsvik's 2024 annual bonus converted to U.S. dollars for the purpose of this disclosure using the average exchange ratio of 1 NOK to 0.093 U.S. dollars for 2024.

(4) The amounts shown in this column include, for (i) Mr. Bergsvik, (a) the amounts of MHWirth AS's contribution under the Norway pension schemes to Mr. Bergsvik ($14,278 in 2025 and $16,033 in 2024),
(b) the cost of the Houston, Texas apartment provided for Mr. Bergsvik's use when he is in the Houston, Texas area for business ($71,941 in 2025 and $72,327 in 2024), (c) a vehicle allowance in Norway, and (d) the cost of a
company-provided cell phone (each amount was converted to U.S. dollars, except for the Houston, Texas apartment (which was paid in U.S. dollars), using the average exchange ratio of 1 NOK to 0.099 U.S. dollars for 2025 and 1 NOK to 0.093 U.S.
dollars for 2024) and for (ii) Messrs. McGee and Rettig, (a) the dollar value of long-term disability and group term life insurance premiums paid by the Company on their behalf and (b) the amounts of HMH B.V. contributions under HMH
B.V.'s 401(k) plan to each of Messrs. McGee and Rettig in the amount of $21,000 and $21,000, respectively, for 2025 and $20,700 and $20,700, respectively, for 2024.

**Outstanding equity awards at fiscal year-end** 

The Company did not have any share-denominated awards outstanding as of December 31, 2025. However, the Founders' Awards, 2022 LTI Awards, 2023 LTI Awards, 2024 LTI Awards and 2025 LTI Awards were outstanding as of such date, which, as described above, are dollar-denominated awards that are cash-settled, in the event of a change in control, or stock-settled, in the event of an IPO. The value of these awards fluctuates with, and is ultimately determined based on, the value of the Company at the time of a liquidity event relative to the value of the Company at the time of grant. Accordingly, these awards do not cover a discernible number of shares of our Class A common stock and, therefore, the aggregate estimated value of these awards as of December 31, 2025 (and not an underlying share count) are included in the table below.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Stock Awards** | **Stock Awards** | **Stock Awards** | **Stock Awards** | **Stock Awards** |
| **Name** | **Award** | **Number of<br>shares or units<br>of stock that<br>have not vested<br>(#)** | **Market value<br>of shares of<br>units of stock<br>that have not<br>vested ($)<sup>(1)</sup>** | **Equity<br>incentive plan<br>awards:<br>number of<br>unearned<br>shares, units or<br>other rights<br>that have not<br>vested (#)** | **Equity<br>incentive plan<br>awards: market<br>or payout value<br>of unearned<br>shares, units or<br>other rights<br>that have not<br>vested($)<sup>(1)</sup>** |
|  Eirik Bergsvik | Founders' Award | N/A |  | N/A | 1166667<sup>(2)</sup> |
|  | 2022 LTI Award | N/A | 500000<sup>(3)</sup> | N/A | 500000<sup>(4)</sup> |
|  | 2023 LTI Award | N/A | 407143<sup>(5)</sup> | N/A | 407143<sup>(6)</sup> |
|  | 2024 LTI Award | N/A | 285000<sup>(7)</sup> | N/A | 285000<sup>(8)</sup> |
|  | 2025 LTI Award | N/A | 285000<sup>(9)</sup> | N/A | 285000<sup>(10)</sup> |
|  Thomas W. McGee | Founders' Award | N/A |  | N/A | 1500000<sup>(2)</sup> |
|  | 2022 LTI Award | N/A | 312500<sup>(3)</sup> | N/A | 312500<sup>(4)</sup> |
|  | 2023 LTI Award | N/A | 254464<sup>(5)</sup> | N/A | 254464<sup>(6)</sup> |
|  | 2024 LTI Award | N/A | 178125<sup>(7)</sup> | N/A | 178125<sup>(8)</sup> |
|  | 2025 LTI Award | N/A | 178125<sup>(9)</sup> | N/A | 178125<sup>(10)</sup> |
|  Dwight W. Rettig | Founders' Award | N/A |  | N/A | 1500000<sup>(2)</sup> |
|  | 2022 LTI Award | N/A | 312500<sup>(3)</sup> | N/A | 312500<sup>(4)</sup> |
|  | 2023 LTI Award | N/A | 254464<sup>(5)</sup> | N/A | 254464<sup>(6)</sup> |
|  | 2024 LTI Award | N/A | 178125<sup>(7)</sup> | N/A | 178125<sup>(8)</sup> |
|  | 2025 LTI Award | N/A | 178125<sup>(9)</sup> | N/A | 178125<sup>(10)</sup> |

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(1) Amounts in these columns represent the aggregate estimated value of the outstanding awards as of December 31, 2025.

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(2) This award vests subject to the Named Executive Officer remaining employed through the date of a liquidity event and will be paid at the time and form described under "—2025 Compensation of named executive
officers—Equity awards—Founders' Awards."

(3) Represents the 2022 Time-based LTI component of the 2022 LTI Award, for which the Named Executive Officer satisfied one-third of the service requirement on each of September 1, 2023, September 1, 2024 and
September 1, 2025. The 2022 Time-based LTI will be paid at the time described under "—2025 Compensation of named executive officers—Equity awards—2022 LTI program."

(4) Represents the 2022 Performance-based LTI component of the 2022 LTI Award, which was eligible to vest subject to the Company's EBITDA growth as compared to the EBITDA growth of peer companies over the three-year
period from September 1, 2022 through August 31, 2025, subject to the Named Executive Officer's continued employment throughout such three-year period. The 2022 Performance-based LTI will be paid at the time and form described under
"—2025 Compensation of named executive officers—Equity awards—2022 LTI program."

(5) Represents the 2023 Time-based LTI component of the 2023 LTI Award, for which the Named Executive Officer satisfied one-third of the service requirement on each of September 1, 2024 and September 1, 2025 and
the remaining one-third will be satisfied on September 1, 2026, subject to the Named Executive Officer's continued employment through such dates. The 2023 Time-based LTI will be paid at the time described under "—2025
Compensation of named executive officers—Equity awards—2023 LTI program."

(6) Represents the 2023 Performance-based LTI component of the 2023 LTI Award, which vests subject to the Company's EBITDA growth as compared to the EBITDA growth of peer companies over the three-year period from
September 1, 2023 through August 31, 2026, subject to the Named Executive Officer's continued employment throughout such three-year period. The 2023 Performance-based LTI will be paid at the time and form described under
"—2025 Compensation of named executive officers—Equity awards—2023 LTI program."

(7) Represents the 2024 Time-based LTI component of the 2024 LTI Award, for which the Named Executive Officer satisfied one-third of the service requirement on September 1, 2025 and will satisfy an additional one-third of
the service requirement on each of September 1, 2026 and September 1, 2027, subject to the Named Executive Officer's continued employment through such dates. The 2024 Time-based LTI will be paid at the time described under
"—2025 Compensation of named executive officers—Equity awards—2024 LTI program."

(8) Represents the 2024 Performance-based LTI component of the 2024 LTI Award, which vests subject to the Company's EBITDA growth as compared to the EBITDA growth of peer companies over the three-year period from
September 1, 2024 through August 31, 2027, subject to the Named Executive Officer's continued employment throughout such three-year period. The 2024 Performance-based LTI will be paid at the time and form described under
"—2025 Compensation of named executive officers—Equity awards—2024 LTI program."

(9) Represents the 2025 Time-based LTI component of the 2025 LTI Award, for which the Named Executive Officer will satisfy one-third of the service requirement on each of September 1, 2026, September 1, 2027 and September
1, 2028, subject to the Named Executive Officer's continued employment through such dates. The 2025 Time-based LTI will be paid at the time described under "—2025 Compensation of named executive officers—Equity
awards—2025 LTI program."

(10) Represents the 2025 Performance-based LTI component of the 2025 LTI Award, which vests subject to the Company's EBITDA growth as compared to the EBITDA growth of peer companies over the three-year period from
September 1, 2025 through August 31, 2028, subject to the Named Executive Officer's continued employment throughout such three-year period. The 2025 Performance-based LTI will be paid at the time and form described under "—2025
Compensation of named executive officers—Equity awards—2025 LTI program."

**Additional narrative disclosure** 

***Perquisites***

The Company provides limited perquisites to Mr. Bergsvik. Mr. Bergsvik receives use of an apartment in Houston, Texas in close proximity to the Company's headquarters, a company-provided cell phone and, while in Norway, a vehicle allowance.

***Retirement benefits***

*United States* 

We maintain a qualified 401(k) retirement savings plan for all eligible employees, including Messrs. McGee and Rettig, which allows participants to defer a percentage of cash compensation up to the maximum amount allowed under IRS guidelines. We make discretionary matching contributions to our 401(k) plan, generally equal to 100% of the first 6% of the employee's salary deferred (*i.e.*, a 6% total match), which matching contributions are immediately vested. 401(k) plan participants are always fully vested with respect to their contributions to the plan.

*Norway* 

<u>Pension scheme</u>. We maintain a defined contribution pension scheme for eligible employees, including Mr. Bergsvik, pursuant to which the employer contributes an amount corresponding to defined percentages of

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annual cash salary up to 12 times the base amount in the National Insurance, currently NOK 144,226, subject to annual adjustments. The pension scheme also provides for certain other elements such as disability pension. The pension scheme is within the basic requirements under Norwegian law (the Act on Defined Contribution Schemes) for tax favored pension schemes.

<u>Contractual pension scheme (AFP)</u>. The AFP scheme covers employees in companies subject to a collective bargaining agreement that includes AFP regulations, including us. Mr. Bergsvik is eligible to participate in the AFP scheme. The AFP scheme provides additional lifelong pensions to employees. The employee must be at least 62 years old in order to start receiving the pension and fulfill certain mandatory requirements, including *inter alia* that the employee must be employed in a business party to the scheme when he or she reaches the age of 62 years and must have been employed in such business for at least seven of the last nine years. Employees receiving the AFP scheme can continue to work. The AFP scheme is financed by both the affiliated companies and the Norwegian government. Rules and requirements regarding pension rights and for the financing of the AFP scheme are laid out by the AFP statutes.

***Potential payments upon termination or change in control***

*Eirik Bergsvik employment agreement* 

Effective as of February 12, 2019, Mr. Bergsvik entered into an employment agreement with MHWirth AS, which agreement was amended to appoint Mr. Bergsvik as our CEO effective January 1, 2023 (the "Bergsvik Employment Agreement"). Mr. Bergsvik reports to our board of directors.

The Bergsvik Employment Agreement provides for (i) an annual base salary, subject to annual review on July 1st of each year, (ii) eligibility to participate in an annual bonus program, (iii) eligibility to participate in our defined contribution retirement plan for Norwegian employees, (iv) salary continuation during times of illness for up to 52 weeks (subject to a maximum of 78 weeks' payment over any three-year period) and (v) payments covering all expenses of equipment and facilities required to fulfill the executive's duties. Pursuant to the Bergsvik Employment Agreement, Mr. Bergsvik is subject to post-termination non-competition and non-solicitation (of customers, suppliers, investors, other contract parties and employees) restrictions for a period of six months as well as confidentiality restrictions.

Either the Company or Mr. Bergsvik may terminate Mr. Bergsvik's employment by providing the other party three months' notice. If Mr. Bergsvik's employment is terminated by the Company for a reason other than cause (as determined by the Company) or Mr. Bergsvik resigns as a result of the Company unilaterally implementing fundamental changes to his responsibilities or duties, the Company will pay Mr. Bergsvik an amount equal to six months' base salary (the "Bergsvik Severance Payment"), which will be paid monthly in accordance with the Company's regular payroll practices. Pursuant to the Bergsvik Employment Agreement, Mr. Bergsvik is subject to the six-month post-termination non-competition and non-solicitation restrictions described above, and, in the event that Mr. Bergsvik breaches any of these post-termination restrictions, he will be required to repay the Company an amount equal to the Bergsvik Severance Payment and will be required to pay liquidated damages equal to one month's base salary for each month of breach.

*Severance plans* 

On November 19, 2025, HMH B.V. adopted the HMH Senior Executive Severance Plan (the "Severance Plan") and the HMH Senior Executive Change-in-Control Severance Plan (the "CIC Severance Plan"), which are currently administered by the board of directors of HMH B.V. Following the consummation of this offering, the plans will be sponsored by the Company and administered by our compensation committee. The Named Executive Officers are currently the only participants in the plans.

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Under the Severance Plan, if a Named Executive Officer's employment is terminated without "Cause" (as defined in the Severance Plan), such Named Executive Officer will be entitled to severance payments consisting of (a) 12 months of base salary, (b) for each of Messrs. McGee and Rettig, 12 months of health benefits continuation, and (c) a prorated target annual bonus for the year of termination (with the amount of the prorated bonus subject to reduction in the administrator's discretion, based on actual performance). As a condition to the severance payments, the Named Executive Officer must sign a separation agreement that includes a release of employment-related claims and restrictive covenants (including a non-compete and non-solicit of customers that applies for 12 months post-termination, and confidentiality, non-disparagement and intellectual property covenants). If the Named Executive Officer breaches any of the restrictive covenants, or if within one year after the termination the termination is recharacterized as being for Cause, such Named Executive Officer will forfeit any unpaid severance and will be required to refund any previously paid severance. The Severance Plan may be amended, modified or terminated at any time by action of the administrator.

Under the CIC Severance Plan, if at any time within 18 months after a "Change in Control" a Named Executive Officer's employment is terminated without "Cause" or such Named Executive Officer resigns for "Good Reason" (as such terms are defined in the CIC Severance Plan), such Named Executive Officer will be entitled to severance payments consisting of (a) two and a half times (for Mr. Bergsvik) or two times (for each of Messrs. McGee and Rettig) the sum of such Named Executive Officer's base salary and target annual bonus, (b) a prorated target annual bonus for the year of termination, and (c) for each of Messrs. McGee and Rettig, a lump sum payment equal to 18 months of health benefits. As a condition to the severance payments, the Named Executive Officer must sign a separation agreement that includes a release of employment-related claims and the same restrictive covenants as are described above for the Severance Plan. If the Named Executive Officer breaches any of the restrictive covenants, such Named Executive Officer will forfeit any unpaid severance and will be required to refund any previously paid severance. The CIC Severance Plan may be amended, modified or terminated at any time by action of the administrator, except that the CIC Severance Plan may not be terminated or amended (i) adversely to a Named Executive Officer within two years after a Change in Control or (ii) in a manner that is in the aggregate materially adverse to a Named Executive Officer (taking into account any beneficial aspects of the amendment) within 12 months before a Change in Control.

If a Named Executive Officer is entitled to severance under the CIC Severance Plan, such Named Executive Officer will not be entitled to severance under the Severance Plan. In addition, for Mr. Bergsvik, any severance that is payable to him under either the Severance Plan or the CIC Severance Plan will be reduced by any severance that is payable to him under the Bergsvik Employment Agreement.

***Recovery of erroneously awarded compensation***

Our board of directors will adopt a policy for the recovery of erroneously awarded compensation, or "clawback" policy, applicable to executive officers, which will become effective on the effective date of the registration statement of which this prospectus forms a part. The policy will implement the incentive-based compensation recovery provisions of the Dodd-Frank Act as required under the listing standards of Nasdaq, and will require recovery of incentive-based compensation received after the effectiveness of the policy by current or former executive officers during the three fiscal years preceding the date it is determined that the Company is required to prepare certain accounting restatements, including to correct an error that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period. The amount required to be recovered will be the excess of the amount of incentive-based compensation received over the amount that otherwise would have been received had it been determined based on the restated financial measure.

Additionally, our annual bonus program provides that, in the event any "material misconduct" results in any error in financial information used in the determination of annual bonus payments and the effect of the error was that it increased the amount of compensation paid, our board of directors may recover such increased

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amount. If there is a material restatement of our financial statements that affects the financial information used to determine the amount of annual bonus payments, our board of directors may take whatever action it deems appropriate to adjust such amounts. Material misconduct includes conduct that adversely affects the Company's financial condition or results of operations or conduct that constitutes fraud or theft of Company assets, any of which requires the Company to make a restatement of its reported financial statements.

***Compensation program following this offering***

While we are still in the process of determining specific details of the compensation program that will take effect following this offering, as described above, we expect to generally continue the current compensation practices of HMH B.V. and its subsidiaries. We do, however, anticipate that, prior to the consummation of this offering, our board of directors will adopt the HMH Holding Inc. 2026 Long-Term Incentive Plan (the "2026 LTIP") pursuant to which we may reward certain directors, corporate officers, employees and consultants of the Company and its subsidiaries, including our Named Executive Officers, by enabling them to acquire our Class A common stock and to receive other compensation based on our Class A common stock or certain performance measures. The 2026 LTIP is also subject to the approval of our stockholders, which we will seek prior to the consummation of this offering. The following description of the 2026 LTIP is based on the form we anticipate will be adopted and approved, but since the 2026 LTIP has not yet been adopted and approved, the provisions remain subject to change. As a result, the following description is qualified in its entirety by reference to the final 2026 LTIP once adopted.

***2026 LTIP***

*Purpose*. The purposes of the 2026 LTIP will be to encourage participants to acquire a proprietary interest in the growth and the performance of the Company, to generate an increased incentive to contribute to the Company's future success (thus enhancing the value of the Company for the benefit of its stockholders) and to enhance the ability of the Company and its subsidiaries to attract and retain exceptionally qualified individuals upon whom the sustained progress, growth and profitability of the Company, in large measure, depend.

*Effectiveness*. Subject to the adoption by our board of directors and our stockholders' approval of the 2026 LTIP, the 2026 LTIP will become effective immediately prior to the consummation of this offering.

*Eligibility*. All employees, including any officers or employee-directors, consultants, independent contractors and other service providers of the Company and its subsidiaries, and all non-employee directors of the Company, will be eligible to participate in the 2026 LTIP.

*Administration*. The 2026 LTIP will be administered by our compensation committee. The compensation committee will have the power to interpret the 2026 LTIP and to adopt such rules and guidelines for implementing the 2026 LTIP's terms. In addition, the compensation committee will determine which eligible participants receive awards under the 2026 LTIP and the type and terms thereof (such as the number of underlying shares of Class A common stock and any applicable vesting conditions). The compensation committee will have the authority to make any determination or take any action that it deems necessary or desirable to administer the 2026 LTIP and will have the sole discretion to interpret the 2026 LTIP and all award agreements. With limited exceptions, the compensation committee will be permitted to delegate its authority under the 2026 LTIP to one or more officers of the Company; provided, however, that the compensation committee will not be permitted to delegate to officers of the Company its authority to grant awards and to cancel or suspend awards for executive officers and directors of the Company who file reports under Section 16 of the Exchange Act.

*Shares of Class A common stock available for awards.* Subject to adjustment as described in the 2026 LTIP and below, a total of shares of Class A common stock will initially be authorized for issuance under the

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2026 LTIP, comprised of shares of Class A common stock necessary to satisfy potential payments to holders of LTI Awards, including phantom awards that were granted to individuals other than our Named Executive Officers as part of a special recognition long-term incentive award (which are not described in "Equity Awards" above) (such shares of Class A common stock referred to herein as the "LTI Award Shares"), plus an additional shares of Class A common stock (such shares of Class A common stock referred to herein as the "Move Forward Grant Shares"), with the number of Move Forward Grant Shares increased on the first day of each fiscal year beginning with the fiscal year, in an amount equal to the lesser of (i) an amount to bring the total shares of Class A common stock that remain available for grant to five percent (5%) of the outstanding shares of common stock (including Class A common stock and Class B common stock) on the last day of the immediately preceding fiscal year and (ii) such other number of shares as determined by our board of directors. LTI Award Shares will not be subject to the automatic increases described above, and, as described below, LTI Award Shares will not again become available for issuance under the 2026 LTIP. Shares of Class A common stock delivered pursuant to an award may consist of authorized and unissued shares, treasury shares or shares purchased on the open market or otherwise. All shares of Class A common stock available for issuance under the 2026 LTIP other than the LTI Award Shares may be issued as incentive stock options.

*Share counting*. If any shares of Class A common stock subject to an award are forfeited, an award expires or otherwise terminates without issuance of shares of Class A common stock, or an award is settled for cash (in whole or in part) or otherwise does not result in the issuance of all or a portion of the shares of Class A common stock subject to such award, in each case, where such award was granted with respect to Move Forward Grant Shares, then any such shares of Class A common stock subject to such award will be added to the shares available for grant under the 2026 LTIP on a one-for-one basis. No LTI Award Shares will be added back to the shares available for grant under the 2026 LTIP.

In the event that withholding tax liabilities arising from an award other than an option, SAR or LTI Award are satisfied by the tendering of shares or by the withholding of shares of Class A common stock by the Company, the shares of Class A common stock so tendered or withheld will be added to the shares available for awards under the 2026 LTIP on a one-for-one basis. Notwithstanding anything to the contrary contained in the 2026 LTIP, the following shares of Class A common stock will not be added to the shares authorized for grant under the 2026 LTIP: (i) the LTI Award Shares to the extent forfeited or otherwise not issued, (ii) shares tendered by the participant or withheld by the Company in payment of the purchase price of an option, (iii) shares (including LTI Award Shares) tendered by the participant or withheld by the Company to satisfy any tax withholding obligation with respect to options or SARs, (iv) shares subject to a SAR and (v) shares reacquired by the Company on the open market or otherwise using cash proceeds from the exercise of options.

*Per-person limitations on grants to non-employee directors.* There will be an annual limit on non-employee director compensation set at $1,000,000 per non-employee director. This includes awards granted under the 2026 LTIP as well as cash or other compensation paid by the Company with respect to service as a non-employee director. In certain circumstances, the compensation committee may make an exception and grant compensation above this limit (up to an additional $750,000).

*Types of awards under the 2026 LTIP*. Pursuant to the 2026 LTIP, we may grant stock options (or "options"), stock appreciation rights ("SARs"), restricted stock awards, restricted stock units ("RSUs"), performance awards, dividend equivalents, other stock-based awards and cash-based awards.

Each grant of an award under the 2026 LTIP will be evidenced by an award agreement or agreements, which will contain such terms and provisions as the compensation committee may determine, consistent with the 2026 LTIP. A brief description of the types of awards that may be granted under the 2026 LTIP is set forth below.

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*Stock options*. Stock options granted under the 2026 LTIP may be non-qualified stock options or incentive stock options and, in each case, must have an exercise price per share that is not less than the fair market value of a share of our Class A common stock on the date of grant. The term of a stock option may not extend more than ten years after the date of grant. On the last trading day on which all or a portion of a stock option award may be exercised, if the per share price of our Class A common stock exceeds the exercise price per share of such option, the participant will be deemed to have automatically exercised such option, and the Company will reduce the number of shares of Class A common stock issued to the participant to satisfy payment of the applicable exercise price and the minimum tax withholding obligation arising from such exercise.

*Stock appreciation rights*. A SAR is a right to receive from us an amount equal to the spread between the grant price and the value of our Class A common stock on the date of exercise. The base price of a SAR may not be less than the fair market value of a share of our Class A common stock on the date of grant. The term of a SAR may not extend more than ten years from the date of grant.

*Restricted stock awards*. Restricted stock awards are awards of non-transferable shares of our Class A common stock that are subject to certain vesting conditions and other restrictions. Any dividends credited with respect to a restricted stock award will be subject to the same vesting conditions that apply to the restricted stock award and will, if vested, be delivered or paid at the same time as the award.

*Restricted stock units*. RSUs are promises to deliver shares of our Class A common stock in the future, which may also remain forfeitable unless and until specified conditions are met and may be accompanied by the right to receive the equivalent value of dividends paid on shares of our Class A common stock prior to the delivery of the underlying shares (*i.e.*, dividend equivalents). Any such dividend equivalents will be subject to the same vesting conditions that apply to the RSUs and will, if vested, be delivered or paid at the same time as the award.

*Performance awards*. A performance award is an award whereby the grant, issuance, retention, exercisability, vesting and/or transferability of the award is subject to such performance criteria as the compensation committee may designate. Performance awards may be denominated or payable in cash, shares (including restricted stock awards), other securities or other awards and will confer on the participant rights valued as determined by the compensation committee and payable to, or exercisable by, the participant, in whole or in part, upon the achievement of such performance goals during such performance period as specified by the compensation committee.

*Dividend equivalents*. The compensation committee may, in connection with awards other than stock options and SARs, grant the right to receive dividend equivalents paid on shares of our Class A common stock, which will be subject to the same vesting conditions that apply to the award and will, if vested, be delivered or paid at the same time as the award.

*Substitute awards*. Awards may be granted under the 2026 LTIP in substitution for or in conversion of, or in connection with the assumption of, awards held by awardees of an entity engaging in a corporate acquisition or merger with the Company or any subsidiary (such awards, "Substitute Awards"). Substitute Awards will not reduce the number of shares of Class A common stock authorized for issuance under the 2026 LTIP, nor will shares of Class A common stock underlying Substitute Awards be added to the shares authorized for issuance under the 2026 LTIP in the same manner certain non-Substitute Awards may be added, as described under "—Share counting" above.

*Other stock-based awards*. Other stock-based awards are awards denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, shares of our Class A common stock.

*Cash awards*. Cash awards may be granted as an element of, or supplemental to, any other award granted under the 2026 LTIP.

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*Adjustments.* 

<u>Anti-dilution adjustments</u>. In the event of certain corporate transactions affecting the Company's outstanding Class A common stock, such as a dividend or other distribution, recapitalization, stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, exchange of shares or similar equity restructuring transaction, the compensation committee will make such adjustments as it deems appropriate to prevent dilution or enlargement of plan benefits. This could include changes to the number and type of shares to be issued under the 2026 LTIP and outstanding awards, the exercise price of outstanding awards and plan and per-person limits on the number of shares that can be granted.

<u>Performance criteria adjustments</u>. The compensation committee may adjust performance award criteria in recognition of unusual or infrequently recurring events affecting the Company or its financial statements or of changes in applicable laws, regulations or accounting principles, or for other reasons in its sole discretion. In its sole discretion, the compensation committee may increase or, prior to a change in control only, decrease amounts payable under performance awards to reflect such factors as the compensation committee deems relevant.

<u>Acquisition-related adjustments</u>. The compensation committee may also adjust award terms in connection with business acquisitions in which the Company assumes outstanding employee awards or the right to make future awards.

<u>Adjustments for certain unusual or nonrecurring events</u>. The compensation committee may make adjustments to the terms and conditions of, and the criteria included in, awards in recognition of unusual or nonrecurring events that affect the Company, any of its subsidiaries or the financial statements of the Company or any subsidiary, or changes in applicable laws, regulations or accounting principles, in each case, whenever the compensation committee determines that such adjustments are appropriate to prevent dilution or enlargement of plan benefits.

*Change in control*. In the event of a change in control (as defined in the 2026 LTIP), and except as otherwise set forth in an award agreement, the compensation committee, in its sole discretion, may take such actions, if any, as it deems necessary or desirable with respect to any award that is outstanding. Such actions may include, without limitation: the acceleration of the vesting, settlement and/or exercisability of an award; the payment of a cash amount in exchange for the cancellation of an award; the cancellation of options and/or SARs without the payment of consideration therefor if the exercise price of such options and/or SARs equals or exceeds the price paid for a share in connection with the change in control; and/or the issuance of Substitute Awards that substantially preserve the value, rights and benefits of any affected awards.

*Non-U.S. participants*. The compensation committee may adopt, amend or rescind rules, procedures or sub-plans relating to the operation and administration of the 2026 LTIP to accommodate the specific requirements of local laws, procedures and practices with respect to individuals outside of the United States who are eligible to participate in the 2026 LTIP.

*Prohibition on repricing*. Except in connection with a corporate transaction or adjustment described in the 2026 LTIP, the terms of outstanding options or SARs that have an exercise or purchase price in excess of the fair market value of a share may not be amended to reduce the exercise or purchase price of such awards, and any such outstanding awards may not be exchanged for cash or property, or other awards, in each case unless approved by stockholders.

*Duration*. Unless earlier terminated by our board of directors as set forth in the 2026 LTIP and described below, no award may be granted under the 2026 LTIP after the tenth anniversary of the date the 2026 LTIP becomes effective.

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*Amendment and termination*. Our board of directors may amend, alter, suspend, discontinue or terminate the 2026 LTIP, in whole or in part, without approval of the Company's stockholders unless required by law, regulation or the stock exchange on which the Company is listed. Notwithstanding the foregoing, stockholder approval will be required for amendments that increase the total number of shares available for awards under the 2026 LTIP (except as set forth under "—Adjustments") and with respect to stock option repricing (except as excluded under "—Adjustments"). The compensation committee may amend, alter, suspend, discontinue or terminate any awards, prospectively or retroactively, so long as such amendment, alteration, suspension, discontinuance or termination does not impair the rights of any participant without the participant's consent; provided, however, that no participant consent will be required with respect to any amendment or alteration if the compensation committee determines in its sole discretion that such amendment or alteration either is required or advisable to satisfy or conform to any law or regulation or to meet the requirements of any accounting standard or is not reasonably likely to significantly diminish the benefits provided under the award.

**Director compensation** 

The sole director of HMH Inc. and, other than Mr. Rabun, the members of the board of directors of HMH B.V. have not received any compensation for serving as a director prior to this offering. In connection with his appointment as a member and Chairman of HMH B.V.'s board of directors as of October 21, 2024, prior to the consummation of this offering, Mr. Rabun will receive from HMH B.V. a cash retainer in the annualized amount of $75,000 for his service as a member of HMH B.V.'s board of directors and an additional cash retainer in the annualized amount of $50,000 for his service as Chairman of HMH B.V.'s board of directors (for an aggregate annualized retainer equal to $125,000), each of which will be paid in quarterly installments, based on calendar quarters, in arrears on a prorated basis for any partial portion of a quarter. In addition, Mr. Rabun was eligible to receive a retainer equal to $175,000 (the "additional retainer"), which would have become payable on the earliest of Mr. Rabun's resignation from HMH B.V.'s board of directors prior to the listing of our shares of Class A common stock, the consummation of this offering or October 21, 2025. In each case, the additional retainer would have been paid within 30 days of the triggering event and would have been prorated based on the number of days that had elapsed from October 21, 2024 through the date of such event, over 365. Subject to the requisite approvals by the Company and an effective equity incentive plan being in place, if the payment of Mr. Rabun's additional retainer had been triggered by the consummation of this offering, the retainer would have been satisfied upon consummation of this offering with a restricted stock unit award that would have vested immediately following grant; otherwise, Mr. Rabun's additional retainer would be paid in cash. Because October 21, 2025 was the triggering event, the additional retainer became payable on that date and was paid to Mr. Rabun in cash on November 14, 2025. No arrangements have been entered into relating to payment of compensation by the Company to members of our board of directors after this offering. In connection with this offering, we expect that our board of directors will establish a compensation package for non-executive members of our board of directors.

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**Security ownership of certain beneficial owners and management** 

The following table sets forth information, as of January 29, 2026, with respect to the beneficial ownership of our Class A common stock and Class B common stock that, upon the consummation of this offering and the transactions related thereto, and, unless otherwise stated, assuming the underwriters do not exercise their option to purchase additional shares of Class A common stock, will be owned by:

• each person known to us to beneficially own more than 5% of any class of our outstanding voting securities;

• each of our directors and director nominees;

• each of our named executive officers; and

• all of our directors, director nominees and executive officers as a group.

We have granted the underwriters the option to purchase a maximum of additional shares of Class A common stock.

All information with respect to beneficial ownership has been furnished by the respective 5% or more stockholders, directors, director nominees or executive officers, as the case may be. Unless otherwise noted, the mailing address of each listed beneficial owner is c/o HMH Holding Inc., 3300 North Sam Houston Parkway East, Houston, Texas 77032. The following table does not reflect any shares of Class A common stock that the directors, director nominees and executive officers may purchase in this offering through the Directed Share Program described in "Underwriting."

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares<br>beneficially<br>owned prior to<br>the<br>offering(1)(2)** | **Shares<br>beneficially<br>owned prior to<br>the<br>offering(1)(2)** | **Shares beneficially<br>owned after the offering<br>(assuming no exercise of the<br>underwriters' option<br>to purchase additional shares)** | **Shares beneficially<br>owned after the offering<br>(assuming no exercise of the<br>underwriters' option<br>to purchase additional shares)** | **Shares beneficially<br>owned after the offering<br>(assuming no exercise of the<br>underwriters' option<br>to purchase additional shares)** | **Shares beneficially<br>owned after the offering<br>(assuming no exercise of the<br>underwriters' option<br>to purchase additional shares)** | **Shares beneficially<br>owned after the offering<br>(assuming no exercise of the<br>underwriters' option<br>to purchase additional shares)** | **Shares beneficially<br>owned after the offering<br>(assuming no exercise of the<br>underwriters' option<br>to purchase additional shares)** | **Shares beneficially<br>owned after the offering<br>(assuming exercise in full<br>of the underwriters' option<br>to purchase additional shares)** | **Shares beneficially<br>owned after the offering<br>(assuming exercise in full<br>of the underwriters' option<br>to purchase additional shares)** | **Shares beneficially<br>owned after the offering<br>(assuming exercise in full<br>of the underwriters' option<br>to purchase additional shares)** | **Shares beneficially<br>owned after the offering<br>(assuming exercise in full<br>of the underwriters' option<br>to purchase additional shares)** | **Shares beneficially<br>owned after the offering<br>(assuming exercise in full<br>of the underwriters' option<br>to purchase additional shares)** | **Shares beneficially<br>owned after the offering<br>(assuming exercise in full<br>of the underwriters' option<br>to purchase additional shares)** |
| | **HMH B.V.<br>ordinary shares** | **HMH B.V.<br>ordinary shares** | **Class A<br>common<br>stock(3)** | **Class A<br>common<br>stock(3)** | **Class B<br>common<br>stock(3)** | **Class B<br>common<br>stock(3)** | **Combined<br>voting<br>power(4)** | **Combined<br>voting<br>power(4)** | **Class A<br>common<br>stock(3)** | **Class A<br>common<br>stock(3)** | **Class B<br>common<br>stock(3)** | **Class B<br>common<br>stock(3)** | **Combined<br>voting<br>power(4)** | **Combined<br>voting<br>power(4)** |
| <br>**Name of beneficial owner** | **Number** | **%** | **Number** | **%** | **Number** | **%** | **Number** | **%** | **Number** | **%** | **Number** | **%** | **Number** | **%** |
|  **5% Stockholders:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Baker Hughes Holdings LLC(5) | 100 | 50.0% |  |  |  |  |  |  |  |  |  |  |  |  |
|  Akastor ASA(6) | 100 | 50.0% |  |  |  |  |  |  |  |  |  |  |  |  |
|  **Directors, Director Nominees and Named Executive Officers:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Eirik Bergsvik(7) |  | 0.0% |  |  |  |  |  |  |  |  |  |  |  |  |
|  Thomas W. McGee(8) |  | 0.0% |  |  |  |  |  |  |  |  |  |  |  |  |
|  Dwight W. Rettig(9) |  | 0.0% |  |  |  |  |  |  |  |  |  |  |  |  |
|  Judson E. Bailey(10) |  | 0.0% |  |  |  |  |  |  |  |  |  |  |  |  |
|  Karl Erik Kjelstad(11) |  | 0.0% |  |  |  |  |  |  |  |  |  |  |  |  |
|  Svein O. Stoknes(12) |  | 0.0% |  |  |  |  |  |  |  |  |  |  |  |  |
| M. Georgia Magno(13) |  | 0.0% |  |  |  |  |  |  |  |  |  |  |  |  |
|  Lance T. Loeffler(14) |  | 0.0% |  |  |  |  |  |  |  |  |  |  |  |  |
|  Kathleen S. McAllister(15) |  | 0.0% |  |  |  |  |  |  |  |  |  |  |  |  |
|  Daniel W. Rabun(16) |  | 0.0% |  |  |  |  |  |  |  |  |  |  |  |  |
|  **Directors, Director Nominees and Executive Officers as a Group (13 persons)** |  | 0.0% |  |  |  |  |  |  |  |  |  |  |  |  |

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\* Represents beneficial ownership of less than 1%.

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(1) Prior to this offering, each of the Principal Stockholders holds 50.0% of HMH B.V.'s ordinary shares, consisting of an equal number of B.V. Voting Class A Shares and B.V. Voting Class B Shares.

(2) Shares subject to Founders' Awards, 2022 LTI Awards, 2023 LTI Awards, 2024 LTI Awards and 2025 LTI Awards are not deemed outstanding for the purpose of computing the percentage of beneficial ownership for such
person holding such Founders' Awards, 2022 LTI Awards, 2023 LTI Awards, 2024 LTI Awards and 2025 LTI Awards because payment remains subject to consummation of this offering.

(3) Under the Exchange Agreement, each Principal Stockholder party thereto will, subject to certain limitations, have the right, pursuant to the Redemption Right, to cause HMH B.V. to acquire or directly cancel all or a
portion of its B.V. Non-Voting Shares, together with all or an equal portion of its shares of our Class B common stock, for (i) shares of our Class A common stock at a redemption ratio of one share of Class A common stock for each bundle of one
B.V. Non-Voting Class A Share, one B.V. Non-Voting Class B Share and one share of our Class B common stock redeemed, subject to conversion rate adjustments for stock splits, stock dividends and reclassification and other similar transactions,
or, upon mutual agreement between such Principal Stockholder and us, (ii) an equivalent amount of cash, based on the trailing ten-day VWAP prior to the redemption date. Alternatively, upon the exercise of the Redemption Right, we (instead of HMH
B.V.) will have the right, pursuant to the Call Right, to acquire each tendered bundle of one B.V. Non-Voting Class A Share, one B.V. Non-Voting Class B Share and one share of our Class B common stock directly from such Principal Stockholder for (a)
one share of Class A common stock, subject to conversion rate adjustments for stock splits, stock dividends and reclassification and other similar transactions, or, upon mutual agreement between such Principal Stockholder and us, (b) an equivalent
amount of cash, based on the trailing ten-day VWAP prior to the redemption date. Under the Exchange Agreement, Akastor will, subject to certain limitations, also have the right, pursuant to the Hybrid Redemption Right (and in lieu of exercising the
Redemption Right), to cause HMH Inc. to acquire all or a portion of its B.V. Non-Voting Class B Shares and all or a portion of its Mercury HoldCo Inc. shares, together with all or an equal portion of its shares of our Class B common stock, for (i)
shares of our Class A common stock at an exchange ratio of one share of Class A common stock for each bundle of a specified number of Mercury HoldCo Inc. shares (representing indirectly an ownership interest in one B.V. Non-Voting Class A Share),
one B.V. Non-Voting Class B Share and one share of our Class B common stock exchanged, subject to conversion rate adjustments for stock splits, stock dividends and reclassification and other similar transactions and adjustments to account for any
net assets held by Mercury HoldCo Inc. other than HMH B.V. Non-Voting Class A Shares, or, upon mutual agreement between Akastor and us, (ii) an equivalent amount of cash, based on the trailing ten-day VWAP prior to the exchange date. Our decision to
mutually agree with a Principal Stockholder on whether to make a cash payment upon such Principal Stockholder's election under the Redemption Right or the Hybrid Redemption Right will be made by our independent directors (within the meaning of
the Nasdaq listing rules). Such independent directors will make such decision based on facts in existence at the time of the decision, which we expect would include the relative value of the Class A common stock (including trading prices for the
Class A common stock at the time), the cash purchase price, the availability of other sources of liquidity (such as an issuance of preferred stock) to acquire or directly cancel the B.V. Non-Voting Shares (and, if applicable, the Mercury HoldCo Inc.
shares) and alternative uses for such cash. The parties will agree to treat the exercise of the Redemption Right and the exercise of the Call Right, in each case to the extent permitted under applicable tax law, as purchases by HMH Inc. of interests
in HMH B.V. for U.S. federal income tax purposes that give rise to basis adjustments pursuant to Section 743(b) of the Code. In connection with any redemption of B.V. Non-Voting Shares and our Class B common stock pursuant to the Redemption Right,
acquisition of B.V. Non-Voting Shares and our Class B common stock pursuant to our Call Right or acquisition of B.V. Non-Voting Class A Shares (indirectly through the acquisition of Mercury HoldCo Inc. shares), B.V. Non-Voting Class B Shares and our
Class B common stock pursuant to the Hybrid Redemption Right, the corresponding number of shares of our Class B common stock will be cancelled. See "Certain relationships and related party transactions—Exchange Agreement."

(4) Represents percentage of voting power of our Class A common stock and Class B common stock voting together as a single class. Each Principal Stockholder will hold one share of our Class B common stock for
each bundle of one B.V. Non-Voting Class A Share and one B.V. Non-Voting Class B Share that it holds. Each share of Class B common stock has no economic
rights but entitles the holder thereof to one vote on all matters on which stockholders of HMH Inc. are entitled to vote generally. Accordingly, the Principal Stockholders collectively have a number of votes in HMH Inc. equal to the number of
bundles of one B.V. Non-Voting Class A Share and one B.V. Non-Voting Class B Share that they hold.

(5) Prior to this offering, consists of 50% of the B.V. Voting Class A Shares and 50% of the B.V. Voting Class B Shares held directly by Baker Hughes Holdings LLC, a wholly owned subsidiary of Baker Hughes Company. Baker
Hughes Company holds ultimate voting and investment power over the equity interests held by Baker Hughes Holdings LLC. The address of Baker Hughes Company is 575 N. Dairy Ashford Rd., Suite 100, Houston, Texas 77079.

(6) Prior to this offering, consists of (i) 50% of the B.V. Voting Class B Shares held directly by Akastor AS, a wholly owned subsidiary of Akastor ASA, and (ii) 50% of the B.V. Voting Class A Shares held directly by
Mercury HoldCo Inc., a wholly owned subsidiary of Akastor ASA. The board of directors of Akastor ASA holds ultimate voting and investment power over the equity interests held by Akastor AS and Mercury HoldCo Inc. The address of Akastor ASA is
Oksenøyveien 10, 1366 Lysaker, Norway.

(7) Consists of     .

(8) Consists of     .

(9) Consists of     .

(10) Consists of     .

(11) Consists of     .

(12) Consists of     .

(13) Consists of     .

(14) Consists of     .

(15) Consists of     .

(16) Consists of     .

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**Corporate reorganization** 

**Overview** 

HMH Inc. was incorporated as a Delaware corporation and wholly owned subsidiary of HMH B.V. in April 2024. Immediately prior to this offering and the corporate reorganization, the Principal Stockholders will collectively own all of the equity interests in HMH B.V.

Following this offering and the corporate reorganization, HMH Inc. will be a holding company whose sole material asset will consist of a % equity interest in HMH B.V., with such equity interest consisting of B.V. Voting Class A Shares and B.V. Voting Class B Shares. HMH B.V. will continue to wholly own all of our operating assets. After the consummation of the transactions contemplated by this prospectus, HMH Inc. will own all of the B.V. Voting Shares.

In connection with this offering:

• HMH B.V. will undergo a      for 1 stock split, after which Baker Hughes will own
     B.V. Voting Class A Shares and      B.V. Voting Class B Shares and Akastor will own      B.V. Voting Class A Shares and      B.V. Voting
Class B Shares;

• HMH B.V. will recapitalize to convert (i)      B.V. Voting Class A Shares to B.V. Non-Voting Class A Shares and (ii)      B.V. Voting Class B Shares to B.V. Non-Voting Class B Shares;

• HMH Inc. will issue      shares of Class A common stock to purchasers in this offering in
exchange for the proceeds of this offering;

• Baker Hughes will sell      B.V. Voting Class A Shares and      B.V.
Voting Class B Shares to HMH Inc. in exchange for $ in cash and will receive      shares of our Class B common stock in exchange for relinquishing voting rights on
    of its B.V. Voting Class A Shares and     of its B.V. Voting Class B Shares;

• Akastor will sell      B.V. Voting Class A Shares and      B.V. Voting
Class B Shares to HMH Inc. in exchange for $ in cash and will receive      shares of our Class B common stock in exchange for relinquishing voting rights on     of its
B.V. Voting Class A Shares and     of its B.V. Voting Class B Shares; and

• HMH Inc. will contribute, directly or indirectly, the remaining net proceeds from this offering to HMH B.V. in exchange for
newly issued B.V. Voting Shares, consisting of      B.V. Voting Class A Shares and      B.V. Voting Class B Shares, such that, after the exchange, HMH Inc. will hold, after taking into
account the B.V. Voting Shares acquired from Baker Hughes and/or Akastor, one B.V. Voting Class A Share and one B.V. Voting Class B Share, respectively, for each share of our Class A common stock outstanding following this offering.

After giving effect to these transactions and this offering and the application of the net proceeds therefrom and assuming the underwriters do not exercise their option to purchase additional shares of Class A common stock and prior to giving effect to the vesting of any LTI Awards that may vest in connection with this offering, the reservation of shares of Class A common stock under the 2026 LTIP, the grant of awards thereunder in connection with this offering and any future redemptions of B.V. Non-Voting Shares (and, if applicable, acquisitions of Mercury HoldCo Inc. shares) pursuant to the Exchange Agreement:

• the Principal Stockholders, collectively, will own all of the shares of our Class B common stock, representing
  % total voting power of our capital stock, and will own all of the B.V. Non-Voting Shares, representing a   % equity interest in HMH B.V. and 0% voting power of the equity in HMH
B.V.;

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• Baker Hughes will own     shares of our Class B common stock, representing   % total
voting power of our capital stock, and will own     B.V. Non-Voting Shares, representing a   % equity interest in HMH B.V. and 0% voting power of the equity in HMH B.V.;

• Akastor will own     shares of our Class B common stock, representing   % total voting
power of our capital stock, and will own     B.V. Non-Voting Shares, representing a   % equity interest in HMH B.V. and 0% voting power of the equity in HMH B.V.;

• the investors in this offering, collectively, will own all of the shares of our Class A common stock, representing
  % total voting power of our capital stock; and

• HMH Inc. will own all of the B.V. Voting Shares, representing a   % equity interest in HMH B.V., which will
represent 100% total voting power of the equity in HMH B.V.

If the underwriters exercise in full their option to purchase additional shares of Class A common stock in the offering:

• the Principal Stockholders, collectively, will own all of the shares of our Class B common stock, representing
  % total voting power of our capital stock, and will own all of the B.V. Non-Voting Shares, representing a   % equity interest in HMH B.V. and 0% voting power of the equity in HMH
B.V.;

• Baker Hughes will own     shares of our Class B common stock, representing   % total
voting power of our capital stock, and will own     B.V. Non-Voting Shares, representing a   % equity interest in HMH B.V. and 0% voting power of the equity in HMH B.V.;

• Akastor will own     shares of our Class B common stock, representing   % total voting
power of our capital stock, and will own     B.V. Non-Voting Shares, representing a   % equity interest in HMH B.V. and 0% voting power of the equity in HMH B.V.;

• the investors in this offering, collectively, will own all of the shares of our Class A common stock, representing
  % total voting power of our capital stock; and

• HMH Inc. will own all of the B.V. Voting Shares, representing a   % equity interest in HMH B.V., which will
represent 100% total voting power of the equity in HMH B.V.

Each share of Class B common stock has no economic rights but entitles its holder to one vote on all matters on which stockholders are entitled to vote generally. Holders of Class A common stock and Class B common stock will vote together as a single class on all matters presented to our stockholders for their vote or approval, except as otherwise required by applicable law or by our amended and restated certificate of incorporation. We do not intend to list our Class B common stock on any stock exchange.

Following this offering, under the Exchange Agreement, each Principal Stockholder party thereto will, subject to certain limitations, have the right, pursuant to the Redemption Right, to cause HMH B.V. to acquire or directly cancel all or a portion of its B.V. Non-Voting Shares, together with all or an equal portion of its shares of our Class B common stock, for (i) shares of our Class A common stock at a redemption ratio of one share of Class A common stock for each bundle of one B.V. Non-Voting Class A Share, one B.V. Non-Voting Class B Share and one share of our Class B common stock redeemed, subject to conversion rate adjustments for stock splits, stock dividends and reclassification and other similar transactions, or, upon mutual agreement between such Principal Stockholder and us, (ii) an equivalent amount of cash, based on the trailing ten-day VWAP prior to the redemption date. Alternatively, upon the exercise of the Redemption Right, we (instead of HMH B.V.) will have the right, pursuant to the Call Right, to acquire each tendered bundle of one B.V. Non-Voting Class A Share, one B.V. Non-Voting Class B Share and one share of our Class B common stock directly from such Principal Stockholder for (a) one share of Class A common stock, subject to

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conversion rate adjustments for stock splits, stock dividends and reclassification and other similar transactions, or, upon mutual agreement between such Principal Stockholder and us, (b) an equivalent amount of cash, based on the trailing ten-day VWAP prior to the redemption date.

Under the Exchange Agreement, Akastor will, subject to certain limitations, also have the right, pursuant to the Hybrid Redemption Right (and in lieu of exercising the Redemption Right), to cause HMH Inc. to acquire all or a portion of its B.V. Non-Voting Class B Shares and all or a portion of its Mercury HoldCo Inc. shares, together with all or an equal portion of its shares of our Class B common stock, for (i) shares of our Class A common stock at an exchange ratio of one share of Class A common stock for each bundle of a specified number of Mercury HoldCo Inc. shares (representing indirectly an ownership interest in one B.V. Non-Voting Class A Share), one B.V. Non-Voting Class B Share and one share of our Class B common stock exchanged, subject to conversion rate adjustments for stock splits, stock dividends and reclassification and other similar transactions and adjustments to account for any net assets held by Mercury HoldCo Inc. other than HMH B.V. Non-Voting Class A Shares, or, upon mutual agreement between Akastor and us, (ii) an equivalent amount of cash, based on the trailing ten-day VWAP prior to the exchange date.

Our decision to mutually agree with a Principal Stockholder on whether to make a cash payment upon such Principal Stockholder's election under the Redemption Right or the Hybrid Redemption Right will be made by our independent directors (within the meaning of the Nasdaq listing rules). Such independent directors will make such decision based on facts in existence at the time of the decision, which we expect would include the relative value of the Class A common stock (including trading prices for the Class A common stock at the time), the cash purchase price, the availability of other sources of liquidity (such as an issuance of preferred stock) to acquire or directly cancel the B.V. Non-Voting Shares (and, if applicable, the Mercury HoldCo Inc. shares) and alternative uses for such cash. The parties will agree to treat the exercise of the Redemption Right and the exercise of the Call Right, in each case to the extent permitted under applicable tax law, as purchases by HMH Inc. of interests in HMH B.V. for U.S. federal income tax purposes that give rise to basis adjustments pursuant to Section 743(b) of the Code.

In connection with any redemption of B.V. Non-Voting Shares and our Class B common stock pursuant to the Redemption Right, acquisition of B.V. Non-Voting Shares and our Class B common stock pursuant to our Call Right or acquisition of B.V. Non-Voting Class A Shares (indirectly through the acquisition of Mercury HoldCo Inc. shares), B.V. Non-Voting Class B Shares and our Class B common stock pursuant to the Hybrid Redemption Right, the corresponding number of shares of our Class B common stock will be cancelled. See "Certain relationships and related party transactions—Exchange Agreement." The Principal Stockholders will have the right, under certain circumstances, to cause us to register the offer and resale of their shares of Class A common stock. See "Certain relationships and related party transactions—Registration Rights Agreement."

In connection with the closing of this offering, we will enter into the Tax Receivable Agreement with the Principal Stockholders. The Tax Receivable Agreement will generally provide for the payment by us to the Principal Stockholders of 85% of the net cash savings, if any, in U.S. federal, state, local and foreign income tax and franchise tax that we actually realize (or are deemed to realize in certain circumstances) in periods after this offering as a result of, as applicable to each Principal Stockholder, (i) certain increases in tax basis that occur as a result of our acquisition (or deemed acquisition for U.S. federal income tax purposes) of all of such Principal Stockholder's B.V. Voting Shares in connection with this offering or any portion of such Principal Stockholder's B.V. Non-Voting Shares pursuant to the exercise of the Redemption Right or our Call Right, (ii) the utilization of certain NOLs of Mercury HoldCo Inc. in the event that we acquire Mercury HoldCo Inc. shares pursuant to the exercise of the Hybrid Redemption Right and (iii) imputed interest deemed to be paid by us as a result of, and additional tax basis arising from, any payments we make under the Tax Receivable Agreement. Payments will generally be made under the Tax Receivable Agreement as we realize actual cash tax savings in periods after this offering from the tax benefits covered by the Tax Receivable Agreement. However, if we experience a change of control (as defined in the Tax Receivable Agreement) or the Tax Receivable Agreement terminates early (at our

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election or as a result of a material breach of our obligations thereunder), we could be required to make a substantial, immediate lump-sum payment in advance of any actual cash tax savings. Because we are a holding company with no independent means of generating revenue, our ability to make payments under the Tax Receivable Agreement is dependent on the ability of HMH B.V. to make distributions to us in an amount sufficient to cover our obligations under the Tax Receivable Agreement.

HMH Inc. will retain the benefit of the remaining 15% of these cash savings. For additional information regarding the Tax Receivable Agreement, see "Risk factors—Risks related to this offering and ownership of our Class A common stock" and "Certain relationships and related party transactions—Tax Receivable Agreement."

The following diagram indicates our corporate structure immediately preceding this offering and the transactions related thereto:

![LOGO](g75409g38y74.jpg)

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The following diagram indicates our simplified ownership structure immediately following this offering and the transactions related thereto (assuming the underwriters do not exercise their option to purchase additional shares of Class A common stock) and prior to giving effect to the vesting of any LTI Awards that may vest in connection with this offering, the reservation of shares of Class A common stock under the 2026 LTIP, the grant of awards thereunder in connection with this offering and any future redemptions of B.V. Non-Voting Shares and acquisitions of Mercury HoldCo Inc. shares pursuant to the Exchange Agreement:

![LOGO](g75409g01g01.jpg)

**Offering** 

Only Class A common stock will be sold to investors in this offering. Immediately following this offering, there will be shares of our Class A common stock, shares of our Class B common stock, B.V. Voting Class A Shares, B.V. Voting Class B Shares, B.V. Non-Voting Class A Shares and B.V. Non-Voting Class B Shares outstanding.

We estimate that our net proceeds from this offering, after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, will be $ million. We intend to (i) use $ million of the net proceeds from this offering to pay the cash consideration portion of the purchase price to purchase an aggregate B.V. Voting Class A Shares and B.V. Voting Class B Shares from Baker Hughes and/or Akastor pursuant to the corporate reorganization (see "Corporate reorganization") and

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(ii) contribute all of the remaining net proceeds from this offering to HMH B.V. in exchange for a number of B.V. Voting Class A Shares and B.V. Voting Class B Shares such that the number of B.V. Voting Class A Shares and B.V. Voting Class B Shares, respectively, held by us (taking into account the B.V. Voting Class A Shares and B.V. Voting Class B Shares acquired by us from the Principal Stockholders pursuant to the corporate reorganization) equals the number of shares of Class A common stock sold by us in the offering. HMH B.V. intends to use $ million of the net proceeds received by it to repay all of the outstanding principal and accrued and unpaid interest under the Shareholder Loans from Baker Hughes Holdings LLC and Akastor AS, which totaled $140.8 million as of September 30, 2025, and any remaining amounts for general corporate purposes, which may include funding for acquisitions, working capital requirements, capital expenditures and the repayment, refinancing, redemption or repurchase of indebtedness or other securities. If the underwriters exercise in full their option to purchase additional shares of Class A common stock, we intend to contribute all of the additional net proceeds to HMH B.V. in exchange for an additional B.V. Voting Class A Shares and B.V. Voting Class B Shares. HMH B.V. intends to use such additional net proceeds for general corporate purposes, which may include funding for acquisitions, working capital requirements, capital expenditures and the repayment, refinancing, redemption or repurchase of indebtedness or other securities. See "Use of proceeds."

After giving effect to the corporate reorganization and this offering and the application of the net proceeds therefrom and assuming the underwriters do not exercise their option to purchase additional shares of Class A common stock and prior to giving effect to the vesting of any LTI Awards that may vest in connection with this offering, the reservation of shares of Class A common stock under the 2026 LTIP, the grant of awards thereunder in connection with this offering and any future redemptions of B.V. Non-Voting Shares (and, if applicable, acquisitions of Mercury HoldCo Inc. shares) pursuant to the Exchange Agreement:

• the investors in this offering, collectively, will own      shares of our Class A common stock
(or      shares of our Class A common stock if the underwriters exercise in full their option to purchase additional shares of Class A common stock);

• HMH Inc. will own      B.V. Voting Class A Shares and      B.V. Voting
Class B Shares;

• Baker Hughes will own     shares of our Class B common stock,     B.V.
Non-Voting Class A Shares and     B.V. Non-Voting Class B Shares;

• Akastor will own     shares of our Class B common stock,     B.V.
Non-Voting Class A Shares and     B.V. Non-Voting Class B Shares;

• the investors in this offering, collectively, will own   % of the total voting power of our capital stock (or
  % if the underwriters exercise in full their option to purchase additional shares of Class A common stock);

• Baker Hughes will own   % of the total voting power of our capital stock (or   % if the
underwriters exercise in full their option to purchase additional shares of Class A common stock); and

• Akastor will own   % of the total voting power of our capital stock (or   % if the underwriters
exercise in full their option to purchase additional shares of Class A common stock).

**Holding company structure** 

Our post-offering organizational structure will allow the Principal Stockholders to retain their equity ownership in HMH B.V., a partnership for U.S. federal income tax purposes. Investors in this offering will, by contrast, hold their equity ownership in the form of shares of Class A common stock in HMH Inc., and HMH Inc. is classified as a domestic corporation for U.S. federal income tax purposes. The Principal Stockholders and HMH Inc. will generally incur U.S. federal, state and local income taxes on their proportionate share of any taxable income of HMH B.V.'s U.S. and non-U.S. operations, as applicable.

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In addition, pursuant to HMH Inc.'s amended and restated certificate of incorporation and the HMH B.V. Partnership Agreement, HMH Inc.'s capital structure and the capital structure of HMH B.V. will generally replicate one another and will provide for customary anti-dilution mechanisms in order to maintain the one-for-one redemption ratio between the B.V. Shares and HMH Inc.'s Class A common stock, among other things.

The holders of B.V. Shares, including HMH Inc., will be allocated their proportionate share of any taxable income or loss of HMH B.V.'s U.S. and non-U.S. operations, as applicable, and will generally incur U.S. federal, state and local income taxes on their proportionate share of any taxable income of HMH B.V.'s U.S. and non-U.S. operations, as applicable. The HMH B.V. Partnership Agreement will provide, to the extent cash is available and to the extent permitted under applicable law, for generally pro rata distributions to the holders of B.V. Shares in an amount generally intended to allow such holders to satisfy their respective income tax liabilities with respect to their allocable share of the income of HMH B.V., based on certain assumptions and conventions, provided that, under applicable tax rules, HMH B.V. is required to allocate net income disproportionately to its shareholders in certain circumstances, and we intend to cause HMH B.V. to make non-pro rata payments to us to reimburse us for our corporate and other overhead expenses.

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**Certain relationships and related party transactions** 

**Exchange Agreement** 

In connection with this offering, we will enter into the Exchange Agreement with HMH B.V. and certain of the Principal Stockholders. Under the Exchange Agreement, each Principal Stockholder party thereto will, subject to certain limitations, have the right, pursuant to the Redemption Right, to cause HMH B.V. to acquire or directly cancel all or a portion of its B.V. Non-Voting Shares, together with all or an equal portion of its shares of our Class B common stock, for (i) shares of our Class A common stock at a redemption ratio of one share of Class A common stock for each bundle of one B.V. Non-Voting Class A Share, one B.V. Non-Voting Class B Share and one share of our Class B common stock redeemed, subject to conversion rate adjustments for stock splits, stock dividends and reclassification and other similar transactions, or, upon mutual agreement between such Principal Stockholder and us, (ii) an equivalent amount of cash, based on the trailing ten-day VWAP prior to the redemption date. Alternatively, upon the exercise of the Redemption Right, we (instead of HMH B.V.) will have the right, pursuant to the Call Right, to acquire each tendered bundle of one B.V. Non-Voting Class A Share, one B.V. Non-Voting Class B Share and one share of our Class B common stock directly from such Principal Stockholder for (a) one share of Class A common stock, subject to conversion rate adjustments for stock splits, stock dividends and reclassification and other similar transactions, or, upon mutual agreement between such Principal Stockholder and us, (b) an equivalent amount of cash, based on the trailing ten-day VWAP prior to the redemption date.

Under the Exchange Agreement, Akastor will, subject to certain limitations, also have the right, pursuant to the Hybrid Redemption Right (and in lieu of exercising the Redemption Right), to cause HMH Inc. to acquire all or a portion of its B.V. Non-Voting Class B Shares and all or a portion of its Mercury HoldCo Inc. shares, together with all or an equal portion of its shares of our Class B common stock, for (i) shares of our Class A common stock at an exchange ratio of one share of Class A common stock for each bundle of a specified number of Mercury HoldCo Inc. shares (representing indirectly an ownership interest in one B.V. Non-Voting Class A Share), one B.V. Non-Voting Class B Share and one share of our Class B common stock exchanged, subject to conversion rate adjustments for stock splits, stock dividends and reclassification and other similar transactions and adjustments to account for any net assets held by Mercury HoldCo Inc. other than HMH B.V. Non-Voting Class A Shares, or, upon mutual agreement between Akastor and us, (ii) an equivalent amount of cash, based on the trailing ten-day VWAP prior to the exchange date.

Our decision to mutually agree with a Principal Stockholder on whether to make a cash payment upon such Principal Stockholder's election under the Redemption Right or the Hybrid Redemption Right will be made by our independent directors (within the meaning of the Nasdaq listing rules). Such independent directors will make such decision based on facts in existence at the time of the decision, which we expect would include the relative value of the Class A common stock (including trading prices for the Class A common stock at the time), the cash purchase price, the availability of other sources of liquidity (such as an issuance of preferred stock) to acquire or directly cancel the B.V. Non-Voting Shares (and, if applicable, the Mercury HoldCo Inc. shares) and alternative uses for such cash. The parties will agree to treat the exercise of the Redemption Right and the exercise of the Call Right, in each case to the extent permitted under applicable tax law, as purchases by HMH Inc. of interests in HMH B.V. for U.S. federal income tax purposes that give rise to basis adjustments pursuant to Section 743(b) of the Code. Following a period that is 180 days after the date of this prospectus, each Principal Stockholder will be permitted to exercise its Redemption Right, and Akastor will be permitted to exercise its Hybrid Redemption Right, in each case at HMH B.V.'s expense, up to 12 times in any given fiscal year, provided that Akastor will not be permitted to exercise its Redemption Right at any time after it has exercised its Hybrid Redemption Right and each exercise of Akastor's Hybrid Redemption Right will count as 1.5 redemptions towards its 12 maximum annual exercises of its Redemption Right at HMH B.V.'s expense. Each Principal Stockholder is permitted to exercise its Redemption Right or Hybrid Redemption Right, as applicable, more than 12 times in a given fiscal year, provided that each such exercise in excess of 12 in a given fiscal year will be at the sole expense of such exercising Principal Stockholder. As

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a Principal Stockholder causes its B.V. Non-Voting Shares (and, if applicable, Mercury HoldCo Inc. shares) to be redeemed pursuant to the Redemption Right or the Hybrid Redemption Right, our direct or indirect equity interest in HMH B.V. will be correspondingly increased, the number of shares of Class A common stock outstanding will be increased and the number of shares of Class B common stock outstanding will be reduced.

The form of Exchange Agreement is filed as an exhibit to the registration statement of which this prospectus forms a part, and the foregoing description of the Exchange Agreement is qualified in its entirety by reference thereto.

**HMH B.V. Partnership Agreement** 

In connection with this offering, HMH B.V., HMH Inc. and certain of the Principal Stockholders will enter into the HMH B.V. Partnership Agreement. The HMH B.V. Partnership Agreement will initially provide for four classes of HMH B.V. Shares entitling the holder to equity of HMH B.V. consisting of (i) B.V. Non-Voting Class A Shares, which track HMH B.V.'s U.S. operations, (ii) B.V. Non-Voting Class B Shares, which track HMH B.V.'s non-U.S. operations, (iii) B.V. Voting Class A Shares, which entitle the holder to one vote and track HMH B.V.'s U.S. operations and (iv) B.V. Voting Class B Shares, which entitle the holder to one vote and track HMH B.V.'s non-U.S. operations. For each pair of one B.V. Non-Voting Class A Share and one B.V. Non-Voting Class B Share, the holder of each pair shall hold one share of HMH Inc. Class B common stock.

Under the HMH B.V. Partnership Agreement, subject to the obligation of HMH B.V. to make tax distributions and to reimburse HMH Inc. for its corporate and other overhead expenses, HMH Inc., as holder of all B.V. Voting Shares, will have the right to determine when distributions will be made to the holders of B.V. Shares and the amount of any such distributions. Following this offering, if HMH Inc. authorizes a distribution, such distribution will be made to the holders of B.V. Shares, including HMH Inc., on a pro rata basis in accordance with their respective percentage ownership of B.V. Shares. Any distributable amount shall be allocated between the B.V. Share classes such that (to the fullest extent permitted by applicable law) distributions on B.V. Non-Voting Class A Shares and B.V. Voting Class A Shares shall be funded by U.S. operations and distributions on B.V. Non-Voting Class B Shares and B.V. Voting Class B Shares shall be funded by non-U.S. operations.

To the extent HMH B.V. has available cash and subject to the terms of any current and future debt instruments, we intend to cause HMH B.V. to make (i) generally pro rata distributions to its shareholders, including us, in an amount sufficient to allow its shareholders to pay taxes on their allocable share of HMH B.V.'s taxable income from U.S. and non-U.S. operations, as applicable, and to allow us to make payments under the Tax Receivable Agreement we will enter into with the Principal Stockholders in connection with the closing of this offering and (ii) non-pro rata payments to us to reimburse us for our corporate and other overhead expenses. Under applicable tax rules, HMH B.V. is required to allocate net taxable income disproportionately to its shareholders in certain circumstances. The amount of tax distributions will be determined based on an assumed tax rate.

The HMH B.V. Partnership Agreement will provide that, except as otherwise determined by us or in connection with the exercise of HMH Inc.'s Call Right pursuant to the Exchange Agreement, at any time HMH Inc. issues a share of its

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Class A common stock (including any shares of Class A common stock issued pursuant to any long-term incentive plan (including the 2026 LTIP), phantom incentive award (including the LTI Awards) or equity award) or any other debt or equity security, the net proceeds, if any, received by HMH Inc. with respect to such issuance shall be concurrently invested in HMH B.V., and HMH B.V. shall issue to HMH Inc. one B.V. Voting Class A Share and one B.V. Voting Class B Share or other economically equivalent debt or equity interest. Conversely, if at any time any shares of HMH Inc.'s Class A common stock are redeemed, repurchased or otherwise acquired, HMH B.V. shall redeem, repurchase or otherwise acquire or directly cancel an equal number of B.V. Voting Class A Shares and B.V. Voting Class B Shares held by HMH Inc., upon the same terms and for the same price, as the shares of HMH Inc.'s Class A common stock that are redeemed, repurchased or otherwise acquired. Furthermore, if at any time any pairs of one B.V. Non-Voting Class A Share and one B.V. Non-Voting Class B Share are transferred to another person, such redemption or transfer of any pairs of B.V. Non-Voting Shares shall include redemption or transfer of the equivalent number of HMH Inc. Class B common stock.

We intend to limit the number of shareholders of HMH B.V., and the HMH B.V. Partnership Agreement will provide for limitations on the ability of the HMH B.V. shareholders to transfer their B.V. Shares and will provide us, as owner of all B.V. Voting Shares, with the right to impose restrictions (in addition to those already in place) on the ability of shareholders of B.V. Non-Voting Shares to cause HMH B.V. to acquire or directly cancel their B.V. Non-Voting Shares pursuant to the Redemption Right to the extent we believe it is necessary to ensure that HMH B.V. will continue to be treated as a partnership for U.S. federal income tax purposes.

Under the HMH B.V. Partnership Agreement, the shareholders of HMH B.V. have agreed that the Principal Stockholders and their affiliates will be permitted to engage in business activities in which we engage or propose to engage, do business with any client of ours and otherwise compete, directly or indirectly, with us.

HMH B.V. will be dissolved only upon the first to occur of (i) the sale of substantially all of its assets and (ii) an election by us to dissolve HMH B.V. Upon dissolution, and following the payment of expenses of liquidation and allocation of profits and losses, HMH B.V. will be liquidated and the proceeds from any liquidation will be applied and distributed in the following manner: (i) first, to creditors (including to the extent permitted by law, creditors who are shareholders of HMH B.V.) in satisfaction of the liabilities of HMH B.V. in the order of priority as provided by law, except any obligations to HMH B.V.'s shareholders in respect of their capital accounts, (ii) second, to establish cash reserves that HMH Inc. reasonably deems necessary for contingent or unforeseen liabilities or future payments and (iii) third, to the shareholders of HMH B.V. in proportion to the number of B.V. Shares owned by each of them.

The form of HMH B.V. Partnership Agreement is filed as an exhibit to the registration statement of which this prospectus forms a part, and the foregoing description of the HMH B.V. Partnership Agreement is qualified in its entirety by reference thereto.

**Tax Receivable Agreement** 

In connection with the closing of this offering, we will enter into the Tax Receivable Agreement with the Principal Stockholders. As described in "Corporate reorganization," HMH Inc. will acquire B.V. Voting Class A Shares and B.V. Voting Class B Shares from the Principal Stockholders in connection with this offering in exchange for $ in cash and shares of our Class B common stock. In addition, each Principal Stockholder may cause us to acquire or directly cancel all or a portion of its B.V. Non-Voting Shares (or, in the case of Akastor, all or a portion of its B.V. Non-Voting Class B Shares and all or a portion of its Mercury HoldCo Inc. shares), together with all or an equal portion of its shares of our Class B common stock, for shares of Class A common stock in the future pursuant to the Redemption Right, the Call Right or the Hybrid Redemption Right. HMH B.V. intends to make for itself (and for each of its direct or indirect subsidiaries that is treated as a partnership for U.S. federal income tax purposes and that it controls) an election under Section 754 of the Code that will be effective for the taxable year of this offering and each taxable year in which a

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redemption of B.V. Non-Voting Shares pursuant to the Redemption Right or the Call Right occurs. Pursuant to the Section 754 election, our acquisition (or deemed acquisition for U.S. federal income tax purposes) of B.V. Voting Shares for cash as a part of the corporate reorganization and acquisitions of B.V. Non-Voting Shares pursuant to the Redemption Right or the Call Right is expected to create basis adjustments with respect to our allocable share of the assets of HMH B.V. that would not have been available to us absent our acquisition or deemed acquisition of B.V. Shares as part of the corporate reorganization or pursuant to the exercise of the Redemption Right or the Call Right. The anticipated basis adjustments are expected to increase (for tax purposes) HMH Inc.'s depreciation, depletion and amortization deductions and may also decrease HMH Inc.'s gains (or increase its losses) on future dispositions of certain assets to the extent tax basis is allocated to those assets. Such increased deductions and losses and reduced gains may reduce the amount of cash tax that HMH Inc. would otherwise be required to pay in the future. If Akastor exercises the Hybrid Redemption Right, then we will acquire Mercury HoldCo Inc. shares and, as a result, we will directly or indirectly benefit from any NOLs of Mercury HoldCo Inc. (subject to any limitations under applicable tax law, including Section 382). The anticipated NOLs are expected to reduce the amount of cash tax that Mercury HoldCo Inc. (or, in certain circumstances, HMH Inc.) would otherwise be required to pay in the future in the absence of such NOLs.

The Tax Receivable Agreement will generally provide for the payment by us to the Principal Stockholders of 85% of the net cash savings, if any, in U.S. federal, state, local and foreign income tax and franchise tax that we actually realize (or are deemed to realize in certain circumstances) in periods after this offering as a result of, as applicable to each Principal Stockholder, (i) certain increases in tax basis that occur as a result of our acquisition (or deemed acquisition for U.S. federal income tax purposes) of all of such Principal Stockholder's B.V. Voting Shares in connection with this offering or any portion of such Principal Stockholder's B.V. Non-Voting Shares pursuant to the exercise of the Redemption Right or our Call Right, (ii) the utilization of certain NOLs of Mercury HoldCo Inc. in the event that we acquire Mercury HoldCo Inc. shares pursuant to the exercise of the Hybrid Redemption Right and (iii) imputed interest deemed to be paid by us as a result of, and additional tax basis arising from, any payments we make under the Tax Receivable Agreement. Under the Tax Receivable Agreement, we will retain the benefit of the remaining 15% of these cash savings. The rights of the Principal Stockholders to receive payment under the Tax Receivable Agreement are not assignable, except for assignments to such Principal Stockholder's affiliates or in connection with the assignment of B.V. Non-Voting Shares in accordance with the HMH B.V. Partnership Agreement.

The payment obligations under the Tax Receivable Agreement are HMH Inc.'s obligations and not obligations of HMH B.V., and we expect that the payments we will be required to make under the Tax Receivable Agreement will be substantial. Estimating the amount and timing of payments that may become due under the Tax Receivable Agreement is by its nature imprecise. For purposes of the Tax Receivable Agreement, cash savings in tax generally will be calculated by comparing HMH Inc.'s actual tax liability (determined by using the actual applicable U.S. federal, state, local and foreign income tax rates and franchise tax rates) to the amount it would have been required to pay had it not been able to utilize any of the tax benefits subject to the Tax Receivable Agreement. The amounts payable, as well as the timing of any payments, under the Tax Receivable Agreement are dependent upon significant future events and assumptions, including the timing of the redemptions of B.V. Non-Voting Shares (and, if applicable, acquisitions of Mercury HoldCo Inc. shares), the price of our Class A common stock at the time of each redemption or acquisition, the extent to which such redemptions are taxable transactions, the amount of each Principal Stockholder's tax basis in its B.V. Non-Voting Shares at the time of the relevant redemption, the depreciation and amortization periods that apply to the increase in tax basis, the utilization of certain NOL carryovers (in the event we acquire Mercury Holdco Inc. shares), the amount and timing of the utilization of tax attributes, the amount and timing of taxable income we generate in the future, the U.S. federal, state, local and foreign income tax rates and franchise tax rates then applicable and the portion of HMH Inc.'s payments under the Tax Receivable Agreement that constitute imputed interest or give rise to depreciable or amortizable tax basis.

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We expect that if the Tax Receivable Agreement were terminated immediately after this offering (assuming an initial public offering price of $ per share of Class A common stock (the midpoint of the price range set forth on the cover page of this prospectus)), the estimated termination payments would be approximately $ million (calculated using a discount rate equal to the greater of (i) SOFR plus 100 basis points or (ii) 5%, applied against an undiscounted liability of approximately $ million based on a 21% U.S. federal corporate income tax rate under the Tax Cuts and Jobs Act of 2017, and applicable state and local income tax rates).

A delay in the timing of redemptions of B.V. Shares (and, if applicable, acquisitions of Mercury HoldCo Inc. shares), holding other assumptions constant, would be expected to decrease the discounted value of the amounts payable under the Tax Receivable Agreement as the benefit of the depreciation and amortization deductions would be delayed and the estimated increase in tax basis could be reduced if allocations of HMH B.V. taxable income exceed distributions and allocations of losses to the redeeming shareholder prior to the redemption. Stock price increases or decreases at the time of each redemption of B.V. Shares would be expected to result in a corresponding increase or decrease in the undiscounted amounts payable under the Tax Receivable Agreement in an amount equal to % of the tax-effected change in price. The amounts payable under the Tax Receivable Agreement are dependent upon HMH Inc. having sufficient future taxable income to utilize the tax benefits on which it is required to make payments under the Tax Receivable Agreement. If HMH Inc.'s projected taxable income is significantly reduced, the expected payments would be reduced to the extent such tax benefits do not result in a reduction of HMH Inc.'s future income tax liabilities.

The foregoing amounts are merely estimates, and the actual payments could differ materially. It is possible that future transactions or events could increase or decrease the actual tax benefits realized and the Tax Receivable Agreement payments as compared to the foregoing estimates. Moreover, there may be a negative impact on our liquidity if, as a result of timing discrepancies or otherwise, (i) the payments under the Tax Receivable Agreement exceed the actual benefits we realize in respect of the tax attributes subject to the Tax Receivable Agreement or (ii) distributions to HMH Inc. by HMH B.V. are not sufficient to permit HMH Inc. to make payments under the Tax Receivable Agreement after it has paid its taxes and other obligations. See "Risk factors—Risks related to this offering and ownership of our Class A common stock—In certain cases, payments under the Tax Receivable Agreement may be accelerated and significantly exceed the actual benefits, if any, we realize in respect of the tax attributes subject to the Tax Receivable Agreement."

In addition, although we are not aware of any issue that would cause the IRS or other relevant tax authorities to challenge potential tax basis increases or other tax benefits covered under the Tax Receivable Agreement, the Principal Stockholders will not reimburse us for any payments previously made under the Tax Receivable Agreement if such basis increases or other tax benefits that have given rise to payments under the Tax Receivable Agreement are subsequently disallowed, except that excess payments made to the Principal Stockholders will be netted against payments that would otherwise be made to the Principal Stockholders, if any, after our determination of such excess. As a result, in such circumstances, HMH Inc. could make payments that are greater than its actual cash tax savings, if any, and may not be able to recoup those payments, which could adversely affect its liquidity. See "Risk factors—Risks related to this offering and ownership of our Class A common stock—We will not be reimbursed for any payments made under the Tax Receivable Agreement in the event that any tax benefits are subsequently disallowed."

The term of the Tax Receivable Agreement will commence upon the completion of this offering and will continue until all tax benefits that are subject to the Tax Receivable Agreement have been utilized or expired, unless we exercise our right to terminate the Tax Receivable Agreement (or the Tax Receivable Agreement is terminated due to other circumstances, including our breach of a material obligation thereunder or certain mergers or other changes of control), and we make the termination payment specified in the Tax Receivable Agreement. In the event that the Tax Receivable Agreement is not terminated, the payments under the Tax

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Receivable Agreement are anticipated to continue for 16 years after the date of the last redemption of the B.V. Non-Voting Shares. Accordingly, it is expected that payments will continue to be made under the Tax Receivable Agreement for more than 16 years. Payments will generally be made under the Tax Receivable Agreement as we realize actual cash tax savings in periods after this offering from the tax benefits covered by the Tax Receivable Agreement. However, if we experience a change of control (as defined in the Tax Receivable Agreement) or the Tax Receivable Agreement terminates early (at our election or as a result of a material breach of our obligations thereunder), we could be required to make a substantial, immediate lump-sum payment in advance of any actual cash tax savings. This payment would equal the present value of hypothetical future payments that could be required to be paid under the Tax Receivable Agreement (determined by applying a discount rate equal to the greater of (i) SOFR plus 100 basis points or (ii) 5%). The calculation of hypothetical future payments will be based upon certain assumptions and deemed events set forth in the Tax Receivable Agreement. Any early termination payment may be made significantly in advance of, and may materially exceed, the actual realization, if any, of the future tax benefits to which the termination payment relates.

The Tax Receivable Agreement will provide that, in the event of a material breach by us, which includes, but is not limited to, (i) our failure to make a payment under the Tax Receivable Agreement within 45 business days after such payment is due (except to the extent such payment is prohibited by applicable law or we do not have and cannot take commercially reasonable actions to obtain sufficient funds to make such payment) or (ii) our breach of any material obligation under the Tax Receivable Agreement by operation of law as a result of the rejection of the Tax Receivable Agreement in a case commenced under the Bankruptcy Code, then the Principal Stockholders may elect to treat such breach as an early termination, which would cause all our payment and other obligations under the Tax Receivable Agreement to be accelerated and become due and payable applying the same assumptions described above.

As a result of either an early termination (at our election or as a result of a material breach of our obligations under the Tax Receivable Agreement) or a change of control, we could be required to make payments under the Tax Receivable Agreement that exceed our actual cash tax savings under the Tax Receivable Agreement. 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 or other forms of business combinations or changes of control. There can be no assurance that we will be able to finance our obligations under the Tax Receivable Agreement.

Decisions we make in the course of running our business, such as with respect to mergers, asset sales, other forms of business combinations or other changes in control, may influence the timing and amount of payments that are received by the Principal Stockholders under the Tax Receivable Agreement. For example, the earlier disposition of assets following a redemption of B.V. Shares may accelerate payments under the Tax Receivable Agreement and increase the present value of such payments, and the disposition of assets before a redemption of B.V. Shares may increase the Principal Stockholders' tax liability without giving rise to any rights of the Principal Stockholders to receive payments under the Tax Receivable Agreement. Such effects may result in differences or conflicts of interest between the interests of the Principal Stockholders and other stockholders.

Payments under the Tax Receivable Agreement are generally due within a specified period of time following the filing of our tax return for the taxable year with respect to which the payment obligation arises, but interest on such payments will begin to accrue at a rate of SOFR plus 100 basis points from the due date (without extensions) of such tax return. Late payments will generally accrue interest at a rate of SOFR plus 500 basis points.

Because we are a holding company with no independent means of generating revenue, our ability to make payments under the Tax Receivable Agreement is dependent on the ability of HMH B.V. to make distributions to us in an amount sufficient to cover our obligations under the Tax Receivable Agreement. This ability, in turn, may depend on the ability of HMH B.V.'s subsidiaries to make distributions to it. The ability of HMH B.V., its

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subsidiaries and other entities in which it directly or indirectly holds an equity interest to make such distributions will be subject to, among other things, (i) the applicable provisions of Dutch law (or other applicable jurisdiction) that may limit the amount of funds available for distribution and (ii) restrictions in relevant debt instruments issued by HMH B.V. or its subsidiaries and other entities in which it directly or indirectly holds an equity interest.

The form of Tax Receivable Agreement is filed as an exhibit to the registration statement of which this prospectus forms a part, and the foregoing description of the Tax Receivable Agreement is qualified in its entirety by reference thereto.

**Registration Rights Agreement** 

In connection with the closing of this offering, we plan to enter into a registration rights agreement with affiliates of Baker Hughes and Akastor (the "Registration Rights Agreement"). We expect that the Registration Rights Agreement will contain provisions by which we agree to register under the federal securities laws the offer and resale of shares of our Class A common stock by affiliates of Baker Hughes and Akastor or permitted transferees, as more fully described below.

The Registration Rights Agreement will include provisions by which we agree that, at any time after the 180-day lock-up period, as described in "Underwriting," and subject to certain limitations, each of Baker Hughes and Akastor will have the right to require us to prepare and file a registration statement registering the offer and sale of their shares of our Class A common stock. Generally, we will be required to provide notice of the request to certain other holders of our Class A common stock who may, in certain circumstances, participate in the registration. Subject to certain exceptions, each of Baker Hughes and Akastor will be entitled to make three demands per calendar year that we register such securities.

In addition, each of Baker Hughes and Akastor (together with any person to whom rights under the Registration Rights Agreement are assigned in accordance therewith, the "RRA Holders") will have certain "piggy-back" registration rights in the event that we propose to file a registration statement with respect to an offering of our equity securities for our own account or for the account of our stockholders pursuant to which we would be required to notify the RRA Holders and allow them to register for sale a number of their registrable securities as they may request in writing, subject to certain exceptions. Furthermore, not later than 180 days after the date the Registration Rights Agreement is executed, we will be required to prepare and file with the SEC a shelf registration statement on Form S-3 (or, if Form S-3 is not available to be used by us at such time, on Form S-1 or another appropriate form permitting the registration of such registrable securities for resale) to permit the public resale of all of the registrable securities thereunder in accordance with the terms of the Registration Rights Agreement.

We will not be obligated to effect a demand registration or an underwritten offering within 90 days after any other demand registration and will not be obligated to effect an underwritten offering pursuant to a resale shelf registration statement within 90 days after any other underwritten offering pursuant to a resale shelf registration statement, subject to certain requirements.

The Registration Rights Agreement will also generally obligate us to cooperate reasonably with and take such customary actions as may be reasonably requested by the RRA Holders in connection with the registration of registrable securities.

These registration rights will be subject to certain conditions and limitations, and we will generally be obligated to pay all registration expenses in connection with these registration obligations, regardless of whether a registration statement is filed or becomes effective. The Registration Rights Agreement will also require us to indemnify the RRA Holders against certain liabilities under the Securities Act.

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The form of Registration Rights Agreement is filed as an exhibit to the registration statement of which this prospectus forms a part, and the foregoing description of the Registration Rights Agreement is qualified in its entirety by reference thereto.

**Stockholders' Agreement** 

HMH B.V. is party to a shareholders' agreement, dated as of October 1, 2021, as amended February 8, 2024 (the "Existing Shareholders' Agreement"), with Baker Hughes Holdings LLC, Akastor ASA, Akastor AS and Mercury HoldCo Inc. In connection with the closing of this offering, the Existing Shareholders' Agreement will be terminated and we will enter into a new stockholders' agreement (the "Stockholders' Agreement") with the Principal Stockholders. Among other things, the Stockholders' Agreement will provide each of the Principal Stockholders with the right to designate nominees to our board of directors as follows:

• so long as Baker Hughes and its affiliates collectively beneficially own at least    shares of our common
stock, Baker Hughes can designate two nominees to our board of directors;

• so long as Baker Hughes and its affiliates collectively beneficially own at least    but less than
    shares of our common stock, Baker Hughes can designate one nominee to our board of directors;

• so long as Akastor and its affiliates collectively beneficially own at least    shares of our common
stock, Akastor can designate two nominees to our board of directors; and

• so long as Akastor and its affiliates collectively beneficially own at least    but less than
   shares of our common stock, Akastor can designate one nominee to our board of directors.

In addition, if we establish any committee of our board of directors other than the audit committee, the compensation committee or the nominating and governance committee, such committee will consist of at least one director nominated by each Principal Stockholder if requested by such Principal Stockholder and only if such Principal Stockholder is then entitled to nominate at least one director to our board of directors.

Furthermore, for so long as a Principal Stockholder and its affiliates collectively beneficially own at least shares of our common stock, any increase or decrease to the size of our board of directors or amendment, modification or waiver of our amended and restated bylaws that relates to the size of our board of directors will require the prior written consent of such Principal Stockholder.

The Stockholders' Agreement will also provide each Principal Stockholder with certain information rights.

The form of Stockholders' Agreement is filed as an exhibit to the registration statement of which this prospectus forms a part, and the foregoing description of the Stockholders' Agreement is qualified in its entirety by reference thereto.

**Indemnification agreements** 

We expect to enter into indemnification agreements with each of our directors and officers. These agreements will require us to indemnify these individuals to the fullest extent permitted under Delaware law against liability

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that may arise by reason of their service to us, and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified. We believe that the limitation of liability provision in our amended and restated certificate of incorporation and the indemnification agreements will facilitate our ability to continue to attract and retain qualified individuals to serve as directors and officers.

**Shareholder Loans** 

On October 1, 2021, HMH B.V. entered into the Shareholder Loan Agreement with Baker Hughes Holdings LLC and Akastor AS to finance its operating and finance activities. Baker Hughes Holdings LLC provided the $80.0 million Baker Hughes Shareholder Loan under the Shareholder Loan Agreement, and Akastor AS provided the $20.0 million Akastor Shareholder Loan under the Shareholder Loan Agreement. The Shareholder Loans mature on the earliest to occur of October 1, 2026 or a liquidation event (as defined in the Shareholder Loan Agreement) such as the consummation of this offering. As of September 30, 2025, the total amount of principal and accrued and unpaid interest outstanding under the Shareholder Loans was $140.8 million, which included $110.2 million outstanding under the Baker Hughes Shareholder Loan and $30.6 million outstanding under the Akastor Shareholder Loan. HMH B.V. also agreed to pay Baker Hughes and Akastor for certain deferred tax assets related to the contributed businesses in the amounts of approximately $0.3 million and $3.0 million, respectively, with such payment made by way of an increase to the Shareholder Loans. Such additional amounts relating to deferred tax assets are reflected in the Shareholder Loans' balances as of September 30, 2025. The Shareholder Loans bear interest at a rate of 8.0% per annum. The Shareholder Loans are unsecured. The Shareholder Loan Agreement includes certain restrictive covenants that may limit our ability to, among other things, incur additional indebtedness or make or declare dividends. The Shareholder Loan Agreement contains customary representations and warranties, affirmative covenants and events of default. If an event of default exists under the Shareholder Loan Agreement, the lenders will be able to accelerate the maturity of the Shareholder Loans and exercise other rights and remedies. Subject to certain notice requirements, HMH B.V. may voluntarily prepay outstanding loans under the Shareholder Loan Agreement in whole or in part without premium or penalty.

We intend to contribute a portion of the net proceeds from this offering to HMH B.V., and HMH B.V. intends to use $ million of the net proceeds received by it to repay all of the outstanding principal and accrued and unpaid interest under the Shareholder Loans, which totaled $140.8 million as of September 30, 2025. See "Use of proceeds."

**Shareholder Note** 

On March 17, 2023, HMH B.V. entered into a note with Baker Hughes Holdings LLC and Akastor AS (as amended, the "Shareholder Note") whereby HMH B.V. extended credit in the principal amount of $3.45 million to Baker Hughes Holdings LLC and $3.49 million to Akastor AS. The Shareholder Note matures on the earliest to occur of October 1, 2026 or a liquidation event (as defined in the Shareholder Loan Agreement) such as the consummation of this offering and accrues interest at a rate of 8.0% per annum. Subject to certain notice requirements, Baker Hughes Holdings LLC and Akastor AS may voluntarily prepay the Shareholder Note in whole or in part without premium or penalty. There is no right of set-off against the Shareholder Loans.

**Other related party transactions** 

***Baker Hughes***

*License agreements* 

On October 1, 2021, in connection with the formation of HMH B.V., HMH B.V. entered into worldwide, fully paid, nontransferable and non-sublicensable license agreements with a subsidiary of Baker Hughes giving HMH B.V. a

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limited right to use the terms Vetco<sup>™</sup> and VetcoGray<sup>™</sup> as trademarks on certain products traditionally sold under those trademarks and certain other intellectual property rights relating to certain of Baker Hughes's intellectual property related to the Subsea Drilling Systems pressure control business that Baker Hughes contributed to HMH B.V. at the time of HMH B.V.'s formation. The license agreement relating to other intellectual property rights is perpetual in term, and the trademark license agreement relating to use of the terms Vetco<sup>™</sup> and Vetco Gray<sup>™</sup> has an initial five-year term that is renewable by HMH B.V. for successive five-year terms as long as the trademarks remain in use for the products traditionally sold under those trademarks.

*Remarketing agreement* 

On October 1, 2021, in connection with the formation of HMH B.V., HMH B.V. entered into a remarketing agreement with Baker Hughes relating to certain BOPs, their associated control systems and other personal property. Such equipment is currently subject to a lease between two unrelated third parties, and the lessor of such equipment has the right to return such equipment to Baker Hughes at the end of the lease term. In the event such equipment is returned to Baker Hughes, HMH B.V. has agreed to provide certain services to Baker Hughes with respect to the sale, leasing or remarketing of such equipment in exchange for reimbursement of out-of-pocket costs and expenses.

*Transition services agreement* 

On October 1, 2021, in connection with the formation of HMH B.V., HMH B.V. entered into a transition services agreement with Baker Hughes pursuant to which, in exchange for a monthly fee, Baker Hughes would provide HMH B.V. with certain transitional administrative, finance and other digital services for a term of up to 12 months.

HMH B.V. paid a total of $15.8 million to Baker Hughes for the services provided under the transition services agreement. All services under the transition services agreement have now been performed, and there are no outstanding obligations for either party thereunder.

*Servicing agreement and long-term incentive offset* 

On October 1, 2021, in connection with the formation of HMH B.V., HMH B.V. entered into a servicing agreement with Baker Hughes pursuant to which we agreed to service, administer and collect on certain account receivables owned by Baker Hughes and contributed to HMH B.V. in connection with HMH B.V.'s formation, and to act as custodian with respect to any related collateral until the account is resolved, a successor is appointed or the parties agree to terminate. The total value of the account receivables pursuant to the servicing agreement as of October 1, 2021 was $54.6 million.

On March 17, 2023, Baker Hughes agreed, as full payment for the approximately $2.5 million in excess long-term incentive liability identified in the post-closing statement relating to the formation of HMH B.V., to assign to HMH B.V. all right, title and interest in the aggregate $6.8 million of account receivables remaining to be serviced by HMH B.V. under the servicing agreement, including all collections therefrom. HMH B.V. also agreed to pay to Baker Hughes by March 31, 2023 approximately $2.3 million as payment for certain property taxes due and payable by HMH B.V.

***Akastor***

*Step Oiltools* 

In connection with the formation of HMH B.V. and pursuant to that certain transaction agreement by and between Akastor and Baker Hughes, dated as of March 2, 2021, as amended on April 27, 2021, September 30, 2021 and September 23, 2022 (the "JV Transaction Agreement"), to which HMH B.V. became a party pursuant to

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a joinder agreement dated as of October 1, 2021, and that certain share purchase agreement by and between Akastor AS and MHWirth AS, dated as of October 1, 2021, Akastor and Baker Hughes agreed that the contribution of one of Akastor's subsidiaries, Step Oiltools B.V. ("Step Oiltools"), would be made on a delayed basis until certain Russian regulatory approvals were obtained. Subsequently, Step Oiltools' business activities were significantly impacted by the Russian invasion of Ukraine, and it was decided that Step Oiltools would be liquidated. The parties agreed to cease seeking regulatory approval for the sale and to settle a seller's credit in the amount of approximately $16.0 million, payable by Akastor to HMH B.V., in exchange for Akastor transferring to HMH B.V. the proceeds from the Step Oiltools liquidation. HMH B.V.'s management has assessed the expected net proceeds from the liquidation of Step Oiltools during 2022 and does not believe that such proceeds would yield net cash flows equal to the original seller's credit receivable from Akastor and, as such, recorded a one-time charge of $16.0 million in 2022. The fair value of the receivable has been remeasured to zero as of December 31, 2024 and 2023.

*Payment of pension benefits*

Pursuant to the JV Transaction Agreement, as part of its contribution to HMH B.V. at the time of HMH B.V.'s formation, Akastor agreed to pay certain carved-out pension liabilities existing in MHWirth AS prior to its contribution to HMH B.V. until such time as Akastor owns less than 5% of HMH B.V.'s equity interests, at which time Akastor will be obligated to pay all estimated remaining and unpaid pension costs. HMH B.V. estimated the value of such remaining and unpaid pension costs to be $18.5 million and $20.2 million as of December 31, 2024 and 2023, respectively, and HMH B.V. recorded a receivable of $19.9 million and $21.9 million as of December 31, 2024 and 2023, respectively, related to such pension payments from Akastor, which is reduced in line with pension payments to former employees in 2024 and 2023. The difference between unpaid pension costs and receivable is due to the timing of payments made to pensioners and pension payments received from Akastor by HMH B.V.

*Financial guarantees*

As of September 30, 2025, Akastor had issued financial guarantees of approximately $5.0 million in favor of MHWirth AS, a wholly owned subsidiary of HMH B.V., for fulfillment of performance under certain operational support frame agreements.

*Transition services agreement* 

On October 1, 2021, in connection with the formation of HMH B.V., HMH B.V. entered into a transition services agreement with Akastor pursuant to which, in exchange for an hourly fee, Akastor would provide HMH B.V. with certain transitional finance, IT and treasury services for a term that concluded at the end of 2023. HMH B.V. paid a total of $0.4 million to Akastor for the services provided under the transition services agreement. All services under the transition services agreement have now been performed, and there are no outstanding obligations for either party thereunder.

**Policies and procedures for review of related party transactions** 

A "related party transaction" is a transaction, arrangement or relationship in which we or any of our subsidiaries were, are or will be a participant, the amount of which involved exceeds $120,000, and in which any related person had, has or will have a direct or indirect material interest. A "related person" means:

• any person who is, or at any time during the applicable period was, one of our executive officers or one of our directors;

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• any person who is known by us to be the beneficial owner of more than 5.0% of our Class A common stock;

• any immediate family member of any of the foregoing persons, which means any child, stepchild, parent, stepparent, spouse,
sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law of a director, executive officer or a beneficial owner of more than 5.0% of our Class A common stock, and any person (other than a tenant or employee)
sharing the household of such director, executive officer or beneficial owner of more than 5.0% of our Class A common stock; and

• any firm, corporation or other entity in which any of the foregoing persons is a partner or principal or in a similar
position or in which such person has a 10.0% or greater beneficial ownership interest.

In connection with this offering and subject to the rules of Nasdaq, we will establish an audit committee consisting solely of independent directors whose functions will be set forth in the audit committee charter. We anticipate that one of the audit committee's functions will be to review and approve all relationships and transactions involving us and any related person. Our board of directors will adopt a written policy prior to the completion of this offering that will provide that our audit committee or, in certain cases, the disinterested members of our board of directors will review all transactions with related persons that are required to be disclosed under SEC rules and, when appropriate, initially authorize or ratify all such transactions. Any director who is a related person with respect to a transaction under review will not be permitted to participate in any discussion or approval of such transaction.

Such written policy will provide that, in determining whether or not to recommend the initial approval or ratification of a transaction with a related person, our audit committee or, if applicable, the disinterested members of our board of directors should consider all of the relevant facts and circumstances available.

Such written policy will be adopted in connection with this offering and, therefore, the transactions described above were not reviewed under such policy.

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**Description of capital stock** 

Upon completion of this offering and after giving effect to the corporate reorganization, the authorized capital stock of HMH Inc. will consist of 1,000,000,000 shares of Class A common stock, $0.01 par value per share, of which shares will be issued and outstanding, 500,000,000 shares of Class B common stock, $0.01 par value per share, of which shares will be issued and outstanding, and 10,000,000 shares of preferred stock, $0.01 par value per share, of which no shares will be issued and outstanding.

The following summary of the capital stock and amended and restated certificate of incorporation and amended and restated bylaws of HMH Inc., each of which will be in effect upon the completion of this offering, does not purport to be complete and is qualified in its entirety by reference to the provisions of applicable law and to our amended and restated certificate of incorporation and our amended and restated bylaws, which have been or will be filed as exhibits to the registration statement of which this prospectus forms a part.

**Class A common stock** 

*Voting Rights*. Holders of shares of our Class A common stock are entitled to one vote per share held of record on all matters to be voted upon by the stockholders. Holders of shares of our Class A common stock and Class B common stock vote together as a single class on all matters presented to our stockholders for their vote or approval, except with respect to the amendment of certain provisions of our amended and restated certificate of incorporation that would alter or change the powers, preferences or special rights of the Class B common stock so as to affect them adversely, which amendments must be approved by a majority of the votes entitled to be cast by the holders of the shares affected by the amendment, voting as a separate class, or as otherwise required by applicable law. The affirmative vote of the holders of a majority of our outstanding Class A common stock and Class B common stock, voting separately, is required to approve any disparate treatment with respect to dividends or the subdivision, combination or reclassification of either our Class A common stock or Class B common stock. Holders of our Class A common stock are not entitled to vote with respect to the amendment of certain provisions relating solely to outstanding series of preferred stock where the holders thereof are entitled to vote. Holders of our Class A common stock do not have cumulative voting rights.

*Dividend Rights*. Holders of our Class A common stock are entitled to ratably receive dividends when and if declared by our board of directors out of funds legally available for that purpose, subject to any statutory or contractual restrictions on the payment of dividends and to any prior rights and preferences that may be applicable to any outstanding preferred stock.

*Liquidation Rights*. Upon the liquidation, dissolution, distribution of assets or other winding up of HMH Inc., holders of our Class A common stock are entitled to receive ratably the assets of HMH Inc. available for distribution to the stockholders after payment of liabilities and the liquidation preference of any of its outstanding shares of preferred stock.

*Number of Authorized Shares*. The number of authorized shares of our Class A common stock may be increased or decreased (but not below the number of shares thereof then outstanding or reserved) by the affirmative vote of the holders of a majority in voting power of our stock entitled to vote thereon without a separate class vote of the holders of our preferred stock (if any), Class A common stock or Class B common stock, irrespective of the provisions of Section 242(b)(2) of the DGCL.

*Other Matters*. The shares of Class A common stock have no preemptive or conversion rights and are not subject to further calls or assessment by us. There are no redemption or sinking fund provisions applicable to the Class A common stock. All outstanding shares of our Class A common stock, including the Class A common stock offered in this offering, are fully paid and non-assessable.

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**Class B common stock** 

*Generally*. In connection with the corporate reorganization and this offering, each Principal Stockholder will receive one share of Class B common stock for each bundle of one B.V. Non-Voting Class A Share and one B.V. Non-Voting Class B Share that it holds. Shares of Class B common stock will not be transferrable except in connection with a permitted transfer of a corresponding number of bundles of one B.V. Non-Voting Class A Share and one B.V. Non-Voting Class B Share. Accordingly, each Principal Stockholder will have a number of votes in HMH Inc. equal to the number of bundles of one B.V. Non-Voting Class A Share and one B.V. Non-Voting Class B Share that it holds.

*Voting Rights*. Holders of shares of our Class B common stock are entitled to one vote per share held of record on all matters to be voted upon by the stockholders. Holders of shares of our Class A common stock and Class B common stock vote together as a single class on all matters presented to our stockholders for their vote or approval, except with respect to the amendment of certain provisions of our amended and restated certificate of incorporation that would alter or change the powers, preferences or special rights of the Class B common stock so as to affect them adversely, which amendments must be approved by a majority of the votes entitled to be cast by the holders of the shares affected by the amendment, voting as a separate class, or as otherwise required by applicable law. The affirmative vote of the holders of a majority of our outstanding Class A common stock and Class B common stock, voting separately, is required to approve any disparate treatment with respect to dividends or the subdivision, combination or reclassification of either our Class A common stock or Class B common stock. Holders of our Class B common stock are not entitled to vote with respect to the amendment of certain provisions relating solely to outstanding series of preferred stock where the holders thereof are entitled to vote. Holders of our Class B common stock do not have cumulative voting rights.

*Dividend Rights*. Holders of our Class B common stock do not have any right to receive dividends, unless the dividend consists of shares of our Class B common stock or of rights, options, warrants or other securities convertible or exercisable into or exchangeable or redeemable for shares of Class B common stock paid proportionally with respect to each outstanding share of our Class B common stock.

*Number of Authorized Shares*. The number of authorized shares of our Class B common stock may be increased or decreased (but not below the number of shares thereof then outstanding or reserved) by the affirmative vote of the holders of a majority in voting power of our stock entitled to vote thereon without a separate class vote of the holders of our preferred stock (if any), Class A common stock or Class B common stock, irrespective of the provisions of Section 242(b)(2) of the DGCL.

*Liquidation Rights*. Holders of our Class B common stock do not have any right to receive a distribution upon a liquidation or winding up of HMH Inc.

**Preferred stock** 

Our amended and restated certificate of incorporation will authorize our board of directors, subject to any limitations prescribed by law, without further stockholder approval, to establish and to issue from time to time one or more classes or series of preferred stock, covering up to an aggregate of 10,000,000 shares of preferred stock. Each class or series of preferred stock will cover the number of shares and will have the powers, preferences, privileges, rights, qualifications, limitations and restrictions determined by our board of directors, which may include, among others, dividend rights, liquidation preferences, voting rights, conversion rights, preemptive rights and redemption rights. The number of authorized shares of our preferred stock may be increased or decreased (but not below the number of shares thereof then outstanding or reserved) by the affirmative vote of the holders of a majority in voting power of our stock entitled to vote thereon without a separate class vote of the holders of our preferred stock (if any), Class A common stock or Class B common

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stock, irrespective of the provisions of Section 242(b)(2) of the DGCL. Except as provided by law or in a preferred stock designation, the holders of preferred stock will not be entitled to vote at or receive notice of any meeting of stockholders.

**Anti-takeover provisions** 

Certain provisions of the DGCL, our amended and restated certificate of incorporation and our amended and restated bylaws may have an anti-takeover effect and may delay, defer or prevent a merger, acquisition, tender offer, takeover attempt or other change of control transaction or other attempts to influence or replace our incumbent directors and officers.

These provisions will, among other things:

• Establish advance notice procedures regarding stockholder proposals relating to the nomination of candidates for election
as directors or new business to be brought before meetings of the stockholders. These procedures provide that notice of stockholder proposals must be timely given in writing to our Corporate Secretary prior to the meeting at which the action is to
be taken. Generally, to be timely, notice must be received at our principal executive offices not less than 90 days nor more than 120 days prior to the first anniversary date of the annual meeting for the preceding year. Our amended and restated
bylaws will specify the requirements as to form and content of all stockholders' notices. These requirements may preclude stockholders from bringing matters before the stockholders at an annual or special meeting.

• Provide our board of directors the ability to authorize undesignated preferred stock. This ability makes it possible for
our board of directors to issue, without stockholder approval, preferred stock with voting or other rights or preferences that could impede the success of any attempt to change control of the Company. These and other provisions may have the effect
of deterring hostile takeovers or delaying changes in control or management of the Company.

• Provide that subject to the rights of the holders of any series of preferred stock to elect directors under specified
circumstances and the affirmative vote of any Principal Stockholder entitled to nominate at least one director under the amended and restated certificate of incorporation and the terms of the Stockholders' Agreement, the authorized number of
directors may be changed only by resolution of the board of directors.

• Provide that all vacancies, including newly created directorships, may, except as otherwise required by law or, if

and the terms of the Stockholders' Agreement, be filled by the affirmative vote of a majority of directors then in office, even if such directors constitute less than a quorum.

• Provide that our amended and restated bylaws can be amended or repealed at any regular or special meeting of stockholders
or by our board of directors; provided that any amendment by the stockholders that relates to the size of our board of directors will require the affirmative vote of each Principal Stockholder who is then entitled to designate for nomination at
least one director.

• Provide that, once the Principal Stockholders are no longer entitled to nominate at least three directors to our board of
directors pursuant to the amended and restated certificate of incorporation and the terms of the Stockholders' Agreement, any action required or permitted to be taken by the stockholders must be effected at a duly called annual or special
meeting of stockholders and may not be effected by any consent in writing in lieu of a meeting of such stockholders, subject to the rights of the holders of any series of preferred stock with respect to such series.

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• Provide that certain provisions of our amended and restated certificate of incorporation and our amended and restated
bylaws may be amended by the affirmative vote of the holders of at least two-thirds of then-outstanding common stock, with the remaining provisions of our amended and restated certificate of incorporation able to be amended by the affirmative vote
of the holders of a majority of the then-outstanding common stock.

• Provide that special meetings of our stockholders may only be called by our board of directors (pursuant to a resolution
adopted by a majority of our board of directors), our Chief Executive Officer or the chairman of our board of directors.

**Limitation of liability and indemnification matters** 

Our amended and restated certificate of incorporation will limit the personal liability of our directors and officers to us or our stockholders for monetary damages for breach of their fiduciary duty as directors and officers, except for the following liabilities that cannot be eliminated or limited under the DGCL:

• for any breach of their duty of loyalty to us or our stockholders;

• for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;

• with respect to directors, for unlawful payments of dividends or unlawful stock purchases or redemptions, as provided under
Section 174 of the DGCL;

• for any transaction from which the director or officer derived an improper personal benefit; or

• with respect to officers, in any action by or in the right of the Company.

Any amendment or repeal of these provisions will be prospective only and would not affect any limitation on liability of a director or officer for acts or omissions that occurred prior to any such amendment or repeal.

Our amended and restated certificate of incorporation and our amended and restated bylaws will also provide that we will indemnify our directors and officers to the fullest extent permitted by Delaware law. Our amended and restated bylaws will explicitly authorize us to purchase insurance to protect any of our officers, directors, employees, agents or other entities for any expense, liability or loss, regardless of whether Delaware law would permit indemnification.

We expect to enter into indemnification agreements with each of our directors and officers. These agreements will require us to indemnify these individuals to the fullest extent permitted under Delaware law against liability that may arise by reason of their service to us, and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified. We believe that the limitation of liability provision in our amended and restated certificate of incorporation and the indemnification agreements will facilitate our ability to continue to attract and retain qualified individuals to serve as directors and officers.

**Removal of directors** 

Subject to the rights of any holders of preferred stock, stockholders holding a majority in voting power of our outstanding equity interests then-entitled to vote at an election of directors may remove any director from office with or without cause.

**Corporate opportunities** 

Subject to the limitations of applicable law, our amended and restated certificate of incorporation will, among other things, contain provisions relating to the duties of any affiliate of Baker Hughes or Akastor who is also

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one of our officers or directors that becomes aware of a potential business opportunity, transaction or other matter (other than one expressly offered to that director or officer solely in his or her capacity as our director or officer).

**Registration rights** 

For a description of registration rights with respect to our Class A common stock, see "Certain relationships and related party transactions—Registration Rights Agreement."

**Dissenters' rights of appraisal and payment** 

Under the DGCL, with certain exceptions, our stockholders will have appraisal rights in connection with a merger or consolidation. Pursuant to the DGCL, stockholders who properly request and perfect appraisal rights in connection with such merger or consolidation will have the right to receive payment of the fair value of their shares as determined by the Delaware Court of Chancery.

**Stockholders' derivative actions** 

Under the DGCL, any of our stockholders may bring an action in our name to procure a judgment in our favor, also known as a derivative action, provided that the stockholder bringing the action is a holder of our shares at the time of the transaction to which the action relates or such stockholder's stock thereafter devolved by operation of law.

**Transfer agent and registrar** 

The transfer agent and registrar for our Class A common stock is Equiniti Trust Company, LLC.

**Listing** 

We have applied to list our Class A common stock on Nasdaq under the symbol "HMH."

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**Shares eligible for future sale** 

Prior to this offering, there has been no public market for our Class A common stock. Future sales of our Class A common stock in the public market, or the availability of such shares for sale in the public market, could adversely affect the market price of our Class A common stock prevailing from time to time. As described below, only a limited number of shares will be available for sale shortly after this offering due to contractual and legal restrictions on resale. Nevertheless, sales of a substantial number of shares of our Class A common stock in the public market after such restrictions lapse, or the perception that those sales may occur, could adversely affect the prevailing market price of our Class A common stock at such time and our ability to raise equity-related capital at a time and price we deem appropriate.

**Sales of restricted shares** 

Upon the closing of this offering and after giving effect to the corporate reorganization, we will have outstanding an aggregate of shares of Class A common stock (or shares of Class A common stock if the underwriters exercise in full their option to purchase additional shares of Class A common stock). Of these shares, all of the shares of Class A common stock (or shares of Class A common stock if the underwriters exercise in full their option to purchase additional shares of Class A common stock) to be sold in this offering will be freely tradable without restriction or further registration under the Securities Act, unless the shares are held by any of our "affiliates" as such term is defined in Rule 144. In addition, under the Exchange Agreement, each Principal Stockholder party thereto will, subject to certain limitations, have the right, pursuant to the Redemption Right, to cause HMH B.V. to acquire or directly cancel all or a portion of its B.V. Non-Voting Shares, together with all or an equal portion of its shares of our Class B common stock, for (i) shares of our Class A common stock at a redemption ratio of one share of Class A common stock for each bundle of one B.V. Non-Voting Class A Share, one B.V. Non-Voting Class B Share and one share of our Class B common stock redeemed, subject to conversion rate adjustments for stock splits, stock dividends and reclassification and other similar transactions, or, upon mutual agreement between such Principal Stockholder and us, (ii) an equivalent amount of cash, based on the trailing ten-day VWAP prior to the redemption date. Alternatively, upon the exercise of the Redemption Right, we (instead of HMH B.V.) will have the right, pursuant to the Call Right, to acquire each tendered bundle of one B.V. Non-Voting Class A Share, one B.V. Non-Voting Class B Share and one share of our Class B common stock directly from such Principal Stockholder for (a) one share of Class A common stock, subject to conversion rate adjustments for stock splits, stock dividends and reclassification and other similar transactions, or, upon mutual agreement between such Principal Stockholder and us, (b) an equivalent amount of cash, based on the trailing ten-day VWAP prior to the redemption date.

Under the Exchange Agreement, Akastor will, subject to certain limitations, also have the right, pursuant to the Hybrid Redemption Right (and in lieu of exercising the Redemption Right), to cause HMH Inc. to acquire all or a portion of its B.V. Non-Voting Class B Shares and all or a portion of its Mercury HoldCo Inc. shares, together with all or an equal portion of its shares of our Class B common stock, for (i) shares of our Class A common stock at an exchange ratio of one share of Class A common stock for each bundle of a specified number of Mercury HoldCo Inc. shares (representing indirectly an ownership interest in one B.V. Non-Voting Class A Share), one B.V. Non-Voting Class B Share and one share of our Class B common stock exchanged, subject to conversion rate adjustments for stock splits, stock dividends and reclassification and other similar transactions and adjustments to account for any net assets held by Mercury HoldCo Inc. other than HMH B.V. Non-Voting Class A Shares, or, upon mutual agreement between Akastor and us, (ii) an equivalent amount of cash, based on the trailing ten-day VWAP prior to the exchange date. The shares of Class A common stock we issue upon the exercise of such rights would be "restricted securities" as defined in Rule 144 described below. However, following the effectiveness of the registration statements that we may be requested to file or are required to

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file pursuant to the Registration Rights Agreement, up to shares of our Class A common stock owned by Baker Hughes and Akastor will be available for sale. See "Certain relationships and related party transactions—Registration Rights Agreement."

The restricted securities were issued and sold by us in private transactions and are eligible for public sale only if registered under the Securities Act or if they qualify for an exemption from registration under Rule 144 or Rule 701 under the Securities Act ("Rule 701"), which rules are summarized below.

As a result of the lock-up agreements described below and the provisions of Rule 144 and Rule 701, the shares of our Class A common stock (excluding the shares to be sold in this offering and the shares owned by Baker Hughes and Akastor) that will be available for sale in the public market are 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;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock will be eligible for sale on the date of this prospectus
or prior to 180 days after the date of this prospectus; 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; shares of Class A common stock will be eligible for sale upon the expiration of the lock-up agreements, beginning 180 days after the date of this prospectus when permitted under Rule 144 or Rule 701.

**Lock-up agreements** 

We, all of our directors, director nominees and executive officers and the Principal Stockholders have agreed not to sell any Class A common stock or Class B common stock for a period of 180 days from the date of this prospectus, subject to certain exceptions and extensions. Following the expiration of such lock-up restrictions, the Principal Stockholders, subject to compliance with the Securities Act or exceptions therefrom, will be able to freely trade their Class A common stock, including any shares issued upon exchange of B.V. Non-Voting Shares (and, if applicable, the Mercury HoldCo Inc. shares). Other than with respect to our directors and executive officers, this restriction will not apply to the shares of our Class A common stock underlying any equity awards that may be granted in connection with the consummation of this offering. See "Underwriting" for a description of these lock-up provisions.

**Rule 144** 

In general, beginning 90 days after the effective date of the registration statement of which this prospectus forms a part, under Rule 144 as currently in effect, a person (or persons whose shares are aggregated) who is not deemed to have been an affiliate of ours at any time during the three months preceding a sale, and who has beneficially owned restricted securities within the meaning of Rule 144 for at least six months (including any period of consecutive ownership of preceding non-affiliated holders) would be entitled to sell those shares, subject only to the availability of current public information about us. Beginning 90 days after the effective date of the registration statement of which this prospectus forms a part, a non-affiliated person (who has been unaffiliated for at least the past three months) who has beneficially owned restricted securities within the meaning of Rule 144 for at least one year would be entitled to sell those shares without regard to the provisions of Rule 144.

Beginning 90 days after the effective date of the registration statement of which this prospectus forms a part, a person (or persons whose shares are aggregated) who is deemed to be an affiliate of ours and who has beneficially owned restricted securities within the meaning of Rule 144 for at least six months would be entitled to sell within any three-month period a number of shares that does not exceed the greater of one percent of the then outstanding shares of our Class A common stock or the average weekly trading volume of our Class A common stock reported through Nasdaq during the four calendar weeks preceding the filing of notice of the sale. Such sales are also subject to certain manner of sale provisions, notice requirements and the availability of current public information about us.

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**Rule 701** 

In general, under Rule 701, any of our employees, directors, officers, consultants or advisors who purchases shares from us in connection with a compensatory stock or option plan or other written agreement before the effective date of this offering is entitled to sell such shares 90 days after the effective date of this offering in reliance on Rule 144, without having to comply with the holding period requirement of Rule 144 and, in the case of non-affiliates, without having to comply with the public information, volume limitation or notice filing provisions of Rule 144. The SEC has indicated that Rule 701 will apply to typical stock options granted by an issuer before it becomes subject to the reporting requirements of the Exchange Act, along with the shares acquired upon exercise of such options, including exercises after the date of this prospectus.

**Stock issued under employee plans** 

We may file one or more registration statements on Form S-8 under the Securities Act to register the shares of Class A common stock that may be reserved for issuance under any long-term incentive plan that may be adopted, including the 2026 LTIP. These registration statements on Form S-8 may be filed following the effective date of the registration statement of which this prospectus forms a part and will be effective upon filing. Accordingly, shares registered under such registration statements will be available for sale in the open market following the effective date, unless such shares are subject to vesting restrictions with us, Rule 144 restrictions applicable to our affiliates or the lock-up restrictions described above.

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**Certain ERISA considerations** 

The following is a summary of certain considerations associated with the acquisition and holding of shares of our Class A common stock by employee benefit plans that are subject to Title I of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), plans, individual retirement accounts and other arrangements that are subject to Section 4975 of the Code, or employee benefit plans that are governmental plans (as defined in Section 3(32) of ERISA), certain church plans (as defined in Section 3(33) of ERISA), non-U.S. plans (as described in Section 4(b)(4) of ERISA) or other plans that are not subject to the foregoing but may be subject to provisions under any other federal, state, local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code (collectively, "Similar Laws"), and entities whose underlying assets are considered to include "plan assets" of any such plan, account or arrangement (each, a "Plan").

This summary is based on the provisions of ERISA and the Code (and related regulations and administrative and judicial interpretations) as of the date of this prospectus. This summary does not purport to be complete, and no assurance can be given that future legislation, court decisions, regulations, rulings or pronouncements will not significantly modify the requirements summarized below. Any of these changes may be retroactive and may thereby apply to transactions entered into prior to the date of their enactment or release. This discussion is general in nature and is not intended to be all inclusive, nor should it be construed as investment or legal advice.

**General fiduciary matters** 

ERISA and the Code impose certain duties on persons who are fiduciaries of a Plan subject to Title I of ERISA or Section 4975 of the Code (an "ERISA Plan") and prohibit certain transactions involving the assets of an ERISA Plan and its fiduciaries or other interested parties. Under ERISA and the Code, any person who exercises any discretionary authority or control over the administration of an ERISA Plan or the management or disposition of the assets of an ERISA Plan, or who renders investment advice for a fee or other compensation to an ERISA Plan, is generally considered to be a fiduciary of the ERISA Plan.

In considering an investment in shares of our Class A common stock with a portion of the assets of any Plan, a fiduciary should consider the Plan's particular circumstances and all of the facts and circumstances of the investment and determine whether the acquisition and holding of shares of our Class A common stock is in accordance with the documents and instruments governing the Plan and the applicable provisions of ERISA, the Code or any Similar Law relating to the fiduciary's duties to the Plan, including, without limitation:

• whether the investment is prudent under Section 404(a)(1)(B) of ERISA and any other applicable Similar Laws;

• whether, in making the investment, the ERISA Plan will satisfy the diversification requirements of
Section 404(a)(1)(C) of ERISA and any other applicable Similar Laws;

• whether the investment is permitted under the terms of the applicable documents governing the Plan;

• whether in the future there may be no market in which to sell or otherwise dispose of the shares of our Class A common
stock;

• whether the acquisition or holding of the shares of our Class A common stock will constitute a "prohibited
transaction" under Section 406 of ERISA or Section 4975 of the Code (see the discussion under "—Prohibited transaction issues"); and

• whether the Plan will be considered to hold, as plan assets, (i) only shares of our Class A common stock or
(ii) an undivided interest in our underlying assets (see the discussion under "—Plan asset issues").

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**Prohibited transaction issues** 

Section 406 of ERISA and Section 4975 of the Code prohibit ERISA Plans from engaging in specified transactions involving plan assets with persons or entities who are "parties in interest," within the meaning of ERISA, or "disqualified persons," within the meaning of Section 4975 of the Code, unless an exemption is available. A party in interest or disqualified person who engages in a non-exempt prohibited transaction may be subject to excise taxes and other penalties and liabilities under ERISA and the Code. In addition, the fiduciary of the ERISA Plan that engages in such a non-exempt prohibited transaction may be subject to excise taxes, penalties and liabilities under ERISA and the Code. The acquisition and/or holding of shares of our Class A common stock by an ERISA Plan with respect to which the issuer, the initial purchaser or a guarantor is considered a party in interest or a disqualified person may constitute or result in a direct or indirect prohibited transaction under Section 406 of ERISA and/or Section 4975 of the Code, unless the investment is acquired and is held in accordance with an applicable statutory, class or individual prohibited transaction exemption.

Because of the foregoing, shares of our Class A common stock should not be acquired or held by any person investing "plan assets" of any Plan, unless such acquisition and holding will not constitute a non-exempt prohibited transaction under ERISA and the Code or a similar violation of any applicable Similar Laws.

**Plan asset issues** 

Additionally, a fiduciary of a Plan should consider whether the Plan will, by investing in us, be deemed to own an undivided interest in our assets, with the result that we would become a fiduciary of the Plan and our operations would be subject to the regulatory restrictions of ERISA, including its prohibited transaction rules, as well as the prohibited transaction rules of the Code and any other applicable Similar Laws.

The U.S. Department of Labor (the "DOL") regulations provide guidance with respect to whether the assets of an entity in which ERISA Plans acquire equity interests would be deemed "plan assets" under some circumstances. Under these regulations, an entity's assets generally would not be considered to be "plan assets" if, among other things:

(a) the equity interests acquired by ERISA Plans are "publicly offered securities" (as defined in the DOL regulations)— *i.e.*, the equity interests are part of a class of securities that is widely
held by 100 or more investors independent of the issuer and each other, are freely transferable and are either registered under certain provisions of the federal securities laws or sold to the ERISA Plan as part of a public offering under certain
conditions;

(b) the entity is an "operating company" (as defined in the DOL regulations)— *i.e.*, it is primarily engaged in the production or sale of a product or service, other than the investment of capital,
either directly or through a majority-owned subsidiary or subsidiaries; or

(c) there is no significant investment by "benefit plan investors" (as defined in the DOL regulations)— *i.e.*, immediately after the most recent acquisition by an ERISA Plan of any equity interest in
the entity, less than 25% of the total value of each class of equity interest (disregarding certain interests held by persons (other than benefit plan investors) with discretionary authority or control over the assets of the entity or who provide
investment advice for a fee (direct or indirect) with respect to such assets, and any affiliates thereof) is held by ERISA Plans, individual retirement accounts and certain other Plans (but not including governmental plans, foreign plans and certain
church plans), and entities whose underlying assets are deemed to include plan assets by reason of a Plan's investment in the entity.

Due to the complexity of these rules and the excise taxes, penalties and liabilities that may be imposed upon persons involved in non-exempt prohibited transactions, it is particularly important that fiduciaries, or other

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persons considering acquiring and/or holding shares of our Class A common stock on behalf of, or with the assets of, any Plan, consult with their counsel regarding the potential applicability of ERISA, Section 4975 of the Code and any Similar Laws to such investment and whether an exemption would be applicable to the acquisition and holding of shares of our Class A common stock. Purchasers of shares of our Class A common stock have the exclusive responsibility for ensuring that their acquisition and holding of shares of our Class A common stock complies with the fiduciary responsibility rules of ERISA and does not violate the prohibited transaction rules of ERISA, the Code or applicable Similar Laws. The sale of shares of our Class A common stock to a Plan is in no respect a representation by us or any of our affiliates or representatives that such an investment meets all relevant legal requirements with respect to investments by any such Plan or that such investment is appropriate for any such Plan.

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**Material U.S. federal income tax considerations for non-U.S. holders** 

The following is a summary of the material U.S. federal income tax considerations related to the purchase, ownership and disposition of our Class A common stock by a non-U.S. holder (as defined herein) that acquires such Class A common stock pursuant to this offering and holds our Class A common stock as a "capital asset" within the meaning of Section 1221 of the Code (generally property held for investment). This summary is based on the provisions of the Code, U.S. Treasury regulations promulgated thereunder, administrative rulings and pronouncements and judicial decisions, all as in effect on the date hereof, and all of which are subject to change and differing interpretations, possibly with retroactive effect. Any such change or differing interpretation may alter the tax considerations that we describe in this summary. We have not sought and do not intend to seek any ruling from the IRS with respect to the statements made and the conclusions reached in the following summary, and there can be no assurance that the IRS or a court will agree with such statements and conclusions.

This summary does not address all aspects of U.S. federal income taxation that may be relevant to non-U.S. holders in light of their personal circumstances. In addition, this summary does not address the Medicare tax on certain investment income, U.S. federal estate or gift tax laws, any state, local or non-U.S. tax laws or any tax treaties. This summary also does not address tax considerations applicable to investors that may be subject to special treatment under the U.S. federal income tax laws, such as:

• banks, insurance companies or other financial institutions;

• tax-exempt or governmental organizations;

• dealers in securities;

• "controlled foreign corporations," "passive foreign investment companies" and corporations that
accumulate earnings to avoid U.S. federal income tax;

• traders in securities that use the mark-to-market method of accounting for U.S. federal income tax purposes;

• persons subject to the alternative minimum tax;

• entities or other arrangements treated as a partnership or pass-through entity for U.S. federal income tax purposes or
holders of interests therein;

• persons deemed to sell our Class A common stock under the constructive sale provisions of the Code;

• certain former citizens or long-term residents of the United States;

• persons that hold our Class A common stock as part of a straddle, appreciated financial position, synthetic security,
conversion transaction or other integrated investment or risk reduction transaction;

• "qualified foreign pension funds" as defined in Section 897(l)(2) of the Code and entities all the
interest of which are held by qualified foreign pension funds; and

• persons subject to special tax accounting rules as a result of any item of gross income with respect to the stock being
taken into account in an applicable financial statement.

**PROSPECTIVE INVESTORS ARE ENCOURAGED TO CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS (INCLUDING ANY POTENTIAL CHANGES THERETO) TO THEIR PARTICULAR SITUATION, AS WELL AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR CLASS A COMMON STOCK ARISING UNDER THE U.S. FEDERAL ESTATE OR GIFT TAX LAWS** 

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 **OR UNDER THE LAWS OF ANY STATE, LOCAL, NON-U.S. OR OTHER TAXING JURISDICTION OR UNDER ANY APPLICABLE TAX TREATY.** 

**Non-U.S. holder defined** 

For purposes of this discussion, a "non-U.S. holder" is a beneficial owner of our Class A common stock that is not for U.S. federal income tax purposes a partnership (or a partner therein) or any of the following:

• an individual who is a citizen or resident of the United States;

• a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created or organized in or
under the laws of the United States, any state thereof or the District of Columbia;

• an estate the income of which is subject to U.S. federal income tax regardless of its source; or

• a trust (i) the administration of which is subject to the primary supervision of a U.S. court and which has one or
more United States persons (within the meaning of Section 7701(a)(30) of the Code, a "United States person") who have the authority to control all substantial decisions of the trust or (ii) which has made a valid election under
applicable U.S. Treasury regulations to be treated as a United States person.

If a partnership (including an entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds our Class A common stock, the tax treatment of a partner in the partnership generally will depend upon the status of the partner, upon the activities of the partnership and upon certain determinations made at the partner level. Accordingly, we urge partners in partnerships (including entities or arrangements treated as partnerships for U.S. federal income tax purposes) considering the purchase of our Class A common stock to consult their tax advisors regarding the U.S. federal income tax considerations of the purchase, ownership and disposition of our Class A common stock by such partnership.

**Distributions on Class A common stock** 

The payment of distributions on our Class A common stock will be at the sole discretion of our board of directors. If we do make distributions of cash or other property (other than certain stock distributions) on our Class A common stock, such distributions 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. To the extent those distributions exceed our current and accumulated earnings and profits, the distributions will instead be treated as a non-taxable return of capital to the extent of the non-U.S. holder's tax basis in our Class A common stock (and will reduce such tax basis, until such basis equals zero) and thereafter as capital gain from the sale or exchange of such Class A common stock. See "—Gain on disposition of Class A common stock."

Subject to the discussions below under "—Backup withholding and information reporting" and "—Additional withholding requirements under FATCA" and with respect to effectively connected dividends (as discussed below), any distribution made to a non-U.S. holder on our Class A common stock generally will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the distribution unless an applicable income tax treaty provides for a lower rate. To claim the benefit of such a reduced treaty rate, a non-U.S. holder must timely provide the applicable withholding agent with a properly executed IRS Form W-8BEN or IRS Form W-8BEN-E (or other applicable or successor form) certifying qualification for the reduced rate. 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 are urged to consult their tax advisors regarding their entitlement to benefits under any applicable income tax treaty.

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Dividends paid to a non-U.S. holder that are effectively connected with a trade or business conducted by the non-U.S. holder in the United States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment maintained by the non-U.S. holder in the United States) generally will be taxed on a net income basis at the rates and in the manner generally applicable to United States persons (as defined under the Code). Such effectively connected dividends will not be subject to U.S. federal withholding tax (including backup withholding discussed below) if the non-U.S. holder satisfies certain certification requirements by providing the applicable withholding agent with a properly executed IRS Form W-8ECI certifying eligibility for exemption. If the non-U.S. holder is a corporation for U.S. federal income tax purposes, it may also be subject to a branch profits tax (at a 30% rate or such lower rate as specified by an applicable income tax treaty) on its effectively connected earnings and profits (as adjusted for certain items), which will include effectively connected dividends.

**Gain on disposition of Class A common stock** 

Subject to the discussions below under "—Backup withholding and information reporting" and "—Additional withholding requirements under FATCA," a non-U.S. holder generally will not be subject to U.S. federal income or withholding tax on any gain realized upon the sale, exchange or other taxable disposition of our Class A common stock unless:

• the non-U.S. holder is an individual who is present in the United States for a
period or periods aggregating 183 days or more during the calendar year in which the sale or disposition occurs and certain other conditions are met;

• the gain is effectively connected with a trade or business conducted by the non-U.S. holder in the United States (and, if required by an applicable income tax treaty, is attributable to a permanent establishment maintained by the non-U.S. holder in the United States); or

• our Class A common stock constitutes a United States real property interest because we are or have been a United
States real property holding corporation (a "USRPHC") for U.S. federal income tax purposes at any time within the shorter of the five-year period preceding such disposition and the non-U.S. holder's holding period for the Class A common stock.

A non-U.S. holder described in the first bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate as specified by an applicable income tax treaty) on the amount of such gain, which generally may be offset by U.S. source capital losses.

A non-U.S. holder whose gain is described in the second bullet point above generally will be taxed on a net income basis at the rates and in the manner generally applicable to United States persons unless an applicable income tax treaty provides otherwise. If the non-U.S. holder is a corporation for U.S. federal income tax purposes whose gain is described in the second bullet point above, then such gain would also be included in its effectively connected earnings and profits (as adjusted for certain items), which may be subject to a branch profits tax (at a 30% rate or such lower rate as specified by an applicable income tax treaty).

With respect to the third bullet above, a corporation generally is a USRPHC if the fair market value of its United States real property interests equals or exceeds 50% of the sum of the fair market value of its worldwide real property interests and its other assets used or held for use in a trade or business. We believe that we currently are not a USRPHC for U.S. federal income tax purposes, and we do not expect to become a USRPHC for the foreseeable future. However, in the event that we become a USRPHC, as long as our Class A common stock is and continues to be "regularly traded on an established securities market" (within the meaning of the U.S. Treasury regulations), only a non-U.S. holder that actually or constructively owns, or owned at any time during

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the shorter of the five-year period ending on the date of the disposition or the non-U.S. holder's holding period for the Class A common stock, more than 5% of our Class A common stock will be treated as disposing of a U.S. real property interest and will be subject to tax on gain realized on the disposition of our Class A common stock as a result of our status as a USRPHC in the manner described in the preceding paragraph (except that the branch profits tax would not apply to a non-U.S. holder that is a corporation). If we were to become a USRPHC and our Class A common stock were not considered to be regularly traded on an established securities market, such holder (regardless of the percentage of stock owned) would be treated as disposing of a U.S. real property interest and would be subject to U.S. federal income tax in such manner on a taxable disposition of our Class A common stock, and a 15% withholding tax would apply to the gross proceeds from such disposition.

**Backup withholding and information reporting** 

Any dividends paid to a non-U.S. holder must be reported annually to the IRS and to the non-U.S. holder. Copies of these information returns may be made available to the tax authorities in the country in which the non-U.S. holder resides or is established. Payments of dividends to a non-U.S. holder generally will not be subject to backup withholding if the non-U.S. holder establishes an exemption by properly certifying its non-U.S. status on an IRS Form W-8BEN or IRS Form W-8BEN-E (or other applicable or successor form).

Payments of the proceeds from a sale or other disposition by a non-U.S. holder of our Class A common stock effected by or through a U.S. office of a broker generally will be subject to information reporting and backup withholding (at the applicable rate, which is currently 24%) unless the non-U.S. holder establishes an exemption by properly certifying its non-U.S. status on an IRS Form W-8BEN or IRS Form W-8BEN-E (or other applicable or successor form) and certain other conditions are met. Information reporting and backup withholding generally will not apply to any payment of the proceeds from a sale or other disposition of our Class A common stock effected outside the United States by a non-U.S. office of a broker. However, unless such broker has documentary evidence in its records that the non-U.S. holder is not a United States person and certain other conditions are met, or the non-U.S. holder otherwise establishes an exemption, information reporting will apply to a payment of the proceeds of the disposition of our Class A common stock effected outside the United States by such a broker if it has certain connections with the United States.

Backup withholding is not an additional tax. Rather, the U.S. federal income tax liability (if any) of persons subject to backup withholding will be reduced by the amount of tax withheld. If backup withholding results in an overpayment of taxes, a refund may be obtained, provided that the required information is timely furnished to the IRS. Non-U.S. holders should consult their tax advisors regarding the application of the information reporting and backup withholding rules to them.

**Additional withholding requirements under FATCA** 

Sections 1471 through 1474 of the Code, and the U.S. Treasury regulations and administrative guidance issued thereunder ("FATCA"), impose a 30% withholding tax on any dividends paid on our Class A common stock if 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 (i) in the case of a foreign financial institution, such institution enters into an agreement with the U.S. government to withhold on certain payments, and to collect and provide to the U.S. tax authorities substantial information regarding U.S. account holders of such institution (which includes certain equity and debt holders of such institution, as well as certain account holders that are non-U.S. entities with U.S. owners), (ii) in the case of a non-financial foreign entity, such entity certifies that it does not have any "substantial United States owners" (as defined in the Code) or timely provides the applicable withholding agent with a certification identifying the direct and indirect substantial United States owners of the entity (in either case,

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generally on an IRS Form W-8BEN-E), or (iii) the foreign financial institution or non-financial foreign entity otherwise qualifies for an exemption from these rules and provides appropriate documentation (such as an IRS Form W-8BEN-E). Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing these rules may be subject to different rules. Under certain circumstances, a non-U.S. holder might be eligible for refunds or credits of such taxes. Non-U.S. holders are encouraged to consult their own tax advisors regarding the effects of FATCA on an investment in our Class A common stock.

Although FATCA withholding generally could apply to gross proceeds on the disposition of our Class A common stock, proposed U.S. Treasury regulations (the "Proposed Regulations") eliminate FATCA withholding on the gross proceeds from a sale or other disposition of our Class A common stock. The preamble to the Proposed Regulations states that taxpayers may rely on the Proposed Regulations pending finalization. However, there can be no assurance that the Proposed Regulations will be finalized in their present form.

If FATCA withholding is imposed, a beneficial owner that is not a foreign financial institution generally may obtain a refund of any amounts withheld by filing a U.S. federal income tax return (which may entail significant administrative burden). You should consult your tax advisor regarding the effects of FATCA on your investment in our Class A common stock.

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**Underwriting** 

We and the underwriters named below have entered into an underwriting agreement with respect to the shares of Class A common stock described in this prospectus. J.P. Morgan Securities LLC, Piper Sandler & Co., Evercore Group L.L.C., Citigroup Global Markets Inc. and DNB Carnegie, Inc. are acting as the representatives of the underwriters. Subject to the terms and conditions of the underwriting agreement, each underwriter has severally agreed to purchase, at the public offering price less the underwriting discounts and commissions set forth on the cover page of this prospectus, the number of shares of Class A common stock indicated in the following table.

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| | |
|:---|:---|
| **Name** | **Number of shares** |
|  J.P. Morgan Securities LLC |  |
|  Piper Sandler & Co. |  |
|  Evercore Group L.L.C. |  |
|  Citigroup Global Markets Inc. |  |
|  DNB Carnegie, Inc. |  |
|  Nordea Bank Abp |  |
|  Stifel, Nicolaus & Company, Incorporated |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |

---

The underwriters are committed to purchase all the shares of Class A common stock offered by us if they purchase any shares of Class A common stock. The underwriting agreement also provides that if an underwriter defaults, the purchase commitments of non-defaulting underwriters may also be increased or the offering may be terminated.

Shares of Class A common stock sold by the underwriters to the public will initially be offered at the initial public offering price set forth on the cover page of this prospectus. Any shares of Class A common stock sold by the underwriters to securities dealers may be sold at a discount of up to $ per share of Class A common stock from the initial public offering price. Any such securities dealers may resell shares to certain other brokers or dealers at a discount of up to $ per share of Class A common stock from the initial public offering price. After the initial offering of the shares of Class A common stock to the public, if any shares of the Class A common stock are not sold at the initial public offering price, the underwriters may change the offering price and the other selling terms. The offering of the shares of Class A common stock by the underwriters is subject to receipt and acceptance and subject to the underwriters' right to reject any order in whole or in part. Sales of any shares of Class A common stock made outside of the United States may be made by affiliates of the underwriters.

To the extent that the underwriters sell more than shares of Class A common stock in this offering, the underwriters have the option to purchase, exercisable within 30 days from the date of this prospectus, up to an additional shares of Class A common stock from us at the public offering price less the underwriting discounts and commissions. If any shares of Class A common stock are purchased with this option to purchase additional shares of Class A common stock, the underwriters will severally purchase shares of Class A common stock in approximately the same proportion as shown in the table above. If any additional shares of Class A common stock are purchased, the underwriters will offer the additional shares of Class A common stock on the same terms as those on which the shares of Class A common stock are being offered.

The underwriting fee is equal to the public offering price per share less the amount paid by the underwriters to us per share. The following table shows the per-share and total underwriting discounts and commissions to be paid to the underwriters assuming both no exercise and full exercise of the underwriters' option to purchase additional shares of Class A common stock.

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| | | |
|:---|:---|:---|
| | **Without<br>option to<br>purchase<br>additional<br>shares<br>exercise** | **With full**<br> **option to<br>purchase<br>additional<br>shares<br>exercise** |
|  Per share | $| $|
|  Total | $| $|

---

We estimate that the total expenses of this offering, including registration, filing and listing fees, printing fees and legal and accounting expenses, but excluding the underwriting discounts and commissions, will be approximately $. We have also agreed to reimburse the underwriters for certain of their expenses in an amount up to $40,000.

A prospectus in electronic format may be made available on the websites maintained by one or more underwriters, or selling group members, if any, participating in the offering. The underwriters may agree to allocate a number of shares of Class A common stock to underwriters and selling group members for sale to their online brokerage account holders. Internet distributions will be allocated by the representatives to underwriters and selling group members that may make Internet distributions on the same basis as other allocations.

We have agreed that we will not (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly, or submit to, or file with, the SEC a registration statement under the Securities Act relating to, any shares of our common stock or securities convertible into or exercisable or exchangeable for any shares of our common stock, or publicly disclose the intention to make any offer, sale, pledge, loan, disposition or filing, or (ii) enter into any swap or other arrangement that transfers all or a portion of the economic consequences associated with the ownership of any shares of common stock or any such other securities (regardless of whether any of these transactions are to be settled by the delivery of shares of common stock or such other securities, in cash or otherwise), in each case without the prior written consent of each of J.P. Morgan Securities LLC, Piper Sandler & Co. and Evercore Group L.L.C. for a period of 180 days after the date of this prospectus, other than the shares of our common stock to be sold in this offering.

The restrictions on our actions, as described above, do not apply to certain transactions, including (i) the issuance of shares of common stock or securities convertible into or exercisable for shares of our common stock pursuant to the conversion or exchange of convertible or exchangeable securities or the exercise of warrants or options (including net exercise) or the settlement of phantom incentive awards, restricted stock units ("RSUs") (including net settlement), in each case outstanding on the date of the underwriting agreement and described in this prospectus; (ii) grants of stock options, stock awards, restricted stock, RSUs or other equity awards and the issuance of shares of our common stock or securities convertible into or exercisable or exchangeable for shares of our common stock (whether upon the exercise of stock options or otherwise) to our employees, officers, directors, advisors or consultants pursuant to the terms of any equity compensation plan in effect as of the closing of this offering and described in this prospectus; (iii) our filing of any registration statement on Form S-8 relating to securities granted or to be granted pursuant to any plan in effect as of the closing of this offering and described in this prospectus or any assumed benefit plan pursuant to an acquisition or similar strategic transaction; or (iv) the issuance of shares of our common stock or securities convertible into or exercisable or exchangeable for shares of our common stock in connection with the corporate reorganization.

Our directors, director nominees and executive officers and the Principal Stockholders (such persons, the "lock-up parties") have entered into lock-up agreements with the underwriters prior to the commencement of this offering pursuant to which each lock-up party, with limited exceptions, for a period of 180 days after the

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date of this prospectus (such period, the "restricted period"), may not (and may not cause any of their direct or indirect affiliates to), without the prior written consent of each of J.P. Morgan Securities LLC, Piper Sandler & Co. and Evercore Group L.L.C., (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly, any shares of our common stock, B.V. Shares or any securities convertible into or exercisable or exchangeable for our common stock or B.V. Shares (including, without limitation, common stock, B.V. Shares or such other securities which may be deemed to be beneficially owned by the lock-up party in accordance with the rules and regulations of the SEC and securities which may be issued upon exercise of a stock option or warrant (collectively with the common stock and B.V. Shares, the "lock-up securities")), (2) enter into any hedging, swap or other agreement or transaction that transfers, in whole or in part, any of the economic consequences of ownership of the lock-up securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of lock-up securities, in cash or otherwise, (3) make any demand for, or exercise any right with respect to, the registration of any lock-up securities (other than, in the case of each Principal Stockholder, preparation of a registration statement for the non-underwritten resale of our common stock, as set forth in the Registration Rights Agreement; provided that no such registration statement may be confidentially submitted or publicly filed until after the restricted period, and no preparation of an underwritten offering may take place), or (4) publicly disclose the intention to do any of the foregoing. Such persons or entities have further acknowledged that these undertakings preclude them from engaging in any hedging or other transactions or arrangements (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) designed or intended, or which would reasonably be expected to lead to or result in, a sale or disposition or transfer (by any person or entity, whether or not a signatory to such agreement) of any 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 lock-up securities, in cash or otherwise.

The restrictions described in the immediately preceding paragraph and contained in the lock-up agreements between the underwriters and the lock-up parties do not apply, subject in certain cases to various conditions, to certain transactions, including (a) transfers of lock-up securities: (i) as a bona fide gift or gifts, or for bona fide estate planning purposes, (ii) by will, testamentary document or intestacy, (iii) to any immediate family member, or to any trust for the direct or indirect benefit of the lock-up party or its immediate family member, (iv) to a corporation, partnership, limited liability company or other entity of which the lock-up party and its immediate family members are the legal and beneficial owner of all of the outstanding equity securities or similar interests, (v) to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (i) through (iv), (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, trust or other business entity that is an affiliate of the lock-up party, or to any investment fund or other entity controlling, controlled by, managing or managed by or under common control with the lock-up party or its affiliates or (B) as part of a distribution to members or shareholders or other equityholders of the lock-up party, (vii) by operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce decree or separation agreement, (viii) to us from an employee upon death, disability or termination of employment of such employee, (ix) as part of a sale of lock-up securities acquired in open market transactions after the completion of this offering, (x) to us in connection with the vesting, settlement or exercise of phantom incentive awards, RSUs, options, warrants or other rights to purchase shares of our common stock (including, in each case, by way of "net" or "cashless" exercise), including for the payment of exercise price and tax and remittance payments, provided that any shares of our common stock received upon such exercise, vesting or settlement would be subject to the restrictions in the immediately preceding paragraph, (xi) pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction approved by our board of

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directors and made to all stockholders involving a change in control, provided that if such transaction is not completed, all such lock-up securities would remain subject to the restrictions in the immediately preceding paragraph, (xii) in the case of Akastor, to DNB Bank ASA in a bona fide transaction as collateral to secure obligations in connection with the multicurrency revolving credit facility agreement originally dated September 28, 2021 (as amended or amended and restated from time to time), or in connection with any restructuring, refinancing or amendment of such financing arrangement, provided that contemporaneously with foreclosure or other transfer (but not the pledge itself), the pledgee or other party must execute and deliver to the representatives of the underwriters a lock-up agreement, (xiii) to the lock-up party's employer or an affiliate thereof if the lock-up party is a director or director nominee designated for appointment to our board of directors pursuant to the Stockholders' Agreement, provided that the transferee must execute and deliver to the representatives of the underwriters a lock-up agreement, or (xiv) in connection with the corporate reorganization; (b) exercise of outstanding options, settlement of phantom incentive awards, RSUs or other equity awards or the exercise of warrants granted pursuant to letter agreements, plans or other equity compensation arrangements, as applicable, described in this prospectus, provided that any lock-up securities received upon such exercise, vesting or settlement would be subject to the restrictions in the immediately preceding paragraph; (c) the conversion of outstanding preferred stock, warrants to acquire preferred stock or convertible securities into shares of our common stock or warrants to acquire shares of our common stock, provided that any common stock or warrant received upon such conversion would be subject to the restrictions in the immediately preceding paragraph; and (d) the establishment by lock-up parties of trading plans pursuant to Rule 10b5-1 under the Exchange Act for the transfer of the lock-up securities, provided that such plan does not provide for the transfer of lock-up securities during the restricted period.

J.P. Morgan Securities LLC, Piper Sandler & Co. and Evercore Group L.L.C., in their sole discretion, may release the securities subject to any of the lock-up agreements with the underwriters described above, in whole or in part at any time.

We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act.

We have applied to list our Class A common stock on Nasdaq under the symbol "HMH."

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The underwriters have advised us that, pursuant to Regulation M of the Securities Act, they may also engage in other activities that stabilize, maintain or otherwise affect the price of the Class A common stock, including the imposition of penalty bids. This means that if the representatives of the underwriters purchase Class A common stock in the open market in stabilizing transactions or to cover short sales, the representatives can require the underwriters that sold those shares of Class A common stock as part of this offering to repay the underwriting discount received by them.

These activities may have the effect of raising or maintaining the market price of the Class A common stock or preventing or retarding a decline in the market price of the Class A common stock, and, as a result, the price of the Class A common stock may be higher than the price that otherwise might exist in the open market. If the underwriters commence these activities, they may discontinue them at any time. The underwriters may carry out these transactions on Nasdaq, in the over the counter market or otherwise.

Prior to this offering, there has been no public market for our Class A common stock. The initial public offering price will be determined by negotiations between us and the representatives. In determining the initial public offering price, we and the representatives expect to consider a number of factors, including:

• the information set forth in this prospectus and otherwise available to the representatives;

• our prospects and the history and prospects for the industry in which we compete;

• an assessment of our management;

• our prospects for future earnings;

• the general condition of the securities markets at the time of this offering;

• the recent market prices of, and demand for, publicly traded common stock of generally comparable companies; and

• other factors deemed relevant by the underwriters and us.

Neither we nor the underwriters can assure investors that an active trading market will develop for our shares of Class A common stock, or that the shares of Class A common stock will trade in the public market at or above the initial public offering price.

At our request, J.P. Morgan Securities LLC, a participating underwriter, has reserved for sale, at the initial public offering price, up to approximately % of the shares of Class A common stock to be issued by the Company and offered by this prospectus for sale to certain entities and individuals, including some of our directors, director nominees, officers, employees, distributors, dealers, business associates and other parties related to HMH Inc. We expect the list of potential participants to be approximately 100 entities and individuals. These shares will be reserved for sale through the Directed Share Program to certain entities and individuals identified by management. Management will provide the list of potential participants to J.P. Morgan Securities LLC, which will administer the Directed Share Program. At this time, no indications of interest will be taken. Once the preliminary prospectus has been filed, an invitation package will be made available or sent to each person identified by management, which will include the preliminary prospectus and other Directed Share Program documentation. An invitation to participate in the Directed Share Program does not guarantee that the participant will receive an allocation of shares. Accordingly, we cannot provide any assurance that any director, director nominee, officer, employee or participant will receive an invitation or an allocation in the Directed Share Program. If a potential participant is interested in participating, that participant will be required to complete the required documentation and will be required to return such documentation to the program administrator. The program administrator will not accept funds from any participant until after the registration

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statement of which this prospectus forms a part is declared effective, this offering is priced, and the participants are notified of their final allocation and given an opportunity to confirm that they wish to purchase the shares allocated to them. After the registration statement of which this prospectus forms a part has been declared effective and this offering is priced, we and the program administrator will prepare a final approved list of allocations. The program administrator will notify each participant who has been allocated shares of the number of shares that have been allocated and the total purchase price due upon confirmation of their participation. Thereafter, participants will be required to wire or transfer their funds to the program administrator. The shares under the Directed Share Program will be allocated following pricing and settle in the same manner as the shares sold to the general public. If purchased by our directors, director nominees, executive officers or the Principal Stockholders, these shares will be subject to a 180-day lock-up restriction. If these persons purchase reserved shares of Class A common stock, it will reduce the number of shares of Class A common stock available for sale to the general public. Any reserved shares of Class A common stock that are not so purchased will be offered by the underwriters to the general public on the same terms as the other shares of Class A common stock offered by this prospectus. The underwriters will receive the same discount from such reserved shares as they will from other shares of our Class A common stock sold to the public in this offering.

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, 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 us and to persons and entities with relationships with us, for which they received or will receive customary fees and expenses. In addition, from time to time, certain of the underwriters and their affiliates may effect transactions for their own account or the account of customers, and hold on behalf of themselves or their customers, long or short positions in our debt or equity securities or loans, and may do so in the future.

Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

**Notice to prospective investors in the European Economic Area** 

In relation to each Member State of the European Economic Area (each a "Relevant State"), no shares have been offered or will be offered pursuant to the offering to the public in that Relevant State prior to the publication of a prospectus in relation to the shares which has been approved by the competent authority in that Relevant State or, where appropriate, approved in another Relevant State and notified to the competent authority in that Relevant State, all in accordance with the Prospectus Regulation, except that offers of shares may be made to the public in that Relevant State at any time under the following exemptions under the Prospectus Regulation:

(a) to any legal entity which is a qualified investor as defined under Article 2 of the Prospectus Regulation;

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(b) to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the Prospectus Regulation), subject to obtaining the prior consent of the underwriters; or

(c) in any other circumstances falling within Article 1(4) of the Prospectus Regulation;

provided that no such offer of shares shall require us 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, and each person who initially acquires any shares or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with each of the underwriters and the Company that it is a "qualified investor" within the meaning of Article 2(e) of the Prospectus Regulation. In the case of any shares being offered to a financial intermediary as that term is used in the Prospectus Regulation, each such financial intermediary will be deemed to have represented, acknowledged and agreed that the shares acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer of any shares to the public other than their offer or resale in a Relevant State to qualified investors as so defined or in circumstances in which the prior consent of the underwriters have been obtained to each such proposed offer or resale.

For the purposes of this provision, the expression an "offer to the public" in relation to shares in any Relevant 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.

**Notice to prospective investors in the United Kingdom** 

No shares have been offered or will be offered pursuant to the offering to the public in the United Kingdom prior to the publication of a prospectus in relation to the shares which has been approved by the Financial Conduct Authority, except that the shares may be offered to the public in the United Kingdom at any time:

(a) to any legal entity which is a qualified investor as defined under Article 2 of the UK Prospectus Regulation;

(b) to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the UK Prospectus Regulation), subject to obtaining the prior consent of underwriters for any such offer; or

(c) in any other circumstances falling within Section 86 of the Financial Services and Markets Act 2000 ("FSMA");

provided that no such offer of the shares shall require the Company 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 the shares in the United Kingdom 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 "UK Prospectus Regulation" means Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.

In addition, in the United Kingdom, this document is being distributed only to, and is directed only at, and any offer subsequently made may only be directed at persons who are "qualified investors" (as defined in the Prospectus Regulation) (i) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") and/or (ii) who are high net worth companies (or persons to whom it may otherwise be lawfully communicated) falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons") or otherwise in circumstances which have not resulted and will not result in an offer to the public of the shares in the United Kingdom within the meaning of the FSMA.

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Any person in the United Kingdom that is not a relevant person should not act or rely on the information included in this document or use it as basis for taking any action. In the United Kingdom, any investment or investment activity that this document relates to may be made or taken exclusively by relevant persons.

**Notice to prospective investors in Canada** 

The shares may be sold 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 shares must be made in accordance with an exemption from, 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 thereto) 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 for particulars 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.

**Notice to prospective investors in Switzerland** 

This prospectus does not constitute an offer to the public or a solicitation to purchase or invest in any shares. No shares have been offered or will be offered to the public in Switzerland, except that offers of shares may be made to the public in Switzerland at any time under the following exemptions under the Swiss Financial Services Act ("FinSA"):

(a) to any person which is a professional client as defined under the FinSA;

(b) to fewer than 500 persons (other than professional clients as defined under the FinSA), subject to obtaining the prior consent of J.P. Morgan Securities LLC, Piper Sandler & Co., Evercore Group L.L.C., Citigroup
Global Markets Inc. and DNB Carnegie, Inc. for any such offer; or

(c) in any other circumstances falling within Article 36 FinSA in connection with Article 44 of the Swiss Financial Services Ordinance;

provided that no such offer of shares shall require the Company or any investment bank to publish a prospectus pursuant to Article 35 FinSA.

The shares have not been and will not be listed or admitted to trading on a trading venue in Switzerland.

Neither this document nor any other offering or marketing material relating to the shares constitutes a prospectus as such term is understood pursuant to the FinSA, and neither this document nor any other offering or marketing material relating to the shares may be publicly distributed or otherwise made publicly available in Switzerland.

**Notice to prospective investors in the Dubai International Financial Centre ("DIFC")** 

This document relates to an Exempt Offer in accordance with the Markets Law, DIFC Law No. 1 of 2012, as amended. This document is intended for distribution only to persons of a type specified in the Markets Law,

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DIFC Law No. 1 of 2012, as amended. It must not be delivered to, or relied on by, any other person. The Dubai Financial Services Authority ("DFSA") has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus nor taken steps to verify the information set forth herein and has no responsibility for this document. The securities to which this document relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the securities offered should conduct their own due diligence on the securities. If you do not understand the contents of this document, you should consult an authorized financial advisor.

In relation to its use in the DIFC, this document is strictly private and confidential and is being distributed to a limited number of investors and must not be provided to any person other than the original recipient, and may not be reproduced or used for any other purpose. The interests in the securities may not be offered or sold directly or indirectly to the public in the DIFC.

**Notice to prospective investors in the United Arab Emirates** 

The shares have not been, and are not being, publicly offered, sold, promoted or advertised in the United Arab Emirates (including the DIFC) other than in compliance with the laws of the United Arab Emirates (and the DIFC) governing the issue, offering and sale of securities. Further, this prospectus does not constitute a public offer of securities in the United Arab Emirates (including the DIFC) and is not intended to be a public offer. This prospectus has not been approved by or filed with the Central Bank of the United Arab Emirates, the Securities and Commodities Authority, Financial Services Regulatory Authority (FSRA) or DFSA.

**Notice to prospective investors in Australia** 

This prospectus:

• does not constitute a disclosure document or a prospectus under Chapter 6D.2 of the Corporations Act 2001 (Cth) (the
"Corporations Act");

• has not been, and will not be, lodged with the Australian Securities and Investments Commission ("ASIC"), as a
disclosure document for the purposes of the Corporations Act and does not purport to include the information required of a disclosure document for the purposes of the Corporations Act; and

• may only be provided in Australia to select investors who are able to demonstrate that they fall within one or more of the
categories of investors, available under section 708 of the Corporations Act ("Exempt Investors").

The shares may not be directly or indirectly offered for subscription or purchased or sold, and no invitations to subscribe for or buy the shares may be issued, and no draft or definitive offering memorandum, advertisement or other offering material relating to any shares may be distributed in Australia, except where disclosure to investors is not required under Chapter 6D of the Corporations Act or is otherwise in compliance with all applicable Australian laws and regulations. By submitting an application for the shares, you represent and warrant to us that you are an Exempt Investor.

As any offer of shares under this document will be made without disclosure in Australia under Chapter 6D.2 of the Corporations Act, the offer of those securities for resale in Australia within 12 months may, under section 707 of the Corporations Act, require disclosure to investors under Chapter 6D.2 if none of the exemptions in section 708 applies to that resale. By applying for the shares, you undertake to us that you will not, for a period of 12 months from the date of issue of the shares, offer, transfer, assign or otherwise alienate those shares to investors in Australia, except in circumstances where disclosure to investors is not required under Chapter 6D.2 of the Corporations Act or where a compliant disclosure document is prepared and lodged with ASIC.

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**Notice to prospective investors in Japan** 

The shares have not been and will not be registered pursuant to Article 4, Paragraph 1 of the Financial Instruments and Exchange Act. Accordingly, none of the shares nor any interest therein may be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any "resident" of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to or for the benefit of a resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Financial Instruments and Exchange Act and any other applicable laws, regulations and ministerial guidelines of Japan in effect at the relevant time.

**Notice to prospective investors in Hong Kong** 

The shares have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than (a) to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) (the "SFO") of Hong Kong and any rules made thereunder; or (b) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong) (the "CO") or which do not constitute an offer to the public within the meaning of the CO. No advertisement, invitation or document relating to the shares has been or may be issued or has been or may be in the possession of any person for the purposes of issue, 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 of 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" as defined in the SFO and any rules made thereunder.

**Notice to prospective investors in Singapore** 

Each of J.P. Morgan Securities LLC, Piper Sandler & Co., Evercore Group L.L.C., Citigroup Global Markets Inc. and DNB Carnegie, Inc. has acknowledged that this prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, each of J.P. Morgan Securities LLC, Piper Sandler & Co., Evercore Group L.L.C., Citigroup Global Markets Inc. and DNB Carnegie, Inc. has represented and agreed that it has not offered or sold any shares or caused the shares to be made the subject of an invitation for subscription or purchase and will not offer or sell any shares or cause the shares to be made the subject of an invitation for subscription or purchase, and has not circulated or distributed, nor will it circulate or distribute, this prospectus or any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the shares, whether directly or indirectly, to any person in Singapore other than:

(a) to an institutional investor (as defined in Section 4A of the Securities and Futures Act (Chapter 289) of Singapore, as modified or amended from time to time (the "SFA")) pursuant to Section 274 of
the SFA;

(b) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified
in Section 275 of the SFA; or

(c) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Where the shares are subscribed or purchased under Section 275 of the SFA by a relevant person which is:

(a) a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals,
each of whom is an accredited investor; or

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(b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,

securities or securities-based derivatives contracts (each term as defined in Section 2(1) of the SFA) of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the shares pursuant to an offer made under Section 275 of the SFA except:

(i) to an institutional investor or to a relevant person, or to any person arising from an offer referred to in Section 275(1A) or<sup></sup>Section 276(4)(c)(ii) of the
SFA;

(ii) where no consideration is or will be given for the transfer;

(iii) where the transfer is by operation of law;

(iv) as specified in Section 276(7) of the SFA; or

(v) as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) Regulations 2018.

In connection with Section 309B of the SFA and the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore (the "CMP Regulations 2018"), unless otherwise specified before an offer of shares, we have determined, and hereby notify all relevant persons (as defined in Section 309A(1) of the SFA), that the shares are "prescribed capital markets products" (as defined in the CMP Regulations 2018) 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).

**Other relationships** 

Any offers or sales of any securities or other securities activities in the United States by Nordea Bank Abp will be intermediated by its U.S. registered broker-dealer affiliate, Nordea Securities LLC, and such activities will be effected only to the extent permitted by Rule 15a-6 under the Exchange Act.

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**Legal matters** 

The validity of the shares of Class A common stock offered by this prospectus will be passed upon for us by Baker Botts L.L.P., Houston, Texas. Certain legal matters in connection with this offering will be passed upon for the underwriters by Latham & Watkins LLP, Houston, Texas. Cravath, Swaine & Moore LLP, New York, New York, served as legal advisor to Akastor in connection with this offering. King & Spalding LLP, Atlanta, Georgia, served as legal advisor to Baker Hughes in connection with this offering.

**Experts** 

The consolidated financial statements of HMH Holding B.V. as of December 31, 2024 and 2023, and for each of the years in the two-year period ended December 31, 2024, and the financial statements of HMH Holding Inc. as of December 31, 2024 and April 29, 2024, have been included herein in reliance upon the reports of KPMG AS, independent registered public accounting firm, appearing elsewhere herein, and upon the authority of said firm as experts in accounting and auditing.

**Change in independent registered public accounting firm** 

Effective as of May 27, 2025, the sole director of HMH Inc. and the board of directors of HMH B.V. each approved the dismissal of KPMG AS, as the independent registered public accounting firm of HMH Inc. and HMH B.V., respectively, for U.S. GAAP purposes. Effective as of May 27, 2025, the sole director of HMH Inc. and the board of directors of HMH B.V. each approved of the appointment of KPMG LLP ("KPMG US") as the independent registered public accounting firm of HMH Inc. and HMH B.V., respectively, for U.S. GAAP purposes for the fiscal year ending December 31, 2025, including performing review of interim periods commencing from the period ended June 30, 2025.

The audit report of KPMG AS on HMH Inc.'s financial statements as of December 31, 2024 and April 29, 2024 did not contain an adverse opinion or a disclaimer of opinion, and such report was not qualified or modified as to uncertainty, audit scope or accounting principles. The audit report of KPMG AS on HMH B.V.'s consolidated financial statements as of and for the fiscal years ended December 31, 2024 and 2023 did not contain an adverse opinion or a disclaimer of opinion, and such report was not qualified or modified as to uncertainty, audit scope or accounting principles.

During the fiscal years ended December 31, 2024 and 2023, and the subsequent interim period through May 27, 2025, (i) there were no disagreements within the meaning of Item 304(a)(1)(iv) of Regulation S-K and the instructions relating thereto with KPMG AS on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of KPMG AS, would have caused KPMG AS to make reference to the subject matter of such disagreements in connection with its audit report on HMH Inc.'s financial statements as of December 31, 2024 and April 29, 2024 or its audit report on HMH B.V.'s consolidated financial statements as of and for the fiscal years ended December 31, 2024 and 2023, and (ii) there were no reportable events within the meaning of Item 304(a)(1)(v) of Regulation S-K and the instructions relating thereto, except for the material weaknesses described under "Management's discussion and analysis of financial condition and results of operations—Internal controls and procedures."

Each of HMH Inc. and HMH B.V. has provided KPMG AS with a copy of the disclosures set forth under the heading "Change in independent registered public accounting firm" in this prospectus and requested that KPMG

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AS provide it with a letter addressed to the SEC stating whether KPMG AS agrees with the statements made under such heading in this prospectus. Copies of KPMG AS's letters with respect to HMH Inc. and HMH B.V., each dated August 19, 2025, are filed as Exhibit 16.1 and Exhibit 16.2, respectively, to the registration statement of which this prospectus forms a part.

During the fiscal years ended December 31, 2024 and 2023, and the subsequent interim period through May 27, 2025, neither HMH Inc. (or anyone on its behalf) nor HMH B.V. (or anyone on its behalf) consulted KPMG US regarding (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on HMH Inc.'s financial statements or HMH B.V.'s consolidated financial statements, respectively, and neither a written report nor oral advice was provided by KPMG US to HMH Inc. or HMH B.V. that KPMG US concluded was an important factor considered by HMH Inc. or HMH B.V., respectively, in reaching a decision as to any accounting, auditing or financial reporting issue, or (ii) any matter that was either the subject of a disagreement within the meaning of Item 304(a)(1)(iv) of Regulation S-K and the instructions relating thereto or a reportable event within the meaning of Item 304(a)(1)(v) of Regulation S-K and the instructions relating thereto.

**Where you can find additional information** 

We have filed with the SEC a registration statement on Form S-1 relating to the shares of Class A common stock offered by this prospectus. This prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration statement. For further information regarding us and the shares of Class A common stock offered by this prospectus, we refer you to the full registration statement, including its exhibits and schedules, filed under the Securities Act.

The SEC maintains a website at *www.sec.gov* that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC. Our registration statement, of which this prospectus constitutes a part, and the exhibits and schedules thereto can be downloaded from the SEC's website. After the completion of this offering, we will file with or furnish to the SEC annual, quarterly and current reports, and amendments to those reports, and other information. These reports and other information may be obtained from the SEC's website as provided above. Following the completion of this offering, our website will be located at *www.hmhw.com*. We intend to make our annual, quarterly and current reports, and amendments to those reports, and other information filed with or furnished to the SEC available, free of charge, through our website, as soon as reasonably practicable after those reports and other information are electronically filed with or furnished to the SEC. Information on our website or any other website is not incorporated by reference into this prospectus and does not constitute a part of this prospectus.

We intend to furnish or make available to our stockholders annual reports containing our audited financial statements prepared in accordance with GAAP. We also intend to furnish or make available to our stockholders quarterly reports containing our unaudited interim financial information, including the information required by Form 10-Q, for the first three fiscal quarters of each fiscal year.

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**Glossary of selected terms** 

***Bbl.*** One stock tank barrel, of 42 U.S. gallons liquid volume, used in this prospectus in reference to crude oil or other liquid hydrocarbons.

***Bcm.*** Billion cubic meters of natural gas.

***Bcm/MM Boe.*** Billion cubic meters of natural gas per million barrels of oil equivalent.

***Blowout***. An uncontrolled flow of reservoir fluids into the wellbore, and sometimes catastrophically to the surface. A blowout may consist of salt water, oil, natural gas or a mixture of these. Blowouts can occur in all types of E&P operations, not just during drilling operations. If reservoir fluids flow into another formation and do not flow to the surface, the result is called an underground blowout. If the well experiencing a blowout has significant open-hole intervals, it is possible that the well will bridge over (or seal itself with rock fragments from collapsing formations) down-hole and intervention efforts will be averted.

***Boe.*** Barrel of oil equivalent.

***Brent crude oil.*** Brent crude oil is the benchmark used for the light oil market in Europe, Africa and the Middle East, originating from oil fields in the North Sea between the Shetland Islands and Norway.

***Brownfield***. An oil or gas accumulation that has matured to a production plateau or even progressed to a stage of declining production.

***Btu.*** British thermal unit. One Btu is the heat required to raise the temperature of one pound of liquid water by one degree Fahrenheit.

***CAPEX***. Capital expenditure. ****

***Casing***. Large-diameter, steel pipe lowered into an uncased portion of a well and cemented in place. Casing is run to provide structural integrity to the wellbore, protect fresh water formations, isolate a zone of lost returns or isolate formations with significantly different pressure gradients.

***Cementing***. To prepare and pump cement into place in a wellbore (primarily to fill and seal the gap between casing and the borehole wall).

***CO<sub>2</sub>e.*** Carbon dioxide equivalent.

***Cold stacked.*** Describes an idled rig for which steps have been taken to preserve the rig and reduce certain costs, such as crew costs and maintenance expenses. Depending on the amount of time that a rig is cold stacked, significant expenditures may be required to return the rig to a "ready" state.

***Completion***. A generic term used to describe the assembly of down-hole tubulars and equipment required to enable safe and efficient production from an oil or gas well. The point at which the completion process begins may depend on the type and design of the well.

***Day rates***. The daily cost to the operator of renting the drilling rig and the associated costs of personnel and routine supplies.

***DEAL***. A technology platform that enables the installation of performance enhancing software modules called Smart Modules for topside drilling equipment. Smart Modules communicate with the drilling equipment controllers to optimize the operations required to drill a well. The platform is an open interface that enables a reliable, simple and effective gateway to the HMH drilling equipment. With DEAL<sup>™</sup> installed, adding of select Smart Modules is done with reduced downtime and risk.

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***DrillCERT***. A global, continuous American Petroleum Institute certification program for marine drilling risers. Based on condition-based inspection methodology, the traditional five-year calendar-based inspection interval can often be extended up to a 12-year interval.

***DrillPerform***. A continuous improvement process carried out in close collaboration with our customers, ensuring that operational performance is assessed regularly to increase efficiency of well delivery, aid in incident investigations, support scenario training and improve safety while reducing operating expenses and environmental impact through data analytics and visualization of machine and crew analysis as well as implementation of performance enhancing technology.

***Drilling rig***. The machine used to drill a wellbore.

***Drilling risers***. The subsea riser is a buoyant pipe that the drillstring runs through and provides a connection between the rig and the blowout preventer or wellhead and transports hydraulic choke and kill fluid lines.

***Drillstring***. The combination of the drillpipe, the bottomhole assembly and any other tools used to make the drill bit turn at the bottom of the wellbore.

***Greenfield***. A new oil and gas field development.

***GWh.*** Gigawatt hours.

***Horizontal drilling***. A subset of the more general term "directional drilling," used where the departure of the wellbore from vertical exceeds about 80 degrees. Note that some horizontal wells are designed such that after reaching true 90-degree horizontal, the wellbore may actually start drilling upward. In such cases, the angle past 90 degrees is continued, as in 95 degrees, rather than reporting it as deviation from vertical, which would then be 85 degrees. Because a horizontal well typically penetrates a greater length of the reservoir, it can offer significant production improvement over a vertical well.

***Hydraulic fracturing***. A stimulation treatment routinely performed on oil and gas wells in low permeability reservoirs. Specially engineered fluids are pumped at high pressure and rate into the reservoir interval to be treated, causing a vertical fracture to open.

***Hydrocarbon***. A naturally occurring organic compound comprising hydrogen and carbon. Hydrocarbons can be as simple as methane, but many are highly complex molecules, and can occur as gases, liquids or solids. Petroleum is a complex mixture of hydrocarbons. The most common hydrocarbons are oil and natural gas.

***MMbtu.*** One million British thermal units.

***MM Bbls/day.*** Millions of barrels of crude oil or other liquid hydrocarbons per day.

***MM Boe/day.*** Millions of barrels of oil equivalent per day.

***Pile top drill rig***. Specialized drilling equipment designed for setting up deep and large-diameter foundations in hard rock.

***Psi.*** Pound per square inch.

***Reverse circulation drilling***. A form of percussion drilling that uses compressed air to flush material cuttings out of the drill hole in a safe and efficient manner.

***RiCon.*** Our proprietary drilling riser lifecycle offering, which provides a current view of the riser condition. Software then identifies when maintenance is required and where to focus maintenance activities, reducing inspection costs.

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***Rig years***. Represent a measure of the number of equivalent rigs operating during a given period.

***Scope 1 emissions.*** Direct GHG emissions that occur from sources that are controlled or owned by an organization.

***Scope 2 emissions.*** Indirect GHG emissions associated with the purchase of electricity, steam, heat or cooling.

***Scope 3 emissions.*** GHG emissions that result from the end use of an organization's products, as estimated per Category 11 (Use of Sold Product), as well as emissions from other business activities from assets not owned or controlled by the organization but that the organization indirectly impacts in its value chain.

***SeaLytics***. A technology platform that provides access to a customer's control system data while maintaining critical cybersecurity protocol in an easily installed edge device. The system features real-time visualization, BOP systems status and the ability to manage maintenance activities. With optional cloud connectivity, stakeholders onshore can view and retrieve BOP data that has been historically difficult to retrieve securely. SeaLytics enables collaboration between onshore and offshore personnel, driving the quality, speed of decisions and corrective actions, resulting in reduced non-productive time. Additionally, we can process the data feed through proprietary analytics to help the customer operate and plan maintenance based on actual usage of a customer's equipment.

***SeaONYX***. Our next-generation surface control system and operator interface software for well control equipment, based on an industry-proven programmable logic controller platform. Designed for reliability and ease-of-use, SeaONYX has SeaLytics built into it, providing all the benefits of real time monitoring and analytics.

***Shale***. A fine-grained, fissile, sedimentary rock formed by consolidation of clay- and silt-sized particles into thin, relatively impermeable layers.

***Warm stacked.*** Describes a rig that is idled (not contracted) and maintained in a "ready" state with a crew sized to enable the rig to be quickly placed into service when contracted.

***Wellbore***. The physical conduit from surface into the hydrocarbon reservoir.

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**Index to consolidated financial statements** 

**HMH Holding Inc.** 

***Audited financial statements***

---

| | |
|:---|:---|
|  [Report of independent registered public accounting firm (PCAOB ID Number 185)](#fin75409_1) | F-2 |
|  [Balance sheets as of December 31, 2024 and April 29, 2024](#fin75409_2) | F-3 |
|  [Notes to balance sheets](#fin75409_3) | F-4 |

---

***Unaudited financial statement***

---

| | |
|:---|:---|
|  [Unaudited balance sheet as of September 30, 2025](#fin75409_3a) | F-5 |
|  [Notes to unaudited balance sheet](#fin75409_3b) | F-6 |

---

***Unaudited pro forma consolidated financial statements***

---

| | |
|:---|:---|
|  [Unaudited pro forma consolidated balance sheet as of September 30, 2025](#fin75409_19) | F-9 |
|  [Unaudited pro forma consolidated statement of income for the nine months ended September 30, <br>2025](#fin75409_19a) | F-10 |
|  [Unaudited pro forma consolidated statement of income for the year ended December 31, 2024](#fin75409_21) | F-11 |
|  [Notes to unaudited pro forma consolidated financial statements](#fin75409_22) | F-12 |

---

**HMH Holding B.V.** 

***Audited consolidated financial statements***

---

| | |
|:---|:---|
|  [Report of independent registered public accounting firm (PCAOB ID Number 185)](#fin75409_4) | F-16 |
|  [Consolidated statements of income for the years ended December 31, 2024 and 2023](#fin75409_5) | F-17 |
|  [Consolidated statements of comprehensive income for the years ended December 31, 2024 and 2023](#fin75409_6) | F-18 |
|  [Consolidated balance sheets as of December 31, 2024 and 2023](#fin75409_7) | F-19 |
|  [Consolidated statements of change in shareholders' equity for the years ended December 31, 2024 and 2023](#fin75409_8) | F-20 |
|  [Consolidated statements of cash flows for the years ended December 31, 2024 and 2023](#fin75409_9) | F-21 |
|  [Notes to consolidated financial statements](#fin75409_10) | F-22 |

---

***Unaudited condensed consolidated financial statements***

---

| | |
|:---|:---|
|  [Condensed consolidated statements of income (unaudited) for the nine months ended September 30, 2025 and 2024](#fin75409_100) | F-64 |
|  [Condensed consolidated statements of comprehensive income (unaudited) for the nine months ended September 30, 2025 and 2024](#fin75409_101) | F-65 |
|  [Condensed consolidated balance sheets as of September 30, 2025 (unaudited) and December 31, 2024](#fin75409_102) | F-66 |
|  [Condensed consolidated statements of change in shareholders' equity (unaudited) for the nine months ended September 30, 2025 and 2024](#fin75409_103) | F-67 |
|  [Condensed consolidated statements of cash flows (unaudited) for the nine months ended September 30, 2025 and 2024](#fin75409_104) | F-68 |
|  [Notes to condensed consolidated financial statements (unaudited)](#fin75409_105) | F-69 |

---

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**Report of independent registered public accounting firm** 

To the Stockholders and Board of Directors of HMH Holding Inc.:

***Opinion on the Financial Statements***

We have audited the accompanying balance sheets of HMH Holding Inc. (the Company) as of December 31, 2024, and as of April 29, 2024, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and as of April 29, 2024, in conformity with U.S. generally accepted accounting principles.

***Basis for Opinion***

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these 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 the 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. 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. 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.

/s/ *KPMG AS*

We have served as the Company's auditor since 2024.

Oslo, Norway

March 17, 2025

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**HMH Holding Inc.** 

**Balance sheets** 

---

| | | |
|:---|:---|:---|
| | **December 31,<br>2024** | **April 29,<br>2024** |
|  **Assets** |  |  |
|  Accounts receivable from parent | $10 | $10 |
|  **Total assets** | $**10** | $**10** |
|  **Stockholder's equity** |  |  |
|  Common stock, $0.01 par value—1,000 shares authorized, issued and outstanding | $10 | $10 |
|  **Total stockholder's equity** | $**10** | $**10** |

---

*The accompanying notes are an integral part of these balance sheets.* 

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**HMH Holding Inc.** 

**Notes to balance sheets** 

**1. Organization and nature of business** 

HMH Holding Inc. (the "Company") was incorporated in the State of Delaware on April 29, 2024. The Company is authorized to issue 1,000 shares of one class of common stock with a par value of $0.01. The Company was formed with the intent that it will be included in a reorganization into a holding corporate structure and its sole material asset is expected to be a controlling equity interest in HMH Holding B.V.

On April 29, 2024, HMH Holding B.V. acquired 1,000 shares of the Company's common stock for cash consideration of $0.01 per share, or total cash consideration of $10.

**2. Summary of significant accounting policies** 

**Basis of presentation** 

The Company's balance sheets have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP"). As there has been no operating activity for this entity since its inception, separate statements of income and comprehensive income, cash flows and changes in stockholder's equity have not been presented. The Company's year-end is December 31.

**Summary of significant accounting policies** 

The preparation of financial statements in accordance with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, related revenues and expenses and the disclosure of gain and loss contingencies at the date of the financial statements and during the periods presented. The Company bases these estimates on historical results and various other assumptions believed to be reasonable, all of which form the basis for making estimates concerning the carrying values of assets and liabilities that are not readily available from other sources. Actual results could differ materially from those estimates.

**Offering costs** 

In connection with the Company's initial public offering, affiliates of the Company have or will incur accounting, legal and other costs, which will be reimbursed by the Company upon consummation of the initial public offering. Such costs will be deferred and recorded as a reduction to stockholder's equity and recorded against the proceeds from the offering. In the event the offering is aborted, such deferred offering costs will be expensed.

**Organization costs** 

Organization costs will be expensed as incurred. Such costs are comprised of the legal and professional fees associated with the formation of the Company.

**3. Subsequent events** 

Management has performed an analysis of activities and transactions through March 17, 2025, which is the date the financial statements were issued, to determine the need for any adjustments to or additional disclosures within these financial statements. We determined that there are no significant subsequent events requiring adjustment or disclosure.

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**HMH Holding Inc.** 

**Balance sheet** 

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| | **(unaudited)** | |
|  **Assets** |  |  |
|  Accounts receivable from parent | $10 | 10 |
|  **Total assets** | $**10** | **10** |
|  **Stockholder's equity** |  |  |
|  Common stock, $0.01 par value—1,000 shares authorized, issued and outstanding | $10 | 10 |
|  **Total stockholder's equity** | $**10** | **10** |

---

*The accompanying notes are an integral part of this balance sheet.* 

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**HMH Holding Inc.** 

**Notes to unaudited balance sheet** 

**1. Organization and nature of business** 

HMH Holding Inc. (the "Company") was incorporated in the State of Delaware on April 29, 2024. The Company is authorized to issue 1,000 shares of one class of common stock with a par value of $0.01. The Company was formed with the intent that it will be included in a reorganization into a holding corporate structure and its sole material asset is expected to be a controlling equity interest in HMH Holding B.V.

On April 29, 2024, HMH Holding B.V. acquired 1,000 shares of the Company's common stock for cash consideration of $0.01 per share, or total cash consideration of $10.

**2. Summary of significant accounting policies** 

**Basis of presentation** 

The Company's balance sheet has been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP"). As there has been no operating activity for this entity since its inception, separate statements of income and comprehensive income, cash flows and changes in stockholder's equity have not been presented. The Company's year-end is December 31.

**Summary of significant accounting policies** 

The preparation of financial statements in accordance with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, related revenues and expenses and the disclosure of gain and loss contingencies at the date of the financial statements and during the periods presented. The Company bases these estimates on historical results and various other assumptions believed to be reasonable, all of which form the basis for making estimates concerning the carrying values of assets and liabilities that are not readily available from other sources. Actual results could differ materially from those estimates.

**Offering costs** 

In connection with the Company's initial public offering, affiliates of the Company have or will incur accounting, legal and other costs, which will be reimbursed by the Company upon consummation of the initial public offering. Such costs will be deferred and recorded as a reduction to stockholder's equity and recorded against the proceeds from the offering. In the event the offering is aborted, such deferred offering costs will be expensed.

**Organization costs** 

Organization costs will be expensed as incurred. Such costs are comprised of the legal and professional fees associated with the formation of the Company.

**3. Subsequent events** 

Management has performed an analysis of activities and transactions through November 10, 2025, which is the date the financial statements were issued, to determine the need for any adjustments to or additional disclosures within these financial statements. We determined that there are no significant subsequent events requiring adjustment or disclosure.

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**Unaudited pro forma consolidated financial statements** 

**Introduction** 

HMH Holding Inc. ("HMH Inc." or the "Company"), the issuer in the Offering (as defined below), is a holding company formed to own an interest in, and act as the sole managing member of, HMH Holding B.V. ("HMH B.V."). The Company's historical financial statements are those of HMH B.V., which is the Company's accounting predecessor for financial reporting purposes.

The unaudited pro forma consolidated financial statements of the Company reflect the historical results of the Company on a pro forma basis to give effect to the following transactions (collectively, the "Transactions"), which are described in further detail below, as if they had occurred on September 30, 2025, for pro forma consolidated balance sheet purposes, and on January 1, 2024, for pro forma consolidated statements of income purposes:

• the corporate reorganization as described under "Corporate reorganization" in this prospectus (the
"Corporate Reorganization");

• the initial public offering of    shares of the Company's Class A common stock, par value
$0.01 per share ("Class A common stock"), and the use of the net proceeds therefrom as described under "Use of proceeds" in this prospectus (the "Offering"). The net proceeds from the sale of the shares of
Class A common stock (based on an assumed initial public offering price of $ per share) are expected to be $, net of underwriting discounts of $ and other offering expenses payable by the Company of
$; and

• the recognition of share-based compensation expense totaling $ related to historical HMH B.V. shares.

The pro forma consolidated financial statements have been adjusted to include transaction accounting adjustments in accordance with generally accepted accounting principles in the United States of America ("GAAP"), linking the effects of the Transactions to the historical consolidated financial statements of HMH B.V.

The unaudited pro forma consolidated balance sheet of the Company is based on the historical consolidated balance sheet of HMH B.V., the Company's accounting predecessor for financial reporting purposes, as of September 30, 2025 and includes pro forma adjustments to give effect to the Transactions as if they had occurred on September 30, 2025. The unaudited pro forma consolidated statements of income of the Company for the year ended December 31, 2024 and the nine months ended September 30, 2025 are based on the historical consolidated statements of income of HMH B.V., giving effect to the Transactions as if they had occurred January 1, 2024.

The pro forma results are not necessarily indicative of financial results that would have been attained had the Transactions occurred on the date indicated or that could be achieved in the future because they necessarily exclude various operating expenses, such as incremental general and administrative expenses associated with being a public company. The transaction accounting adjustments are based on available information and certain assumptions that management believes are factually supportable. Therefore, the actual adjustments may differ from the pro forma adjustments. However, management believes that the assumptions provide a reasonable basis for presenting the significant effects of the Transactions as contemplated and the pro forma adjustments give appropriate effect to those assumptions and are properly applied in the unaudited pro forma consolidated financial statements.

The unaudited pro forma consolidated financial statements and related notes are presented for illustrative purposes only. If the Transactions contemplated herein had occurred in the past, the Company's operating results might have been materially different from those presented in the unaudited pro forma consolidated financial statements. The unaudited pro forma consolidated financial statements should not be relied upon as an indication of operating results that the Company would have achieved if the Transactions contemplated herein had taken place on the specified date. In addition, future results may vary significantly from the results

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reflected in the unaudited pro forma consolidated statements of income and should not be relied upon as an indication of the future results the Company will have after the completion of the Transactions contemplated by the unaudited pro forma consolidated financial statements.

As described further under "Certain relationships and related party transactions—Tax Receivable Agreement" in this prospectus, in connection with the closing of the Offering, the Company will enter into a tax receivable agreement (the "Tax Receivable Agreement") with the Principal Stockholders (as defined herein). The Tax Receivable Agreement will generally provide for the payment by the Company to the Principal Stockholders of 85% of the net cash savings, if any, in U.S. federal, state, local and foreign income tax and franchise tax that it actually realizes (or is deemed to realize in certain circumstances) in periods after the Offering as a result of, as applicable to each Principal Stockholder, (i) certain increases in tax basis that occur as a result of the Company's acquisition (or deemed acquisition for U.S. federal income tax purposes) of all of such Principal Stockholder's B.V. Voting Shares (as defined herein) in connection with the Offering or any portion of such Principal Stockholder's B.V. Non-Voting Shares (as defined herein) pursuant to the exercise of the Redemption Right or the Company's Call Right (each as defined elsewhere in this prospectus), (ii) the utilization of certain net operating losses of Mercury HoldCo Inc. in the event that the Company acquires Mercury HoldCo Inc. shares pursuant to the exercise of the Hybrid Redemption Right (as defined elsewhere in this prospectus) and (iii) imputed interest deemed to be paid by the Company as a result of, and additional tax basis arising from, any payments the Company makes under the Tax Receivable Agreement. The actual amount of deferred tax assets and related liabilities that the Company will recognize will differ based on, among other things, the timing of the redemptions of B.V. Non-Voting Shares (and, if applicable, acquisitions of Mercury HoldCo Inc. shares), the price of the Company's shares of Class A common stock at the time of each redemption or acquisition and the applicable tax rates then in effect.

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##### [**Table of Contents**](#toc)
**HMH Holding Inc.** 

**Pro forma consolidated balance sheet (unaudited)** 

**As of September 30, 2025** 

**(in thousands)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Transaction accounting adjustments** | **Transaction accounting adjustments** | |
| |<br>**Historical<br>HMH Holding B.V.**<br> **(Predecessor)** | **Corporate<br>reorganization<br>and offering** | **Share-based<br>compensation** |<br>**Pro forma<br>HMH Holding<br>Inc.** |
|  **Assets** |  |  |  |  |
|  **Current assets** |  |  |  |  |
|  Cash and cash equivalents | $56608 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup> | $— | $|
|  Current accounts receivables | 111289 |  |  |  |
|  Related party accounts receivable | 2474 |  |  |  |
|  Related party notes receivable—current | 2458 |  |  |  |
|  Contract assets | 139229 |  |  |  |
|  Inventories, net | 255685 |  |  |  |
|  Other current receivables | 18970 |  |  |  |
|  Prepaids and other current assets | 36345 |  |  |  |
|  **Total current assets** | **623058** |  |  |  |
|  Property, plant and equipment | 201676 |  |  |  |
|  Goodwill | 303537 |  |  |  |
|  Customer relationships | 69343 |  |  |  |
|  Other intangible assets | 54521 |  |  |  |
|  Related party notes receivable | 35030 |  |  |  |
|  Right-of-use assets | 45019 |  |  |  |
|  Other assets | 17963 |  |  |  |
|  **Total assets** | $**1350147** | $— | $— | **$** |
|  **Liabilities and equity** |  |  |  |  |
|  **Current liabilities** |  |  |  |  |
|  Accounts payable | $51510 | $— | $— | $|
|  Accounts payable—related party |  |  |  |  |
|  Current portion of long-term debt, net | 702 |  |  |  |
|  Contract liabilities | 43647 |  |  |  |
|  Accrued expenses | 108010 |  |  |  |
|  Other current liabilities | 29219 |  |  |  |
|  **Total current liabilities** | **233088** |  |  |  |
|  Long-term debt, net | 198194 |  |  |  |
|  Long-term debt, net—related party | 140881 | <sup>(a)</sup> |  |  |
|  Non-current operating lease liabilities | 37420 |  |  |  |
|  Other liabilities | 54222 |  |  |  |
|  **Total liabilities** | **663805** |  |  |  |
|  **Shareholders' equity** |  |  |  |  |
|  Ordinary shares (€1.00 par value, 200 shares authorized and 200 shares issued and outstanding as of September 30, 2025) |  | <sup>(a)</sup> | <sup>(b)</sup> |  |
|  Additional paid-in capital | 610431 |  |  |  |
|  Retained earnings | 69736 |  |  |  |
|  Accumulated other comprehensive loss | 4777 |  |  |  |
|  **Total shareholders' equity** | **684944** |  |  |  |
|  Non-controlling interests | 1398 |  |  |  |
|  **Total equity** | **686342** |  |  |  |
|  **Total liabilities and shareholders' equity** | $**1350147** | $— | $— | **$** |

---

*The accompanying notes are an integral part of these unaudited pro forma consolidated financial statements.* 

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##### [**Table of Contents**](#toc)
**HMH Holding Inc.** 

**Pro forma consolidated statement of income (unaudited)** 

**For the nine months ended September 30, 2025** 

**(in thousands, except per share amounts)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Transaction accounting adjustments** | **Transaction accounting adjustments** | |
| |<br>**Historical<br>HMH Holding B.V.**<br> **(Predecessor)** | **Corporate<br>reorganization<br>and offering** | **Share-based<br>compensation** |<br>**Pro forma<br>HMH Holding<br>Inc.** |
|  **Revenue** |  |  |  |  |
|  Service revenue | $280678 | $— | $— | $|
|  Product revenue | 167424 |  |  |  |
|  Spare parts revenue | 170511 |  |  |  |
|  Related party revenue | 445 |  |  |  |
|  **Total revenue** | **619058** |  |  |  |
|  **Operating expenses** |  |  |  |  |
|  Cost of services sold | 192486 |  |  |  |
|  Cost of goods sold - products | 152560 |  |  |  |
|  Cost of goods sold - spare parts | 105787 |  |  |  |
|  **Total cost of sales** | **450833** |  |  |  |
|  Selling, general and administrative expenses | 97040 |  | <sup>(b)</sup> |  |
|  Research and development expenses | 1778 |  |  |  |
|  Restructuring and other expenses | 4447 |  |  |  |
|  **Total operating expenses** | **554098** |  |  |  |
|  **Operating income** | **64960** |  |  |  |
|  Foreign currency gain (loss), net | 7015 |  |  |  |
|  Other non-operating income, net | 876 |  |  |  |
|  Interest expense, net | (26619) | <sup>(a)</sup> |  |  |
|  **Income before income taxes** | **46232** |  |  |  |
|  Income tax expense | (14757) |  |  |  |
|  **Net income** | $**31475** | $— | $— | **$** |
|  Less: Net income attributable to non-controlling interests | 228 |  |  |  |
|  **Net income attributable to HMH Holding Inc.** | **31247** |  |  |  |
|  **Net income per common share <sup>(c)</sup>** |  |  |  |  |
|  Basic |  |  |  |  |
|  Diluted |  |  |  |  |
|  **Weighted average common shares outstanding <sup>(c)</sup>** |  |  |  |  |
|  Basic |  |  |  |  |
|  Diluted |  |  |  |  |

---

*The accompanying notes are an integral part of these unaudited pro forma consolidated financial statements.* 

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##### [**Table of Contents**](#toc)
**HMH Holding Inc.** 

**Pro forma consolidated statement of income (unaudited)** 

**For the year ended December 31, 2024** 

**(in thousands, except per share amounts)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Transaction accounting adjustments** | **Transaction accounting adjustments** | |
| |<br>**Historical<br>HMH Holding B.V.**<br> **(Predecessor)** | **Corporate<br>reorganization<br>and offering** | **Share-based<br>compensation** |<br>**Pro forma<br>HMH Holding<br>Inc.** |
|  **Revenue** |  |  |  |  |
|  Service revenue | $366202 | $— | $— | $|
|  Product revenue | 225521 |  |  |  |
|  Spare parts revenue | 248025 |  |  |  |
|  Related party revenue | 3615 |  |  |  |
|  **Total revenue** | **843363** |  |  |  |
|  **Operating expenses** |  |  |  |  |
|  Cost of services sold  | 223376 |  |  |  |
|  Cost of goods sold - products  | 205172 |  |  |  |
|  Cost of goods sold - spare parts  | 142625 |  |  |  |
|  **Total cost of sales**  | **571173** |  |  |  |
|  Selling, general and administrative expenses | 146810 |  | <sup>(b)</sup> |  |
|  Research and development expenses | 7067 |  |  |  |
|  Other operating expenses (income), net | (301) |  |  |  |
|  **Total operating expenses** | **724749** |  |  |  |
|  **Operating income** | **118614** |  |  |  |
|  Foreign currency gain (loss), net | (5293) |  |  |  |
|  Other non-operating income, net | 423 |  |  |  |
|  Interest expense, net | (37255) | <sup>(a)</sup> |  |  |
|  **Income before income taxes** | **76489** |  |  |  |
|  Income tax expense | (24533) |  |  |  |
|  **Net income** | $**51956** | $— | $— | **$** |
|  Less: Net income attributable to<br>non-controlling interests | 738 |  |  |  |
|  **Net income attributable to HMH Holding Inc.** | **51218** |  |  |  |
|  **Net income per common share<sup>(c)</sup>** |  |  |  |  |
|  Basic |  |  |  |  |
|  Diluted |  |  |  |  |
|  **Weighted average common shares outstanding<sup>(c)</sup>** |  |  |  |  |
|  Basic |  |  |  |  |
|  Diluted |  |  |  |  |

---

*The accompanying notes are an integral part of these unaudited pro forma consolidated financial statements.* 

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##### [**Table of Contents**](#toc)
**HMH Holding Inc.** 

**Notes to unaudited pro forma consolidated financial statements** 

**1. Basis of presentation, the offering and corporate reorganization** 

The historical financial information is derived from the financial statements of HMH B.V. included elsewhere in this prospectus. For purposes of the unaudited pro forma consolidated balance sheet, it is assumed that the Transactions had taken place on September 30, 2025. For purposes of the unaudited pro forma consolidated statements of income, it is assumed that the Transactions had taken place on January 1, 2024.

Immediately prior to the Offering and the corporate reorganization, (i) Baker Hughes Company (Nasdaq: BKR) and its wholly owned subsidiary, Baker Hughes Holdings LLC (collectively, "Baker Hughes"), and (ii) Akastor ASA (OSE: AKAST) and its wholly owned subsidiaries, Akastor AS, Mercury HoldCo AS and Mercury HoldCo Inc. (collectively, "Akastor" and, together with Baker Hughes, the "Principal Stockholders"), will collectively own all of the equity interests in HMH B.V.

Following the closing of the Offering, we anticipate incurring incremental general and administrative expenses as a result of operating as a publicly traded company, such as expenses associated with U.S. Securities and Exchange Commission ("SEC") reporting requirements, including annual and quarterly reports, compliance expenses relating to the Sarbanes-Oxley Act of 2002, expenses associated with listing the Company's Class A common stock on a stock exchange, independent auditor fees, legal fees, investor relations expenses, registrar and transfer agent fees, director and officer insurance expenses and director and officer compensation expenses. These incremental general and administrative expenses are not reflected in the historical financial statements of the Company's predecessor. The Company estimates these direct, incremental general and administrative expenses initially will total approximately $ million per year. These direct, incremental general and administrative expenses are not reflected in the historical financial statements or in the unaudited pro forma consolidated financial statements.

HMH Inc. was incorporated as a Delaware corporation and wholly owned subsidiary of HMH B.V. in April 2024. Following the Offering and the Corporate Reorganization, HMH Inc. will be a holding company whose sole material asset will consist of a % equity interest in HMH B.V., with such equity interest consisting of Class A ordinary shares, which entitle the holder to one vote per share and track HMH B.V.'s U.S. operations (the "B.V. Voting Class A Shares"), and Class B ordinary shares, which entitle the holder to one vote per share and track HMH B.V.'s non-U.S. operations (the "B.V. Voting Class B Shares" and, together with the B.V. Voting Class A Shares, the "B.V. Voting Shares"). HMH B.V. will continue to wholly own all of the Company's operating assets. After the consummation of the Transactions, HMH Inc. will own all of the B.V. Voting Shares. In connection with the Offering, we will engage in the following as part of the Corporate Reorganization:

• HMH B.V. will undergo a     for 1 stock split, after which Baker Hughes will own
     B.V. Voting Class A Shares and     B.V. Voting Class B Shares and Akastor will own      B.V. Voting Class A Shares and      B.V.
Voting Class B Shares;

• HMH B.V. will recapitalize to convert (i)     B.V. Voting Class A Shares to non-voting Class A ordinary shares that track HMH B.V.'s U.S. operations (the "B.V. Non-Voting Class A Shares") and (ii)
     B.V. Voting Class B Shares to non-voting Class B ordinary shares that track HMH B.V.'s non-U.S. operations (the "B.V. Non-Voting Class B Shares" and, together with the B.V. Non-Voting Class A Shares, the "B.V. Non-Voting Shares");

• HMH Inc. will issue      shares of Class A common stock to purchasers in the Offering in
exchange for the proceeds of the Offering;

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##### [**Table of Contents**](#toc)
• Baker Hughes will sell      B.V. Voting Class A Shares and      B.V.
Voting Class B Shares to HMH Inc. in exchange for $ in cash and will receive     shares of the Company's Class B common stock, par value $0.01 per share ("Class B common stock"), in
exchange for relinquishing voting rights on     of its B.V. Voting Class A Shares and     of its B.V. Voting Class B Shares;

• Akastor will sell      B.V. Voting Class A Shares and      B.V. Voting
Class B Shares to HMH Inc. in exchange for $ in cash and will receive     shares of Class B common stock in exchange for relinquishing voting rights on     of its B.V. Voting
Class A Shares and     of its B.V. Voting Class B Shares; and

• HMH Inc. will contribute, directly or indirectly, the remaining net proceeds from the Offering to HMH B.V. in exchange for
newly issued B.V. Voting Shares, consisting of      B.V. Voting Class A Shares and      B.V. Voting Class B Shares, such that, after the exchange, HMH Inc. will hold, after taking into
account the B.V. Voting Shares acquired from Baker Hughes and/or Akastor, one B.V. Voting Class A Share and one B.V. Voting Class B Share, respectively, for each share of Class A common stock outstanding following the Offering.

After giving effect to these Transactions and the Offering and the application of the net proceeds therefrom and assuming the underwriters do not exercise their option to purchase additional shares of Class A common stock in the Offering and prior to giving effect to the vesting of any LTI Awards (as defined elsewhere in this prospectus) that may vest in connection with the Offering, the reservation of shares of Class A common stock under the 2026 LTIP (as defined elsewhere in this prospectus), the grant of awards thereunder in connection with the Offering and any future redemptions of B.V. Non-Voting Shares (and, if applicable, acquisitions of Mercury HoldCo Inc. shares) pursuant to the exchange agreement to be entered into in connection with the Offering by and among the Company, HMH B.V. and the Principal Stockholders:

• the Principal Stockholders, collectively, will own all of the shares of Class B common stock, representing
  % total voting power of the Company's capital stock, and will own all of the B.V. Non-Voting Shares, representing a   % equity interest in HMH B.V. and 0% voting power of the
equity in HMH B.V.;

• Baker Hughes will own      shares of Class B common stock, representing   % total
voting power of the Company's capital stock, and will own      B.V. Non-Voting Shares, representing a   % equity interest in HMH B.V. and 0% voting power of the equity
in HMH B.V.;

• Akastor will own      shares of Class B common stock, representing  % total voting power
of the Company's capital stock, and will own      B.V. Non-Voting Shares, representing a   % equity interest in HMH B.V. and 0% voting power of the equity in HMH B.V.;

• the investors in the Offering, collectively, will own all of the shares of Class A common stock, representing
  % total voting power of the Company's capital stock; and

• HMH Inc. will own all of the B.V. Voting Shares, representing a   % equity interest in HMH B.V., which will
represent 100% total voting power of the equity in HMH B.V.

If the underwriters exercise in full their option to purchase additional shares of Class A common stock in the Offering:

• the Principal Stockholders, collectively, will own all of the shares of Class B common stock, representing
  % total voting power of the Company's capital stock, and will own all of the B.V. Non-Voting Shares, representing a   % equity interest in HMH B.V. and 0% voting power of the
equity in HMH B.V.;

• Baker Hughes will own      shares of Class B common stock, representing   % total
voting power of the Company's capital stock, and will own      B.V. Non-Voting Shares, representing a   % equity interest in HMH B.V. and 0% voting power of the equity
in HMH B.V.;

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##### [**Table of Contents**](#toc)
• Akastor will own      shares of Class B common stock, representing   % total
voting power of the Company's capital stock, and will own      B.V. Non-Voting Shares, representing a   % equity interest in HMH B.V. and 0% voting power of the equity
in HMH B.V.;

• investors in the Offering, collectively, will own all of the shares of Class A common stock, representing
  % total voting power of the Company's capital stock; and

• HMH Inc. will own all of the B.V. Voting Shares, representing a   % equity interest in HMH B.V., which will
represent 100% total voting power of the equity in HMH B.V.

**2. Transaction accounting adjustments** 

The unaudited pro forma consolidated financial statements have been adjusted to reflect the Transactions as follows:

**Offering transactions** 

(a) Reflects the issuance and sale of shares of Class A common stock at an assumed initial public offering price of $ per share, net of underwriting discounts and commissions of $ million in the aggregate, and additional estimated expenses payable by the Company related to the Offering of approximately $ million and the use of the net proceeds therefrom as follows:

• use $ million of the net proceeds from the Offering to pay the cash consideration portion of the purchase
price to purchase an aggregate      B.V. Voting Class A Shares and      B.V. Voting Class B Shares from Baker Hughes and/or Akastor pursuant to the Corporate Reorganization; and

• contribute all of the remaining net proceeds from the Offering to HMH B.V. in exchange for a number of B.V. Voting
Class A Shares and B.V. Voting Class B Shares such that the number of B.V. Voting Class A Shares and B.V. Voting Class B Shares, respectively, held by the Company (taking into account the B.V. Voting Class A Shares and B.V.
Voting Class B Shares acquired by the Company from the Principal Stockholders pursuant to the Corporate Reorganization) equals the number of shares of Class A common stock sold by the Company in the Offering. HMH B.V. intends to use $ million of the net proceeds received by it to repay all of the outstanding principal and accrued and unpaid interest under the Shareholder Loans (as defined elsewhere in this prospectus) from Baker Hughes Holdings LLC and Akastor AS,
which totalled $140.8 million as of September 30, 2025, and any remaining amounts for general corporate purposes, which may include funding for acquisitions, working capital requirements, capital expenditures and the repayment,
refinancing, redemption or repurchase of indebtedness or other securities.

In connection with the closing of the Offering, the Principal Stockholders exchanged % of their interests and HMH B.V. recognized a % increase in the tax basis of its assets in the unaudited pro forma consolidated financial statements. Assuming exchanges occur in future periods, the Company will not be obligated to make any payments under the Tax Receivable Agreement until the tax benefits arising from such transactions that gave rise to the payment are realized. For financial reporting purposes, the Company will assess its tax attributes in accordance with Accounting Standards Codification ("ASC") Topic 740, Income Taxes, 740-10-30-5(e) to determine if it is more likely than not that it will realize any deferred tax assets. Following that assessment, the Company may recognize a liability under the Tax Receivable Agreement, reflecting the expected future realization of such tax benefits in accordance with ASC Topic 450, Contingencies. Amounts payable under the Tax Receivable Agreement are contingent upon, among other things, (i) generation of sufficient future taxable income during the term of the Tax Receivable Agreement and (ii) future changes in tax laws. In addition, the Company does not expect obligations under the Tax Receivable Agreement to impact

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##### [**Table of Contents**](#toc)
earnings per share because those obligations will be recorded against the Company's equity in accordance with ASC Topic 810, Consolidation, as these are common control transactions.

**Share-based compensation expense** 

(b) Reflects share-based compensation expense related to historical share awards issued by HMH B.V.

In 2022, 2023 and 2024, the Company issued share-based compensation awards to management and certain employees which will vest when certain strategic goals are achieved. All of the awards are contingent on a liquidity event, which is defined as an IPO or a change of control of the Company. Upon completion of the Offering, the Company will recognize $ million in share-based compensation expense.

**3. Earnings per share** 

(c) Reflects basic and diluted earnings per common share as shown below for the applicable period:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
|  BASIC |  |  |
|  Net income |  |  |
|  Net income attributable to non-controlling interests |  |  |
|  Shares issued in the Offering |  |  |
|  Basic earnings per share |  |  |
|  DILUTED |  |  |
|  Numerator: |  |  |
|  Net income |  |  |
|  Effect of dilutive securities |  |  |
|  Diluted net income attributable to stockholders |  |  |
|  Denominator: |  |  |
|  Basic weighted average shares outstanding |  |  |
|  Effect of dilutive securities |  |  |
|  Diluted weighted average shares outstanding |  |  |
|  Diluted earnings per share |  |  |

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**Report of independent registered public accounting firm** 

To the Shareholders and Board of Directors of HMH Holding B.V.:

***Opinion on the Consolidated Financial Statements***

We have audited the accompanying consolidated balance sheets of HMH Holding B.V. and subsidiaries (the Company) as of December 31, 2024 and 2023, the related consolidated statements of income (loss), comprehensive income, changes in shareholders' equity, and cash flows for each of the years in the two-year period ended December 31, 2024, and the related notes (collectively, 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 years in the two-year period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.

***Basis for Opinion***

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these 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 the 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. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated 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 consolidated 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 consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ *KPMG AS*

We have served as the Company's auditor since 2021.

Oslo, Norway

March 17, 2025

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##### [**Table of Contents**](#toc)
**HMH Holding B.V. and subsidiaries** 

**Consolidated statements of income** 

**(in thousands, except per share amounts)** 

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
| | **2024** | **2023** |
|  **Revenue** |  |  |
|  Service revenue | $366202 | $328653 |
|  Product revenue | 225521 | 179629 |
|  Spare parts revenue | 248025 | 268434 |
|  Related party revenue | 3615 | 8730 |
|  **Total revenue** | **843363** | **785446** |
|  **Operating expenses** |  |  |
|  Cost of services sold | 223376 | 203613 |
|  Cost of goods sold – products | 205172 | 222735 |
|  Cost of goods sold – spare parts | 142625 | 148710 |
|  **Total cost of sales** | **571173** | **575058** |
|  Selling, general and administrative expenses | 146810 | 127417 |
|  Research and development expenses | 7067 | 3041 |
|  Other operating expenses (income), net | (301) | 1929 |
|  **Total operating expenses** | **724749** | **707445** |
|  **Operating income** | **118614** | **78001** |
|  Foreign currency gain (loss), net | (5293) | 796 |
|  Other non-operating income, net | 423 | 231 |
|  Interest expense, net | (37255) | (46269) |
|  **Income before income taxes** | **76489** | **32759** |
|  Income tax expense | (24533) | (15357) |
|  **Net income** | $**51956** | $**17402** |
|  Less: Net income attributable to non-controlling interests | 738 |  |
|  **Net income attributable to HMH Holding B.V.** | $**51218** | $**17402** |
|  Earnings per share—basic and diluted | $256090 | $87010 |

---

*The accompanying notes are an integral part of these consolidated financial statements.* 

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##### [**Table of Contents**](#toc)
**HMH Holding B.V. and subsidiaries** 

**Consolidated statements of comprehensive income** 

**(in thousands)** 

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
| | **2024** | **2023** |
|  **Net income** | $**51956** | $**17402** |
|  **Other comprehensive income (loss), net of tax** |  |  |
|  Foreign currency translation adjustments | (20568) | 5096 |
|  Cash flow hedges, net of a tax benefit of $966 and a tax expense of $821 for 2024 and 2023, respectively | (3348) | 2868 |
|  Benefit plans, net of tax expense of $312 and $373 for 2024 and 2023, respectively | 842 | 522 |
|  **Total other comprehensive income (loss)** | **(23074)** | **8486** |
|  **Comprehensive income** | **28882** | **25888** |
|  Less: Comprehensive income attributed to non-controlling interests | (738) |  |
|  **Comprehensive income attributable to HMH Holding B.V.** | $**28144** | $**25888** |

---

*The accompanying notes are an integral part of these consolidated financial statements.* 

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**HMH Holding B.V. and subsidiaries** 

**Consolidated balance sheets** 

**(in thousands, except par value)** 

---

| | | |
|:---|:---|:---|
| | **December 31,<br>2024** | **December 31,<br>2023** |
|  **Assets** |  |  |
|  **Current assets** |  |  |
|  Cash and cash equivalents | $48912 | $62524 |
|  Current account receivables, net | 133796 | 117569 |
|  Related party accounts receivable | 2332 | 2523 |
|  Related party notes receivable—current | 3679 | 1500 |
|  Contract assets | 153150 | 160933 |
|  Inventories, net | 279957 | 242228 |
|  Other current receivables | 14244 | 14625 |
|  Prepaids and other current assets | 23953 | 27103 |
|  **Total current assets** | **660023** | **629005** |
|  Property, plant and equipment, net | 198684 | 214834 |
|  Goodwill | 300939 | 287848 |
|  Customer relationships | 75758 | 82812 |
|  Other intangible assets, net | 59396 | 64432 |
|  Related party note receivable | 31747 | 28720 |
|  Right-of-use assets | 34673 | 33397 |
|  Other assets | 19997 | 27370 |
|  **Total assets** | $**1381217** | $**1368418** |
|  **Liabilities and equity** |  |  |
|  **Current liabilities** |  |  |
|  Accounts payables | $107807 | $112076 |
|  Accounts payable—related party | 551 | 127 |
|  Current portion of long-term debt, net | 14397 | 22112 |
|  Contract liabilities | 55627 | 75525 |
|  Accrued expenses | 130148 | 127766 |
|  Other current liabilities | 33633 | 38687 |
|  **Total current liabilities** | **342163** | **376293** |
|  Long-term debt, net | 196837 | 196460 |
|  Long-term debt, net—related party | 131910 | 119587 |
|  Non-current operating lease liabilities | 27052 | 26573 |
|  Other liabilities | 51918 | 56374 |
|  **Total liabilities** | **749880** | **775287** |
|  **Shareholders' equity** |  |  |
|  Ordinary shares (€1.00 par value, 200 shares authorized and 200 shares issued and outstanding) |  |  |
|  Additional paid-in capital | 610431 | 601539 |
|  Retained earnings (loss) | 38489 | (12729) |
|  Accumulated other comprehensive income (loss) | (18753) | 4321 |
|  **Total shareholders' equity** | **630167** | **593131** |
|  Non-controlling interests | 1170 |  |
|  **Total equity** | **631337** | **593131** |
|  **Total liabilities and shareholders' equity** | $**1381217** | $**1368418** |

---

*The accompanying notes are an integral part of these consolidated financial statements.* 

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**HMH Holding B.V. and subsidiaries** 

**Consolidated statements of change in shareholders' equity** 

**(in thousands, except as otherwise noted)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares<br>issued and<br>outstanding** | **Ordinary<br>shares** | **Additional<br>paid-in<br>capital** | **Hedging<br>reserve** | **Pension<br>remeasurement<br>reserve** | **Currency<br>translation<br>reserve** | **Accumulated<br>other<br>comprehensive<br>gain/(loss)** | **Non-<br>controlling<br>interest** | **Retained<br>earnings<br>(loss)** | **Total<br>equity** |
|  | *Actual*<br> *shares*<br> *outstanding* |  |  |  |  |  |  |  |  |  |
|  **Balance as of January 1, 2023** | **200** | $**—** | $**601539** | $**(1770)** | $**698** | $**(3093)** | $**(4165)** | $**—** | $**(30131)** | $**567243** |
|  **Net income** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **17402** | **17402** |
|  **Other comprehensive income (loss)** | **—** | **—** | **—** | **2868** | **522** | **5096** | **8486** | **—** | **—** | **8486** |
|  **Equity as of December 31, 2023** | **200** | **—** | **601539** | **1098** | **1220** | **2003** | **4321** | **—** | **(12729)** | **593131** |
|  **Balance as of January 1, 2024** | **200** | **—** | **601539** | **1098** | **1220** | **2003** | **4321** | **—** | **(12729)** | **593131** |
|  **Sale ownership interest in Hydril Arabia** | **—** | **—** | **8892** | **—** | **—** | **—** | **—** | **432** | **—** | **9324** |
|  **Net income** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **738** | **51218** | **51956** |
|  **Other comprehensive income (loss)** | **—** | **—** | **—** | **(3348)** | **842** | **(20568)** | **(23074)** | **—** | **—** | **(23074)** |
|  **Equity as of December 31, 2024** | **200** | $**—** | $**610431** | $**(2250)** | $**2062** | $**(18565)** | $**(18753)** | $**1170** | $**38489** | $**631337** |

---

*The accompanying notes are an integral part of these consolidated financial statements.* 

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**HMH Holding B.V. and subsidiaries** 

**Consolidated statements of cash flows** 

**(in thousands)** 

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| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
| | **2024** | **2023** |
|  **Cash flows from operating activities** |  |  |
|  Net income | $51956 | $17402 |
|  Adjustments to reconcile net loss to net cash provided by in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 39402 | 38831 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) / loss on disposal of assets |  | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of borrowing costs | 1858 | 5810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred tax expense (benefit) | 7033 | 147 |
|  **Changes in operating assets and liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable and related party accounts receivable | (10446) | 16084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract assets | 7783 | (22975) |
| &nbsp;&nbsp;&nbsp;&nbsp; Inventories, net | (34686) | (58074) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other current receivables | (2967) | (9777) |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid and other current assets | 3260 | 1761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accounts payable—related party | (5152) | 16130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 2382 | (10894) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liabilities | (19898) | 17886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other current and long-term liabilities | 3787 | 11022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other, net | (9451) | 2251 |
|  **Net cash provided by operating activities** | $**34861** | $**25574** |
|  **Cash flows from investing activities** |  |  |
|  Purchase of property, plant and equipment | (16096) | (14116) |
|  Sale proceeds from property and equipment | 213 | 601 |
|  Purchase of intangible asset | (192) |  |
|  Development costs | (2244) | (10541) |
|  Acquisition of business, net of cash | (19624) |  |
|  **Net cash used in investing activities** | $**(37943)** | $**(24056)** |
|  **Cash flows from financing activities** |  |  |
|  Proceeds from issuance of long-term loans | 90000 | 232059 |
|  Proceeds from sale to non-controlling interests | 2291 |  |
|  Proceeds from debt with related party |  | 2735 |
|  Repayment of long-term loans | (97984) | (208895) |
|  Payment of borrowing costs | (1615) | (11243) |
|  **Net cash provided by (used in) financing activities** | $**(7308)** | $**14656** |
|  Effect of foreign exchange rate on cash and cash equivalents | (3222) | (986) |
|  **Net (decrease) / increase in cash and cash equivalents and restricted cash** | $**(13612)** | $**15188** |
|  **Cash, cash equivalents and restricted cash, beginning of year** | $**62524** | $**47336** |
|  **Cash, cash equivalents and restricted cash, end of year** | $**48912** | $**62524** |
|  **Supplemental cash flow information:** |  |  |
|  Cash paid for income taxes, net | $**(17218)** | $**(11972)** |
|  Cash paid for interest | $**(23284)** | $**(26159)** |

---

*The accompanying notes are an integral part of these consolidated financial statements.* 

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**HMH Holding B.V. and Subsidiaries** 

**Notes to consolidated financial statements** 

**1. Basis of presentation and summary of significant accounting policies** 

**Description of business** 

HMH Holding B.V. ("HMH," the "Company," "we" or "our") is a leading global provider of offshore and onshore drilling equipment and services.

The Company was operationally established with effect from October 1, 2021, through its acquisition of all shares in the MHWirth business from Akastor ASA and the Subsea Drilling Systems business from Baker Hughes Company. After these transactions, the shareholders were Baker Hughes Holdings LLC (50%), Akastor AS (25%) and Mercury HoldCo Inc. (25%). Baker Hughes Holdings LLC is a wholly owned subsidiary of Baker Hughes Company (together with Baker Hughes Holdings LLC, "Baker Hughes"), and Akastor AS and Mercury HoldCo Inc. are wholly owned subsidiaries of Akastor ASA (together with Akastor AS, Mercury HoldCo AS and Mercury HoldCo Inc., "Akastor").

**Basis of presentation** 

The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S." and such principles, "U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for annual financial information. The consolidated financial statements include the accounts of HMH and all of its subsidiaries and affiliates that it controls or variable interest entities for which the Company has determined it is the primary beneficiary. All intercompany accounts and transactions have been eliminated.

In the notes to the consolidated financial statements, all dollar amounts in tables are in thousands of dollars unless otherwise indicated. Certain columns and rows in the financial statements and notes thereto may not add due to the use of rounded numbers.

**Use of estimates** 

The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Although management believes these assumptions to be reasonable, given historical experience, actual amounts and results could differ from these estimates. Estimates are used for, but are not limited to, determining the following: allowance for credit losses and inventory valuation reserves; recoverability of long-lived assets; revenue recognition on long-term contracts; valuation of goodwill; useful lives used in depreciation and amortization; income taxes and related valuation allowances; accruals for contingencies; actuarial assumptions to determine costs and liabilities related to employee benefit plans; stock-based compensation expense; warranty liabilities; valuation of derivatives; and the fair value of assets acquired and liabilities assumed in business combinations.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected.

**Foreign currency** 

The consolidated financial statements are presented in U.S. dollars ("USD"). Assets and liabilities of non-U.S. operations with a functional currency other than USD have been translated into USD using the Company's

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period end exchange rates, and revenue, expenses and cash flows have been translated at average rates for the respective periods. Any resulting translation gains and losses are included in other comprehensive income (loss). The impact of remeasurement of monetary assets and liabilities denominated in currencies other than the functional currency of the Company or its subsidiaries is included in the consolidated statements of income.

**Business combinations** 

Business combinations are accounted for using the acquisition method as of the acquisition date, which is the date when control is transferred to the Company.

Transaction costs are expensed as incurred.

**Offering costs** 

In connection with the HMH Holding Inc.'s initial public offering, the Company has incurred or will incur accounting, legal and other costs, which will be reimbursed by HMH Holding Inc. upon consummation of the initial public offering. Such costs will be deferred and recorded as a reduction to stockholder's equity and recorded against the proceeds from the offering. In the event the offering is aborted, such deferred offering costs will be expensed.

**Cash and cash equivalents** 

Cash and cash equivalents include cash on hand, demand deposits held at banks and other short-term highly liquid investments with original maturity of three months or less. Restricted cash may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others or company statements of intention with regard to particular deposits. The Company held an immaterial balance of restricted cash as of December 31, 2024 and December 31, 2023.

**Accounts receivable** 

Accounts receivable is recorded at the invoiced amount, net of any allowance for credit losses. The Company evaluates the expected credit losses of accounts receivable, considering historical credit losses, current customer-specific information and other relevant factors when determining the allowance. The Company monitors customer payment history and current creditworthiness to determine that collectability of the related financial assets is reasonably assured. The Company also considers the overall business climate in which customers operate. For accounts receivable, a loss allowance matrix is utilized to measure lifetime expected credit losses. The matrix contemplates historical credit losses by age of receivables, adjusted for any forward-looking information and management expectations. Accounts receivable has been reduced by an allowance of $5.6 million and $6.7 million as of December 31, 2024 and 2023, respectively.

**Interest-bearing receivables** 

Interest-bearing receivables include loans to related parties and are generally classified as financial assets measured at amortized costs using the effective interest method, less any impairment losses.

**Derivative financial instruments** 

The Company uses derivative financial instruments such as currency forward contracts to hedge its exposure to foreign exchange risks arising from operational, financial and investment activities. These derivative financial instruments are accounted for as cash flow hedges since highly probable future cash flows are hedged (rather than committed revenues and expenses).

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Derivative financial instruments are initially and subsequently measured at fair value. The effective portion of the hedge is recognized in accumulated other comprehensive income (loss) ("AOCI") and reclassified into earnings when the hedged item affects earnings. Any gain or loss relating to the ineffective portion of derivative hedging instruments is recognized immediately in the consolidated statements of income as other non-operating income. Financial instruments, including derivatives, are only used to mitigate risk and are not used for trading and/or speculation purposes.

Hedge accounting is discontinued when the hedge no longer qualifies for hedge accounting. Disqualification occurs when the hedging instrument expires, is sold, terminated or exercised, or when a forecast transaction is no longer expected, or the hedge is no longer effective. When a hedge is discontinued, the gain or loss is deferred in the hedging reserve if the hedged transaction remains highly probable, until that transaction occurs; otherwise, it is expensed immediately. For cash flow hedges associated with forecast transactions that subsequently result in recognition of a non-financial asset, the amounts accumulated in the cash flow hedge reserve are included directly in the initial cost of the non-financial asset when recognized.

**Interest-bearing borrowings** 

Interest-bearing borrowings are recognized initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are measured at amortized cost with any difference between cost and redemption value being recognized in the consolidated statements of income over the period of the borrowings on an effective interest basis.

**Share capital** 

Ordinary shares are classified as equity. A repurchase of share capital is recognized as a reduction in equity and is classified as treasury shares. The Company has Class A ordinary shares and Class B ordinary shares, with equal rights for all shares. The holders of ordinary shares are entitled to receive dividends and are entitled to one vote per share at general meetings. Total outstanding shares are 200 shares, par value EUR 1 per share. As of December 31, 2024 and 2023, the Company had 100 Class A ordinary shares and 100 Class B ordinary shares outstanding.

**Inventories** 

Inventories are recognized at the average acquisition cost or net realizable value, whichever is lower. The net sales value for raw materials and work in progress (goods under production) is calculated as the net realizable value of the finished products less the remaining production and sales costs. In the case of manufactured inventories and work in progress, costs include an appropriate share of attributable costs based on normal operating capacity.

**Credit risk** 

The Company's current receivables are spread over a broad and diverse group of customers across many countries. The Company grants credit to its customers and performs periodic credit evaluations of its customers' financial conditions, including monitoring its customers' payment history and current creditworthiness to manage this risk. The Company does not generally require collateral in support of its current receivables, but the Company may require payment in advance or security in the form of a letter of credit or a bank guarantee.

Having a concentration of customers in the energy industry may impact the Company's overall exposure to credit risk as its customers may be similarly affected by prolonged changes in economic and industry

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conditions. Some of the Company's customers may experience extreme financial distress as a result of falling commodity prices and may be forced to seek protection under applicable bankruptcy laws, which may affect the Company's ability to recover any amounts due from such customers. Furthermore, countries that rely heavily upon income from hydrocarbon exports have been and may in the future be negatively and significantly affected by a drop in oil prices, which could affect the Company's ability to collect, timely or at all, from its customers in these countries, particularly national oil companies. Laws in some jurisdictions in which the Company operates or will operate could make collection difficult or time consuming.

The maximum exposure to credit risk at the reporting date equals the carrying amounts of financial assets. The Company does not hold collateral as security. Contract assets and liabilities are stated in Note 11—"Revenue from contracts with customers."

**Leases** 

***Right-of-use assets***

The Company recognizes a right-of-use asset at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any prepaid lease payments made at or before the commencement date, plus any initial direct costs. The right-of-use asset is subject to impairment assessment of non-financial assets and adjusted for certain remeasurement of the lease liability.

***Lease liabilities***

At the lease commencement date, the Company recognizes lease liability measured at the present value of the lease payments over the lease term, discounted using the Company's incremental interest rate. Generally, the lease payments include fixed payments and variable lease payments that depend on an index or rate. Changes in future lease payments arising from a change in an index or rate are reflected as expense in the period the change occurs.

***Short-term leases***

The Company applies the recognition exemption to its leases that have a lease term of 12 months or less from the commencement date. Lease payments associated with the short-term leases are recognized as expenses on a straight-line basis over the lease term.

***Lease term***

The Company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease, if it is reasonably certain to be exercised, or any period covered by an option to terminate the lease if it is reasonably certain not to be exercised. The Company applies judgment in evaluating whether it is reasonably certain to exercise an extension option, considering all relevant factors that create economic incentive to exercise the extension option.

**Property, plant and equipment** 

Property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. The cost of self-constructed assets includes the cost of materials, direct labor, borrowing costs on qualifying assets, production overheads and the estimated costs of dismantling and removing the assets and restoring the site on which they are located.

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If the components of property, plant and equipment have different useful lives, they are accounted for as separate components.

***Subsequent costs***

The Company capitalizes the cost of a replacement part or a component of property, plant and equipment when incurred if it can be measured reliably and it extends the useful life of the asset or qualifies as an asset improvement. All other costs are expensed as incurred.

***Depreciation***

Depreciation is normally recognized on a straight-line basis over the estimated useful lives of property, plant and equipment.

Estimates for useful life, depreciation method and residual values are reviewed annually. Assets are depreciated on a straight-line basis over their expected economic lives as follows:

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| | | |
|:---|:---|:---|
| **Asset Classification** | **Useful life** | **Useful life** |
|  Buildings |  | 16-33 years |
|  Machinery, equipment and software |  | 3-16 years |

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***Impairment***

The Company reviewed the recoverability of long-lived assets, including finite-lived acquired intangible assets and property, plant and equipment, when events or changes in circumstances occur that indicate the carrying value of the asset or asset group may not be recoverable. The assessment of possible impairment is based on the Company's ability to recover the carrying value of the asset or asset group from the expected future pre-tax cash flows (undiscounted) of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between estimated fair value and carrying value. The Company concluded there were no indicators evident or other circumstances present that these assets were not recoverable and, accordingly, no impairment charges of long-lived assets were recognized for 2024 and 2023.

**Goodwill** 

Goodwill represents the excess of purchase price paid by the Company over the fair market value of the net assets acquired. Goodwill is tested for impairment annually or whenever events or circumstances change indicating that the fair value of a reporting unit with goodwill could be below its carrying amount.

The Company performs impairment testing if any impairment indicators are identified. The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of the Company's reporting unit is less than its carrying value. If the qualitative assessment indicates that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, a quantitative test is required. These calculations require management to estimate future cash flows expected to arise from these reporting units and an appropriate discount rate to reflect the time value of the money. The discounted cash flow is based on management's forecast of operating performance for each reporting unit. The two main assumptions used in measuring goodwill impairment, which bear the risk of change and could impact the Company's goodwill impairment analysis, include the cash flow from operations from each of the Company's individual reporting units and the weighted average cost of capital. The starting point for each reporting unit's cash flow from operations is the detailed annual plan or updated forecast. Cash flows beyond the specific operating plans were estimated using a terminal value calculation, which incorporated historical and forecasted financial cyclical

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trends for each reporting unit and considered long-term earnings growth rates in the oil and gas industry. The financial and credit market volatility directly impacts the Company's fair value measurement through the weighted average cost of capital that the Company uses to determine its discount rate. Key assumptions made by management also include assumptions for future market conditions, which require a high degree of judgment. If the carrying value of the reporting unit including goodwill exceeds its fair value, an impairment charge equal to the excess would be recognized up to a maximum amount of goodwill allocated to that reporting unit.

**Other intangible assets, patents and rights and customer relationships** 

Acquired intangible assets are measured at cost less accumulated amortization and impairment losses.

***Subsequent expenditures***

Subsequent expenditures on intangible assets are capitalized only when they increase the future economic benefits embodied in the specific asset to which they relate. All other expenditures are expensed as incurred.

***Amortization***

Amortization is recognized in the consolidated statements of income on a straight-line basis over the estimated useful lives of intangible assets unless such useful lives are indefinite. Intangible assets are amortized from the date they are available for use. Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

***Research and development expenses***

Expenditures on research activities undertaken with the prospect of obtaining new scientific or technical knowledge and understanding are recognized in the consolidated statements of income as incurred. These costs amounted to $7.1 million and $3.0 million for the years ended December 31, 2024 and 2023, respectively.

Development activities involving a plan or design for the production of new or substantially improved products or processes are expensed as incurred, unless the costs relate to an item that has an alternative future use. The Company follows Accounting Standards Codification ("ASC") 350-40 to account for development costs incurred for the costs of computer software developed or obtained for internal use. ASC 350-40 requires such costs to be capitalized once certain criteria are met. Capitalized internal-use software costs are primarily comprised of cost of materials, direct labor overhead costs that are directly attributable to preparing the asset for its intended use and capitalized interest on qualifying assets. Costs are capitalized once the project is defined, funding is committed, and it is confirmed the software will be used for its intended use. Capitalization of these costs concludes once the project is substantially complete and the software is ready for its intended purpose.

Capitalized development expenditures are measured at cost less accumulated amortization and accumulated impairment losses.

**Revenue from contracts with customers** 

***Revenue recognition***

Revenue from performance obligations satisfied over time, typically in project contracts and service contracts, is recognized according to progress. This requires estimates of the final total revenue, as well as measurement of progress achieved to date as a proportion of the total work to be performed. The estimated progress in long-term project and other manufacturing contracts is based on internal and external estimates of progress. See the following table for the description of types of revenue and revenue recognition policy by type of revenue.

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| | | |
|:---|:---|:---|
| **Type of contract/revenue** | **Nature of performance obligations,<br>including significant payment terms** | **Significant revenue recognition<br>policies** |
| Project and other manufacturing contracts | Under project and other manufacturing contracts, specialized products are built to a customer's specifications and the assets have no alternative use to the Company. If a project or other manufacturing contract is terminated by the customer, the Company has an enforceable right to payment for the work completed to date. The contracts establish a legally enforceable milestone payment schedule as well as a legally enforceable right to receive payment for work completed.<br>Each of the project or other manufacturing contracts normally includes a single, combined output for the customer, such as an integrated drilling equipment package. A single performance obligation, satisfied over time, is identified in each contract. Project and other manufacturing contracts revenue is presented in product revenue on the consolidated statements of income.<br>Normal payment terms for project and other manufacturing contracts are 30 to 45 days. | Revenue from project and other manufacturing contracts is recognized according to progress. The input method used to measure progress is determined by reference to the costs incurred to date relative to the total estimated contract cost. Because of the uniqueness of the project and the required engineering in the initial phases of construction contracts, the Company may defer recognition of revenue, in excess of costs, until the point that progress can be measured reliably, which is when a project is approximately 20% complete.<br>The Company considers milestone payments as variable consideration, with the full milestone payment representing the most likely outcome based on the Company's historical experience. In addition, liquidated damages are recognized as a reduction of the transaction price unless it is highly probable that it will not be incurred. Disputed amounts and claims are only recognized when negotiations have reached an advanced stage, customer acceptance is highly likely and the amounts can be measured reliably. |
| Service revenue | Service revenue is generated from the rendering of various aftermarket services for installed products to customers. This offering includes field service, maintenance, overhaul and repair.<br>Field service, maintenance and overhaul and repair services are satisfied over time as the customers simultaneously receive and consume the benefits provided by these services.<br>For service contracts with multiple performance obligations, the Company allocates the transaction price based on the standalone selling price of each performance obligation. The Company determines the standalone selling price based on observable prices or will use an | Service revenue associated with field service, maintenance and overhaul and repair is recognized according to progress or the as-invoiced amounts, when the invoiced amounts directly correspond with the benefit of the services that are transferred to the customers. Progress is measured using the input method based on labor hours incurred. |

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| | | |
|:---|:---|:---|
| **Type of contract/revenue** | **Nature of performance obligations,<br>including significant payment terms** | **Significant revenue recognition<br>policies** |
|  | estimation method if observable prices are not available.<br>Normal payment terms for service revenue are 30 to 45 days. |  |
| Spare parts revenue | Revenue from spare parts, which involve physical transfer of goods, is satisfied at a point of time when control transfers to the customers, according to the contract terms.<br>Normal payment terms for spare parts revenue are 30 to 45 days. | Revenue from spare parts is recognized when the customers obtain control of the goods, according to the contract terms, typically at physical shipment of goods. |
| Sale of products | This revenue type involves sale of products or equipment that are of a standard nature, not made to the customer's specifications. Customers obtain control of these products according to the contract terms.<br>The Company has assessed that these performance obligations are satisfied at a point of time. Revenue for sale of products is presented in product revenue on the consolidated statements of income.<br>For contracts with multiple performance obligations, the Company allocates the transaction price based on the standalone selling price of each performance obligation. The Company determines the standalone selling price based on observable prices or will use an estimation method if observable prices are not available.<br>Normal payment terms for sale of products are 30 to 45 days. | Revenue from these performance obligations is recognized when the customers obtain control of the goods, according to the contract terms. |

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***Contract assets***

Contract assets represent the amounts recognized as revenue by the Company for which the rights to payment have not become unconditional as of the reporting date. The contract assets are transferred to receivables when the rights to payment become unconditional, which usually occurs when invoices are issued to the customers.

***Contract liabilities***

A contract liability is recognized if a payment is received or a payment is due (whichever is earlier) from a customer before the Company transfers the related goods or services. Contract liabilities are recognized as revenue when the Company performs under the contract (*i.e.*, transfers control of the related goods or services to the customer).

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**Income taxes** 

The Company operates through various subsidiaries in a number of countries throughout the world. Income taxes have been recorded based upon the income tax laws and rates of the countries in which the Company operates and earns income. The Company's annual income tax expense is based on taxable income, statutory income tax rates and tax planning opportunities available in the various jurisdictions in which it operates. The determination and evaluation of the annual income tax expense and tax positions involves the interpretation of the tax laws in the various jurisdictions in which the Company operates. It requires significant judgment in determining the Company's income tax expense and in evaluating its tax positions, including evaluating uncertainties and the use of estimates and assumptions regarding significant future events such as the amount, timing and character of income, deductions and tax credits. The Company's tax filings are subject to examination by the taxing authorities in the jurisdictions where it conducts business. These examinations may result in assessments of additional income taxes that are resolved with the taxing authorities or through the courts.

The financial statement effects of tax positions are recognized if the tax position is more likely than not to be realized. Recognized tax positions are measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized. A valuation allowance is established for any portion of a deferred tax asset that management believes is not more likely than not to be realized. Valuation of deferred tax assets is dependent on management's assessment of future recoverability of the deferred tax benefit. Expected recoverability may result from expected taxable income in the near future, planned transactions or planned tax optimizing measures. Economic conditions may change and lead to a different conclusion regarding recoverability, and such change may affect the results for each future reporting period.

**Accrued liabilities** 

***Warranties***

Provision for warranties is recognized when the underlying products or services are sold. The provision is based on historical warranty data and a weighting of all possible outcomes against their associated probabilities.

A provision is made for expected warranty expenditures. The warranty period is normally 12 to 30 months depending on the specific customer contract and terms. See Note 12—"Accrued expenses" for further

information about provisions for warranty expenditures.

***Restructuring***

A restructuring provision is recognized when the Company has developed a detailed formal plan for the restructuring and has raised a valid expectation in those affected that the entity will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity.

***Legal disputes and contingent liabilities***

Given the scope of the Company's worldwide operations, its subsidiaries are inevitably involved in legal disputes in the course of their business activities. In addition, the Company from time to time engages in mergers, acquisitions and other transactions that could expose the Company to financial and other non-operational risks, such as indemnity claims and price adjustment mechanisms resulting in recognition of deferred settlement

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obligations. Provisions have been made to cover the expected outcome of the legal claims and disputes to the extent negative outcomes are likely and reliable estimates can be made. However, the final outcomes of these cases are subject to uncertainties, and resulting liabilities may exceed provisions recognized. The Company follows the development of these disputes on case-by-case basis and makes assessment based on all available evidence as at the reporting date.

**Employee benefits** 

***Defined contribution plans***

Obligations for contributions by the Company to defined contribution plans are recognized as an expense in the consolidated statements of income as incurred.

***Defined benefit plans***

The Company's net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets.

The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method. The discount rate is the yield at the reporting date on government bonds or high-quality corporate bonds with maturities consistent with the terms of the obligations.

Remeasurement of the net defined benefit liability, which comprises actuarial gains and losses, and the return on plan assets (excluding interest) are recognized immediately in other comprehensive income. The Company determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability (asset), taking into account any changes in the net defined benefit liability (asset) during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognized in the consolidated statements of income. When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognized immediately in the consolidated statements of income. The Company recognizes gains and losses on the settlement of a defined benefit plan when the settlement occurs.

**Fair value measurement** 

When available, the Company measures the fair value of a financial instrument using the quoted price in an active market for that instrument. If there is no quoted price in an active market, then the Company uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction.

The best evidence of the fair value of a financial instrument on initial recognition is normally the transaction price. If the Company determines that the fair value on initial recognition differs from the transaction price and the fair value is evidenced neither by a quoted price in an active market for an identical asset or liability nor based on a valuation technique that uses only data from observable markets, the financial instrument is initially measured at fair value, and the difference between the fair value on initial recognition and the transaction price is recognized as a deferred gain or loss. Subsequently, the deferred gain or loss is recognized in profit or loss on an appropriate basis over the life of the instrument.

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The determination of the fair value and the useful lives of the assets and liabilities acquired is performed, which requires the application of judgment. Fair values have been estimated by a range of different valuation techniques, such as the market approach, income approach and cost approach based on the techniques that have been assessed to be most appropriate for the type of assets or liability measured. All of these methods include a range of various assumptions where significant estimation has been exercised.

A number of the Company's accounting policies and disclosures requires the measurement of fair values, for both financial and non-financial assets and liabilities, including:

(a) Derivatives

(b) Acquisitions

When measuring the fair value of an asset or a liability, the Company uses observable market data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.

• Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

• Level 2: Quoted prices for similar instruments in active markets; quoted prices of identical or similar instruments in
markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

• Level 3: Significant inputs to the valuation model are unobservable.

If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

The Company recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

**Investment in subsidiaries** 

For investments in subsidiaries that are not wholly owned, but where the Company exercises control, the equity held by the minority owners and their portion of net income are reflected as non-controlling interests.

On March 28, 2024, Hydril PCB Limited ("Hydril UK"), a subsidiary of the Company, issued shares representing a 30% non-controlling interest in its subsidiary, Hydril Pressure Controlling Arabia Limited ("Hydril Arabia"), to Tanajib Holding Company CJSC ("Tanajib"), in exchange for total consideration of $9.2 million, comprising $2.3 million of upfront consideration and $6.9 million of deferred consideration. The Company recognized cash of $2.3 million, related party accounts receivable—current of $2.2 million and related party notes receivable of $4.7 million.

**Concentration risk** 

The Company had one customer that accounted for approximately 18.2% and $153.9 million of revenue for the year ended December 31, 2024. The Company expects to maintain its relationship with this customer. No customers accounted for more than 10% of revenue for the year ended December 31, 2023.

**Recently adopted accounting standards** 

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure." The

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ASU updates reportable segment disclosure requirements, primarily through requiring enhanced disclosures about significant segment expenses and information used to assess segment performance. The amendments do not change how segments are determined or aggregated, or how thresholds are applied to determine reportable segments. The Company adopted ASU No. 2023-07 during the year ended December 31, 2024. See Note 19—"Segment information and geographic data" for further detail.

**New accounting standards to be adopted** 

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 provide for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for the Company prospectively to all annual periods beginning after December 15, 2025. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its disclosures.

In November 2024, the FASB issued ASU No. 2024-03, "Disaggregation of Income Statement Expenses (Subtopic 220-40)." The ASU requires public entities to disaggregate, in a tabular presentation, certain income statement expenses into different categories, such as purchases of inventory, employee compensation, depreciation and intangible asset amortization. The guidance is effective for fiscal years beginning after December 15, 2026, with early adoption permitted, and may be applied retrospectively. The Company is currently evaluating the impact of adopting the new ASU on its consolidated financial statements and related disclosures.

All other new accounting pronouncements that have been issued, but not yet effective, are currently being evaluated and at this time are not expected to have a material impact on the Company's financial position or results of operations.

**2. Inventories** 

Inventories, net of reserves of $105.4 million and $115.5 million in 2024 and 2023, respectively, consisted of the following as of December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
| | **2024** | **2023** |
|  Stock of raw materials | $26354 | $38859 |
|  Goods under production (work in progress) | 45585 | 7982 |
|  Finished goods | 208018 | 195387 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Inventories, net** | $**279957** | $**242228** |

---

For the years ended December 31, 2024 and 2023, the Company recorded inventory write-downs of $5.7 million and $0.8 million, respectively.

**3. Property, plant and equipment** 

Property, plant and equipment consisted of the following as of December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
| | **2024** | **2023** |
|  Buildings and land | $151638 | $166325 |
|  Machinery, equipment and software | 85822 | 83673 |
|  Assets under construction | 3317 | 5694 |
|  **Total cost** | $**240777** | $**255692** |
|  Less: Accumulated depreciation | (42093) | (40858) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Property, plant and equipment, net** | $**198684** | $**214834** |

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Depreciation expense relating to property, plant and equipment was $18.7 million and $18.9 million for the years ended December 31, 2024 and 2023, respectively, and was recorded in the consolidated statements of income within cost of sales and selling, general and administrative expenses.

**4. Business combinations** 

**Drillform Technical Services Ltd.** 

On July 17, 2024, Hydril PCB Canada Inc., a wholly owned subsidiary of HMH, completed its acquisition of all of the issued and outstanding shares of Drillform Technical Services Ltd. ("Drillform") for a total purchase price of $24.7 million, consisting of $21.0 million in cash and $3.7 million in contingent consideration. Drillform holds a portfolio of patents and intellectual property related to equipment used in the handling of drill pipe during drilling operations and has a significant installed base of automated floor wrenches and catwalks. Drillform is based in Alberta, Canada and has facilities in Tulsa, Oklahoma and Abu Dhabi, United Arab Emirates. The Company accounted for the transaction as a business combination and allocated the total purchase price to assets acquired, liabilities and contingent consideration assumed based on their fair values at the date of acquisition. The purchase price allocation as of the date of acquisition was based on a preliminary valuation and is subject to revision as more detailed analyses are completed and additional information about the fair value of assets acquired and liabilities assumed becomes available.

The purchase price has been preliminarily allocated to major classes of assets and liabilities as follows:

---

| | |
|:---|:---|
| **Assets** | |
|  Cash and cash equivalents | $1377 |
|  Accounts receivable | 836 |
|  Inventory | 3043 |
|  Prepaid expenses and other current assets | 110 |
|  **Total current assets** | **5366** |
|  Property and equipment | 439 |
|  Intangible assets | 11000 |
|  **Total assets** | $**16805** |
|  **Liabilities and equity** |  |
|  **Current liabilities** |  |
|  Customer deposits | 3885 |
|  Accounts payable | 1307 |
|  Deferred tax liability | 1036 |
|  **Total current liabilities** | **6228** |
|  Total debt and leases | 2 |
|  Contingent consideration | 3700 |
|  **Total liabilities** | $**9930** |
|  **Equity consideration** | $**21000** |
|  **Goodwill** | $**14125** |

---

The following table summarizes the fair value of acquired identifiable intangible assets as of the date of acquisition:

---

| | |
|:---|:---|
|  Development costs<sup>(1)</sup>  | $6000 |
|  Customer relationships<sup>(1)</sup>  | **5000** |
|  **Total acquired intangible assets** | $**11000** |

---

(1) The weighted-average amortization period for developed technology and customer relationships are 5 years and 2 years, respectively.

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The contingent consideration consists of deferred payments by the Company to the acquiree's prior equity and debt holders for three years, contingent on meeting the prescribed realized sales price and margin targets for certain types of units sold. The Company estimated the fair value of the contingent consideration using a probability-weighted discounted cash flow method under the income approach. The Company considered a range of outcomes, with the maximum being $12 million, and determined the most likely amount of undiscounted contingent consideration is $4.7 million.

Goodwill generated from this business combination is primarily attributable to expected synergies from the transaction and incremental revenue and profit to be derived from the Company's expansion into global markets. The goodwill is not expected to be deductible for U.S. income tax purposes; however, it can be deducted for Canadian income tax purposes.

The Company incurred $3.6 million in transaction costs in connection with the acquisition, which were expensed as incurred and included in Selling, general and administrative expenses in the consolidated statement of income.

Following is the net impact of the Drillform acquisition on the Company's consolidated statement of income since the date of acquisition:

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| | |
|:---|:---|
| | **For the year ended<br>December 31, 2024** |
|  Revenues | $7906 |
|  Net income | (2760) |

---

Following are the supplemental consolidated financial results of the Company on an unaudited pro forma basis, as if the acquisition had been consummated on January 1, 2023:

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| | | |
|:---|:---|:---|
| | **For the years ended<br>December 31,** | **For the years ended<br>December 31,** |
| | **2024** | **2023** |
|  Revenues | $849860 | $802842 |
|  Net income attributable | 49753 | 10829 |
|  Net income per common share—basic and diluted | $248765 | $54145 |

---

These pro forma results were based on estimates and assumptions, which the Company believes are reasonable. They are not the results that would have been realized had the companies been combined during the periods presented and are not necessarily indicative of the Company's consolidated results of operations in future periods. The pro forma results include adjustments related to purchase accounting, primarily amortization of intangible assets. Acquisition costs and other nonrecurring charges were immaterial and are included in the earliest period presented.

**5. Goodwill** 

The changes in carrying value of goodwill are detailed by segment below:

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| | | | |
|:---|:---|:---|:---|
| | **ESS** | **PCS** | **Total** |
|  Balance as of December 31, 2022, | $184296 | $103229 | $287525 |
|  Acquisition through business combinations |  |  |  |
|  Currency translation differences | 323 |  | 323 |
|  **Balance as of December 31, 2023** | $**184619** | $**103229** | $**287848** |
|  Acquisition through business combinations<sup>(1)</sup> |  | 14125 | 14125 |
|  Currency translation differences | (1034) |  | (1034) |
|  **Balance as of December 31, 2024** | $**183585** | $**117354** | $**300939** |

---

(1) Goodwill acquired was assigned to PCS segment. See Note 4—"Business combinations" for more information.

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Goodwill is defined as an asset representing the future economic benefits arising from other assets acquired in a business combination or an asset acquisition by a not-for-profit entity that are not individually identified and separately recognized.

Goodwill mainly arose from the formation of the Company in 2021 as this was considered to be a business combination and accounted for using the acquisition method. For the purpose of impairment testing, goodwill has been allocated to the Company's reporting units, Equipment and System Solutions ("ESS") and Pressure Control Systems ("PCS"), which represents the lowest level at which goodwill is monitored in management reporting.

As a result of the Company's goodwill impairment assessment performed in the years ended December 31, 2024 and 2023, there were no goodwill impairments deemed necessary.

**6. Intangible assets** 

Intangible assets consisted of the following as of December 31, 2024 and 2023:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **2024** | | | | **2023** | |
| | **Useful life** | **Gross<br>carrying<br>amount** | **Accumulated<br>amortization** | **Net<br>carrying<br>amount** | **Gross<br>carrying<br>amount** | **Accumulated<br>amortization** | **Net<br>carrying<br>amount** |
|  Patents and rights | 3-5 years | $20107 | $(11627) | $8480 | $20550 | $(8890) | $11660 |
|  Customer relationships | 2-20 years | 112893 | (37135) | 75758 | 107893 | (25081) | 82812 |
|  Development costs | 3-8 years | 66049 | (15133) | 50916 | 65903 | (13131) | 52772 |
|  **Total** |  | $**199049** | $**(63895)** | $**135154** | $**194346** | $**(47102)** | $**147244** |

---

Amortization expense recognized for the years ended December 31, 2024 and 2023 was $20.7 million and $19.9 million, respectively, and was recorded in the consolidated statements of income within cost of sales and selling, general and administrative expenses.

The following table outlines the estimated future amortization expense related to intangible assets held as of December 31, 2024:

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| | |
|:---|:---|
| **Year ending December 31,** | **Amortization expense** |
| 2025 | $25293 |
| 2026 | 25255 |
| 2027 | 23051 |
| 2028 | 9968 |
| 2029 | 318 |
|  Thereafter | 51269 |
|  **Total** | $**135154** |

---

**7. Financial instruments** 

**Accounting classifications and fair values** 

For financial instruments measured at fair value, the levels in the fair value hierarchy are as shown below.

Level 1—Fair values are based on prices quoted in an active market for identical assets or liabilities.

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Level 2—Quoted prices for similar instruments in active markets; quoted prices of identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

Level 3—Fair values are based on unobservable inputs, mainly based on internal assumptions used in the absence of quoted prices from an active market or other observable price inputs

The following tables set forth the Company's financial instruments that are measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2024 and 2023:

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | | **2024** |
| | **Level 1** | **Level 2** | **Level 3<sup>(1)</sup>** | **Total** |
|  Assets |  |  |  |  |
|  Derivative financial instruments | $— | $1713 | $— | $1713 |
|  **Total assets** | $**—** | $**1713** | $**—** | $**1713** |
|  Liabilities |  |  |  |  |
|  Derivative financial instruments | $— | $4612 | $— | $4612 |
|  **Total liabilities** | $**—** | $**4612** | $**—** | $**4612** |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | | **2023** |
| | **Level 1** | **Level 2** | **Level 3<sup>(1)</sup>** | **Total** |
|  Assets |  |  |  |  |
|  Derivative financial instruments | $— | $2759 | $— | $2759 |
|  **Total assets** | $**—** | $**2759** | $**—** | $**2759** |
|  Liabilities |  |  |  |  |
|  Derivative financial instruments | $— | $1326 | $— | $1326 |
|  **Total liabilities** | $**—** | $**1326** | $**—** | $**1326** |

---

(1) The fair value (Level 3) of the seller's receivable against Akastor AS on proceeds from the sales or liquidation of Step Oiltools B.V. ("Step Oiltools") has been remeasured to zero as of
December 31, 2024 and 2023.

The carrying value of cash and cash equivalents, current receivables, accounts payable and accrued expenses approximates fair value based on the short-term nature of these accounts.

**Cash flow hedges** 

The Company uses cash flow hedging primarily to mitigate the effects of foreign exchange rate changes on future transactions denominated in foreign currencies. Accordingly, the vast majority of the Company's derivative activity in this category consists of forward currency exchange contracts. Changes in the fair value of cash flow hedges are recorded in the hedge reserve in AOCI and are recorded in earnings in the period in which the hedged transaction occurs. See the statements of change in shareholders' equity for further information on activity in AOCI for cash flow hedges. The maximum term of cash flow hedges is under 24 months as of December 31, 2024 and 2023.

The Company hedges its future transactions in foreign currencies with external banks. The foreign exchange derivatives are subject to hedge accounting. Hedges qualifying for hedge accounting are classified as cash flow hedges (hedges of highly probable future revenues and/or expenses).

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The hedged transactions in foreign currency that are subject to cash flow hedge accounting are highly probable future transactions expected to occur at various dates during the next one to four years, depending on progress in the projects. Gains and losses on forward foreign exchange contracts are recognized in other comprehensive income and reported as measurement adjustments within AOCI in equity until they are recognized in the consolidated statements of income in the period or periods during which the hedged transactions affect the consolidated statements of income. If the forward foreign exchange contract is rolled due to a change in timing of the forecasted cash flow, the settlement effect is included in contract assets or contract liabilities.

Derivative financial assets and liabilities are included in the other current assets and other current liabilities on the consolidated balance sheet.

The following table presents the fair value of the derivative financial instruments and a maturity analysis of the derivatives cash flows. Valuation techniques and inputs of forward contracts are based on the quoted forward exchange rate.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Maturity** | **Maturity** | **Maturity** | **Maturity** |
| | **Total** | **6 months<br>and less** | **6-12<br>months** | **1-2<br>years** |
|  **As of December 31, 2024** | | | |  |
|  **Foreign exchanges forward contracts to hedge highly probable forecasted sales** |  |  |  |  |
|  Notional amounts USD | $97710 | $74136 | $10817 | $12757 |
|  Average forward rate (USD/NOK) |  | 10.89 | 10.92 | 10.54 |
|  Notional amounts EUR | 10109 | 5485 | 4379 | 245 |
|  Average forward rate (EUR/NOK) |  | 11.90 | 11.93 | 12.09 |
|  Notional amounts GBP | £6027 | £3658 | £294 | £2075 |
|  Average forward rate (GBP/NOK) |  | 13.94 | 13.91 | 13.83 |
|  Notional amounts EUR | 40449 | 28141 | 12308 |  |
|  Average forward rate (EUR/USD) |  | 1.08 | 1.08 |  |
|  **Foreign exchanges forward contracts to hedge highly probable forecasted purchases** |  |  |  |  |
|  Notional amounts EUR | 4235 | 3185 | 1050 |  |
|  Average forward rate (EUR/NOK) |  | 11.76 | 11.94 |  |
|  Notional amounts GBP | £2596 | £1206 | £450 | £940 |
|  Average forward rate (GBP/NOK) |  | 13.65 | 13.95 | 13.92 |
|  Notional amounts EUR | 2246 | 2246 |  |  |
|  Average forward rate (EUR/USD) |  | 1.11 |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Maturity** | **Maturity** | **Maturity** | **Maturity** |
| | **Total** | **6 months<br>and less** | **6-12<br>months** | **1-2<br>years** |
|  **As of December 31, 2023** |  |  |  |  |
|  **Foreign exchanges forward contracts to hedge highly probable forecasted sales** |  |  |  |  |
|  Notional amounts USD | $9123 | $3693 | $4001 | $1429 |
|  Average forward rate (USD/NOK) |  | 10.50 | 10.72 | 10.43 |
|  **Foreign exchanges forward contracts to hedge highly probable forecasted purchases** |  |  |  |  |
|  Notional amounts EUR | 8596 | 8344 | 223 | 29 |
|  Average forward rate (EUR/NOK) |  | 10.90 | 11.48 | 11.33 |
|  **Foreign exchanges forward contracts to hedge highly probable forecasted purchases** |  |  |  |  |
|  Notional amounts EUR | 9327 | 9002 | 325 |  |
|  Average forward rate (EUR/USD) |  | 1.10 | 1.11 |  |

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The following table presents a reconciliation by risk category of components of equity and analysis of other comprehensive income items, net of tax, resulting from cash flow hedge accounting.

---

| | | |
|:---|:---|:---|
| | **2024** | **2023** |
|  Balance as of January 1 | $1098 | $(1770) |
|  Change in fair value |  |  |
|  Change in foreign currency risk | (4314) | 3689 |
|  Income tax allocated to cash flow hedges | 966 | (821) |
|  **Balance as of December 31** | $**(2250)** | $**1098** |

---

**8. Other current liabilities** 

Other current liabilities consisted of the following as of December 31, 2024 and 2023:

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| | | |
|:---|:---|:---|
| | **2024** | **2023** |
|  Income taxes payable | 6376 | 8283 |
|  Operating lease liability external | 8114 | 8463 |
|  Public duties and taxes | 8142 | 5379 |
|  Withheld taxes and other deductions | 3317 | 4048 |
|  External derivatives financial liabilities | 4574 | 1326 |
|  Short-term deferred and contingent liabilities | 1922 | 1206 |
|  Other | 1188 | 9982 |
|  **Other current liabilities** | $**33633** | $**38687** |

---

**9. Leases** 

The Company has mostly property leases on a number of locations worldwide. The leases typically run for a period of two to ten years and some of the leases have extension options. The Company also has an immaterial amount of lease agreements related to cars, machinery, information technology ("IT") equipment and office equipment. These leases have an average lease period of two to three years, generally with no renewal options included.

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The Company applies the short-term lease recognition exemptions for leases of property or machinery with a lease term of 12 months or less. Short-term lease expense for the years ended December 31, 2024 and 2023

was $0.2 million and $0.9 million, respectively.

The lease agreements do not impose any covenants or restrictions.

The following table sets forth supplemental consolidated balance sheet information related to leases as of December 31, 2024 and 2023:

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| | | | |
|:---|:---|:---|:---|
| | **Classification** | **2024** | **2023** |
|  **Assets** |  |  |  |
|  Operating lease assets | Right-of-use assets | $34673 | $33397 |
|  **Total lease assets** |  | $**34673** | $**33397** |
|  **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Current** |  |  |  |
|  Operating | Other current liabilities | $8114 | $8463 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Noncurrent** |  |  |  |
|  Operating | Noncurrent lease liabilities | 27052 | 26573 |
|  **Total lease liabilities** |  | $**35166** | $**35036** |

---

The following table sets forth a summary of the components of lease expenses for the years ended December 31, 2024 and 2023:

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| | | | |
|:---|:---|:---|:---|
| **Lease cost** | **Classification** | **2024** | **2023** |
|  Operating lease cost | Selling, general and administrative expenses | $9708 | $7950 |
|  Sublease income | Service revenue | 544 | 465 |
|  **Net lease cost** |  | $**9164** | $**7485** |

---

The following table sets forth the maturities of operating lease liabilities as of December 31, 2024:

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| | |
|:---|:---|
| | **Operating lease** |
| 2025 | $8652 |
| 2026 | 8265 |
| 2027 | 7248 |
| 2028 | 6151 |
| 2029 | 4349 |
|  Thereafter | 12615 |
|  **Total lease payments** | $**47280** |
|  Less: present value discount | (12114) |
|  **Present value of lease liabilities** | $**35166** |

---

The following table sets forth the weighted-average remaining term and weighted average discount rates related to leases as of December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
| | **2024** | **2023** |
|  Weighted-average remaining lease term (years) | 6.65 | 7.43 |
|  Weighted-average discount rate | 6% | 6% |

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**Lease liabilities expiring within the following periods from the balance dates** 

Some property leases contain extension or termination options exercisable before the end of the non-cancellable period. They are used to maximize operational flexibility in terms of managing the assets used in the Company's operations. The extension and termination options held are exercisable only by the Company and not by the respective lessor. The Company assesses at the lease commencement date whether it is reasonably certain to exercise the extension or termination options.

Most extension options in office leases have not been included in the lease liability, because the Company expects to be able to replace the assets without significant cost or business disruption. Most of the early termination options are not considered in the lease term either as the Company assesses it as reasonably certain that the leases will not be terminated early. If the Company had exercised the extension options in significant property leases as of December 31, 2024, the Company estimates potential future lease payments (undiscounted) would have had an immaterial impact to the lease liability.

**10. Debt** 

Below are the contractual terms of the Company's interest-bearing loans and borrowings that are measured at amortized cost. The carrying values of the Company's short-term and long-term debt consisted of the following as of December 31, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
| | **Debt outstanding** | **Debt outstanding** | |
| | **2024** | **2023** | **Maturity<br>date** |
|  Senior Secured Bonds (HMH02) | $196837 | $196460 | Nov 2026 |
|  Shareholder Loans | 131910 | 119587 | Oct 2026 |
|  Revolving Credit Facility 2023 ($50 million) | 14397 | 21128 | May 2026 |
|  Credit Line in China |  | 984 | Jul 2024 |
|  Total debt, net | **343144** | **338159** |  |
|  Current debt, net | 14397 | 22112 |  |
|  Non-current debt, net | 328747 | 316047 |  |
|  **Total debt, net** | $**343144** | $**338159** |  |

---

**Debt agreements** 

***Senior Secured Floating Rate Bonds (HMH01)***

The Company's $150.0 million aggregate principal amount of its senior secured bonds (ISIN code: NO0012428996) (the "Senior Secured Floating Rate Bonds") were refinanced on or around November 15, 2023 and were repaid at 104.71562% of the nominal amount (plus accrued and unpaid interest of the redeemed amount) on November 22, 2023 and November 28, 2023. This transaction resulted in a $6.4 million loss on extinguishment of the debt, which is recognized in the consolidated statement of income for the year ended December 31, 2023.

***Senior Secured Bonds (HMH02)***

On or around November 15, 2023, the Company issued $200.0 million aggregate principal amount of its senior secured bonds (ISIN code: NO0013063495) (the "Senior Secured Bonds"), which accrue interest at a fixed rate of 9.875% per annum and mature on November 16, 2026. The Company will also incur additional interest of 1% per annum until the Senior Secured Bonds are listed on the Oslo Stock Exchange. The Senior Secured Bonds are secured by liens on substantially all of the Company's assets, including the equity of its material subsidiaries,

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and guarantees, either directly or indirectly, from its material subsidiaries. The security of the Senior Secured Bonds is subject to the Intercreditor Agreement (as defined herein) with the facility agent under the Revolver (as defined herein). The agreement governing the Senior Secured Bonds includes customary representations and warranties, affirmative covenants and certain restrictive covenants that may limit the Company's ability to, among other things, incur additional indebtedness, guarantee obligations, incur liens, make investments, loans or capital expenditures, sell or dispose of assets, enter into mergers or consolidations, enter into transactions with affiliates or make or declare dividends. The Senior Secured Bonds also require the Company to maintain at all times a minimum liquidity of not less than $30.0 million, a gearing ratio of Consolidated Net Total Borrowings to Consolidated Total Equity (each as defined in the agreement governing the Senior Secured Bonds) not to exceed 1.00 to 1.00 and an interest cover ratio of Adjusted EBITDA to Net Interest Expenses (each as defined in the agreement governing the Senior Secured Bonds) of not less than 2.50 to 1.00. Subject to compliance with certain conditions, the Company is permitted to increase its borrowings under the Senior Secured Bonds by up to $75.0 million, and the Company is also permitted to enter into certain bridge financing facilities with the lender(s) party thereto. The Company intends to list the Senior Secured Bonds on the Oslo Stock Exchange during the first half of 2025. The agreement governing the Senior Secured Bonds contains customary events of default. If an event of default exists under the Senior Secured Bonds, the lenders will be able to accelerate the maturity of the Senior Secured Bonds and exercise other rights and remedies. If an event of default exists under the Revolver, a cross-default will be triggered under the Senior Secured Bonds, and the bondholders thereunder will be able to accelerate the maturity of the Senior Secured Bonds and exercise other rights and remedies.

The Senior Secured Bonds are redeemable, at the Company's option, (i) prior to May 16, 2025, at a price equal to the make-whole amount and (ii) beginning on May 16, 2025, at a premium of 104.938%. The redemption premium then declines in steps until May 16, 2026, at which time the Company may redeem the bonds at a premium of 100.500%. The redemption premium then falls away at the maturity date, at which time the Company may redeem the bonds at par value.

Following a Change of Control or a Share De-Listing Event (each as defined in the agreement governing the Senior Secured Bonds), the Company can be required to prepay the Senior Secured Bonds at 101% of the nominal amount of the bonds being repaid.

Following a material asset sale, the Company can be required to prepay the Senior Secured Bonds at 100% of the nominal amount of the bonds being repaid, up to 50% of the gross proceeds of the material asset sale.

On December 11, 2024, the holders of the Senior Secured Bonds agreed, in exchange for a one-time consent fee, to amend certain terms of the Senior Secured Bonds to permit implementation of the corporate reorganization and the listing of HMH Holding Inc.'s Class A common stock on The Nasdaq Global Select Market ("Nasdaq"), and the documentation formally implementing the same became effective as of February 12, 2025.

***Shareholder Loans***

On October 1, 2021, the Company entered into a loan agreement with related parties, Baker Hughes Holdings LLC and Akastor AS (as amended, the "Shareholder Loan Agreement"), to finance its operating and finance activities. Baker Hughes Holdings LLC provided an $80.0 million term loan under the Shareholder Loan Agreement (the "Baker Hughes Shareholder Loan"), and Akastor AS provided a $20.0 million term loan under the Shareholder Loan Agreement (the "Akastor Shareholder Loan" and, together with the Baker Hughes Shareholder Loan, the "Shareholder Loans"). The Shareholder Loans mature on the earliest to occur of October 1, 2026 or a liquidation event (as defined in the Shareholder Loan Agreement) such as the consummation of HMH Holding Inc.'s initial public offering. As of December 31, 2024, the total amount of principal and accrued and unpaid interest outstanding under the Shareholder Loans was $131.9 million, which

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included $103.8 million outstanding under the Baker Hughes Shareholder Loan and $28.1 million outstanding under the Akastor Shareholder Loan. The Company also agreed to pay Baker Hughes and Akastor for certain deferred tax assets related to the contributed businesses in the amounts of approximately $0.2 million and $2.2 million, respectively, with such payment made by way of an increase to the Shareholder Loans. Such additional amounts relating to deferred tax assets are reflected in the Shareholder Loans' balances as of December 31, 2024. The Shareholder Loans bear interest at a rate of 8.0% per annum. The Shareholder Loans are unsecured. The Shareholder Loan Agreement includes certain restrictive covenants that may limit the Company's ability to, among other things, incur additional indebtedness or make or declare dividends. The Shareholder Loan Agreement contains customary representations and warranties, affirmative covenants and events of default. If an event of default exists under the Shareholder Loan Agreement, the lenders will be able to accelerate the maturity of the Shareholder Loans and exercise other rights and remedies. Subject to certain notice requirements, the Company may voluntarily prepay outstanding loans under the Shareholder Loan Agreement in whole or in part without premium or penalty.

***Revolving Credit Facility 2023 ($50 million)***

On November 20, 2023, the Company, DNB Bank ASA, as agent, certain financial institutions party thereto as lenders (the "Revolver Lenders") and DNB Markets, a part of DNB Bank ASA, and Nordea Bank Abp, filial i Norge, as mandated lead arrangers and bookrunners, entered into a senior facility agreement (the "Revolver") pursuant to which the Revolver Lenders provide revolving credit financing to the Company in an aggregate principal amount of up to $50.0 million. The scheduled maturity date of the Revolver is May 16, 2026.

Borrowings under the Revolver bear interest at the compounded reference rate, which is the applicable Secured Overnight Financing Rate ("SOFR") plus the applicable credit spread adjustment, plus a margin of 3.50% to 4.25% based on the Company's most recent leverage ratio. In addition to paying interest on outstanding principal under the Revolver, the Company is required to pay a quarterly commitment fee equal to 40% of the applicable margin on the unused available commitments.

The Revolver is secured by liens on substantially all of the Company's assets, including the equity of its material subsidiaries, and guarantees, either directly or indirectly, from its material subsidiaries. The security of the Revolver is subject to the Intercreditor Agreement with the trustee under the Senior Secured Bonds. The Revolver includes certain restrictive covenants that may limit the Company's ability to, among other things, incur additional indebtedness, guarantee obligations, incur liens, make investments, loans or capital expenditures, sell or dispose of assets, enter into mergers or consolidations, enter into transactions with affiliates or make or declare dividends. The Revolver also requires the Company to maintain at all times a minimum liquidity of not less than $30.0 million, a gearing ratio of Consolidated Net Total Borrowings to Consolidated Total Equity (each as defined in the Revolver) not to exceed 1.00 to 1.00 and an interest cover ratio of Adjusted EBITDA to Net Interest Expenses (each as defined in the Revolver) of not less than 2.50 to 1.00. The Revolver contains customary representations and warranties, affirmative covenants and events of default. If an event of default exists under the Revolver, the Revolver Lenders will be able to accelerate the maturity of the Revolver and exercise other rights and remedies. If an event of default exists under the Senior Secured Bonds, a cross-default will be triggered under the Revolver, and the Revolver Lenders will be able to accelerate the maturity of the Revolver and exercise other rights and remedies. Subject to certain notice requirements and certain partial prepayment amount restrictions, the Company may voluntarily prepay outstanding loans under the Revolver in whole or in part without premium or penalty. Following a Change of Control (as defined in the Revolver), the Company can be required to prepay the loans in whole if the parties do not reach an agreement to continue the loan.

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***Intercreditor Agreement***

On November 22, 2023, the facility agent under the Revolver and the trustee under the Senior Secured Bonds entered into a pari passu intercreditor agreement (the "Intercreditor Agreement") (subject to the super senior ranking of the Company's obligations under the Revolver and the hedging liabilities, in each case, with respect to the applications of proceeds thereunder) governing (i) the relative priorities of their respective security interests in the assets securing the Revolver, the Senior Secured Bonds and certain future secured indebtedness and (ii) certain other matters relating to the administration of their respective security interests, including the occurrence of an insolvency event.

***Credit Line in China***

On August 22, 2023, the Company entered into a credit line agreement (the "Credit Line in China") with Bank of China Shanghai Pudong branch (the "Credit Line in China Lender") pursuant to which the Credit Line in China Lender provided a credit line in an aggregate principal amount of up to Chinese renminbi (RMB) 10.0 million.

Borrowings under the Credit Line in China bore interest at the compounded reference rate, which was the applicable China Loan Prime Rate minus margin 0.4%. Interest was paid quarterly in the last month of each quarter. There was no quarterly commitment fee or guarantee requirement based on the Company's financial status. The borrowing length for each withdrawal was one year. The Credit Line in China could only be used for the Company's daily operations and could not be used to purchase real estate, re-lend to other companies or make investments.

As of December 31, 2023, the aggregate principal amount outstanding under the Credit Line in China was $1.0 million. As of December 31, 2024, there is no balance outstanding for the Credit Line in China. The Credit Line in China expired by its terms on July 26, 2024, and all borrowings under the Credit Line in China have matured and been repaid by the Company as of September 22, 2024.

**Fair values** 

The fair value of the Senior Secured Bonds was based on Bloomberg on December 31 2024. The fair value of the Senior Secured Bonds derived from Bloomberg amounts to 104.02%. The fair value of the Senior Secured Bonds was derived from the price of Senior Secured Bonds as listed on the Oslo Stock Exchange, as applicable, on December 21, 2024. For the remaining debt instruments, the book values of each instrument approximate its respective carrying amount, as these interest rates are variable in nature and are reflective of market rates.

**Maturity schedule** 

The following table sets forth the maturities of principal payments on long-term debt for each of the five years in the period ending December 31, 2029, and in the aggregate thereafter:

---

| | |
|:---|:---|
| **Year ending December 31,** | |
| 2025 | $— |
| 2026 | 300000 |
| 2027 |  |
| 2028 |  |
| 2029 |  |
|  Thereafter |  |
|  **Total** | $**300000** |

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**11. Revenue from contracts with customers** 

**Disaggregated revenue** 

The Company disaggregates revenue from contracts with customers by revenue type for both its ESS and PCS segments, as it believes this best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. The tables below present the Company's revenue disaggregated by these categories.

The following table presents revenue disaggregated by revenue type for the years ended December 31, 2024

and 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** |
| | **ESS** | **PCS** | **Total** |
|  Project and other manufacturing contracts revenue | $33552 | $36910 | $70462 |
|  Sale of products | 108610 | 50064 | 158674 |
|  **Product revenue** | **142162** | **86974** | **229136** |
|  Service revenue | 190222 | 175980 | 366202 |
|  Spare parts revenue | 110805 | 137220 | 248025 |
|  **Total revenue** | $**443189** | $**400174** | $**843363** |

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| | | | |
|:---|:---|:---|:---|
|  | **2023** | **2023** | **2023** |
| | **ESS** | **PCS** | **Total** |
|  Project and other manufacturing contracts revenue | $26877 | $50816 | $77693 |
|  Sale of products | 58913 | 51753 | 110666 |
|  **Product revenue** | **85790** | **102569** | **188359** |
|  Service revenue | 189924 | 138729 | 328653 |
|  Spare parts revenue | 105121 | 163313 | 268434 |
|  **Total revenue** | $**380835** | $**404611** | $**785446** |

---

The following table presents timing of revenue recognition for the year ended December 31, 2024:

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| | | | |
|:---|:---|:---|:---|
| | **ESS** | **PCS** | **Total** |
|  Transferred overtime | $190122 | $129074 | $319196 |
|  Transferred at point in time | 253067 | 271100 | 524167 |
|  **Total revenue** | $**443189** | $**400174** | $**843363** |

---

The following table presents timing of revenue recognition for the year ended December 31, 2023:

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| | | | |
|:---|:---|:---|:---|
| | **ESS** | **PCS** | **Total** |
|  Transferred overtime | $132590 | $121312 | $253902 |
|  Transferred at point in time | 248245 | 283299 | 531544 |
|  **Total revenue** | $**380835** | $**404611** | $**785446** |

---

Contract assets consisted of the following as of December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
| | **2024** | **2023** |
|  Balance as of the beginning of the year | $160933 | $137958 |
|  Additions | 263591 | 370456 |
|  Transfers to accounts receivable | (271374) | (347481) |
|  **Balance as of the end of the year** | $**153150** | $**160933** |

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Contract liabilities consisted of the following as of December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
| | **2024** | **2023** |
|  Balance as of the beginning of the year | $75525 | 57639 |
|  Additions | 95386 | 136440 |
|  Revenue recognized | (115284) | (118554) |
|  **Balance as of the end of the year** | $**55627** | **75525** |

---

Revenue recognized during the year ended December 31, 2024 that was included in the contract liabilities balance at the beginning of the period was $71.3 million.

**Transaction price allocated to the remaining performance obligations** 

As of December 31, 2024, the aggregate amount of the transaction price allocated to the unsatisfied or partially unsatisfied performance obligations was $464.8 million. As of December 31, 2024, the Company expected to recognize substantially all of the revenue from the total remaining performance obligations over the next 12 months. Contract modifications could affect both the timing to complete as well as the amount to be received as the Company fulfills the related remaining performance obligations.

**12. Accrued expenses** 

Accrued expenses consisted of the following as of December 31, 2024 and 2023:

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| | | |
|:---|:---|:---|
| | **2024** | **2023** |
|  Accrued vendor costs | $63606 | $56705 |
|  Accrued payroll | 24785 | 29726 |
|  Accrued expenses—employee related liabilities | 17419 | 17237 |
|  Provisions—restructuring | 220 | 574 |
|  Provisions—warranty | 11082 | 8556 |
|  Provisions—environmental<sup>(1)</sup> | 3086 | 3896 |
|  Accrued interest | 3126 | 2566 |
|  Accrued sales and other taxes | 1361 | 273 |
|  Provisions—other | 2190 | 4803 |
|  Other | 3273 | 3430 |
|  **Accrued expenses** | $**130148** | $**127766** |

---

(1) Costs of future estimated expenditures for environmental remediation liabilities are not discounted to their present value due to the timing of the future expenditures not being reliably determinable. The environmental
remediation liability is related to two plants.

The following table describes the changes to the Company's warranty liability for the years ended December 31, 2024 and 2023:

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| | | |
|:---|:---|:---|
| | **2024** | **2023** |
|  Balance as of the beginning of the year | $8556 | $6771 |
|  Accrued expense | 2405 | 2076 |
|  Payments | (959) | (587) |
|  Reclassification | 3345 | 306 |
|  Provision reversed during the period | (1709) |  |
|  Currency translation differences | (556) | (10) |
|  **Balance as of the end of the year** | $**11082** | $**8556** |

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**13. Other liabilities** 

Other liabilities consisted of the following as of December 31, 2024 and 2023:

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| | | |
|:---|:---|:---|
| | **2024** | **2023** |
|  Deferred tax liabilities | $19127 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20962 |
|  Pension liabilities | 17754 | 20305 |
|  Provisions long-term | 822 | 1068 |
|  Contingent considerations | 8676 | 9413 |
|  Other long-term liabilities | 5539 | 4626 |
|  **Total** | **51918** | **56374** |

---

**14. Share-based compensation** 

The Company had the following share-based payment arrangements during the periods presented:

**Founders' phantom equity award program** 

On January 31, 2022, the grant date, the Board of Directors of the Company ("Board") established an award program to management and certain employees to entitle them to payment when certain strategic goals are achieved.

On January 31, 2022, the Board awarded and issued $10.0 million to the participants of the program based on an equity value of $600.0 million, which was deemed to be the fair value of the Company's equity.

On September 1, 2024, the Board awarded and issued $1.3 million to the participants of the program based on an equity value of $600.0 million, consistent with the original grants.

The amount of the payment is determined based on the increase/decrease of the equity value of the Company. Vesting requires continuous service through the vesting date and is contingent upon the occurrence of a change in control or an IPO (each as defined in the applicable award agreement). The program expires at the end of the eight-year period after the grant date. In the event of a change of control, the settlement may be in cash, shares or other form of consideration at the discretion of the Board. In the event of an IPO, the settlement shall be made in shares of the resulting public company.

**2022 Long-term incentive program** 

On September 1, 2022, the grant date, the Board established a share-based incentive program covering certain key personnel employees to entitle them to payment when certain strategic goals are achieved.

On September 1, 2022, the Board awarded and issued $5.0 million to the participants of the program based on an equity value of $600.0 million, which was deemed to be the fair value of the Company's equity. The award contains two components: a time-based restricted equity award ("RSU") and a performance-based award ("PSU"). Vesting requires continuous service through the vesting date. The RSU has a three-year ratable vesting from the grant date and the PSU has a three-year cliff vesting based on specified performance metrics. Both components are contingent upon a change in control or an IPO or event making equity ownership interest in the Company publicly available. The program expires at the end of the eight-year period after the grant date. In the event of a change in control, the settlement may be in cash, shares or other form of consideration at the discretion of the Board. In the event of an IPO or other public liquidity event, the settlement shall be made in shares of the resulting public company.

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**2023 Long-term incentive program** 

On September 1, 2023, the grant date, the Board established a share-based incentive program covering certain key personnel employees to entitle them to payment when certain strategies goals are achieved.

On September 1, 2023, the Board awarded and issued $5.0 million to the participants of the program based on an equity value of $700.0 million, which was deemed to be the fair value of the Company's equity. The award contains two components: an RSU award and a PSU award. The RSU has a three-year ratable vesting from the grant date, whereas the PSU has a three-year cliff vesting based on specified performance metrics. Both awards are contingent upon a change of control. The program will fully vest over three years and upon a change of control event. The program expires at the end of the eight-year period after the grant date. In the event of a change in control, the settlement may be in cash, shares or other form of consideration at the discretion of the Board. In the event of an IPO, the settlement shall be made in cash or shares of the resulting public company at the discretion of the Board.

All of the awards above are contingent on a liquidity event, which is defined as an IPO or a change of control of the Company. As of December 31, 2024, the Company did not believe that a liquidity event as defined in the award agreements was probable and will not be probable until the occurrence of the liquidity event. Therefore, the Company did not recognize any compensation expense related to these awards.

**2024 Long-term incentive program** 

On September 1, 2024, the grant date, the Board established a share-based incentive program covering certain key personnel employees to entitle them to payment when certain strategies goals are achieved.

On September 1, 2024, the Board awarded and issued $5.0 million to the participants of the program based on an equity value of $1.0 billion, which was deemed to be the fair value of the Company's equity. The award contains two components: an RSU award and a PSU award. The RSU has a three-year ratable vesting from the grant date, whereas the PSU has a three-year cliff vesting based on specified performance metrics. Both awards are contingent upon a change of control. The program will fully vest over three years and upon a change of control event. The program expires at the end of the eight-year period after the grant date. In the event of a change in control, the settlement may be in cash, shares or other form of consideration at the discretion of the Board. In the event of an IPO, the settlement shall be made in cash or shares of the resulting public company at the discretion of the Board.

All of the awards above are contingent on a liquidity event, which is defined as an IPO or a change of control of the Company. As of December 31, 2024, the Company did not believe that a liquidity event as defined in the award agreements was probable and will not be probable until the occurrence of the liquidity event. Therefore, the Company did not recognize any compensation expense related to these awards.

**Unvested equity awards** 

The compensation expense not yet recognized for all awards listed above was approximately $15.5 million in the aggregate as of December 31, 2024.

**15. Employee benefit expenses** 

**Pension plans in Germany and Norway** 

Pension costs represent the future pension entitlement earned by employees in the financial year. In a defined contribution plan, the Company is responsible for paying an agreed contribution to the employee's pension

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assets. In such a plan, this annual contribution is also the cost. In a defined benefit plan, it is the Company's responsibility to provide a certain pension. The measurement of the cost and the pension liability for such arrangements is subject to actuarial valuations. The main pension liabilities relate to Norway and Germany. The welfare and support fund is closed for new entries. The welfare and support fund is recorded as other non-current liabilities and not as pension.

**Pension plans in Germany** 

The main pension arrangement in Germany is a general pension plan organized by the German Government. This arrangement provides the main general pension entitlement of all Germans. All pension arrangements by employers consequently represent limited additional pension entitlements. German employers are not obliged to provide an employment pension plan.

***ATZ (Altersteilzeit)—early retirement arrangement***

ATZ is an early retirement arrangement organized by German employers, Trade/Labor Unions in Germany and the German Government. The ATZ plan is providing additional lifelong pensions to employees who retire before the general retirement age, to compensate for the reduction of the ordinary pension entitlements. The employees are given a choice of retirement age, with lower pension at earlier retirement.

The principle that, during the current employment relationship, the work performed by the employee is equivalent to the remuneration paid by the employer (principle of equivalence) and that there is therefore no impact on the balance sheets does not apply in the case of partial retirement.

The backlog of performance in the block model of ATZ represents an obligation on the part of the employer. The employee has already performed work for which he or she has not yet received any remuneration. For the fee to be paid in the release phase, a provision must be made during the work phase and increased pro rata temporis until the release phase is reached.

The estimated contributions expected to be paid to the German plan during 2025 amount to $0.8 million.

**Pension plans in Norway** 

The main pension arrangement in Norway is a general pension plan organized by the Norwegian Government. This arrangement provides the main general pension entitlement of all Norwegian employees. All pension arrangements by employers consequently represent limited additional pension entitlements.

Norwegian employers are obliged to provide an employment pension plan, which can be organized as a defined benefit plan or as a defined contribution plan. The Company's subsidiaries located in Norway closed the earlier defined benefit plans in 2008 and are now providing defined contribution plans for all employees.

***Defined benefit plan***

Employees who were 58 years or older in 2008, when the change to the contribution plan took place, are still in the defined benefit plan, which is a funded plan. There are no longer any active employees in this plan. The estimated contributions expected to be paid to the Norwegian plan during 2025 amount to $0.2 million.

***Compensation plan***

To ensure that the employees were treated fairly on the change to the contribution plan in 2008, the Company introduced a compensation plan. The basis for deciding the compensation amount is the difference between

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calculated pension capital in the defined benefit plan and the value of the defined benefit plan at the age of 67 years. The compensation amount will be adjusted annually in accordance with the adjustment of the employees' pensionable income, and accrued interest according to market interest. If the employee leaves the Company voluntarily before the age of 67 years, the compensation amount will be reduced.

***AFP—early retirement arrangement***

AFP is an early retirement arrangement organized by Norwegian employers, the main Labor Union organization in Norway (LO) and the Norwegian Government. The AFP plan provides additional lifelong pensions to employees who retire before the general retirement age, to compensate for the reduction of the ordinary pension entitlements. The employees are given a choice of retirement age, with lower pension at earlier retirement.

The AFP plan exposes the participating entities to actuarial risk associated with employees of other entities with the result that there is no consistent and reliable basis for allocating the obligation, plan assets and costs to individual participating entities. Sufficient information is not available to use defined benefit accounting, and the AFP plan is accounted for as a defined contribution plan

The following table sets forth the accumulated benefit obligation in Norway and Germany as of December 31, 2024 and 2023:

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| | | |
|:---|:---|:---|
| | **2024** | **2023** |
|  **Change in benefit obligations** |  |  |
|  Benefit obligation at beginning of the year | $20174 | $21002 |
|  Service cost | 492 | 199 |
|  Interest cost | 764 | 528 |
|  Actuarial (gain) loss | 124 | (80) |
|  Benefits paid | (1419) | (1268) |
|  Foreign currency translation adjustment | (1589) | (143) |
|  Other | (88) | (64) |
|  **Benefit obligation at the end of the year** | $**18458** | $**20174** |
|  **Change in plan assets** |  |  |
|  Fair value of plan assets at beginning of year |  |  |
|  Employer contribution | 712 | 521 |
|  Benefits paid | (624) | (457) |
|  Other | (88) | (64) |
|  Fair value of plan assets at end of year |  |  |
|  Funded status—underfunded at end of year | (18458) | (20174) |
|  **Accumulated benefit obligation** | $**(18458)** | $**(20174)** |

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The plan assets are held and managed by Akastor, and obligations are settled on the Company's behalf.

The amounts recognized in the consolidated balance sheets consisted of the following as of December 31, 2024 and 2023:

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| | | |
|:---|:---|:---|
| | **2024** | **2023** |
|  **Pension benefits** |  |  |
|  Current liabilities | $911 | $993 |
|  Non-current liabilities | 17547 | 19181 |
|  **Net amount recognized** | $**18458** | $**20174** |

---

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Information for the plans with projected benefit obligations and accumulated benefit obligations in excess of plan assets consisted of the following as of December 31, 2024 and 2023:

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| | | |
|:---|:---|:---|
| | **2024** | **2023** |
|  **Pension benefits** |  |  |
|  Projected benefit obligation | $18458 | $20174 |
|  Accumulated benefit obligation | 18458 | 20174 |

---

**Net periodic cost** 

The components of net periodic cost consisted of the following for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
| **Pension benefits** | **2024** | **2023** |
|  Service cost | $492 | $199 |
|  Interest cost | 764 | 528 |
|  Amortization of net actuarial loss | 54 | 102 |
|  **Net periodic cost** | $**1310** | $**829** |

---

The defined benefit plans are unfunded and consequently there are no pension plan assets to be disclosed.

As part of the agreement between Akastor and Baker Hughes at the time of the formation of the Company, Akastor is responsible for all pension liabilities accrued and unsettled pension liabilities pre-October 1, 2021. The Company has booked a receivable towards Akastor for its part of the total pension liability. See Note 18— "Related party transactions—Indemnification asset."

**Defined benefit obligation—actuarial assumptions** 

The following table sets forth the weighted average assumptions used to determine net periodic cost for these plans for the years ended December 31, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2023** | **2023** |
| | **Norway** | **Germany** | **Norway** | **Germany** |
|  Discount rate | 4.7% | 3.1% | 4.4% | 3.7% |
|  Expected long-term return on plan assets |  |  |  |  |
|  Interest crediting rate | 3.5% | 2.6% | 0.6% | 2.6% |

---

**Accumulated other comprehensive income (loss)** 

The amount recorded before-tax in accumulated other comprehensive income (loss) related to the Company's defined benefit plans consisted of the following for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
| | **2024** | **2023** |
|  Net actuarial loss | $70 | $(182) |
|  Net prior service cost | $— | $— |

---

The discount rates and other assumptions for Norway in 2024 and 2023 are based on the Norwegian high quality corporate bond rate and recommendations from the Norwegian Accounting Standards Board. It should be expected that fluctuations in the discount rates would also lead to fluctuations in the pension indexations. The total effect of fluctuations in economic assumptions is consequently unlikely to be very significant.

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Assumptions regarding future mortality have been based on published statistics and mortality tables. The current life expectancy after retirement underlying the values of the defined benefit obligation at the reporting date is shown below in years.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2023** | **2023** |
| | **Norway** | **Germany** | **Norway** | **Germany** |
|  Life expectancy of male pensioners after retirement | 22.8 | 20.9 | 22.7 | 20.6 |
|  Life expectancy of female pensioners after retirement | 26.1 | 24.3 | 26.0 | 24.0 |

---

***Sensitivity analysis***

Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation as of December 31, 2024 and 2023. Amounts shown below are for the pension plans in Norway.

---

| | | |
|:---|:---|:---|
| **2024** | **Change in defined<br>benefit obligation** | **Change in defined<br>benefit obligation** |
|  Change in actuarial assumptions | Increase | Decrease |
|  Discount rate (1% increase/decrease movement) | $8412 | $8656 |
|  Future salary growth (1% increase/decrease movement) | 8531 | 8518 |

---

---

| | | |
|:---|:---|:---|
| **2023** | **Change in defined<br>benefit obligation** | **Change in defined<br>benefit obligation** |
|  Change in actuarial assumptions | Increase | Decrease |
|  Discount rate (1% increase/decrease movement) | $8638 | $8886 |
|  Future salary growth (1% increase/decrease movement) | 8759 | 8746 |

---

The following table presents the expected benefit payments for pension benefits over the next 10 years. For funded Company sponsored plans, the benefit payments are made by the respective pension trust funds**.**

---

| | |
|:---|:---|
| **Year** | **Pension benefits** |
| 2025 | $911 |
| 2026 | 926 |
| 2027 | 978 |
| 2028 | 997 |
| 2029 | 963 |
| 2030-2034 | 5843 |

---

**Pension plans outside Norway and Germany** 

Pension plans outside Norway and Germany are predominately defined contribution plans and include 1,184 employees in both 2024 and 2023. The cost of the defined contribution plans amounted to $5.8 million and $6.0 million for the years ended December 31, 2024 and 2023, respectively.

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**16. Income taxes** 

Income tax expense consisted of the following for the years ended December 31, 2024 and 2023, all of which are foreign:

---

| | | |
|:---|:---|:---|
| | **2024** | **2023** |
|  Current: |  |  |
|  Domestic | $— | $— |
|  Foreign | (17500) | (15504) |
|  **Total current tax expense** | $**(17500)** | $**(15504)** |
|  Deferred: |  |  |
|  Domestic | $— | $— |
|  Foreign | (7033) | 147 |
|  **Total deferred tax benefit (expense)** | $**(7033)** | $**147** |
|  **Income tax expense** | $**(24533)** | $**(15357)** |

---

The domestic and foreign components of income before income taxes were as follows for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
| | **2024** | **2023** |
|  Domestic | $(37697) | $(44660) |
|  Foreign | 114186 | 77419 |
|  **Income before income taxes** | $**76489** | $**32759** |

---

**Effective tax rate** 

The following table reconciles the reported income tax expense to the expected income tax expense according to the corporate income tax rate in the Netherlands, the jurisdiction of tax domicile of the Company, for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
| | **2024** | **2023** |
|  Income before income taxes | $76489 | $32759 |
|  Statutory income tax rate (25.8%) | (19734) | (8452) |
|  Tax effects of: |  |  |
|  Difference between local income tax rate and Dutch income tax rate | 2783 | 2528 |
|  Nondeductible expenses | (6812) | 1579 |
|  Unrecognized tax benefits | (1560) |  |
|  Income taxed to U.S. shareholders<sup>(1)</sup>  | 7612 | 3701 |
|  Shareholder tax benefit | (1660) |  |
|  Change in valuation allowance | (2502) | (11308) |
|  Withholding taxes | (2356) | (3356) |
|  Other | (304) | (49) |
|  **Income tax expense** | $**(24533)** | $**(15357)** |

---

(1) HMH Holding B.V. (together with its subsidiaries located in the United States and Senegal) is taxed as a partnership for U.S. federal income tax purposes and, therefore, does not recognize U.S. federal income taxes. The
shareholders are responsible for the income taxes on their share of the taxable income or loss and are entitled to any available tax credits on their income tax returns.

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Recognized deferred tax assets and liabilities consisted of the following as of December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
| | **2024** | **2023** |
|  **Deferred tax assets** |  |  |
|  Net operating loss carryforwards | $11144 | $17122 |
|  Tax credit carryforwards |  | 1353 |
|  Interest carryforwards | 18713 | 22251 |
|  Employee benefit plan liabilities | 3490 | 4752 |
|  Property, plant and equipment | 2437 | 3217 |
|  Provisions | 4777 | 5994 |
|  Inventories | 8580 | 8980 |
|  Other |  |  |
|  **Total deferred tax asset** | $**49141** | $**63669** |
|  Valuation allowance | (26325) | (29127) |
|  **Total deferred tax asset after valuation allowance** | $**22816** | $**34542** |
|  **Deferred tax liabilities** |  |  |
|  Customer relationships | (10229) | (10065) |
|  Other intangible assets | (2662) | (2833) |
|  Contract liabilities | (3244) | (9614) |
|  Derivative financial instruments | (3049) | (2657) |
|  Other | (3619) | (1238) |
|  **Total deferred tax liabilities** | $**(22803)** | $**(26407)** |
|  **Net deferred tax asset** | $**13** | $**8135** |

---

For the year ended December 31, 2024, the net change in valuation allowance of $2.8 million was comprised of $3.4 million of additions less $0.9 million of reversals which impacted the effective tax rate. Additional activity included $4.1 million of additions related to an acquisition less $7.5 million of reversals related to reductions in carryforward amounts and $1.9 million of foreign currency translation adjustments. For the year ended December 31, 2023, the net change in valuation allowance of $10.0 million was comprised of $12.0 million of additions less $0.7 million of reversals and $1.3 million of foreign currency translation adjustments.

For the years ended December 31, 2024 and 2023, the Company recognized $0.9 million and $0.7 million, respectively, in net loss benefits in Brazil.

At December 31, 2024, the Company had zero non-U.S. tax credits. Additionally, the Company had $42.5 million of net operating loss carryforwards ("NOLs"), of which approximately $18.1 million will expire between 2030 and 2042, and the remainder can be carried forward indefinitely. The Company also had interest carryforwards of $75.4 million, of which $19.6 million will expire between 2025 and 2030, and the remainder can be carried forward indefinitely.

At December 31, 2023, the Company had approximately $1.4 million of non-U.S. tax credits that will expire between 2024 and 2025 under applicable foreign law. Additionally, the Company had $69.0 million of NOLs, of which approximately $1.9 million will expire between 2035 and 2042, and the remainder can be carried forward indefinitely. The Company also had interest carryforwards of $89.5 million, of which $21.8 million will expire between 2025 and 2030, and the remainder can be carried forward indefinitely.

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The Company operates and is subject to income taxes in multiple jurisdictions. Income tax return periods from 2019 generally remain open for examination in Norway and periods from 2020 generally remain open for examination in other jurisdictions.

As of December 31, 2024, the Company had undistributed earnings of foreign subsidiaries of $77.9 million, which continue to be indefinitely reinvested. The Company makes a determination each period whether to indefinitely reinvest these earnings. If, as a result of these reassessments, the Company distributes these earnings in the future, additional tax liabilities could result. No additional income taxes have been provided for any additional outside basis differences inherent in the Company's foreign subsidiaries, as these amounts continue to be indefinitely reinvested. Determining the amount of unrecognized deferred tax liability related to any additional outside basis differences in these entities is not practicable.

At December 31, 2024, the Company had approximately $0.8 million of unrecognized tax benefits and does not expect to recognize any significant increases in unrecognized tax benefits during the next twelve-month period. Interest and penalties, in the amount of $0.8 million related to income taxes, are recorded in income tax expense. The total liability recognized for unrecognized tax benefits including interest and penalties is $1.6 million. If recognized, the $0.8 million of unrecognized tax benefits would favorably impact the effective tax rate. During 2024, the aggregate changes in the Company's total amount of unrecognized benefits are summarized as follows (in thousands):

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| | |
|:---|:---|
| | **Year ended<br>December 31, 2024** |
|  Beginning balance | $— |
|  Increases in unrecognized tax benefits - current year positions | 110 |
|  Increases in unrecognized tax benefits - prior year positions | 661 |
|  Ending balance | $771 |

---

The Organization for Economic Co-operation and Development has advanced reforms focused on global profit allocation and implementing a global minimum tax rate of at least 15% for large multinational corporations on a jurisdiction-by-jurisdiction basis, known as "Pillar Two." On December 15, 2022, the European Council formally adopted a European Union directive on the implementation of the plan by January 1, 2024. This is not expected to materially increase the taxes the Company owes and for 2024 HMH is not in scope for implementation of Pillar Two.

**17. Commitments and contingencies** 

**Restructuring** 

The Company has accrued a restructuring provision specific to ESS. The restructuring primarily pertains to a substantial workforce decrease and reorganization, driven by the desire to increase efficiency and flexibility. This provision involves a new organization structure that converts the "Major Projects and Products" division under ESS to "Product and Innovation, Engineering Disciplines and Product Management." The restructuring is expected to impact 100 individuals, comprising 80 employees in Norway and 20 employees in Germany, and is accrued for a cost of $1.0 million and $1.6 million as of December 31, 2024 and 2023, respectively.

Restructuring costs are contained within other operating expenses (income), net for both 2023 and 2024.

**Other** 

In the normal course of business with customers, vendors and others, the Company has issued various bank guarantees, such as advance payment guarantees, surety bonds, performance guarantees, bid bonds, customs

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and tax guarantees to guarantee the Company's performance as it relates to contracts with customers, contract bidding, customs duties, tax appeals and obligations in various jurisdictions. These arrangements totaled $43.2 million at December 31, 2024. As of December 31, 2024, none of these guarantees either has, or is likely to have, a material impact on the Company's financial position, results of operations or cash flows as the Company expects to comply with the underlying performance requirements.

**18. Related party transactions** 

Related party relationships are those involving control (either direct or indirect), joint control or significant influence. Related parties are in a position to enter into transactions with the Company that would not be undertaken between unrelated parties. All transactions with related parties to the Company have been based on arm's length terms (unless disclosed differently).

The Company is a parent company that controls 25 companies around the world. Any transactions between the parent company and the subsidiaries are eliminated in the consolidated financial statements.

The Company is a joint venture by Akastor and Baker Hughes. The shareholders are Baker Hughes Holdings LLC (50%), Akastor AS (25%) and Mercury HoldCo Inc. (25%).

The related parties for the Company are the shareholders and the entities in Akastor and Baker Hughes.

The following table sets forth a summary of transactions and balances with significant related parties as of December 31, 2024:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Baker<br>Hughes<br>Holdings<br>LLC** | **GE<br>Drilling<br>Services<br>LLC** | **GEO Oil<br>and Gas<br>Australia<br>Pty Ltd** | **Akastor<br>AS** | **Aker<br>BP** | **Other<br>Baker<br>Huges<br>companies** | **Other<br>Akastor<br>companies** | **Tanajib**<br> **Holding<br>Company** | **Total** |
|  **For the year ended December 31, 2024** |  |  |  |  |  |  |  |  |  |
|  Consolidated statement of income |  |  |  |  |  |  |  |  |  |
|  Revenue | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $3406 | $— | $132 | $77 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | **3615** |
|  Operating expenses |  |  |  |  |  |  |  |  | **—** |
|  Net financial items | (7616) |  |  | (1686) |  |  |  |  | **(9302)** |
|  **As of December 31, 2024** |  |  |  |  |  |  |  |  |  |
|  Consolidated balance sheet |  |  |  |  |  |  |  |  |  |
|  Related party notes receivable—current |  |  |  | 1500 |  |  |  | 2179 | **3679** |
|  Related party accounts receivable |  |  |  | 1136 |  | 974 |  | 222 | **2332** |
|  Accounts payable—related party |  |  |  |  |  | 69 | 124 | 358 | **551** |
|  Long-term debt, net—related party | 103767 |  |  | 28143 |  |  |  |  | **131910** |
|  Related party notes receivable | 4299 |  |  | 22694 |  |  |  | 4754 | **31747** |
|  Contingent considerations | 514 |  |  | 8162 |  |  |  |  | **8676** |

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The following table sets forth a summary of transactions and balances with significant related parties as of December 31, 2023:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Baker<br>Hughes<br>Holdings<br>LLC** | **GE<br>Drilling<br>Services<br>LLC** | **GEO Oil<br>and Gas<br>Australia<br>Pty Ltd** | **Akastor<br>AS** | **Aker<br>BP** | **Other<br>Baker<br>Huges<br>companies** | **Other<br>Akastor<br>companies** | **Tanajib**<br> **Holding<br>Company** | **Total** |
|  **For the year ended December 31, 2023** |  |  |  |  |  |  |  |  |  |
|  Consolidated statement of income |  |  |  |  |  |  |  |  |  |
|  Revenue | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $5941 | $1733 | $123 | $594 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | **8730** |
|  Operating expenses |  |  |  |  |  |  |  |  | **—** |
|  Net financial items | (6974) |  |  | (1517) |  |  |  |  | **(8491)** |
|  **As of December 31, 2023** |  |  |  |  |  |  |  |  |  |
|  Consolidated balance sheet |  |  |  |  |  |  |  |  |  |
|  Related party notes receivable—current |  |  |  | 1500 |  |  |  |  | **1500** |
|  Related party accounts receivable |  | 230 |  |  | 173 | 2120 |  |  | **2523** |
|  Accounts payable—related party |  |  |  |  | 17 | 110 |  |  | **127** |
|  Long-term debt, net—related party | 95670 |  |  | 23917 |  |  |  |  | **119587** |
|  Related party notes receivable | 3970 |  |  | 24750 |  |  |  |  | **28720** |
|  Contingent considerations | 666 |  |  | 8747 |  |  |  |  | **9413** |

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**Related party transactions** 

***Shareholder Note***

On March 17, 2023, the Company entered into a note with Baker Hughes Holdings LLC and Akastor AS (as amended, the "Shareholder Note") whereby the Company extended credit in the principal amount of $3.45 million to Baker Hughes Holdings LLC and $3.49 million to Akastor AS. The Shareholder Note matures on the earliest to occur of October 1, 2026 or a liquidation event (as defined in the Shareholder Loan Agreement) such as the consummation of HMH Holding Inc.'s initial public offering, and accrues interest at a rate of 8.0% per annum. Subject to certain notice requirements, Baker Hughes Holdings LLC and Akastor AS may voluntarily prepay the Shareholder Note in whole or in part without premium or penalty. There is no right of set-off against the Shareholder Loans.

***Baker Hughes***

*License agreements* 

On October 1, 2021, in connection with the formation of the Company, the Company entered into worldwide, fully paid, nontransferable and non-sublicensable license agreements with a subsidiary of Baker Hughes giving the Company a limited right to use the terms Vetco<sup>™</sup> and VetcoGray<sup>™</sup> as trademarks on certain products traditionally sold under those trademarks and certain other intellectual property rights relating to certain of Baker Hughes's intellectual property related to the Subsea Drilling Systems pressure control business that Baker Hughes contributed to the Company at the time of the Company's formation. The license agreement relating to other intellectual property rights is perpetual in term, and the trademark license agreement relating to use of the terms Vetco<sup>™</sup> and Vetco Gray<sup>™</sup> has an initial five-year term that is renewable by the Company for successive five-year terms as long as the trademarks remain in use for the products traditionally sold under those trademarks.

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*Remarketing agreement* 

On October 1, 2021, in connection with the formation of the Company, the Company entered into a remarketing agreement with Baker Hughes relating to certain BOPs, their associated control systems and other personal property. Such equipment is currently subject to a lease between two unrelated third parties, and the lessor of such equipment has the right to return such equipment to Baker Hughes at the end of the lease term. In the event such equipment is returned to Baker Hughes, the Company has agreed to provide certain services to Baker Hughes with respect to the sale, leasing or remarketing of such equipment in exchange for reimbursement of out-of-pocket costs and expenses.

*Transition services agreement* 

On October 1, 2021, in connection with the formation of the Company, the Company entered into a transition services agreement with Baker Hughes pursuant to which, in exchange for a monthly fee, Baker Hughes would provide the Company with certain transitional administrative, finance and other digital services for a term of up to 12 months. The Company paid a total of $15.8 million to Baker Hughes for the services provided under the transition services agreement. All services under the transition services agreement have now been performed, and there are no outstanding obligations for either party thereunder.

*Servicing agreement and long-term incentive offset* 

On October 1, 2021, in connection with the formation of the Company, the Company entered into a servicing agreement with Baker Hughes pursuant to which the Company agreed to service, administer and collect on certain account receivables owned by Baker Hughes and contributed to the Company in connection with the Company's formation, and to act as custodian with respect to any related collateral until the account is resolved, a successor is appointed or the parties agree to terminate. The total value of the account receivables pursuant to the servicing agreement as of October 1, 2021 was $54.6 million.

On March 17, 2023, Baker Hughes agreed, as full payment for the approximately $2.5 million in excess long-term incentive liability identified in the post-closing statement relating to the formation of the Company, to assign to the Company all right, title and interest in the aggregate $6.8 million of account receivables remaining to be serviced by the Company under the servicing agreement, including all collections therefrom. The Company also agreed to pay to Baker Hughes by March 31, 2023 approximately $2.3 million as payment for certain property taxes due and payable by the Company.

***Akastor***

*Step Oiltools* 

In connection with the formation of the Company and pursuant to that certain transaction agreement by and between Akastor and Baker Hughes, dated as of March 2, 2021, as amended on April 27, 2021, September 30, 2021 and September 23, 2022 (the "JV Transaction Agreement"), to which the Company became a party pursuant to a joinder agreement dated as of October 1, 2021, and that certain share purchase agreement by and between Akastor AS and MHWirth AS, dated as of October 1, 2021, Akastor and Baker Hughes agreed that the contribution of one of Akastor's subsidiaries, Step Oiltools, would be made on a delayed basis until certain Russian regulatory approvals were obtained. Subsequently, Step Oiltools' business activities were significantly impacted by the Russian invasion of Ukraine, and it was decided that Step Oiltools would be liquidated. The parties agreed to cease seeking regulatory approval for the sale and to settle a seller's credit in the amount of approximately $16.0 million, payable by Akastor to the Company, in exchange for Akastor transferring to the

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Company the proceeds from the Step Oiltools liquidation. The Company's management has assessed the expected net proceeds from the liquidation of Step Oiltools during 2022 and does not believe that such proceeds would yield net cash flows equal to the original seller's credit receivable from Akastor and, as such, recorded a one-time charge of $16.0 million in 2022. The fair value of the receivable has been remeasured to zero as of December 31, 2024 and 2023.

*Payment of pension benefits* 

Pursuant to the JV Transaction Agreement, as part of its contribution to the Company at the time of the Company's formation, Akastor agreed to pay certain carved-out pension liabilities existing in MHWirth AS prior to its contribution to the Company until such time as Akastor owns less than 5% of the Company's equity interests, at which time Akastor will be obligated to pay all estimated remaining and unpaid pension costs. The Company estimated the value of such remaining and unpaid pension costs to be $18.5 million and $20.2 million as of December 31, 2024 and 2023, respectively, and the Company recorded a receivable of $19.9 million and $21.9 million as of December 31, 2024 and 2023, respectively, related to such pension payments from Akastor, which is reduced in line with pension payments to former employees in 2024 and 2023. The difference between unpaid pension costs and receivable is due to the timing of payments made to pensioners and pension payments received from Akastor by the Company.

*Financial guarantees* 

As of December 31, 2024, Akastor had issued financial guarantees of approximately $35.1 million in favor of MHWirth AS, a wholly owned subsidiary of the Company, for fulfillment of certain lease obligations and performance under certain operational support frame agreements.

*Transition services agreement* 

On October 1, 2021, in connection with the formation of the Company, the Company entered into a transition services agreement with Akastor pursuant to which, in exchange for an hourly fee, Akastor would provide the Company with certain transitional finance, IT and treasury services for a term that concluded at the end of 2023. The Company paid a total of $0.4 million to Akastor for the services provided under the transition services agreement. All services under the transition services agreement have now been performed, and there are no outstanding obligations for either party thereunder.

**Indemnification asset** 

The Company obtained an indemnification asset that is related to the pension liabilities Akastor sold to the Company. As a result, Akastor is contractually obligated to indemnify the Company for that specific liability. An asset was recognized at the same time and measured using the same measurement basis as the liability. This ensured that both the asset and the liability were measured on a consistent basis using similar assumptions.

After initial recognition, an indemnification asset continues to be measured based on the assumptions used to measure the related liability, subject to management's assessment of collectability of the asset, limited to the amount of the liability to which it relates. As the receivable offsets the liability movement and thus reflecting that the Company is being compensated for this by Akastor, the pension receivable is also remeasured at each reporting date. Therefore, the receivable is accounted for in a similar way in the consolidated statements of income. The indemnification asset is included in related party notes receivable—current and related party notes receivable on the consolidated balance sheets.

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**19. Segment information and geographic data** 

Operating segments are defined as components of an entity for which separate financial information is available and evaluated on a regular basis by the Chief Operating Decision Maker ("CODM") to allocate resources and assess performance. As of December 31, 2024 and December 31, 2023, the Company had two operating segments, ESS and PCS. The Company has identified its reportable segments based on the nature of the products and services, markets served and pricing and go-to-market strategies.

• ESS is a supplier of drilling solutions and complete topside drilling packages and services to both onshore and offshore
oil and gas customers. Key product offerings consist of overhaul, equipment installation and commissioning, services account management, 24/7 technical support, logistics, engineering upgrades, spare parts supply and training and condition-based
maintenance. The ESS segment is derived from the acquisition of MHWirth AS.

• PCS is a supplier of integrated drilling products and services. Key product offerings consist of BOP systems, controls and
drilling riser equipment, spare parts supply for rig operations and maintenance programs, overhaul and recertification and reactivation of rigs and technical and operational rig support. The PCS segment is derived from the acquisition of Subsea
Drilling Systems.

In addition to its reportable segments, the Company has corporate operations (Headquarters) which include general corporate expenses. Headquarters includes other items necessary to reconcile the reportable segments to the Company's total amounts.

The CODM, who is the company's Chief Executive Officer, uses segment operating income as the primary financial measure to evaluate segment performance. Segment operating income is defined as income before taxes, net other operating expenses (income), net foreign currency gain/(loss), net other non-operating income (loss), and net interest income (expense). Inter-segment pricing is determined on an arm's length basis. The CODM uses segment operating income in the budget and forecasting process and to monitor budget versus actual results, which are used in assessing the performance of the segments and to allocate resources to the segments.

Segment assets are not reported to, or used by, the CODM to allocate resources to or assess performance of the Company's segments. During the year ended December 31, 2024, one customer accounted for 18.2% of the Company's revenues, which is included in both ESS and PCS revenue. There were no customers that individually accounted for more than 10% of the Company's consolidated revenue during the year ended December 31, 2023.

The accounting policies of the reportable segments are the same as described under Note 1—"Basis of presentation and summary of significant accounting policies."

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The following tables present segment performance for the years ended December 31, 2024 and 2023:

Year ended December 31, 2024

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| | | | | |
|:---|:---|:---|:---|:---|
| | **ESS** | **PCS** | **Headquarters** | **Total** |
|  Revenues from external customers | 443189 | 400174 |  | 843363 |
|  Intersegment revenue | 5489 | 10115 |  | 15604 |
|  Total revenue | 448678 | 410289 |  | 858967 |
|  Elimination of intersegment revenue |  |  |  | (15604) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total consolidated revenue** |  |  |  | **843363** |
|  Cost of sales | (313838) | (223169) |  |  |
|  Selling, general and administrative expenses<sup>(b)(c)</sup> | (74283) | (68154) |  |  |
|  Restructuring costs<sup>(a)</sup> | 83 |  |  |  |
|  Depreciation and amortization<sup>(b)</sup> | (9236) | (27428) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total segment operating income** | **45915** | **81423** | **(8942)** | **118396** |
|  Other operating income |  |  |  | 218 |
|  Foreign currency loss |  |  |  | (5293) |
|  Other non-operating income |  |  |  | 423 |
|  Interest expense |  |  |  | (37255) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Income/ before income taxes** |  |  |  | **76489** |

---

Year ended December 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ESS** | **PCS** | **Headquarters** | **Total** |
|  Revenues from external customers | 380835 | 404611 |  | 785446 |
|  Intersegment revenue | 8284 | 7948 |  | 16232 |
|  Total revenue | 389119 | 412559 |  | 801678 |
|  Elimination of intersegment revenue |  |  |  | (16232) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total consolidated revenue** |  |  |  | **785446** |
|  Cost of sales | (293329) | (247063) |  |  |
|  Selling, general and administrative expenses<sup>(b)(c)</sup> | (67521) | (55749) |  |  |
|  Restructuring costs<sup>(a)</sup> | (3159) |  |  |  |
|  Depreciation and amortization<sup>(b</sup><sup>)</sup> | (7498) | (26557) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total segment operating income** | **9328** | **75242** | **(7799)** | **76771** |
|  Other operating income |  |  |  | 1230 |
|  Foreign currency gain |  |  |  | 796 |
|  Other non-operating income |  |  |  | 231 |
|  Interest expense |  |  |  | (46269) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Income before income taxes** |  |  |  | **32759** |

---

(a) Restructuring costs consists of severance costs primarily related to workforce reductions and reorganization within ESS.

(b) Depreciation and amortization expense is included in the consolidated statements of income (loss) within cost of sales and selling, general and administrative expenses.

(c) Selling, general and administrative expenses includes research and development expenses.

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##### [**Table of Contents**](#toc)
**Geographical information** 

The following table presents consolidated revenue disaggregated by geography on an entity basis for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
| | **2024** | **2023** |
|  United States | $304262 | $298351 |
|  Norway | 206155 | 176387 |
|  Germany | 99453 | 62002 |
|  United Kingdom | 73381 | 66694 |
|  Singapore | 45425 | 50177 |
|  Brazil | 31827 | 28895 |
|  Azerbaijan | 20754 | 20758 |
|  United Arab Emirates | 19904 | 26236 |
|  Saudi Arabia | 19314 | 10839 |
|  China | 10820 | 24208 |
|  Australia | 10767 | 10236 |
|  Other countries | 1301 | 10663 |
|  **Total revenue** | $**843363** | $**785446** |

---

The following table presents long-lived assets on the basis of geographic location as of December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
| | **2024** | **2023** |
|  Headquarters (Netherlands) | $59199 | $68243 |
|  United States | 89767 | 87963 |
|  Norway | 25132 | 29674 |
|  Brazil | 25211 | 31210 |
|  Germany | 17041 | 20420 |
|  Other countries | 17007 | 10721 |
|  **Total long-lived assets** | $**233357** | $**248231** |

---

**20. Earnings per share** 

For purposes of calculating earnings per share, Class A ordinary shares and Class B ordinary shares are identical. Therefore, the Company has calculated basic earnings per share on the basis of 200 shares. Basic earnings per ordinary share is calculated by dividing the net income to the Company during the period by the weighted average number of ordinary shares outstanding during the same period. There are no adjustments required to be made to net income or the ordinary shares outstanding for purposes of computing basic and diluted earnings per share.

---

| | | |
|:---|:---|:---|
| | **2024** | **2023** |
|  Numerator *(in thousands)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | $51218 | $17402 |
|  Denominator *(actual amounts)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted average ordinary shares—basic and diluted | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings per Class A ordinary shares—basic and diluted | $256090 | $87010 |

---

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##### [**Table of Contents**](#toc)
**21. Subsequent events** 

The Company evaluated subsequent events through March 17, 2025, the date that the consolidated financial statements were available to be issued.

In January 2025, the Company announced a restructuring plan primarily focused on the reorganization of facilities in Horten and Fornebu, Norway and global workforce reductions. The restructuring will optimize the Company's global indirect headcount and rationalize its footprint.

On March 10, 2025, DNB Bank ASA agreed as agent under the Revolver to amend certain terms of the Revolver to permit implementation of the corporate reorganization and the listing of HMH Holding Inc.'s Class A common stock on Nasdaq, and the documentation formally implementing the same became effective as of March 11, 2025.

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##### [**Table of Contents**](#toc)
**HMH Holding B.V. and subsidiaries** 

**Condensed consolidated statements of income (unaudited)** 

**(in thousands, except per share amounts)** 

---

| | | |
|:---|:---|:---|
|  | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** |
| | **2025** | **2024** |
|  **Revenue** |  |  |
|  Service revenue | $280678 | $263901 |
|  Product revenue | 167424 | 154420 |
|  Spare parts revenue | 170511 | 193805 |
|  Related party revenue | 445 | 2644 |
|  **Total revenue** | **619058** | **614770** |
|  **Operating expenses** |  |  |
|  Cost of services sold | 192486 | 158411 |
|  Cost of goods sold – products | 152560 | 143234 |
|  Cost of goods sold – spare parts | 105787 | 107863 |
|  **Total cost of sales** | **450833** | **409508** |
|  Selling, general and administrative expenses | 97040 | 115139 |
|  Research and development expenses | 1778 | 5489 |
|  Restructuring and other expenses | 4447 |  |
|  **Total operating expenses** | **554098** | **530136** |
|  **Operating income** | **64960** | **84634** |
|  Foreign currency gain, net | 7015 | 1357 |
|  Other non-operating income, net | 876 | 317 |
|  Interest expense, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26619) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26705) |
|  **Income before income taxes** | **46232** | **59603** |
|  Income tax expense | (14757) | (14655) |
|  **Net income** | $**31475** | $**44948** |
|  Less: Net income attributable to non-controlling interests | 228 | 553 |
|  **Net income attributable to HMH Holding B.V.** | $**31247** | $**44395** |
|  Earnings per share—basic and diluted | $156235 | $221975 |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements.* 

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##### [**Table of Contents**](#toc)
**HMH Holding B.V. and subsidiaries** 

**Condensed consolidated statements of comprehensive income (unaudited)** 

**(in thousands)** 

---

| | | |
|:---|:---|:---|
|  | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** |
| | **2025** | **2024** |
|  **Net income** | $**31475** | $**44948** |
|  **Other comprehensive income (loss), net of tax** |  |  |
|  Foreign currency translation adjustments | 22303 | (6576) |
|  Cash flow hedges, net of a tax expense of $882 and tax benefit of $(210) for the nine months ended September 30, 2025 and 2024, respectively | 3126 | (787) |
|  Benefit plans, net of a tax benefit of $(649) and tax expense of $328 for the nine months ended September 30, 2025 and 2024, respectively | (1899) | 887 |
|  **Total other comprehensive income (loss)** | **23530** | **(6476)** |
|  **Comprehensive income** | $**55005** | $**38472** |
|  Less: Comprehensive income attributed to non-controlling interests | 228 | 553 |
|  **Comprehensive income attributable to HMH Holding B.V.** | $**54777** | $**37919** |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements.* 

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##### [**Table of Contents**](#toc)
**HMH Holding B.V. and subsidiaries** 

**Condensed consolidated balance sheets** 

**(in thousands, except par value)** 

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025<br>(unaudited)** | **December 31,<br>2024** |
| | **September 30, 2025<br>(unaudited)** | **December 31,<br>2024** |
|  **Assets** |  |  |
|  **Current assets** |  |  |
|  Cash and cash equivalents | $56608 | $48912 |
|  Current accounts receivable, net of allowance of $6,838 and $6,500, respectively | 111289 | 116882 |
|  Related party accounts receivable | 2474 | 2332 |
|  Related party notes receivable—current | 2458 | 3679 |
|  Contract assets | 139229 | 153150 |
|  Inventories, net | 255685 | 279957 |
|  Other current receivables | 18970 | 31158 |
|  Prepaids and other current assets | 36345 | 23953 |
|  **Total current assets** | **623058** | **660023** |
|  Property, plant and equipment, net of accumulated depreciation of $63,998 and $42,093, respectively | 201676 | 198684 |
|  Goodwill | 303537 | 300939 |
|  Customer relationships, net of accumulated amortization of $43,550 and $37,135, respectively | 69343 | 75758 |
|  Other intangible assets, net of accumulated amortization of $44,241 and $25,291, respectively | 54521 | 59396 |
|  Related party notes receivable | 35030 | 31747 |
|  Right-of-use assets | 45019 | 34673 |
|  Other assets | 17963 | 19997 |
|  **Total assets** | $**1350147** | $**1381217** |
|  **Liabilities and equity** |  |  |
|  **Current liabilities** |  |  |
|  Accounts payable | $51510 | $107807 |
|  Accounts payable—related party |  | 551 |
|  Current portion of long-term debt, net | 702 | 14397 |
|  Contract liabilities | 43647 | 55627 |
|  Accrued expenses | 108010 | 128420 |
|  Other current liabilities | 29219 | 33633 |
|  **Total current liabilities** | **233088** | **340435** |
|  Long-term debt, net | 198194 | 196837 |
|  Long-term debt, net—related party | 140881 | 131910 |
|  Non-current operating lease liabilities | 37420 | 27052 |
|  Other liabilities | 54222 | 53646 |
|  **Total liabilities** | **663805** | **749880** |
|  **Shareholders' equity** |  |  |
|  Ordinary shares (€1.00 par value, 200 shares authorized and 200 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively) |  |  |
|  Additional paid-in capital | 610431 | 610431 |
|  Retained earnings | 69736 | 38489 |
|  Accumulated other comprehensive income (loss) | 4777 | (18753) |
|  **Total shareholders' equity** | **684944** | **630167** |
|  Non-controlling interests | 1398 | 1170 |
|  **Total equity** | **686342** | **631337** |
|  **Total liabilities and shareholders' equity** | $**1350147** | $**1381217** |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements.* 

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##### [**Table of Contents**](#toc)
**HMH Holding B.V. and subsidiaries** 

**Condensed consolidated statements of change in shareholders' equity (unaudited)** 

**(in thousands, except as otherwise noted)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares<br>issued and<br>outstanding** | **Ordinary<br>shares** | **Additional<br>paid-in<br>capital** | **Hedging<br>reserve** | **Pension<br>remeasurement<br>reserve** | **Currency<br>translation<br>reserve** | **Accumulated<br>other<br>comprehensive<br>gain/(loss)** | **Non-<br>controlling<br>interest** | **Retained<br>earnings<br>(loss)** | **Total**<br> **equity** |
| | ***Actual<br>shares***<br> ***outstanding*** | | | | | | | | | |
|  **Balance as of January 1, 2025** | **200** | $**—** | $**610431** | $**(2250)** | $**2062** | $**(18565)** | $**(18753)** | $**1170** | $**38489** | $**631337** |
|  **Net income** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **228** | **31247** | **31475** |
|  **Other comprehensive income (loss)** | **—** | **—** | **—** | **3126** | **(1899)** | **22303** | **23530** | **—** | **—** | **23530** |
|  **Equity as of September 30, 2025** | **200** | $**—** | $**610431** | $**876** | $**163** | $**3738** | $**4777** | $**1398** | $**69736** | $**686342** |
|  | **Shares<br>issued and<br>outstanding** | **Ordinary<br>shares** | **Additional<br>paid-in<br>capital** | **Hedging<br>reserve** | **Pension<br>remeasurement<br>reserve** | **Currency<br>translation<br>reserve** | **Accumulated<br>other<br>comprehensive<br>gain/(loss)** | **Non-<br>controlling<br>interest** | **Retained<br>earnings<br>(loss)** | **Total<br>equity** |
|  | ***Actual<br>shares***<br> ***outstanding*** |  |  |  |  |  |  |  |  |  |
|  **Balance as of January 1, 2024** | **200** | $**—** | $**601539** | $**1098** | $**1220** | $**2003** | $**4321** | $**—** | $**(12729)** | $**593131** |
|  **Sale ownership interest in Hydril Arabia** | **—** | **—** | **8892** | **—** | **—** | **—** | **—** | **432** | **—** | **9324** |
|  **Net income** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **553** | **44948** | **45501** |
|  **Other comprehensive income (loss)** | **—** | **—** | **—** | **(787)** | **887** | **(6576)** | **(6476)** | **—** | **—** | **(6476)** |
|  **Equity as of September 30, 2024** | **200** | $**—** | $**610431** | $**311** | $**2107** | $**(4573)** | $**(2155)** | $**985** | $**32219** | $**641480** |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements.* 

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**HMH Holding B.V. and subsidiaries** 

**Condensed consolidated statements of cash flows (unaudited)** 

**(in thousands)** 

---

| | | |
|:---|:---|:---|
|  | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** |
| | **2025** | **2024** |
|  **Cash flows from operating activities** |  |  |
|  Net income | $31475 | $44948 |
|  Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 31877 | 28897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of borrowing costs | 1436 | 1371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restructuring and other expenses | 2735 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred tax expense (benefit) | (145) | 1863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in-kind interest | 8081 | 7386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provision for bad debt expense | 13637 |  |
|  **Changes in operating assets and liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable and related party accounts receivable | 12400 | (9609) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract assets | 11267 | 11180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inventories, net | 31665 | (36711) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other current receivables | 15314 | (4380) |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaids and other current assets | (10640) | 1228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accounts payable—related party | (61064) | (27785) |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | (32395) | 13239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liabilities | (15216) | (13989) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other current and long-term liabilities | (8802) | (17463) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other, net | (2677) | (4775) |
|  **Net cash provided by (used in) operating activities** | $**28948** | $**(4600)** |
|  **Cash flows from investing activities** |  |  |
|  Purchase of property, plant and equipment | (6586) | (10014) |
|  Purchase of intangible assets |  | (181) |
|  Acquisition of business, net of cash |  | (19624) |
|  Sale proceeds from property and equipment |  | 27 |
|  Development costs | (4399) | (1653) |
|  **Net cash used in investing activities** | $**(10985)** | $**(31445)** |
|  **Cash flows from financing activities** |  |  |
|  Proceeds from issuance of long-term loans | 115702 | 70000 |
|  Repayment of long-term loans | (130000) | (62984) |
|  Proceeds from sale to non-controlling interests |  | 2291 |
|  Payment of borrowing costs |  | (1615) |
|  **Net cash provided by (used in) financing activities** | $**(14298)** | $**7692** |
|  Effect of foreign exchange rate on cash and cash equivalents | 4031 | (771) |
|  **Net decrease in cash and cash equivalents and restricted cash** | $**7696** | $**(29124)** |
|  **Cash, cash equivalents and restricted cash, beginning of year** | $**48912** | $**62524** |
|  **Cash, cash equivalents and restricted cash, end of year** | $**56608** | $**33400** |
|  **Supplemental cash flow information:** |  |  |
|  Cash paid for income taxes, net | $**14645** | $**14886** |
|  Cash paid for interest | $**15121** | $**11055** |
|  Contingent consideration in connection with acquisition | $**—** | $**3700** |
|  **Supplemental non-cash investing and financing activities:** |  |  |
|  Paid-in-kind interest | $**8081** | $**7386** |

---

*The accompanying notes are an integral part of these consolidated financial statements.* 

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##### [**Table of Contents**](#toc)
**HMH Holding B.V. and subsidiaries** 

**Notes to condensed consolidated financial statements (unaudited)** 

**1. Basis of presentation and summary of significant accounting policies** 

**Description of business** 

HMH Holding B.V. ("HMH," the "Company," "we" or "our") is a leading global provider of offshore and onshore drilling equipment and services.

**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." and such principles, "U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial information. Certain information and note 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 condensed consolidated balance sheets, statements of income, statements of comprehensive income, statements of change in shareholders' equity 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.

The unaudited condensed consolidated financial statements include the accounts of the Company and all of its subsidiaries and affiliates that it controls or variable interest entities for which the Company has determined it is the primary beneficiary. All intercompany accounts and transactions have been eliminated.

In the notes to the unaudited condensed consolidated financial statements, all dollar amounts in tables are in thousands of dollars unless otherwise indicated. Certain columns and rows in the financial statements and notes thereto may not add due to the use of rounded numbers.

Certain amounts in prior periods have been reclassified to conform with current period presentation.

**Summary of significant accounting policies** 

**Offering costs** 

Deferred offering costs of $16.2 million and $10.7 million were recognized in prepaids and other current assets as of September 30, 2025 and December 31, 2024, respectively.

**Concentration risk** 

The Company had one customer that accounted for approximately 17.3% ($107.0 million) of total revenue for the nine months ended September 30, 2025, and one customer that accounted for approximately 10.2% ($58.3 million) of total revenue for the nine months ended September 30, 2024.

The Company had one customer that accounted for approximately 26.5% ($34.5 million) of current accounts receivable, net as of September 30, 2025, and one customer that accounted for approximately 10.4% ($14.0 million) of current accounts receivable, net as of December 31, 2024.

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The Company expects to maintain its relationships with these customers.

**Investment in subsidiaries** 

For investments in subsidiaries that are not wholly owned, but where the Company exercises control, the equity held by the minority owners and their portion of net income are reflected as non-controlling interests.

On March 28, 2024, Hydril PCB Limited ("Hydril UK"), a subsidiary of the Company, issued shares representing a 30% non-controlling interest in its subsidiary, Hydril Pressure Controlling Arabia Limited ("Hydril Arabia"), to Tanajib Holding Company CJSC ("Tanajib"), in exchange for total consideration of $9.2 million, comprising $2.3 million of upfront consideration and $6.9 million of deferred consideration. On March 28, 2024, the Company recognized cash of $2.3 million, related party accounts receivable—current of $2.2 million and related party notes receivable of $4.7 million. As of September 30, 2025, there was $1.0 million of related party notes receivable—current and $5.5 million of related party notes receivable included in the Company's consolidated balance sheet.

**New accounting standards to be adopted** 

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 provide for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for the Company prospectively to all annual periods beginning after December 15, 2025. Early adoption is permitted. The Company expects the adoption of ASU 2023-09 to result in expanded income tax disclosures in the full year financial statements for the year ended December 31, 2026.

In November 2024, the FASB issued ASU No. 2024-03, "Disaggregation of Income Statement Expenses (Subtopic 220-40)" ("ASU 2024-03"). ASU 2024-03 requires public entities to disaggregate, in a tabular presentation, certain income statement expenses into different categories, such as purchases of inventory, employee compensation, depreciation and intangible asset amortization. The guidance is effective for fiscal years beginning after December 15, 2026, with early adoption permitted, and may be applied retrospectively. The Company is currently evaluating the impact of adopting ASU 2024-03 on its consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU No. 2025-05, "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets" ("ASU 2025-05"), which introduces a practical expedient for the application of the current expected credit loss model to current accounts receivable and contract assets. ASU 2025-05 is effective for the Company prospectively for all annual periods beginning after December 15, 2025, and for interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-05 on its consolidated financial statements and related disclosures.

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"). Under the new guidance, internal-use software costs are capitalized when management has authorized and committed to funding the project, and it is probable that the software will be completed and used for its intended function. ASU 2025-06 is effective for the Company for annual reporting periods beginning after December 15, 2027 and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2025-06 on its consolidated financial statements and related disclosures.

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##### [**Table of Contents**](#toc)
**2. Business combinations** 

**Drillform Technical Services Ltd.** 

On July 17, 2024, Hydril PCB Canada Inc., a wholly-owned subsidiary of the Company, completed its acquisition of all of the issued and outstanding shares of Drillform Technical Services Ltd. ("Drillform") for a total purchase price of $24.7 million, consisting of $21.0 million in cash and $3.7 million in contingent consideration. Drillform holds a portfolio of patents and intellectual property related to equipment used in the handling of drill pipe during drilling operations and has a significant installed base of automated floor wrenches and catwalks. Drillform is based in Alberta, Canada and has facilities in Tulsa, Oklahoma and Abu Dhabi, United Arab Emirates. The Company accounted for the transaction as a business combination and allocated the total purchase price to assets acquired, liabilities and contingent consideration assumed based on their fair values at the date of acquisition. The purchase price allocation was determined using the valuation as of the date of acquisition.

The following table provides the allocation of the purchase price to major classes of assets and liabilities as of the acquisition date. The goodwill reflected below increased by $2.6 million, comprised of measurement period adjustments related to warranty liabilities of $1.9 million and $0.7 million related to foreign currency translation, from the original preliminary purchase price allocation.

---

| | |
|:---|:---|
|  **Assets** |  |
|  Cash and cash equivalents | $1377 |
|  Accounts receivable | 836 |
|  Inventory | 3043 |
|  Prepaid expenses and other current assets | 110 |
|  **Total current assets** | **5366** |
|  Property and equipment | 439 |
|  Intangible assets | 11000 |
|  **Total assets** | $**16805** |
|  **Liabilities and equity** |  |
|  **Current liabilities** |  |
|  Customer deposits | $3885 |
|  Accounts payable | 1307 |
|  Warranty liability | 2432 |
|  Deferred tax liability | 477 |
|  **Total current liabilities** | **8101** |
|  Total debt and leases | 2 |
|  Contingent consideration | 3700 |
|  **Total liabilities** | $**11803** |
|  **Equity consideration** | $**21000** |
|  **Goodwill** | $**15998** |

---

The following table summarizes the fair value of acquired identifiable intangible assets as of the date of acquisition:

---

| | |
|:---|:---|
|  Developed technology<sup>(1)</sup> | $6000 |
|  Customer relationships<sup>(1)</sup> | **5000** |
|  **Total acquired intangible assets** | $**11000** |

---

(1) The weighted-average amortization period for developed technology and customer relationships is 5 years and 2 years, respectively.

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##### [**Table of Contents**](#toc)
The contingent consideration consists of deferred payments by the Company to the acquiree's prior equity and debt holders for three years, contingent on meeting the prescribed realized sales price and margin targets for certain types of units sold. The Company estimated the fair value of the contingent consideration using a probability-weighted discounted cash flow method under the income approach. The Company considered a range of outcomes, with the maximum being $12.0 million, and determined the most likely amount of undiscounted contingent consideration is $4.7 million.

Goodwill generated from this business combination is primarily attributable to expected synergies from the transaction and incremental revenue and profit to be derived from the Company's expansion into global markets. The goodwill is not expected to be deductible for U.S. income tax purposes; however, it can be deducted for Canadian income tax purposes.

**3. Goodwill** 

The following table describes the changes in the carrying amount of goodwill for the nine months ended September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **December 31,<br>2024** | **Acquisition<br>and other** | **September 30,<br>2025** |
|  ESS | $183585 | $726 | $184311 |
|  PCS | $117354 | $1872 | $119226 |
|  **Total** | $**300939** | $**2598** | $**303537** |

---

**4. Inventories** 

Inventories, net of reserves of $100.2 million and $105.4 million as of September 30, 2025 and December 31, 2024, respectively, consisted of the following:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
|  Stock of raw materials | $14226 | $26354 |
|  Goods under production (work in progress) | 35618 | 45585 |
|  Finished goods | 205841 | 208018 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Inventories, net** | $**255685** | $**279957** |

---

For the nine months ended September 30, 2025 and 2024, the Company recorded inventory write-downs of $6.6 million and $3.0 million, respectively.

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##### [**Table of Contents**](#toc)
**5. Financial instruments** 

**Accounting classifications and fair values** 

The following tables set forth the Company's financial instruments that are measured at fair value on a recurring basis by level within the fair value hierarchy:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | | **September 30, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Net balance** |
|  Assets |  |  |  |  |
|  Derivative financial instruments – designated as hedging instruments | $— | $2101 | $— | $2101 |
|  Derivative financial instruments – not designated as hedging instruments |  | 124 |  | 124 |
|  **Total assets** | $**—** | $**2225** | $**—** | $**2225** |
|  Liabilities |  |  |  |  |
|  Derivative financial instruments – designated as hedging instruments | $— | $82 | $— | $82 |
|  Derivative financial instruments – not designated as hedging instruments |  | 325 |  | 325 |
|  **Total liabilities** | $**—** | $**407** | $**—** | $**407** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | | **December 31, 2024** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Assets |  |  |  |  |
|  Derivative financial instruments – designated as hedging instruments | $— | $1713 | $— | $1713 |
|  **Total assets** | $**—** | $**1713** | $**—** | $**1713** |
|  Liabilities |  |  |  |  |
|  Derivative financial instruments – designated as hedging instruments | $— | $4612 | $— | $4612 |
|  **Total liabilities** | $**—** | $**4612** | $**—** | $**4612** |

---

The carrying values of cash and cash equivalents, current receivables, contract assets, notes receivable, accounts payables, contract liabilities and accrued expenses approximate fair value based on the short-term nature of these accounts.

The Company uses derivative instruments, primarily forward currency exchange contracts, to mitigate the effects of variability of future earnings and cash flows caused by the movements in foreign currency exchange rates. Derivative financial assets and liabilities are included in the other current assets and other current liabilities on the condensed consolidated balance sheet. The maximum term of the forward currency exchange contracts is under 24 months as of September 30, 2025 and December 31, 2024.

**Cash flow hedges** 

The Company applies cash flow hedge accounting to certain of these forward currency exchange contracts, such that changes in the fair values or cash flows of future identifiable and anticipated transactions being hedged are expected to be offset by corresponding changes in the fair value of the derivatives.

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##### [**Table of Contents**](#toc)
For derivative instruments designated as hedging instruments, the effective portion of the gain or loss of the derivative, which does not include the time value component of a forward currency rate, is reported in the hedge reserve in accumulated other comprehensive income ("OCI") and reclassified into earnings in the same period or periods during which the hedged transaction impacts earnings.

For the nine months ended September 30, 2025 and 2024, the Company reclassified a $1.7 million loss and $0.3 million of income, respectively, into earnings from accumulated OCI related to cash flow hedges.

The Company expects to reclassify an approximate $0.9 million loss from accumulated OCI into earnings over the next 12 months as the forecasted transactions occur.

The table below presents the notional value of the derivative financial instruments designated as cash flow hedges and a maturity analysis of the related derivatives cash flows. Valuation techniques and inputs of forward contracts are based on the quoted forward exchange rate.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Maturity** | **Maturity** | **Maturity** | **Maturity** |
| | **Total** | **6 months<br>and less** | **6-12**<br> **months** | **1-2 years** |
|  **As of September 30, 2025** | | | |  |
|  **Foreign exchanges forward contracts to hedge highly probable forecasted sales** |  |  |  |  |
|  Notional amounts USD | $17293 | $10529 | $6764 | $— |
|  Average forward rate (USD/NOK) |  | 10.81 | 10.39 |  |
|  Notional amounts EUR | 2832 | 2832 |  |  |
|  Average forward rate (EUR/NOK) |  | 12.16 |  |  |
|  Notional amounts GBP | £2076 | £1185 | £891 | £— |
|  Average forward rate (GBP/NOK) |  | 13.85 | 13.79 |  |
|  Notional amounts EUR | 2995 | 2995 |  |  |
|  Average forward rate (EUR/USD) |  | 1.17 |  |  |
|  **Foreign exchanges forward contracts to hedge highly probable forecasted purchases** |  |  |  |  |
|  Notional amounts EUR | 997 | 897 | 100 |  |
|  Average forward rate (EUR/NOK) |  | 11.98 | 12.04 |  |
|  Notional amounts GBP | £1185 | £695 | £490 | £— |
|  Average forward rate (GBP/NOK) |  | 13.93 | 13.91 |  |
|  Notional amounts EUR |  |  |  |  |
|  Average forward rate (EUR/USD) |  |  |  |  |

---

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##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Maturity** | **Maturity** | **Maturity** | **Maturity** |
| | **Total** | **6 months<br>and less** | **6-12<br>months** | **1-2 years** |
|  **As of December 31, 2024** | | | |  |
|  **Foreign exchanges forward contracts to hedge highly probable forecasted sales** |  |  |  |  |
|  Notional amounts USD | $97710 | $74136 | $10817 | $12757 |
|  Average forward rate (USD/NOK) |  | 10.89 | 10.92 | 10.54 |
|  Notional amounts EUR | 10109 | 5485 | 4379 | 245 |
|  Average forward rate (EUR/NOK) |  | 11.90 | 11.93 | 12.09 |
|  Notional amounts GBP | £6027 | £3658 | £294 | £2075 |
|  Average forward rate (GBP/NOK) |  | 13.94 | 13.91 | 13.83 |
|  Notional amounts EUR | 40449 | 28141 | 12308 |  |
|  Average forward rate (EUR/USD) |  | 1.08 | 1.08 |  |
|  **Foreign exchanges forward contracts to hedge highly probable forecasted purchases** |  |  |  |  |
|  Notional amounts EUR | 4235 | 3185 | 1050 |  |
|  Average forward rate (EUR/NOK) |  | 11.76 | 11.94 |  |
|  Notional amounts GBP | £2596 | £1206 | £450 | £940 |
|  Average forward rate (GBP/NOK) |  | 13.65 | 13.95 | 13.92 |
|  Notional amounts EUR | 2246 | 2246 |  |  |
|  Average forward rate (EUR/USD) |  | 1.11 |  |  |

---

**Non-designated hedges** 

The table below presents the notional value of the non-designated derivative financial instruments and a maturity analysis of the related derivatives cash flows. Valuation techniques and inputs of forward contracts are based on the quoted forward exchange rate.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Maturity** | **Maturity** | **Maturity** | **Maturity** |
| | **Total** | **6 months<br>and less** | **6-12 months** | **1-2 years** |
|  **As of September 30, 2025** |  |  |  |  |
|  **Foreign exchanges forward contracts for non-designated hedges** |  |  |  |  |
|  Notional amounts NOK | 186900 | 107300 | 47200 | 32400 |
|  Average forward rate (NOK/USD) |  | 0.10 | 0.10 | 0.10 |
|  Notional amounts GBP | £17300 | £6700 | £5600 | £5000 |
|  Average forward rate (GBP/USD) |  | 1.35 | 1.35 | 1.34 |
|  Notional amounts EUR | 60400 | 22700 | 20100 | 17600 |
|  Average forward rate (EUR/USD) |  | 1.19 | 1.20 | 1.21 |

---

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##### [**Table of Contents**](#toc)
The following table presents a reconciliation of components of equity and analysis of OCI items, net of tax, resulting from cash flow hedge accounting:

---

| | |
|:---|:---|
| | **2025** |
|  **Balance as of January 1, 2025** | $(2250) |
|  Change in foreign currency risk | 4008 |
|  Income tax allocated to cash flow hedges | (882) |
|  **Balance as of September 30, 2025** | $**876** |

---

For derivative instruments not designated as derivative instruments, changes in fair value resulting from mark-to-market adjustments are recognized in foreign currency gain, net on the condensed consolidated statements of income.

**6. Other current liabilities** 

Other current liabilities consisted of the following:

---

| | | |
|:---|:---|:---|
| | **September 30,**<br> **2025** | **December 31,**<br> **2024** |
|  Income tax payable | $7094 | $6376 |
|  Operating lease liability | 9281 | 8114 |
|  Public duties and taxes | 8677 | 8142 |
|  Withheld taxes and other deductions | 2261 | 3317 |
|  External derivatives financial liabilities | 407 | 4574 |
|  Short-term deferred and contingent liabilities | 1281 | 1922 |
|  Other | 218 | 1188 |
|  **Other current liabilities** | $**29219** | $**33633** |

---

**7. Leases** 

The following table sets forth supplemental consolidated balance sheet information related to leases:

---

| | | | |
|:---|:---|:---|:---|
| | **Classification** | **September 30,**<br> **2025** | **December 31,<br>2024** |
|  **Assets** |  |  |  |
|  Operating lease assets | Right-of-use assets | $45019 | $34673 |
|  **Total lease assets** |  | $**45019** | $**34673** |
|  **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Current** |  |  |  |
|  Operating | Other current liabilities | $9281 | $8114 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Noncurrent** |  |  |  |
|  Operating | Non-current operating lease liabilities | 37420 | 27052 |
|  **Total lease liabilities** |  | $**46701** | $**35166** |

---

During the nine months ended September 30, 2025, the Company executed a 10-year extension for the Kristiansand lease and recognized a $9.5 million right-of-use asset and a corresponding $9.5 million lease liability.

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##### [**Table of Contents**](#toc)
**8. Debt** 

Below are the contractual terms of the Company's interest-bearing loans and borrowings that are measured at amortized cost. The carrying value of the Company's short-term and long-term debt consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| | **Debt outstanding** | **Debt outstanding** | |
| | **September 30,<br>2025** | **December 31,<br>2024** | **Maturity<br>date** |
|  Senior Secured Bonds (HMH02) | $198194 | $196837 | Nov 2026 |
|  Shareholder Loans | 140881 | 131910 | Oct 2026 |
|  Revolving Credit Facility 2023 ($50 million) |  | 14397 | May 2026 |
|  Credit Line in China | 702 |  | Mar 2026 |
|  **Total debt, net** | **339777** | **343144** |  |
|  Current debt, net | 702 | 14397 |  |
|  Non-current debt, net | 339075 | 328747 |  |
|  **Total debt, net** | $**339777** | $**343144** |  |

---

On December 11, 2024, the holders of the Senior Secured Bonds (as defined herein) agreed, in exchange for a one-time consent fee, to amend certain terms of the Senior Secured Bonds to permit implementation of the corporate reorganization and the listing of HMH Holding Inc.'s Class A common stock on The Nasdaq Global Select Market ("Nasdaq"), and the documentation formally implementing the same became effective as of February 12, 2025.

On March 10, 2025, DNB Bank ASA agreed as agent under the senior facility agreement providing revolving credit financing to the Company in an aggregate principal amount of up to $50.0 million (the "Revolver") to amend certain terms of the Revolver to permit implementation of the corporate reorganization and the listing of HMH Holding Inc.'s Class A common stock on Nasdaq, and the documentation formally implementing the same became effective as of March 11, 2025.

On March 27, 2025, the Company extended its credit line agreement (the "Credit Line in China") with Bank of China Shanghai Pudong branch (the "Credit Line in China Lender") pursuant to which the Credit Line in China Lender provides a credit line in an aggregate principal amount of up to Chinese renminbi (RMB) 10.0 million (or approximately USD $1.4 million based on the exchange rate as of September 30, 2025). The extension remains effective through March 26, 2026. The borrowing length for each withdrawal is one year.

Borrowings under the Credit Line in China bear interest at the compounded reference rate, which is the applicable China Loan Prime Rate minus a margin of 0.4%. Interest is paid quarterly in the last month of each quarter. There is no quarterly commitment fee nor guarantee requirement based on the Company's financial status.

**Fair values** 

The fair value of the Company's senior secured bonds (ISIN code: NO0013063495) (the "Senior Secured Bonds") was 102.63%, or $205.3 million, as of September 30, 2025. The fair value was determined using a market approach based on observable inputs. For the remaining debt instruments, the book values of each instrument approximate its respective carrying amount, as these interest rates are variable in nature and are reflective of market rates.

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##### [**Table of Contents**](#toc)
**9. Revenue from contracts with customers** 

**Disaggregated revenue** 

The Company disaggregates revenue from contracts with customers by revenue type for both its Equipment and System Solutions ("ESS") and Pressure Control Systems ("PCS") segments, as it believes this best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. The tables below present the Company's revenue disaggregated by these categories.

The following tables present revenue disaggregated by revenue type for the nine months ended September 30, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** |
| | **ESS** | **PCS** | **Total** |
|  Project and other manufacturing contracts revenue | $55447 | $18598 | $74045 |
|  Sale of products | 55790 | 38034 | 93824 |
|  **Product revenue<sup>(1)</sup>** | **111237** | **56632** | **167869** |
|  Service revenue | 138155 | 142523 | 280678 |
|  Spare parts revenue | 87018 | 83493 | 170511 |
|  **Total revenue** | $**336410** | $**282648** | $**619058** |

---

(1) Product revenue includes related party revenue.

---

| | | | |
|:---|:---|:---|:---|
|  | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** |
| | **ESS** | **PCS** | **Total** |
|  Project and other manufacturing contracts revenue | $15685 | $27005 | $42690 |
|  Sale of products | 80851 | 33523 | 114374 |
|  **Product revenue<sup>(1)</sup>** | **96536** | **60528** | **157064** |
|  Service revenue | 133634 | 130267 | 263901 |
|  Spare parts revenue | 85003 | 108802 | 193805 |
|  **Total revenue** | $**315173** | $**299597** | $**614770** |

---

(1) Product revenue includes related party revenue.

The following table presents timing of revenue recognition for the nine months ended September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **ESS** | **PCS** | **Total** |
|  Transferred overtime | $229511 | $161121 | $390632 |
|  Transferred at point in time | 106899 | 121527 | 228426 |
|  **Total revenue** | $**336410** | $**282648** | $**619058** |

---

The following table presents timing of revenue recognition for the nine months ended September 30, 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **ESS** | **PCS** | **Total** |
|  Transferred overtime | $183451 | $157272 | $340723 |
|  Transferred at point in time | 131722 | 142325 | 274047 |
|  **Total revenue** | $**315173** | $**299597** | $**614770** |

---

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##### [**Table of Contents**](#toc)
Contract assets consisted of the following as of September 30, 2025:

---

| | |
|:---|:---|
|  Balance as of January 1, 2025 | $153150 |
|  Additions | 265040 |
|  Transfers to accounts receivables | (266676) |
|  Written off | (12285) |
|  **Balance as of September 30, 2025** | $**139229** |

---

Contract liabilities consisted of the following as of September 30, 2025:

---

| | |
|:---|:---|
|  Balance as of January 1, 2025 | $55627 |
|  Additions | 141496 |
|  Revenue recognized | (153476) |
|  **Balance as of September 30, 2025** | $**43647** |

---

Revenue recognized during the nine months ended September 30, 2025 and 2024 that was included in the contract liabilities balance at the beginning of the period was $46.4 million and $62.6 million, respectively.

**Transaction price allocated to the remaining performance obligations** 

As of September 30, 2025, the aggregate amount of the transaction price allocated to the unsatisfied or partially unsatisfied performance obligations was $364.6 million. As of September 30, 2025, the Company expected to recognize substantially all of the revenue from the total remaining performance obligations over the next 12 months. Contract modifications could affect both the timing to complete as well as the amount to be received as the Company fulfills the related remaining performance obligations.

**10. Accrued expenses** 

Accrued expenses consisted of the following:

---

| | | |
|:---|:---|:---|
| | **September 30,**<br> **2025** | **December 31,**<br> **2024** |
|  Accrued vendor costs | $43792 | $60583 |
|  Accrued payroll and employee related liabilities | 32252 | 40476 |
|  Provisions—restructuring | 558 | 220 |
|  Provisions—warranty | 12921 | 11082 |
|  Provisions—environmental<sup>(1)</sup> | 2842 | 3086 |
|  Accrued interest | 7515 | 3126 |
|  Accrued sales and other taxes | 1023 | 1361 |
|  Provisions for loss contingencies | 3958 | 3023 |
|  Other | 3149 | 5463 |
|  **Accrued expenses** | $**108010** | $**128420** |

---

(1) Costs of future estimated expenditures for environmental remediation liabilities are not discounted to their present value due to the timing of the future expenditures not being reliably determinable. The environmental
remediation liability is related to two plants.

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##### [**Table of Contents**](#toc)
The following table describes the changes to the Company's warranty liability for the nine months ended September 30, 2025:

---

| | |
|:---|:---|
|  Balance as of January 1, 2025 | $11082 |
|  Accrued expense | 4177 |
|  Payments | (2409) |
|  Provision reversed during the period | (598) |
|  Currency translation differences | 669 |
|  **Balance as of September 30, 2025** | $**12921** |

---

**11. Other liabilities** 

Other liabilities consisted of the following:

---

| | | |
|:---|:---|:---|
| | **September 30,**<br> **2025** | **December 31,**<br> **2024** |
|  Deferred tax liabilities | $16010 | $19127 |
|  Pension liabilities | 23198 | 19482 |
|  Provisions long-term | 1488 | 822 |
|  Contingent considerations—related party | 8081 | 8676 |
|  Other long-term liabilities<sup>(1)</sup> | 5445 | 5539 |
|  **Other liabilities** | $**54222** | $**53646** |

---

(1) Other long-term liabilities include $3.7 million of contingent consideration related to the Drillform acquisition, as of both September 30, 2025 and December 31, 2024.

**12. Share-based compensation** 

The Board of Directors of the Company ("Board") established the founders' phantom equity award, the 2022 long-term incentive program, the 2023 long-term incentive program and the 2024 long-term incentive program as award programs for management and certain key personnel to entitle them to payment when certain strategic goals are met. All of the aforementioned awards are contingent on a liquidity event, which is defined as an IPO or a change of control (each as defined in the applicable award agreement) of the Company. As of September 30, 2025, the Company did not believe that a liquidity event as defined in the award agreements was probable and will not be probable until the occurrence of the liquidity event. Therefore, the Company did not recognize any compensation expense related to these awards.

**13. Employee benefit plans** 

**Net periodic cost for pension plans** 

The components of net periodic cost recognized in selling, general and administrative expenses in the consolidated statements of income consisted of the following:

---

| | | |
|:---|:---|:---|
| | **Nine months ended September 30,** | **Nine months ended September 30,** |
| **Pension benefit** | **2025** | **2024** |
|  Service cost | $373 | $151 |
|  Interest cost | 542 | 578 |
|  Amortization of net actuarial loss | 67 | 40 |
|  **Net periodic cost** | $**982** | $**769** |

---

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##### [**Table of Contents**](#toc)
**14. Income taxes** 

The Company estimates the annual effective tax rate for the full year to be applied to the actual year-to-date ordinary income and reflects the tax effects of discrete items as they occur.

The tax provision for the nine months ended September 30, 2025 and 2024 was $14.8 million and $14.7 million, respectively. The increase in the tax provision was primarily attributable to a change in the Company's geographic mix of revenues.

The effective tax rate for the nine months ended September 30, 2025 and 2024 was 31.9% and 24.6%, respectively. The Company's effective tax rates for the nine months ended September 30, 2025 and 2024 were impacted by valuation allowances related to losses in certain jurisdictions for which the Company cannot currently recognize a tax benefit. The effective tax rates were also impacted by certain withholding taxes, differences in tax rates in the jurisdictions in which the Company operates and the Company's U.S. income, which is taxed at the ultimate owner level rather than at the Company level.

**15. Commitments and contingencies** 

**Restructuring and other expenses** 

The Company has accrued a restructuring provision specific to ESS. The restructuring primarily pertains to a substantial workforce decrease and reorganization, driven by the desire to increase efficiency and flexibility. This provision involves a new organization structure that converts the "Major Projects and Products" division under ESS to "Product and Innovation, Engineering Disciplines and Product Management." The restructuring is expected to impact 100 individuals, comprised of 80 employees in Norway and 20 employees in Germany.

In January 2025, the Company announced a restructuring plan primarily focused on the reorganization of facilities in Horten and Fornebu, Norway and global workforce reductions. The restructuring will optimize the Company's global indirect headcount and rationalize its footprint.

Restructuring and other expenses of $4.4 million were recognized for the nine months ended September 30, 2025, of which $1.8 million related to the impairment of right-of-use assets. There were no restructuring expenses recognized for the nine months ended September 30, 2024. The following table summarizes the changes to the Company's provision balance for restructuring and other charges for the nine months ended September 30, 2025:

---

| | |
|:---|:---|
| | **2025** |
|  Balance as of January 1 | $1042 |
|  Additions for costs expensed | 2221 |
|  Reductions for payments | (1374) |
|  Foreign currency translation | 156 |
|  **Balance as of September 30** | $**2045** |

---

**Other** 

In the normal course of business with customers, vendors and others, the Company has issued various bank guarantees, such as advance payment guarantees, surety bonds, performance guarantees, bid bonds, customs and tax guarantees to guarantee the Company's performance as it relates to contracts with customers, contract bidding, customs duties, tax appeals and obligations in various jurisdictions. These arrangements totaled $35.4 million at September 30, 2025. As of September 30, 2025, none of these guarantees either has, or is likely

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##### [**Table of Contents**](#toc)
to have, a material impact on the Company's financial position, results of operations or cash flows as the Company expects to comply with the underlying performance requirements.

**16. Related party transactions** 

The following tables set forth a summary of transactions and balances with significant related parties:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Baker<br>Hughes<br>Holdings<br>LLC** | **GE<br>Drilling<br>Services<br>LLC** | **GEO Oil<br>and Gas<br>Australia<br>Pty Ltd** | **Akastor<br>AS** | **Aker<br>BP** | **Other<br>Baker<br>Hughes<br>companies** | **Other<br>Akastor<br>companies** | **Tanajib<br>Holding<br>Company** | **Total** |
|  **For nine months ended September 30, 2025** |  |  |  |  |  |  |  |  |  |
|  Consolidated statement of income |  |  |  |  |  |  |  |  |  |
|  Revenue | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $130 | $315 | $— | $**445** |
|  Interest expense, net | (6095) |  |  | (1457) |  |  |  |  | **(7552)** |
|  **As of September 30, 2025** |  |  |  |  |  |  |  |  |  |
|  Consolidated balance sheet |  |  |  |  |  |  |  |  |  |
|  Related party accounts receivable |  |  |  | 1415 |  | 698 | 361 |  | **2474** |
|  Related party notes receivable—current |  |  |  | 1500 |  |  |  | 958 | **2458** |
|  Related party notes receivable | 4564 |  |  | 25015 |  |  |  | 5451 | **35030** |
|  Accounts payable—related party |  |  |  |  |  |  |  |  | **—** |
|  Long-term debt, net—related party | 110242 |  |  | 30639 |  |  |  |  | **140881** |
|  Other liabilities | 374 |  |  | 7707 |  |  |  |  | **8081** |

---

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Baker<br>Hughes<br>Holdings<br>LLC** | **GE<br>Drilling<br>Services<br>LLC** | **GEO Oil<br>and Gas<br>Australia<br>Pty Ltd** | **Akastor<br>AS** | **Aker<br>BP** | **Other<br>Baker<br>Hughes<br>companies** | **Other<br>Akastor<br>companies** | **Tanajib<br>Holding<br>Company** | **Total** |
|  **For nine months ended September 30, 2024** |  |  |  |  |  |  |  |  |  |
|  Consolidated statement of income |  |  |  |  |  |  |  |  |  |
|  Revenue | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $2480 | $32 | $132 | $— | $— | $**2644** |
|  Interest expense, net | (5642) |  |  | (1253) |  |  |  |  | **(6895)** |
|  **As of December 31, 2024** |  |  |  |  |  |  |  |  |  |
|  Consolidated balance sheet |  |  |  |  |  |  |  |  |  |
|  Related party accounts receivable |  |  |  | 1136 |  | 974 |  | 222 | **2332** |
|  Related party notes receivable—current |  |  |  | 1500 |  |  |  | 2179 | **3679** |
|  Related party notes receivable | 4299 |  |  | 22694 |  |  |  | 4754 | **31747** |
|  Accounts payable—related party |  |  |  |  |  | 69 | 124 | 358 | **551** |
|  Long-term debt, net—related party | 103767 |  |  | 28143 |  |  |  |  | **131910** |
|  Other liabilities | 514 |  |  | 8162 |  |  |  |  | **8676** |

---

**17. Segment information** 

Operating segments are defined as components of an entity for which separate financial information is available and evaluated on a regular basis by the Chief Operating Decision Maker ("CODM") to allocate resources and assess performance. As of September 30, 2025 and 2024, the Company had two operating segments, ESS and PCS. The Company has identified its reportable segments based on the nature of the products and services, markets served and pricing and go-to-market strategies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ESS is a supplier of drilling solutions and complete topside drilling packages and services to both onshore and offshore
oil and gas customers. Key product offerings consist of overhaul, equipment

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##### [**Table of Contents**](#toc)
installation and commissioning, services account management, 24/7 technical support, logistics, engineering upgrades, spare parts supply, training and condition-based maintenance. The ESS segment is derived from the acquisition of MHWirth AS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PCS is a supplier of integrated drilling products and services. Key product offerings consist of BOP systems, controls and
drilling riser equipment, spare parts supply for rig operations and maintenance programs, overhaul and recertification and reactivation of rigs and technical and operational rig support. The PCS segment is derived from the acquisition of Subsea
Drilling Systems.

In addition to its reportable segments, the Company has corporate operations (Headquarters) which include general corporate expenses. Headquarters includes certain corporate stewardship items discussed below necessary to reconcile the reportable segments to the Company's total amounts.

The CODM, who is the company's Chief Executive Officer, uses segment operating income as the primary financial measure to evaluate segment performance. Segment operating income is defined as income before taxes (excluding certain corporate stewardship costs which are not allocable to the segments, such as legal, certain corporate finance functions and centrally managed initiatives, other non-operating items, and depreciation and amortization related to certain long-lived assets, including the headquarters office space), net other operating expenses (income), net foreign currency gain/(loss), net other non-operating income (loss), and net interest income (expense). Inter-segment pricing is determined on an arm's length basis. The CODM uses segment operating income in the budget and forecasting process and to monitor budget versus actual results, which are used in assessing the performance of the segments and to allocate resources to the segments. Segment assets are not reported to, or used by, the CODM to allocate resources to or assess performance of the Company's segments.

The accounting policies of the reportable segments are the same as described under Note 1—"Basis of presentation and summary of significant accounting policies."

The following table presents the reconciliation of reportable segment revenues for the nine months ended September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **ESS** | **PCS** | **Total** |
|  Revenues from external customers | $336410 | $282648 | $619058 |
|  Intersegment revenue | 11203 | 7846 | 19049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total segment revenue** | $**347613** | $**290494** | $**638107** |
|  Elimination of intersegment revenue |  |  | (19049) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total consolidated revenue** |  |  | $**619058** |

---

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##### [**Table of Contents**](#toc)
The following table presents the reconciliation of segment performance for the nine months ended September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **ESS** | **PCS** | **Total** |
|  Revenues from external customers<sup>(a)</sup> | $336410 | $282648 |  |
|  Cost of sales<sup>(b)</sup> | (242897) | (181399) |  |
|  Selling, general and administrative expenses<sup>(b)</sup> | (54527) | (34697) |  |
|  Research and development expenses | (1200) | (578) |  |
|  Restructuring and other expenses<sup>(c)</sup> | (4037) | (392) |  |
|  Depreciation and amortization<sup>(b)</sup> | (7056) | (20717) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total segment operating income** | $**26693** | $**44865** | $**71558** |
|  Unallocated corporate costs<sup>(d)</sup> |  |  | (6598) |
|  Foreign currency gain, net |  |  | 7015 |
|  Other non-operating income |  |  | 876 |
|  Interest expense |  |  | (26619) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Income before income taxes** |  |  | $**46232** |

---

The following table presents the reconciliation of reportable segment revenues for the nine months ended September 30, 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **ESS** | **PCS** | **Total** |
|  Revenues from external customers | $315173 | $299597 | $614770 |
|  Intersegment revenue | 2889 | 5008 | 7897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total segment revenue** | $**318062** | $**304605** | $**622667** |
|  Elimination of intersegment revenue |  |  | (7897) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total consolidated revenue** |  |  | $**614770** |

---

The following table presents the reconciliation of segment performance for the nine months ended September 30, 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **ESS** | **PCS** | **Total** |
|  Revenues from external customers<sup>(a)</sup> | $315173 | $299597 |  |
|  Cost of sales<sup>(b)</sup> | (220600) | (163403) |  |
|  Selling, general and administrative expenses<sup>(b)</sup> | (60452) | (47158) |  |
|  Research and development expenses | (1277) | (4212) |  |
|  Restructuring and other expenses<sup>(c)</sup> |  |  |  |
|  Depreciation and amortization<sup>(b)</sup> | (6977) | (20274) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total segment operating income** | $**25867** | $**64550** | $**90417** |
|  Unallocated corporate costs<sup>(d)</sup> |  |  | (5783) |
|  Foreign currency gain, net |  |  | 1357 |
|  Other non-operating income |  |  | 317 |
|  Interest expense |  |  | (26705) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Income before income taxes** |  |  | $**59603** |

---

(a) As the CODM does not regularly review intersegment revenue, it is excluded from the determination of total segment operating income. The CODM uses revenue from external customers to assess performance and allocate
resources.

(b) Depreciation and amortization expense is included in the consolidated statements of income within cost of sales and selling, general and administrative expenses.

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##### [**Table of Contents**](#toc)
(c) Restructuring and other expenses consist of severance costs primarily related to workforce reductions and reorganization within ESS and impairment of right-of-use assets.

(d) Unallocated corporate costs include certain corporate stewardship costs that are not allocable to the segments, consisting of centralized finance costs of $5.4 million and $5.4 million for the nine months
ended September 30, 2025 and 2024, respectively, and other corporate expenses of $1.2 million and $0.3 million for the nine months ended September 30, 2025 and 2024, respectively.

**18. Earnings per share** 

For purposes of calculating earnings per share, Class A ordinary shares and Class B ordinary shares are identical. Therefore, the Company has calculated basic earnings per share on the basis of 200 shares. Basic earnings per ordinary share is calculated by dividing the net income attributable to the Company during the period by the weighted average number of ordinary shares outstanding during the same period. There are no adjustments required to be made to net income or the ordinary shares outstanding for purposes of computing basic and diluted earnings per share.

---

| | | |
|:---|:---|:---|
| | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** |
|  Numerator *(in thousands)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | $31475 | $44948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Net income attributable to non-controlling interests | 228 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net income attributable to HMH Holding B.V.** | $**31247** | $**44395** |
|  Denominator *(actual amounts)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted average ordinary shares—basic and diluted | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings per ordinary shares—basic and diluted | $156235 | $221975 |

---

**19. Subsequent events** 

The Company evaluated subsequent events through November 10, 2025, the date that the condensed consolidated financial statements were available to be issued.

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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;***shares***

## HMH Holding Inc.
***Class A common stock***

![LOGO](g75409g83y03.jpg)

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| | | |
|:---|:---|:---|
| **J.P. Morgan** | **Piper Sandler** | **Evercore ISI** |

---

---

| | |
|:---|:---|
| **Citigroup** | **DNB Carnegie** |

---

---

| | |
|:---|:---|
| **Nordea** | **Stifel** |

---

**Through and including , 2026 (the 25th day 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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##### [**Table of Contents**](#toc)
**Part II** 

**Information not required in prospectus** 

**Item 13. Other expenses of issuance and distribution** 

Set forth below are the expenses (other than underwriting discounts) expected to be incurred in connection with the issuance and distribution of the securities registered hereby. With the exception of the SEC registration fee, the FINRA filing fee and the Nasdaq listing fee, the amounts set forth below are estimates.

---

| | |
|:---|:---|
| | **Amount** |
|  SEC registration fee | $14760 |
|  FINRA filing fee | 14850 |
|  Nasdaq listing fee | 295000 |
|  Printing and engraving expenses | \* |
|  Fees and expenses of legal counsel | \* |
|  Accounting fees and expenses | \* |
|  Transfer agent and registrar fees | 5000 |
|  Miscellaneous | \* |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | $\* |

---

\* To be provided by amendment.

**Item 14. Indemnification of directors and officers** 

***Limitation of liability***

Section 102(b)(7) of the DGCL permits a corporation, in its certificate of incorporation, to eliminate or limit, subject to certain statutory limitations, the personal liability of directors or officers to the corporation or its stockholders for monetary damages for breach of their fiduciary duty as director or officers, except for the following liabilities that cannot be eliminated or limited under the DGCL:

• for any breach of their duty of loyalty to the company or its stockholders;

• for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;

• with respect to directors, for unlawful payments of dividends or unlawful stock purchases or redemptions, as provided under
Section 174 of the DGCL;

• for any transaction from which the director or officer derived an improper personal benefit; or

• with respect to officers, in any action by or in the right of the company.

In accordance with Section 102(b)(7) of the DGCL, our amended and restated certificate of incorporation that will be in effect at the completion of this offering will provide that no director or officer shall be personally liable to us or any of our stockholders for monetary damages resulting from breach of their fiduciary duty as directors or officers, as applicable, except to the extent such exemption from liability or limitation thereof is not permitted under the DGCL as it now exists or may hereafter be amended. The effect of this provision of our amended and restated certificate of incorporation will be to eliminate our rights and those of our stockholders (through stockholders' derivative suits on our behalf) to recover monetary damages against a director or officer for breach of the fiduciary duty of care as a director or officer, including breaches resulting from negligent or grossly negligent behavior, except, as restricted by Section 102(b)(7) of the DGCL. However, this provision will not limit or eliminate our rights or the rights of any stockholder to seek non-monetary relief, such as an injunction or rescission, in the event of a breach of a director's or officer's duty of care. Any amendment, repeal or modification of provisions of our amended and restated certificate of incorporation that purports to limit the

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liability of a director or officer will be prospective only and will not affect any limitation on liability of a director or officer, as applicable, for acts or omissions occurring prior to the date of such amendment, repeal or modification.

***Indemnification***

Section 145 of the DGCL permits a corporation, under specified circumstances, to indemnify its directors, officers, employees or agents against expenses (including attorneys' fees), judgments, fines and amounts paid in settlements actually and reasonably incurred by them in connection with any action, suit or proceeding brought by third parties by reason of the fact that they were or are directors, officers, employees or agents of the corporation, if such directors, officers, employees or agents acted in good faith and in a manner they reasonably believed to be in or not opposed to the best interests of the corporation and, with respect to any criminal action or proceeding, had no reason to believe their conduct was unlawful. In a derivative action, *i.e.*, one by or in the right of the corporation, indemnification may be made only for expenses actually and reasonably incurred by directors, officers, employees or agents in connection with the defense or settlement of an action or suit, and only with respect to a matter as to which they shall have acted in good faith and in a manner they reasonably believed to be in or not opposed to the best interests of the corporation, except that no indemnification shall be made if such person shall have been adjudged liable to the corporation, unless and only to the extent that the court in which the action or suit was brought shall determine upon application that the defendant directors, officers, employees or agents are fairly and reasonably entitled to indemnity for such expenses despite such adjudication of liability.

We intend to enter into indemnification agreements, to be effective upon the completion of this offering, with our directors and officers containing provisions that are in some respects broader than the specific indemnification provisions contained in the DGCL. The indemnification agreements will require us, among other things, to indemnify our directors and officers against certain liabilities that may arise by reason of their status or service as directors or officers and to advance their expenses incurred as a result of any proceeding against them as to which they could be indemnified. We also intend to enter into indemnification agreements with our future directors and officers.

We intend to maintain liability insurance policies that indemnify our directors and officers against various liabilities, including certain liabilities arising under the Securities Act or the Exchange Act that may be incurred by them in their capacity as such.

The rights to indemnification and advancement of expenses will not be deemed exclusive of any other rights which any person covered by our amended and restated certificate of incorporation or the indemnification agreements may have or hereafter acquire under law, our amended and restated certificate of incorporation, our amended and restated bylaws that will be in effect at the completion of this offering, an agreement, vote of stockholders or disinterested directors, or otherwise.

Our amended and restated bylaws will include provisions relating to advancement of expenses and indemnification rights consistent with those to be set forth in our amended and restated certificate of incorporation and the indemnification agreements. In addition, our amended and restated bylaws will provide for the right of an indemnitee to bring a suit in the event a claim for indemnification or advancement of expenses is not paid in full by us within a specified period of time. Our amended and restated bylaws will also permit us to purchase and maintain insurance, at our expense, to protect us and any person who is or was serving as a director, officer, employee or agent of our corporation or is or was serving at our request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, other enterprise or non-profit entity, including with respect to an employee benefit plan, against any expense, liability or loss

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##### [**Table of Contents**](#toc)
asserted against them and incurred by them in such capacity, or arising out of their status as such, whether or not we would have the power to indemnify such person against such expense, liability or loss under the DGCL.

Any repeal or modification of the provisions of our amended and restated bylaws affecting indemnification rights will not adversely affect any right or protection thereunder in respect of any proceeding (regardless of when such proceeding is first threatened, commenced or completed) arising out of, or related to, any act or omission occurring prior to the time of such repeal or modification.

Under the underwriting agreement, the underwriters are obligated, under certain circumstances, to indemnify directors and officers of the registrant against certain liabilities, including liabilities under the Securities Act. Reference is made to the form of underwriting agreement filed as Exhibit 1.1 to this registration statement.

**Item 15. Recent sales of unregistered securities** 

The following list sets forth information regarding all unregistered securities issued by us since January 1, 2023. Also included is the consideration received by us for such shares and information relating to the section of the Securities Act, or rule of the SEC, under which exemption from registration was claimed.

***HMH Inc.'s formation***

In connection with HMH Inc.'s formation on April 29, 2024, HMH Inc. issued 1,000 shares of common stock, par value $0.01 per share, to HMH B.V. for aggregate consideration of $10.00. These securities were issued pursuant to the exemption from registration provided by Section 4(a)(2) of the Securities Act on the basis that the transactions did not involve a public offering.

The foregoing transaction did not involve any underwriters, underwriting discounts or commissions or any public offering.

**Item 16. Exhibits and financial statement schedules** 

(a) Exhibits

The following documents are filed as exhibits to this registration statement:

---

| | |
|:---|:---|
| **Exhibit<br>number** | **Description** |
| &nbsp;&nbsp;&nbsp;&nbsp;1.1\*\* | [Form of Underwriting Agreement.](http://www.sec.gov/Archives/edgar/data/2021880/000119312525183265/d915070dex11.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1\*\* | [Certificate of Incorporation of HMH Holding Inc., dated April 29, 2024.](http://www.sec.gov/Archives/edgar/data/0002021880/000119312524198984/d835350dex31.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2\*\* | [Bylaws of HMH Holding Inc., dated April 29, 2024.](http://www.sec.gov/Archives/edgar/data/0002021880/000119312524198984/d835350dex32.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.3\*\* | [Form of Amended and Restated Certificate of Incorporation of HMH Holding Inc.](http://www.sec.gov/Archives/edgar/data/0002021880/000119312525055773/d915070dex33.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.4\*\* | [Form of Amended and Restated Bylaws of HMH Holding Inc.](http://www.sec.gov/Archives/edgar/data/0002021880/000119312525055773/d915070dex34.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1\*\*+ | [Bond Terms, dated November 15, 2023, between HMH Holding B.V., as issuer, and Nordic Trustee AS, as bond trustee, for HMH Holding B.V.'s 9.875% senior secured bonds.](http://www.sec.gov/Archives/edgar/data/0002021880/000119312524215959/d835350dex41.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.2\*\* | [Form of Class A Common Stock Certificate.](http://www.sec.gov/Archives/edgar/data/2021880/000119312524206343/d835350dex42.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.3\*\* | [Form of Registration Rights Agreement.](http://www.sec.gov/Archives/edgar/data/0002021880/000119312524198984/d835350dex43.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.4\*\* | [Form of Stockholders' Agreement.](http://www.sec.gov/Archives/edgar/data/0002021880/000119312525055773/d915070dex44.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.5\*\*+ | [Amendment to Bond Terms, dated February 10, 2025, between HMH Holding B.V., as issuer, and Nordic Trustee AS, as bond trustee, for HMH Holding B.V.'s 9.875% senior secured bonds.](http://www.sec.gov/Archives/edgar/data/0002021880/000119312525055773/d915070dex45.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.6+ | [Bond Terms, dated December 15, 2025, between HMH Holding B.V., as issuer, and Nordic Trustee AS, as bond trustee, for HMH Holding B.V.'s 7.875% senior secured bonds.](d75409dex46.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;5.1\*\* | [Form of Opinion of Baker Botts L.L.P. as to the legality of the securities being registered.](http://www.sec.gov/Archives/edgar/data/2021880/000119312524206343/d835350dex51.htm) |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Exhibit<br>number** | **Description** |
| 10.1\*\* | [Form of Tax Receivable Agreement.](http://www.sec.gov/Archives/edgar/data/0002021880/000119312525123194/d915070dex101.htm) |
| 10.2\*\* | [Form of Exchange Agreement.](http://www.sec.gov/Archives/edgar/data/0002021880/000119312525123194/d915070dex102.htm) |
| 10.3\*\* | [Form of Partnership Agreement of HMH Holding B.V.](http://www.sec.gov/Archives/edgar/data/0002021880/000119312525123194/d915070dex103.htm) |
| 10.4\*\* | [Form of Director and Officer Indemnification Agreement.](http://www.sec.gov/Archives/edgar/data/2021880/000119312524206343/d835350dex104.htm) |
| 10.5\*\*+ | [Senior Facility Agreement, dated November 20, 2023, among HMH Holding B.V., as borrower, DNB Carnegie, a part of DNB Bank ASA, and Nordea Bank Abp, filial i Norge, as lead arrangers and bookrunners, the lenders party thereto and DNB Bank ASA, as agent.](http://www.sec.gov/Archives/edgar/data/0002021880/000119312524198984/d835350dex105.htm) |
| 10.6\*\* | [Loan Agreement, dated October 1, 2021, between MHH Holding B.V. (n/k/a HMH Holding B.V.), as borrower, and Baker Hughes Holdings LLC and Akastor AS, as lenders.](http://www.sec.gov/Archives/edgar/data/0002021880/000119312524198984/d835350dex106.htm) |
| 10.7\*\*† | [Form of Award Agreement, dated January 31, 2022, for founders' phantom equity award.](http://www.sec.gov/Archives/edgar/data/0002021880/000119312524198984/d835350dex107.htm) |
| 10.8\*\*† | [Form of Award Agreement, dated May 1, 2023, for 2022 long-term incentive award.](http://www.sec.gov/Archives/edgar/data/0002021880/000119312524198984/d835350dex108.htm) |
| 10.9\*\*† | [Form of Award Agreement, dated November 20, 2023, for 2023 long-term incentive award.](http://www.sec.gov/Archives/edgar/data/0002021880/000119312524198984/d835350dex109.htm) |
| 10.10\*\*† | [Employment Agreement, effective February 12, 2019, between MHWirth AS and Eirik Bergsvik, and amendment thereto, effective January 1, 2023.](http://www.sec.gov/Archives/edgar/data/0002021880/000119312524198984/d835350dex1010.htm) |
| 10.11\*\*† | [Employment Agreement, effective October 1, 2022, among Hydril USA Distribution LLC, HMH Holding B.V. and Thomas W. McGee.](http://www.sec.gov/Archives/edgar/data/0002021880/000119312524198984/d835350dex1011.htm) |
| 10.12\*† | Non-Employee Director Compensation Program. |
| 10.13\*\*† | [Employment Agreement, dated March 31, 2013, between Aker MH AS and Roy A. Dyrseth.](http://www.sec.gov/Archives/edgar/data/0002021880/000119312524198984/d835350dex1013.htm) |
| 10.14\*\*† | [Employment Agreement, dated February 14, 2014, between Aker MH AS and Pål Skogerbø.](http://www.sec.gov/Archives/edgar/data/0002021880/000119312524198984/d835350dex1014.htm) |
| 10.15\*\* | [Amendment to Loan Agreement, dated October 1, 2024, between HMH Holding B.V., as borrower, and Baker Hughes Holdings LLC and Akastor AS, as lenders.](http://www.sec.gov/Archives/edgar/data/2021880/000119312525013425/d915070dex1015.htm) |
| 10.16\*\*† | [Form of Award Agreement, dated December 17, 2024, for 2024 long-term incentive award.](http://www.sec.gov/Archives/edgar/data/2021880/000119312525013425/d915070dex1016.htm) |
| 10.17\*\*† | [Summary of HMH Holding B.V. Board Chairman Compensation.](http://www.sec.gov/Archives/edgar/data/2021880/000119312525013425/d915070dex1017.htm) |
| 10.18\*\*† | [Form of Award Agreement, dated December 17, 2024, for special recognition long-term incentive award.](http://www.sec.gov/Archives/edgar/data/2021880/000119312525055773/d915070dex1018.htm) |
| 10.19\*\* | [Amendment to Senior Facility Agreement, dated March 10, 2025, among HMH Holding B.V., as borrower, and DNB Bank ASA, as agent for the lenders.](http://www.sec.gov/Archives/edgar/data/0002021880/000119312525055773/d915070dex1019.htm) |
| 10.20\*\* | [Amendment to Loan Agreement, dated March 17, 2025, between HMH Holding B.V., as borrower, and Baker Hughes Holdings LLC and Akastor AS, as lenders.](http://www.sec.gov/Archives/edgar/data/0002021880/000119312525055773/d915070dex1020.htm) |
| 10.21† | [Senior Executive Severance Plan, effective November 19, 2025.](d75409dex1021.htm) |
| 10.22† | [Senior Executive Change-in-Control Severance Plan, effective November 19, 2025.](d75409dex1022.htm) |
| 10.23† | [Form of Award Agreement, dated December 18, 2025, for 2025 long-term incentive award.](d75409dex1023.htm) |
| 10.24+ | [Amendment and Restatement to Senior Facility Agreement, dated December 18, 2025, among HMH Holding B.V., as borrower, and DNB Bank ASA, as agent for the lenders.](d75409dex1024.htm) |
| 10.25† | [Form of HMH Holding Inc. 2026 Long-Term Incentive Plan.](d75409dex1025.htm) |
| 10.26† | [Form of Award Agreement replacing founders' phantom equity award and 2022 long-term incentive award.](d75409dex1026.htm) |
| 10.27† | [Form of Award Agreement replacing 2023 long-term incentive award, 2024 long-term incentive award and 2025 long-term incentive award.](d75409dex1027.htm) |

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Exhibit<br>number** | **Description** |
| 10.28† | [Form of Award Agreement replacing 2023 long-term incentive award for former employees.](d75409dex1028.htm) |
| 10.29† | [Form of Award Agreement replacing 2024 special recognition long-term incentive award.](d75409dex1029.htm) |
| 10.30† | [Form of Non-Employee Director Restricted Stock Unit Award Agreement.](d75409dex1030.htm) |
| 10.31† | [Form of Chairman Restricted Stock Unit Award Agreement.](d75409dex1031.htm) |
| 16.1\*\* | [Letter of KPMG AS, dated August 19, 2025.](http://www.sec.gov/Archives/edgar/data/2021880/000119312525183265/d915070dex161.htm) |
| 16.2\*\* | [Letter of KPMG AS, dated August 19, 2025.](http://www.sec.gov/Archives/edgar/data/2021880/000119312525183265/d915070dex162.htm) |
| 21.1\*\* | [List of Subsidiaries of HMH Holding Inc.](http://www.sec.gov/Archives/edgar/data/0002021880/000119312525123194/d915070dex211.htm) |
| 23.1 | [Consent of KPMG AS (HMH Holding Inc.).](d75409dex231.htm) |
| 23.2 | [Consent of KPMG AS (HMH Holding B.V.).](d75409dex232.htm) |
| 23.3\*\* | [Consent of Baker Botts L.L.P. (included in Exhibit 5.1).](http://www.sec.gov/Archives/edgar/data/2021880/000119312524206343/d835350dex51.htm) |
| 24.1\*\* | [Power of Attorney (included on the signature page of the initial filing of the registration statement).](http://www.sec.gov/Archives/edgar/data/2021880/000119312524198984/d835350ds1.htm#sig) |
| 99.1\*\* | [Consent of Judson E. Bailey to be listed as Director Nominee.](http://www.sec.gov/Archives/edgar/data/0002021880/000119312524198984/d835350dex991.htm) |
| 99.2\*\* | [Consent of Karl Erik Kjelstad to be listed as Director Nominee.](http://www.sec.gov/Archives/edgar/data/0002021880/000119312524198984/d835350dex992.htm) |
| 99.3 | [Consent of Svein O. Stoknes to be listed as Director Nominee.](d75409dex993.htm) |
| 99.4\*\* | [Consent of M. Georgia Magno to be listed as Director Nominee.](http://www.sec.gov/Archives/edgar/data/0002021880/000119312525055773/d915070dex994.htm) |
| 99.5\*\* | [Consent of Lance T. Loeffler to be listed as Director Nominee.](http://www.sec.gov/Archives/edgar/data/2021880/000119312525013425/d915070dex995.htm) |
| 99.6\*\* | [Consent of Kathleen S. McAllister to be listed as Director Nominee.](http://www.sec.gov/Archives/edgar/data/2021880/000119312525013425/d915070dex996.htm) |
| 99.7\*\* | [Consent of Daniel W. Rabun to be listed as Director Nominee.](http://www.sec.gov/Archives/edgar/data/2021880/000119312525013425/d915070dex997.htm) |
| 107.1\*\* | [Filing Fee Table.](http://www.sec.gov/Archives/edgar/data/0002021880/000119312524198984/d835350dexfilingfees.htm) |

---

\* To be filed by amendment.

\*\* Previously filed.

† Indicates a management contract or compensatory plan or arrangement.

+ Certain schedules and similar attachments to this exhibit have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The registrant undertakes to furnish supplementally a copy of any omitted schedule to the SEC upon request.

(b) Financial Statement Schedules

See the index to the financial statements included on page F-1 for a list of the financial statements included in 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 foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public

------

##### [**Table of Contents**](#toc)
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, 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:

(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 a 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.

(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 that time shall be deemed to be the initial bona fide offering thereof.

------

##### [**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 Houston, State of Texas, on January 29, 2026.

---

| | |
|:---|:---|
| **HMH Holding Inc.** | **HMH Holding Inc.** |
| By: | /s/ Thomas W. McGee |
|  | Name: Thomas W. McGee |
|  | Title: Chief Financial Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities indicated on January 29, 2026.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| \*<br> Eirik Bergsvik | Chief Executive Officer<br> (Principal Executive Officer) |
| /s/ Thomas W. McGee<br> Thomas W. McGee | Chief Financial Officer<br> (Principal Financial Officer) |
| \*<br> Hunain Qureshi | Chief Accounting Officer<br> (Principal Accounting Officer) |
| \*<br> Dwight W. Rettig | Sole Initial Director |

---

---

| | |
|:---|:---|
|  \*By: | /s/ Thomas W. McGee |
|  | Thomas W. McGee |
|  | *Attorney-in-Fact* |

---

## Exhibit 4.6

**Exhibit 4.6** 

*Execution version* 

**BOND TERMS** 

**FOR** 

**HMH Holding B.V. 7.875% senior secured USD 325,000,000 bonds 2025/2028** 

**ISIN NO0013700039** 

**Temporary ISIN NO0013700047** 

------

**Contents** 

---

| | | |
|:---|:---|:---|
| **Clause** | **Clause** | **Page** |
| 1. | INTERPRETATION | 3 |
| 2. | THE BONDS | 24 |
| 3. | THE BONDHOLDERS | 27 |
| 4. | ADMISSION TO LISTING | 27 |
| 5. | REGISTRATION OF THE BONDS | 28 |
| 6. | CONDITIONS FOR DISBURSEMENT | 28 |
| 7. | REPRESENTATIONS AND WARRANTIES | 33 |
| 8. | PAYMENTS IN RESPECT OF THE BONDS | 35 |
| 9. | INTEREST | 37 |
| 10. | REDEMPTION AND REPURCHASE OF BONDS | 37 |
| 11. | PURCHASE AND TRANSFER OF BONDS | 40 |
| 12. | INFORMATION UNDERTAKINGS | 41 |
| 13. | GENERAL AND FINANCIAL UNDERTAKINGS | 42 |
| 14. | EVENTS OF DEFAULT AND ACCELERATION OF THE BONDS | 47 |
| 15. | BONDHOLDERS' DECISIONS | 50 |
| 16. | THE BOND TRUSTEE | 54 |
| 17. | AMENDMENTS AND WAIVERS | 59 |
| 18. | MISCELLANEOUS | 60 |
| 19. | GOVERNING LAW AND JURISDICTION | 62 |

---

ATTACHMENT 1 COMPLIANCE CERTIFICATE

ATTACHMENT 2 RELEASE NOTICE – ESCROW ACCOUNT

ATTACHMENT 3 AGREED SECURITY PRINCIPLES

------

---

| | |
|:---|:---|
| BOND TERMS between | BOND TERMS between |
| ISSUER: | **HMH Holding B.V.**, a private limited liability company (*besloten vennootschap met beperkte aansprakelijkheid*) existing under the laws of the Netherlands, having its official seat in Amsterdam, the Netherlands, with registration number 82719322 and LEI-code 8945008FRZIYPW0VW366; and |
| BOND TRUSTEE: | **Nordic Trustee AS**, a company existing under the laws of Norway with registration number 963 342 624 and LEI-code 549300XAKTM2BMKIPT85. |
| DATED: | 15 December 2026 |
| These Bond Terms shall remain in effect for so long as any Bonds remain outstanding. | These Bond Terms shall remain in effect for so long as any Bonds remain outstanding. |

---

**1.** **INTERPRETATION** 

**1.1** **Definitions** 

The following terms will have the following meanings:

"**Accounting Standard**" means GAAP.

"**Additional Bonds**" means the debt instruments issued under a Tap Issue.

"**Additional Secured Financing**" means any credit facility with reputable financial institutions or any capital market instrument secured on a *pari passu* basis in the Transaction Security provided that such financing shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) mature no earlier than six (6) months following the Maturity Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) have no scheduled amortisation prior to the Maturity Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where the agent, bond trustee or security trustee (however described) to such financing shall accede (in their
respective capacities) to the Intercreditor Agreement.

"**Adjusted EBITDA**" means, in relation to a Relevant Period, EBITDA for that Relevant Period adjusted by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) including the operating profit before interest, tax, depreciation, amortisation and impairment charges
(calculated on the same basis as EBITDA) of a Group Company (or attributable to a business or assets acquired by a Group Company during such period) for the Relevant Period prior to it becoming a Group Company or (as the case may be) prior to the
acquisition of the business or assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) excluding the operating profit before interest, tax, depreciation, amortisation and impairment charges
(calculated on the same basis as EBITDA) for the Relevant Period of any Group Company (or, as the case may be, any business or assets) sold or disposed of by a Group Company during such period.

------

"**Affiliate**" means, in relation to any person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any person which is a Subsidiary of that person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any person with Decisive Influence over that person (directly or indirectly); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any person which is a Subsidiary of an entity with Decisive Influence over that person (directly or
indirectly).

"**Agreed Security Principles**" means the security principles set out in Attachment 3 (*Agreed Security Principles*) hereto.

"**Annual Financial Statements**" means the audited consolidated annual financial statements of the Issuer for any financial year, prepared in accordance with the Accounting Standard, and to be certified by a director of the relevant company to give a true and fair view of its financial condition and operations as at the date at which those Annual Financial Statements were drawn up.

"**Asset Sale Put Option**" has the meaning ascribed to such term in Clause 10.4 *(Mandatory repurchase due to a Material Asset Sale)*.

"**Asset Sale Put Option Amount**" means fifty (50.00) per cent. of the gross proceeds of a Material Asset Sale.

"**Asset Sale Put Option Repayment Date**" means the settlement date for the Asset Sale Put Option pursuant to Clause 10.4 (*Mandatory repurchase due to a Material Asset Sale*).

"**Attachment**" means any schedule, appendix or other attachment to these Bond Terms.

"**Bond Currency**" means the currency in which the Bonds are denominated, as set out in Clause 2.1 (*Amount, denomination and ISIN of the Bonds*).

"**Bond Escrow Account**" means the CSD account in the name of the Issuer established prior to the Issue Date, to which the Existing Bonds (received as payment-in-kind for the Temporary Bonds) will be credited, which shall be blocked and pledged in favour of the Bond Trustee.

"**Bond Escrow Account Pledge**" means the first priority pledge over the Bond Escrow Account in favour of the Bond Trustee on behalf of the holders of Temporary Bonds and blocked so that no withdrawals can be made therefrom without the Bond Trustee's prior written consent.

"**Bond Terms**" means these terms and conditions, including all Attachments which form an integrated part of these Bond Terms, in each case as amended and/or supplemented from time to time.

"**Bond Trustee**" means the company designated as such in the preamble to these Bond Terms, or any successor, acting for and on behalf of the Bondholders in accordance with these Bond Terms.

"**Bondholder**" means a person who is registered in the CSD as directly registered owner or nominee holder of a Bond, subject however to Clause 3.3 (*Bondholders' rights*).

------

"**Bondholders' Meeting**" means a meeting of Bondholders as set out in Clause 15 (*Bondholders' Decisions*).

"**Bonds**" means (a) the debt instruments issued by the Issuer pursuant to these Bond Terms, including any Additional Bonds, and (b) any overdue and unpaid principal which has been issued under a separate ISIN in accordance with the regulations of the CSD from time to time.

"**Bridge Financing**" means any debt financing of an acquisition of assets or entities by any Group Company, provided that (a) such financing shall only be secured by guarantees from and/or security over (as applicable) the relevant Target Collateral, and (b) such financing shall not remain outstanding for more than six (6) months following completion of the acquisition.

"**Business Day**" means a day on which both the relevant CSD settlement system and the relevant settlement system for the Bond Currency are open.

"**Business Day Convention**" means that if the last day of any Interest Period originally falls on a day that is not a Business Day, no adjustment will be made to the Interest Period.

"**Call Notice**" has the meaning ascribed to such term in paragraph (c) of Clause 10.2 (*Voluntary early redemption – Call Option*).

"**Call Option**" has the meaning ascribed to such term in paragraph (a) of Clause 10.2 (*Voluntary early redemption – Call Option*).

"**Call Option Repayment Date**" means the settlement date for the Call Option determined by the Issuer pursuant to Clause 10.2 (*Voluntary early redemption – Call Option*), paragraph (d) of Clause 10.3 (*Mandatory repurchase due to a Put Option Event*) or a date agreed upon between the Bond Trustee and the Issuer in connection with such redemption of Bonds.

"**Change of Control Event**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prior to an IPO, any event where the Parent Entities either collectively or individually cease to
(i) control more than fifty (50.00) per cent. of the voting rights of the Issuer and (ii) maintain board control through majority representation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) following an IPO, (i) any person or group of persons, other than the Parent Entities, acting in concert
owns or controls (directly or indirectly), beneficially or of record, more than fifty (50.00) per cent. of the shares or the voting rights in Listco, or (ii) Listco ceases to own all of the voting rights in the Issuer.

"**Clean Up Disposal**" means any Disposal of any asset or entity acquired by any Group Company following the Issue Date and for which a binding agreement for Disposal is entered into within six (6) months from the date of the acquisition.

"**Closing Procedure**" has the meaning ascribed to such term in paragraph (c) Clause 6.1 *(Conditions precedent for disbursement to the Issuer).*

"**Code**" means the US Internal Revenue Code of 1986 (26 U.S.C. §§ 1 et seq.).

------

"**Compliance Certificate**" means a statement substantially in the form as set out in Attachment 1 hereto.

"**Consolidated Cash and Cash Equivalent Assets**" means, at the date of calculation (on a consolidated basis for the Issuer and the Group), the aggregate amount of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cash in hand or on deposit held by the Issuer and any Group Company with any bank or financial institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) cash equivalents of the Issuer and any Group Company (as such assets would be reported in the Financial
Reports),

that, in each case, is unencumbered by any Security, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) arising pursuant to any netting, set-off, cash management, cash pooling
or consolidation or combination of accounts in accordance with the Issuer and Group's banking arrangements or any Local Law Arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any cash deposited as Security for any Consolidated Total Borrowings.

"**Consolidated Finance Costs**" means, in relation to a Relevant Period, all finance costs (whether paid, payable or added to principal) incurred by the Group during that period calculated on a consolidated basis, however excluding any PIK interest under any Subordinated Loan.

"**Consolidated Net Total Borrowings**" means Consolidated Total Borrowings *less* the amount of Consolidated Cash and Cash Equivalent Assets.

"**Consolidated Total Borrowings**" means, in respect of the Group, at any time, the aggregate of the following liabilities calculated at the nominal, principal or other amount at which the liabilities would be carried in a consolidated balance sheet of the Issuer drawn up at that time under the Accounting Standard (and without double counting):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any moneys borrowed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any bond, note, debenture, loan stock or other similar instrument but only to the extent that this constitutes
Financial Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Finance Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any moneys owing in connection with the sale or discounting of receivables (except to the extent on non-recourse terms); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any indebtedness of any person of a type referred to in the above paragraphs which is the subject of a
guarantee, indemnity or similar assurance against financial loss given by a Group Company,

provided that any amount drawn under any Subordinated Loan shall not constitute or be included in the calculation of Consolidated Total Borrowings.

"**Consolidated Total Equity**" means, in respect of the Group and at any time, the sum of:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the aggregate amount of the Group's equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the aggregate outstanding principal amount of Subordinated Loans.

"**CSD**" means the central securities depository in which the Bonds are registered, being Euronext Securities Oslo (Verdipapirsentralen ASA (VPS)).

"**Decisive Influence**" means a person having, as a result of an agreement or through the ownership of shares or interests in another person (directly or indirectly):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a majority of the voting rights in that other person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a right to elect or remove a majority of the members of the board of directors of that other person.

"**Default Notice**" has the meaning ascribed to such term in Clause 14.2 (*Acceleration of the Bonds*).

"**Default Repayment Date**" means the settlement date set out by the Bond Trustee in a Default Notice requesting early redemption of the Bonds.

"**Disposal**" means a sale, lease, transfer or other disposal by a Group Company of any asset, undertaking or business (whether by a voluntary or involuntary single transaction or series of transactions).

"**Distribution**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any declaration, making or payment of dividend or other distribution (or interest on any unpaid dividend or
other distribution) (whether in cash or in kind) on or in respect of its share capital (or any class of its share capital) or making any kind of value transfer (including repayment or servicing of Subordinated Loans);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) repayment or distribution of any of its share premium reserve; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) redemption, repurchase, defeasance, retirement or repayment of any of its share capital.

"**EBITDA**" means, in respect of any Relevant Period, the operating profit of the Group (on a consolidated basis) from ordinary activities (i.e. excluding the results from discontinued operations):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) before deducting (i) any amount of tax on profits, gains or income whether paid, payable or capitalised by
any Group Company (calculated on a consolidated basis) in respect of that Relevant Period, or (ii) any amounts distributed in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) before deducting any finance charges or amounts accrued in the nature of non-cash interest accrued or payable in respect of any Subordinated Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) before adding any interest receivable by or accruing in favour of any Group Company;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) after adding back any amount attributable to the amortisation, depreciation or impairment of assets (including,
without limitation, amortisation or impairment of any goodwill or intangible assets);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) before deducting any interest, commission, fees, discounts, prepayment fees, premiums or charges and other
finance payments whether paid, payable or capitalised by any Group Company (calculated on a consolidated basis) in respect of that Relevant Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) before taking into account any items of an exceptional or non-recurring nature provided that items excluded in accordance with this paragraph (f) have not already been adjusted on a "pro forma basis" and will in aggregate not exceed, for any Relevant Period thereafter, ten (10) per cent. of EBITDA
for the applicable Relevant Period (prior to giving effect to such exclusions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) before taking into account any unrealised gains or losses on any derivative instrument (other than any
derivative which is accounted for on a hedge accounting basis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) after adding back (or deducting), as the case may be, the amount of any loss or gain against book value arising
on a Disposal of any assets (other than in the ordinary course of trading), any loss or gain arising from an upward or downward revaluation of any asset, including without limitation impairment charges, asset write-offs, inventory revaluations,
obsolescence charges, amortization of intangibles and other fair value adjustments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) after deducting the amount of any profit (or adding back the amount of any loss) of any Group Company which is
attributable to minority interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) before taking into account any cost of or income from retirement benefit plans other than any cost of benefit
entitlements earned in the relevant accounting period (i.e. none of any cost recognized in respect of any prior period); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) plus or minus the Group's share of the profit or losses (after finance costs and tax) of non-members of the Group (i.e. which are not consolidated in when preparing the relevant financial statements);

in each case, to the extent added, deducted or taken into account, as the case may be, for the purposes of determining operating profits of the Group before taxation.

"**Equity Clawback**" has the meaning ascribed to such term in paragraph (a) of Clause 10.7 (*Early redemption – Equity Clawback*).

"**Equity Clawback Repayment Date**" has the meaning ascribed to such term in paragraph (b) of Clause 10.7 (*Early redemption – Equity Clawback*).

"**Equity Offering**" means an equity offering (in connection with an IPO of the shares in the Issuer).

"**Escrow Account**" means an account in the name of the Issuer (in a Norwegian bank acceptable to the Bond Trustee or with Nordic Trustee Services AS), blocked (or otherwise restricted, as determined by the Bond Trustee) and pledged on first priority as security for the Issuer's obligations under the Finance Documents in favour of the Security Agent (on behalf of the Bondholders).

------

"**Escrow Account Pledge**" means the first priority pledge over the Escrow Account, where the bank operating the account has waived any set-off rights.

"**Event of Default**" means any of the events or circumstances specified in Clause 14.1 (*Events of Default*).

"**Exchange**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Nordic ABM, a self-regulated marketplace organised and operated by Euronext Oslo Børs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any regulated market as such term is understood in accordance with the Markets in Financial Instruments
Directive 2014/65/EU (MiFID II) and Regulation (EU) No. 600/2014 on markets in financial instruments (MiFIR); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Nasdaq Stock Market (including the Nasdaq Global Select Market, the Nasdaq Global Market and the Nasdaq
Capital Market), the New York Stock Exchange or any other national securities exchange under the U.S. Securities Exchange Act of 1934, as amended.

"**Existing Bondholders**" means the persons who are registered in the CSD as directly registered owner or nominee holder of the Existing Bonds.

"**Existing Bonds**" means the Issuer's senior secured callable USD 200,000,000 bond issue with ISIN NO0013063495 pursuant to the bond terms dated 15 November 2023 entered into between the Issuer as issuer and Nordic Trustee AS as bond trustee for the bondholders and each bond thereunder the "**Existing Bonds**".

"**Fee Agreement**" means the agreement entered into between the Issuer and the Bond Trustee relating among other things to the fees to be paid by the Issuer to the Bond Trustee for its services relating to the Bonds.

"**Finance Documents**" means these Bond Terms, the Fee Agreement, the Intercreditor Agreement, any Transaction Security Document and any other document designated by the Issuer and the Bond Trustee as a Finance Document.

"**Finance Lease**" means any lease or hire purchase contract, a liability under which would, in accordance with the Accounting Standard as in force at the Issue Date, be treated as a balance sheet liability (other than a lease or hire purchase contract which would, in accordance with Accounting Standard in force prior to 1 January 2019 (IAS 17), have been treated as an operating lease).

"**Financial Indebtedness**" means any indebtedness for or in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) moneys borrowed;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any amount raised pursuant to any issue of bonds, notes, debentures, loan stock or any similar instrument
(other than any performance, bid, advance payment or similar bond issued by a Group Company and which is not issued in respect of other Financial Indebtedness), including the Bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any redeemable preference share which is redeemable prior to the Maturity Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the amount of any liability in respect of Finance Leases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the acquisition cost of any asset or service to the extent payable after its acquisition or possession by the
party liable where the advance or deferred payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is arranged primarily as a method of raising finance or financing the acquisition of that asset or the
construction of that asset; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) involves a period of more than six (6) months before or after the date of acquisition or supply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any derivative transaction entered into in connection with protection against or benefit from fluctuation in
any rate or price (and, when calculating the value of any derivative transaction, only the mark to market value (or, if any actual amount is due as a result of the termination or close-out of that derivative
transaction, that amount) shall be taken into account);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any amount raised under any other transaction (including any forward sale or purchase agreement) of a type not
referred to in any other paragraph of this definition having the commercial effect of a borrowing and which is treated as a borrowing in accordance with the Accounting Standard;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of
credit or any other instrument issued by a bank or financial institution, provided that where the underlying instrument is a performance, bid, advance payment or similar bond it will only constitute Financial Indebtedness for the purpose of the
cross-default provision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the amount of any liability in respect of any guarantee, indemnity or similar assurance against financial loss
of any person in respect of any item referred to in paragraphs (a) to (j) above.

"**Financial Reports**" means the Annual Financial Statements and the Interim Accounts.

"**Financial Support**" means any loans, guarantees, Security or other financial assistance (whether actual or contingent).

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"**First Call Date**" means the Interest Payment Date falling in June 2027.

"**First Call Price**" means the price set out in paragraph (a)(ii) of Clause 10.2 (*Voluntary early redemption – Call Option*).

"**GAAP**" means generally accepted accounting practices and principles in the country in which the Issuer is incorporated including, and if used by the Issuer, IFRS.

"**Gearing Ratio**" means the ratio of Consolidated Net Total Borrowings to Consolidated Total Equity.

"**Group**" means the Issuer and its Subsidiaries from time to time.

"**Group Company**" means any person which is a member of the Group.

"**Gross Revenue**" means, for any period, the consolidated revenues of the Issuer in accordance with the Accounting Standard.

"**Guarantee**" means the unconditional and irrevocable Norwegian law guarantee and indemnity (Norwegian: "*selvskyldnerkausjon*"), or any guarantee subject to any other laws acceptable to the Bond Trustee, which shall constitute senior obligations of the Guarantor.

"**Guarantor**" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HMH Holding (Netherlands) B.V.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) MHWirth AS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Hydril USA Distribution LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) HMH Drilling Asia Pte. Ltd;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) MHWirth GmbH; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any future Material Group Companies.

"**Highest Owner Tax Amount**" means, with respect to all direct or indirect owners of the Issuer and the payment of any Tax Distribution, an amount with respect to the direct or indirect owner receiving the greatest proportionate allocation of taxable income attributable to its direct or indirect ownership of the Issuer and/or any of its Subsidiaries in the applicable tax period (or portion thereof) to which such payment relates (as a result of the application of Section 704(c) of the Code or otherwise) (such owner, the "**Reference Owner**"), calculated by multiplying (x) the aggregate taxable income allocated to such owner (excluding the tax consequences resulting from any adjustment under Sections 743(b) and 734(b) of the Code in such applicable taxable period (or portion thereof)), by (y) the Hypothetical Tax Rate.

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"**Hypothetical Tax Rate**" means the highest combined marginal U.S. federal, state and local tax rate for a corporation that conducts no activities other than the activities of the Issuer and its Subsidiaries, applicable to income and gain attributable to the Issuer and its Subsidiaries, taking into account (where relevant) the holding period of assets held by the Issuer and its Subsidiaries, the taxable year in which such income or gain is recognised by the Issuer and its Subsidiaries and the character of such income or gain, at the time for U.S. federal income tax purposes.

"**IFRS**" means the International Financial Reporting Standards and guidelines and interpretations issued by the International Accounting Standards Board (or any predecessor and successor thereof) in force from time to time and to the extent applicable to the relevant financial statement.

"**Incurrence Test**" has the meaning ascribed to such term in Clause 13.18 (*Incurrence Test*).

"**Initial Bond Issue**" means the amount to be issued on the Issue Date as set out in Clause 2.1 (*Amount, denomination and ISIN of the Bonds*).

"**Initial Nominal Amount**" means the Nominal Amount of each Bond on the Issue Date as set out in Clause 2.1 (*Amount, denomination and ISIN of the Bonds*).

"**Insolvent**" means that a person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is unable or admits inability to pay its debts as they fall due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) suspends making payments on any of its debts generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is otherwise considered insolvent or bankrupt within the meaning of the relevant bankruptcy legislation of the
jurisdiction which can be regarded as its centre of main interest as such term is understood pursuant to Regulation (EU) 2015/848 on insolvency proceedings (as amended from time to time).

"**Intercreditor Agreement**" means the Norwegian law governed intercreditor agreement dated on or about 17 December 2025 and made between, among others, the Security Agent, the Bond Trustee (on behalf of the Bondholders) and the other Secured Parties (either individually or acting through an agent or representative as the case may be), the Issuer, the Obligors and certain Group Companies.

"**Interest Cover Ratio**" means, for each Relevant Period, the ratio of Adjusted EBITDA to Net Interest Expenses.

"**Interest Payment Date**" means the last day of each Interest Period, the first Interest Payment Date being 17 June 2026 and the last Interest Payment Date being the Maturity Date.

"**Interest Period**" means, subject to adjustment in accordance with the Business Day Convention, the period between 17 June and 17 December each year, provided however that an Interest Period shall not extend beyond the Maturity Date.

"**Interest Rate**" means 7.875 per cent. per annum.

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"**Interim Accounts**" means the unaudited consolidated quarterly financial statements of the Issuer for each quarterly period ending on each 31 March, 30 June, 30 September and 31 December in each year, prepared in accordance with the Accounting Standard, such financial statements to include a profit and loss account, balance sheet, cash flow statement and management report, and to be certified by a director of the relevant company to fairly present its financial condition and operations as at the date as at which those Interim Accounts were drawn up.

"**Intra-Group Debt**" means any Financial Indebtedness owed by a Group Company to another Group Company (including, for the avoidance of doubt, any indebtedness arising as part of any cash pooling arrangement).

"**IPO**" means an initial public offering or other transactions leading to the shares in the Issuer or Listco (as direct or indirect parent company of the Issuer) being listed on an Exchange.

"**ISIN**" means International Securities Identification Number.

"**Issue Date**" means 17 December 2025.

"**Issuer**" means the company designated as such in the preamble to these Bond Terms.

"**Issuer's Bonds**" means any Bonds which are owned by the Issuer or any Affiliate of the Issuer.

"**Leverage Ratio**" means the ratio of Consolidated Net Total Borrowings to Adjusted EBITDA in respect of any Relevant Period.

"**Liquidity**" means the aggregate amount of the Consolidated Cash and Cash Equivalent Assets and any undrawn committed credit facilities of the Issuer and the Group which are available for immediate (subject to any customary drawdown period) drawing for general corporate purposes.

"**Listco**" means HMH Holding Inc., a Delaware corporation, or any of its successors or any other holding company of the Issuer.

"**Listing Failure Event**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the Bonds have not been admitted to listing on an Exchange within six (6) months following the Issue
Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a successful admission to listing, that a period of six (6) months has elapsed since the
Bonds ceased to be admitted to listing on an Exchange.

"**Local Law Arrangements**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of any Group Company which is incorporated in Germany:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Security and/or guarantee or indemnity created in connection with pension liabilities or partial retirement
liabilities (*Altersteilzeitverpflichtungen*) pursuant to Section 8a of the German Partial Retirement Act (*Altersteilzeitgesetz*) or pursuant to Sections 7b and 7e of the Fourth Book of the German Social Code (*Sozialgesetzbuch IV*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Security required to be granted under mandatory law in favour of creditors as a consequence of a merger or
a conversion permitted under these Bond Terms due to Sections 22, 204 UmwG; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of any Group Company which is incorporated in the Netherlands:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Security created pursuant to the general conditions of a bank operating in the Netherlands based on the
general conditions drawn up by the Netherlands Bankers' Association (*Nederlandse Vereniging van Banken*) or any other general conditions used by, or agreement or arrangement with, a bank operating in the Netherlands to substantially the
same effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any guarantee or indemnity arising under a declaration of joint and several liability by any Group Company
(other than an Obligor) used for the purpose of section 2:403 BW (and any residual liability under such declaration arising pursuant to section 2:404(2) BW); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any guarantee or indemnity arising as a result of two or more Group Companies (excluding any Obligor) being
part of a fiscal unity (*fiscale eenheid*) for Dutch Tax purposes.

"**Make Whole Amount**" means an amount equal to the sum of the present value on the Call Option Repayment Date of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Nominal Amount of the redeemed Bonds at the First Call Price as if such payment originally had taken place
on the First Call Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the remaining interest payments on the redeemed Bonds (less any accrued and unpaid interest on the redeemed
Bonds as at the Call Option Repayment Date) to and including the First Call Date,

where the present value in respect of both paragraphs (a) and (b) shall be calculated by using a discount rate of 3.932 per cent. per annum.

"**Managers**" means DNB Carnegie, a part of DNB Bank ASA, Nordea Bank Abp, filial i Norge, Arctic Securities AS and Pareto Securities AS.

"**Material Adverse Effect**" means a material adverse effect on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Obligors' ability (taken as a whole) to perform and comply with its obligations under any Finance
Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the validity or enforceability of any Finance Document.

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"**Material Asset Sale**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Disposal (other than pursuant to a Clean Up Disposal) by any Group Company to any third party which is not a
Group Company for which the gross proceeds exceed USD 25,000,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Disposal pursuant to a Clean Up Disposal by any Group Company to any third party which is not a Group Company
for which the gross proceeds exceed USD 50,000,000,

in each case excluding any Real Property Sale.

"**Material Group Companies**" means Group Companies directly wholly owned by the Issuer representing more than twenty (20) per cent. of the Gross Revenue of the Group (measured annually based on the most recent Annual Financial Statements, with such Group Companies required to become Guarantors within thirty (30) days after the date of delivery of the Annual Financial Statements (in accordance with the Clause 12 (*Information Undertakings*)), if such threshold has been met or exceeded).

"**Maturity Date**" means 17 December 2028, adjusted according to the Business Day Convention.

"**Maximum Issue Amount**" means the maximum amount that may be issued under these Bond Terms as set out in Clause 2.1 (*Amount, denomination and ISIN of the Bonds*).

"**Maximum RCF Commitment**" has the meaning ascribed to such term in Clause 13.14 *(Revolving Credit Facility)*.

"**Net Interest Expenses**" means the Consolidated Finance Costs less the amount of interest income received by or accrued in favour of the Group during a Relevant Period (and provided that income accrued in one period may not be accounted for a second time as income received when actually received).

"**Net Proceeds**" means the proceeds from the issuance of the Bonds (net of fees and legal cost of the Managers and, if required by the Bond Trustee, the Bond Trustee fee, and any other cost and expenses incurred in connection with the issuance of the Bonds).

"**Net Profit**" means the consolidated net profit (or loss) after tax in accordance with the Accounting Standard according to the consolidated Annual Financial Statements of the Issuer for the relevant calendar year.

"**Nominal Amount**" means the nominal value of each Bond at any time. The Nominal Amount may be amended pursuant to paragraph (j) of Clause 16.2 (*The duties and authority of the Bond Trustee*).

"**Obligor**" means the Issuer and any Guarantor.

"**Outstanding Bonds**" means any Bonds not redeemed or otherwise discharged.

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"**Overdue Amount**" means any amount required to be paid by an Obligor under the Finance Documents but not made available to the Bondholders on the relevant Payment Date or otherwise not paid on its applicable due date.

"**Parent Entity**" means each of Baker Hughes Holdings LLC and Akastor ASA and each of their direct and indirect parent and subsidiary entities that directly or indirectly holds shares in the Issuer.

"**Partial Payment**" means a payment that is insufficient to discharge all amounts then due and payable under the Finance Documents.

"**Paying Agent**" means the legal entity appointed by the Issuer to act as its paying agent with respect to the Bonds in the CSD.

"**Payment Date**" means any Interest Payment Date or any Repayment Date.

"**Permitted Distribution**" means any Distribution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of any Tax Distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as repayment of Subordinated Loans; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) which is not a repayment of Subordinated Loans, provided that any such Distribution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) prior to an IPO, is limited to an amount of up to fifty (50.00) per cent. of the Net Profit the previous
calendar year (with a right to carry forward any unused amounts) (the "**Net Profit Test** "),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) following an IPO, is not subject to a Net Profit Test, and

in each case (i) and (ii) above, subject to compliance with the Incurrence Test (calculated on a pro forma basis if such Distribution had been made at the time of calculation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) following an IPO, which is made to Listco to pay its corporate, administrative and other similar expenses.

"**Permitted Financial Indebtedness**" means any Financial Indebtedness:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) created under or as contemplated by the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to compliance with the Incurrence Test:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Additional Bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Unsecured Financial Indebtedness issued by the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Bridge Financing; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Additional Secured Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) arising under or in connection with a Revolving Credit Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) existing, up until the first release of funds from the Escrow Account, under the Existing Bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Permitted Hedging Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) incurred under (i) any guarantee facility and/or (ii) overdraft facility, in each case entered into
with banks and financial institutions in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) in the form of Subordinated Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any Intra-Group Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) which constitutes Permitted Financial Support;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) incurred by any Group Company in connection with banking and cash management services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) incurred (i) as lease liabilities if the Real Property Sale is carried out as a sale lease back
transaction or (ii) under any Finance Leases, provided that such other Finance Leases in aggregate for the Group do not exceed an amount equal to USD 10,000,000 (or the equivalent in other currencies) at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) of any person acquired by a Group Company after the Issue Date which is incurred under arrangements in
existence at the date of acquisition, but not incurred or increased or having its maturity date extended in contemplation of, or since, that acquisition, and outstanding only for a period of six (6) months following the date of acquisition
(unless permitted under any other item listed herein, on or after the date of the acquisition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) which is incurred in exchange for, or the net proceeds of which are used to renew, refund, refinance, replace,
defease or discharge any Financial Indebtedness which was permitted to be incurred under paragraphs (a), and (c) to (l) above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) not otherwise permitted by the preceding paragraphs which does not exceed USD 30,000,000 (or the equivalent in
other currencies) in aggregate for the Group at any time.

"**Permitted Financial Support**" means Financial Support:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) granted under or in connection with the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to compliance with the Incurrence Test (where the principal amount of the guaranteed obligations shall
be regarded as debt for the purpose of the Incurrence Test) and in the form of a guarantee only, granted by the Issuer on an unsecured basis in respect of Permitted Financial Indebtedness in accordance with paragraph (m) of the definition of
"Permitted Financial Indebtedness";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) granted under or in connection with a Revolving Credit Facility provided that any Financial Support (in the
form of guarantees) in relation to a Revolving Credit Facility is extended to and shared between the Secured Parties to the extent required by and pursuant to and in accordance with the terms of the Intercreditor Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) granted by any Target Entity under or in connection with a Bridge Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) granted under or in connection with Additional Secured Financing provided that any Financial Support (in the
form of guarantees) in relation to any Additional Secured Financing is extended to and shared between the Secured Parties to the extent required by and pursuant to and in accordance with the terms of the Intercreditor Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) up until the first release of funds from the Escrow Account, granted under or in connection with the Existing
Bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any guarantee or indemnity in respect of any Permitted Hedging Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) which constitutes Permitted Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) granted in the ordinary course of business of any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) arising under any cash pooling or cash management arrangement, involving members of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a loan made by a Group Company to any employee or director of such Group Company provided that the amount of
such loans in aggregate do not exceed USD 2,000,000 (or the equivalent in other currencies) at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) in the form of a guarantee or indemnity granted by a Group Company of an obligation of any other Group Company,
if such obligation is otherwise permitted under these Bond Terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) in the form of any Intra-Group Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) provided by an entity acquired by a Group Company after the Issue Date, provided that the Financial Support is
revoked, discharged or otherwise removed no later than six (6) months following the date of acquisition (unless permitted under any other item listed herein, on or after the date of the acquisition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) in the form of Local Law Arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) in the form of a loan, advance or other payment by the Issuer to or on behalf of Listco for Listco to pay its
corporate, administrative and other similar expenses; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) not otherwise permitted by the preceding paragraphs, which does not exceed USD 30,000,000 (or the equivalent in
other currencies) in aggregate for the Group at any time.

"**Permitted Hedging Obligations**" means any obligation of any Group Company under a derivative transaction entered into with one or more hedge counterparties for the purpose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) hedging currency or interest rate fluctuations; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) hedging a Group Company against actual or projected real exposure arising in the ordinary course of business,

however in each case not for speculative purposes.

"**Permitted Security**" means any Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) created under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) granted under or in connection with a Revolving Credit Facility, provided that the Security in relation to a
Revolving Credit Facility is extended to and shared between the Secured Parties to the extent required by and pursuant to and in accordance with the terms of the Intercreditor Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) granted under or in connection with a Bridge Financing, over Target Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) granted under or in connection with Additional Secured Financing, provided that the Security in relation to any
Additional Secured Financing is extended to and shared between the Secured Parties to the extent required by and pursuant to and in accordance with the terms of the Intercreditor Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) up until the first release of funds from the Escrow Account, granted under or in connection with the Existing
Bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) granted in respect of any Permitted Hedging Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) by way of cash cover or deposits for any letter of credit or guarantee or any similar instrument issued on
behalf of any other Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) arising under any (i) retention of title, (ii) hire purchase or conditional sale arrangement,
(iii) contractual arrangements with customers, suppliers and service providers, and (iv) similar arrangements, in the ordinary course of business and not arising as a result of a default or omission by any Group Company that is continuing
for a period of more than sixty (60) calendar days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) over cash deposits (or any other assets) created to secure lease arrangements (including real property) and the
repayment of advanced payments received for projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) arising under any cash pooling, cash management arrangement, netting arrangements, set-off arrangements or other arrangements, in connection with the Group's ordinary banking services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) incurred as a result of any Group Company acquiring another entity and which is due to such entity having
provided Security, provided that the debt secured with such Security is Permitted Financial Indebtedness in accordance with paragraph (l) of the definition of "Permitted Financial Indebtedness" and that such Security is discharged
upon the refinancing of that debt (where such refinancing is required) unless permitted under any other item listed herein, on or after the date of the acquisition;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) over the leased assets in respect of Finance Leases which constitute Permitted Financial Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) in the form of Local Law Arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) granted or arising by operation of law or in the ordinary course of business of a Group Company, provided that
if such Security has arisen as a result of any default or omission by any Group Company it shall not subsist for a period of more than sixty (60) days unless being contested in good faith by appropriate proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) created in the form of a pledge over one or more escrow accounts to which the proceeds incurred in relation to
a refinancing of the Bonds are intended to be received and are subsequently received; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) not otherwise permitted by the preceding paragraphs, the amount of which does not exceed USD 15,000,000 (or the
equivalent in other currencies) in aggregate for the Group at any time.

"**Post-Disbursement Security**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a first priority pledge over all the shares in each Guarantor (other than as provided as Pre-Disbursement Security); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Guarantees from each Guarantor (other than as provided as Pre-Disbursement Security), which shall constitute senior obligations of the Guarantors.

"**Pre-Disbursement Security**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a first priority pledge over all the shares in HMH Holding (Netherlands) B.V.; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Guarantee from HMH Holding (Netherlands) B.V., which shall constitute senior obligations of HMH Holding
(Netherlands) B.V..

"**Pre-Settlement Security**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Escrow Account Pledge; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Bond Escrow Account Pledge.

"**Put Option**" has the meaning ascribed to such term in Clause 10.3 (*Mandatory repurchase due to a Put Option Event*).

"**Put Option Event**" means a Change of Control Event or a Share De-Listing Event.

"**Put Option Repayment Date**" means the settlement date for the Put Option pursuant to Clause 10.3 (*Mandatory repurchase due to a Put Option Event*).

"**Quarter Date**" means, in each financial year, 31 March, 30 June, 30 September and 31 December.

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"**RCF Creditors**" means any finance parties under the RCF Finance Documents (including lease providers).

"**RCF Finance Documents**" means the agreement(s) for the Revolving Credit Facility and any ancillary facilities or bilateral guarantee facilities, letters of credit or other document entered into in relation thereto.

"**Real Property Sale**" means the sale of real property located at 3300 N Sam Houston Pkwy E, Houston, TX 77032.

"**Real Property Sale Repayment Date**" means the settlement date for the any Real Property Sale pursuant to Clause 10.5 (*Mandatory repurchase due to a Real Property Sale*).

"**Relevant Jurisdiction**" means the country in which the Bonds are issued, being Norway.

"**Relevant Period**" means each period of twelve (12) consecutive calendar months ending on the last day of the preceding financial quarter.

"**Relevant Record Date**" means the date on which a Bondholder's ownership of Bonds shall be recorded in the CSD as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to payments pursuant to these Bond Terms, the date designated as the Relevant Record Date in
accordance with the rules of the CSD from time to time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for the purpose of casting a vote with regard to Clause 15 (*Bondholders' Decisions*), the date
falling on the immediate preceding Business Day to the date of that Bondholders' decision being made, or another date as accepted by the Bond Trustee.

"**Repayment Date**" means any Call Option Repayment Date, the Default Repayment Date, any Equity Clawback Repayment Date, any Put Option Repayment Date, any Asset Sale Put Option Repayment Date, any Real Property Sale Repayment Date, the Tax Event Repayment Date or the Maturity Date.

"**Revolving Credit Facility**" means one or more revolving credit facilities entered into by the Issuer, including any refinancing thereof.

"**Secured Hedging Obligations**" means any Permitted Hedging Obligation of a Group Company secured by the Transaction Security (except for the Escrow Account Pledge and the Bond Escrow Account Pledge) and otherwise as set out under the definition of "Permitted Security".

"**Secured Obligations**" has the meaning ascribed to such term in the Intercreditor Agreement.

"**Secured Parties**" has the meaning ascribed to such term in the Intercreditor Agreement.

"**Securities Trading Act**" means the Securities Trading Act of 2007 no. 75 of the Relevant Jurisdiction.

"**Security**" means a mortgage, charge, pledge, lien, security assignment or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect.

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"**Security Agent**" means the Bond Trustee or any successor Security Agent, acting for and on behalf of the Secured Parties in accordance with any Security Agent Agreement or any other Finance Document.

"**Security Agent Agreement**" means any agreement other than these Bond Terms whereby the Security Agent is appointed to act as such in the interest of the Bond Trustee (on behalf of itself and the Bondholders).

"**Security Provider**" means any entity other than an Obligor which has granted, or will grant, any Transaction Security.

"**Share De-Listing Event**" means, after the completion of an IPO, if the shares of the Issuer or Listco cease to be listed on an Exchange.

"**Subordinated Loans**" means unsecured debt financing provided to the Issuer (including existing shareholder loans outstanding on the Issue Date) with terms subject to the provisions set out in the Intercreditor Agreement or separate subordination statement on the basis that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such loan is fully subordinated to the Secured Obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any repayment of, or payment of interest under, any such loan in cash is subject to all present and future
obligations and liabilities under the Secured Obligations having been discharged in full (unless constituting a Permitted Distribution).

"**Subsidiary**" means a person over which another person has Decisive Influence.

"**Summons**" means the call for a Bondholders' Meeting or a Written Resolution as the case may be.

"**Tap Issue**" has the meaning ascribed to such term in Clause 2.1 (*Amount, denomination and ISIN of the Bonds)*.

"**Tap Issue Addendum**" has the meaning ascribed to such term in Clause 2.1 (*Amount, denomination and ISIN of the Bonds)*.

"**Target Asset**" means any asset acquired by a Group Company where the acquisition is financed, in whole or in part, with a Bridge Financing.

"**Target Collateral**" means any (a) Target Entity and any asset of or claim against such entity, and (b) Target Asset.

"**Target Entity**" means any entity or entities acquired by a Group Company after the Issue Date and financed, in whole or in part, with a Bridge Financing.

"**Tax Amount**" means the Highest Owner Tax Amount divided by such Reference Owner's proportionate direct or indirect economic ownership interest in the Issuer.

"**Tax Distribution**" means any Distribution in respect of any taxable period for which the Issuer is a disregarded entity or a partnership for U.S. federal income tax purposes (except in the case in which the Issuer is wholly-owned (directly or indirectly) by a corporation for U.S. federal income tax purposes) and Distributions to any direct or indirect owners of the Issuer in an amount, with respect to each owner and each taxable period, not to exceed such owner's proportionate share of the Tax Amount for such taxable period.

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"**Tax Event Repayment Date**" means the date set out in a notice from the Issuer to the Bondholders pursuant to Clause 10.6 (*Early redemption option due to a tax event*).

"**Temporary Bonds**" has the meaning ascribed to such term in Clause 2.2 (*Settlement of the Bonds (in kind) by delivery of Existing Bonds)*.

"**Transaction Security**" means the Security created or expressed to be created in favour of the Security Agent (on behalf of the Secured Parties) pursuant to the Transaction Security Documents.

"**Transaction Security Documents**" means, collectively, the Escrow Account Pledge, the Bond Escrow Account Pledge and all of the documents which shall be executed or delivered pursuant to Clause 2.6 (*Transaction Security*) together with any other document entered into by any Obligor or Security Provider creating or expressed to create any Security over all or any part of its assets in respect of the Secured Obligations.

"**Unsecured Financial Indebtedness**" means unsecured capital market debt at the Issuer-level and maturing no earlier than six (6) months after the Maturity Date and with no instalments prior to such date.

"**Voting Bonds**" means the Outstanding Bonds less the Issuer's Bonds.

"**Written Resolution**" means a written (or electronic) solution for a decision making among the Bondholders, as set out in Clause 15.5 (*Written Resolutions*).

**1.2** **Construction** 

In these Bond Terms, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) headings are for ease of reference only;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words denoting the singular number will include the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) references to Clauses are references to the Clauses of these Bond Terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) references to a time are references to Central European Time unless otherwise stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) references to a provision of "**law**" are a reference to that provision as amended or re-enacted, and to any regulations made by the appropriate authority pursuant to such law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) references to a "**regulation**" includes any regulation, rule, official directive, request or
guideline by any official body;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) references to a "**person**" means any individual, corporation, partnership, limited liability
company, joint venture, association, joint-stock company, trust, unincorporated organisation, government, or any agency or political subdivision thereof or any other entity, whether or not having a separate legal personality;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) references to Bonds being "**redeemed**" means that such Bonds are cancelled and discharged in
the CSD in a corresponding amount, and that any amounts so redeemed may not be subsequently re-issued under these Bond Terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) references to Bonds being "**purchased**" or "**repurchased**" by the Issuer
means that such Bonds may be dealt with by the Issuer as set out in Clause 11.1 (*Issuer's purchase of Bonds*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) references to an "**instruction**" from the Bondholders includes any instruction or demand in
writing or a resolution in accordance with Clause 15 (*Bondholders' decision*)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) references to persons "**acting in concert**" shall be interpreted pursuant to the relevant
provisions of the Securities Trading Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) an Event of Default is "**continuing**" if it has not been remedied or waived.

**2.** **THE BONDS** 

**2.1** **Amount, denomination and ISIN of the Bonds** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer has resolved to issue a series of Bonds up to USD 325,000,000 (the "**Maximum Issue Amount** "). The Bonds may be issued on different issue dates and the Initial Bond Issue will be in the amount of USD 200,000,000. The Issuer may, provided that the conditions set out in Clause 6.4 (*Tap Issues*) are met, at one or more
occasions issue Additional Bonds (each such issue a "**Tap Issue**") until the Nominal Amount of all Additional Bonds equals in aggregate the Maximum Issue Amount less the Initial Bond Issue. Each Tap Issue will be subject to
identical terms as the Bonds issued pursuant to the Initial Bond Issue in all respects as set out in these Bond Terms, except that Additional Bonds may be issued at a different price than for the Initial Bond Issue and which may be below or above
the Initial Nominal Amount. The Bond Trustee shall prepare an addendum to these Bond Terms evidencing the terms of each Tap Issue (a "**Tap Issue Addendum** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bonds are denominated in US Dollars (USD), being the legal currency of the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Initial Nominal Amount of each Bond is USD 200,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The ISIN of the Bonds is set out on the front page. These Bond Terms apply with identical terms and conditions
to (i) all Bonds issued under this ISIN, (ii) any Temporary Bonds and (iii) any Overdue Amounts issued under one or more separate ISIN in accordance with the regulations of the CSD from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Holders of Overdue Amounts related to interest claims will not have any other rights under these Bond Terms
than their claim for payment of such interest claim which claim shall be subject to paragraph (b) of Clause 15.1 (*Authority of the Bondholders' Meeting*).

**2.2** **Settlement of the Bonds (in kind) by delivery of Existing Bonds** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Bonds are settled:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in cash; and/or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in kind by delivery of Existing Bonds,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Bonds issued under item (a) (i) above will be issued under a separate ISIN, which will be the surviving
ISIN for the Bonds. Bonds issued under item (a) (ii) above will be issued with a temporary ISIN (the "**Temporary Bonds** "). The ISIN for the Temporary Bonds will be merged with the surviving ISIN in connection with disbursement
of funds to the Issuer from the Escrow Account and release of the Existing Bonds (for discharge) from the Bond Escrow Account. The CSD and the Bond Trustee are authorised to carry out the aforesaid in the best practical way.

**2.3** **Tenor of the Bonds** 

The tenor of the Bonds is from and including the Issue Date to but excluding the Maturity Date.

**2.4** **Use of proceeds** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer will use the Net Proceeds from the Initial Bond Issue as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) first, towards repayment in full of the Existing Bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) second, towards prepayment of certain amounts drawn under the Revolving Credit Facility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the surplus (if any) for general corporate purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Issuer will use the Net Proceeds from the issuance of any Additional Bonds for general corporate purposes
of the Group, including financing of acquisitions and towards refinancing of Subordinated Loans (subject to being in compliance with the Incurrence Test) (if not otherwise stated in the Tap Issue Addendum).

**2.5** **Status of the Bonds** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Bonds and each other payment obligation under or in relation to the Finance Documents shall constitute
senior secured unsubordinated obligations of the Issuer and each other Obligor. The Bonds and each other payment obligation under or in relation to the Finance Documents will rank pari passu between themselves and at least pari passu with all other
obligations of the Issuer and each Obligor (save for such claims which are mandatorily preferred by bankruptcy, insolvency, liquidation or other similar laws of general application). All payment obligations under or in relation to the Finance
Documents shall rank ahead of any subordinated capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bonds will be secured on a pari passu basis with the other Secured Parties in respect of the Transaction
Security (other than the Escrow Account Pledge and the Bond Escrow Account Pledge), subject to the super senior status of the Revolving Credit Facility and (if applicable) the Secured Hedging Obligations, as further described in these Bond Terms and
the Intercreditor Agreement. The RCF Creditors and Hedge Counterparties (each as defined in the Intercreditor Agreement) will receive (i) the proceeds from any enforcement of the Transaction Security (other than the Escrow Account Pledge and
the Bond Escrow Account Pledge) and certain distressed disposals and (ii) any payments following any other enforcement event prior to the Bondholders (but otherwise rank pari passu in right of payment with the Bonds) in accordance with the
waterfall provisions of the Intercreditor Agreement.

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**2.6** **Transaction Security** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As Security for the due and punctual fulfilment of the Secured Obligations, the Issuer shall procure that the
following Transaction Security is granted in favour of the Security Agent on behalf of the Secured Parties with first priority within the times agreed in Clause 6 (*Conditions for Disbursement*), subject to the Agreed Security Principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Pre-Settlement Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Pre-Disbursement Security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Post-Disbursement Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Pre-Settlement Security shall exclusively be granted in favour of
the Bond Trustee (on behalf of the Bondholders) and shall be established in due time before the Issue Date. The Bond Trustee shall have the right (acting in its sole discretion) to release the Pre-Settlement Security in connection with the release of funds from the Escrow Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Pre-Disbursement Security shall be established prior to (or as the
case may be, in connection with) the release of funds from the Escrow Account, subject to a Closing Procedure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Post-Disbursement Security to be provided by or in respect of any Material Group Companies as of the Issue
Date, may be postponed to a date occurring not later than 30 Business Days after disbursement from the Escrow Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Transaction Security Documents (other than the Escrow Account Pledge and the Bond Escrow Account Pledge)
shall be granted in favour of the Security Agent on behalf of the Bondholders and the other Secured Parties and secure the Secured Obligations and (save for the Escrow Account which shall serve as Transaction Security for the Bondholders only and
the Bond Escrow Account which shall serve as Transaction Security for the Bondholders holding Temporary Bonds only) be made subject to the terms of the Intercreditor Agreement. The Bonds shall have Transaction Security over the same assets as those
securing obligations under the Revolving Credit Facility, the Secured Hedging Obligations and any Additional Secured Financing, on a shared first priority, subject to the super senior status of the Revolving Credit Facility and the Secured Hedging
Obligations, as further set out in the Intercreditor Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Transaction Security and the Intercreditor Agreement shall be entered into on such terms and conditions as
the Security Agent and the Bond Trustee in their discretion deem appropriate in order to create the intended benefit for the Secured Parties under the relevant document, subject to the Agreed Security Principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Security Agent shall have the right (acting in its sole discretion) to release the Escrow Account Pledge
after all funds on the Escrow Account have been fully and irrevocably released to the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Security Agent is, pursuant to the terms of the Intercreditor Agreement, irrevocably authorised to
(i) release any Transaction Security over assets which are sold or otherwise disposed of (directly or indirectly) (A) in any merger, de-merger or disposal permitted in compliance with Clauses 13.5
(*Mergers and de-mergers*) or 13.8 (*Disposals*) and (B) following an enforcement or insolvency and (ii) release any Guarantee or Transaction Security provided by a Guarantor that ceases to be a
Group Company.

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**3.** **THE BONDHOLDERS** 

**3.1** **Bond Terms binding on all Bondholders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) By virtue of being registered as a Bondholder (directly or indirectly) with the CSD, the Bondholders are bound
by these Bond Terms and any other Finance Document, without any further action required to be taken or formalities to be complied with by the Bond Trustee, the Bondholders, the Issuer or any other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bond Trustee is always acting with binding effect on behalf of all the Bondholders.

**3.2** **Limitation of rights of action** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Bondholder is entitled to take any enforcement action, instigate any insolvency procedures or take other
legal action against the Issuer or any other party in relation to any of the liabilities of the Issuer or any other party under or in connection with the Finance Documents, other than through the Bond Trustee and in accordance with these Bond Terms,
provided, however, that the Bondholders shall not be restricted from exercising any of their individual rights derived from these Bond Terms, including the right to exercise the Put Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Bondholder shall immediately upon request by the Bond Trustee provide the Bond Trustee with any such
documents, including a written power of attorney (in form and substance satisfactory to the Bond Trustee), as the Bond Trustee deems necessary for the purpose of exercising its rights and/or carrying out its duties under the Finance Documents. The
Bond Trustee is under no obligation to represent a Bondholder which does not comply with such request.

**3.3** **Bondholders' rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If a beneficial owner of a Bond not being registered as a Bondholder wishes to exercise any rights under the
Finance Documents, it must obtain proof of ownership of the Bonds, acceptable to the Bond Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Bondholder (whether registered as such or proven to the Bond Trustee's satisfaction to be the
beneficial owner of the Bond as set out in paragraph (a) above) may issue one or more powers of attorney to third parties to represent it in relation to some or all of the Bonds held or beneficially owned by such Bondholder. The Bond Trustee
shall only have to examine the face of a power of attorney or similar evidence of authorisation that has been provided to it pursuant to this Clause 3.3 and may assume that it is in full force and effect, unless otherwise is apparent from its face
or the Bond Trustee has actual knowledge to the contrary.

**4.** **ADMISSION TO LISTING** 

The Issuer shall ensure that the Bonds are listed on an Exchange within six (6) months of the Issue Date and thereafter remain listed on an Exchange until the Bonds have been redeemed in full.

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**5.** **REGISTRATION OF THE BONDS** 

**5.1** **Registration in the CSD** 

The Bonds shall be registered in dematerialised form in the CSD (as the primary recording of the Bonds) according to the relevant securities registration legislation and the requirements of the CSD.

**5.2** **Obligation to ensure correct registration** 

The Issuer will at all times ensure that the registration of the Bonds in the CSD is correct and shall immediately upon any amendment or variation of these Bond Terms give notice to the CSD of any such amendment or variation.

**5.3** **Country of issuance** 

The Bonds have not been issued under any other country's legislation than that of the Relevant Jurisdiction. Save for the registration of the Bonds in the CSD, the Issuer is under no obligation to register, or cause the registration of, the Bonds in any other registry or under any other legislation than that of the Relevant Jurisdiction.

**6.** **CONDITIONS FOR DISBURSEMENT** 

**6.1** **Conditions precedent for disbursement to the Issuer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Payment of the Net Proceeds from the issuance of the Initial Bond Issue to the Escrow Account and transfer of
any Existing Bonds (delivered as payment-in-kind for new Bonds) to the Bond Escrow Account shall be conditional on the Bond Trustee having received in due time (as
determined by the Bond Trustee) prior to the Issue Date each of the following documents, in form and substance satisfactory to the Bond Trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) these Bond Terms duly executed by all parties hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) copies of all necessary corporate resolutions of the Issuer required to issue the Bonds and execute the Finance
Documents to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a copy of a power of attorney (unless included in the corporate resolutions) from the Issuer to relevant
individuals for their execution of the Finance Documents to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) copies of the Issuer's articles of association and of a full extract from the relevant company register
in respect of the Issuer evidencing that the Issuer is validly existing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Escrow Account Pledge and the Bond Escrow Account Pledge duly executed by all parties thereto and perfected
in accordance with applicable law (including all applicable notices, acknowledgements and consents from the account bank);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) copies of the Issuer's latest Financial Reports;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) confirmation that the applicable prospectus requirements (ref. the EU prospectus regulation ((EU) 2017/1129))
concerning the issuance of the Bonds have been fulfilled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) confirmation that the Bonds are registered in the CSD (by obtaining an ISIN for the Bonds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) copies of any written documentation used in marketing the Bonds or made public by the Issuer or any Manager in
connection with the issuance of the Bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Fee Agreement duly executed by all parties thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) legal opinions or other statements as may be required by the Bond Trustee (including in respect of corporate
matters relating to the Issuer and the legality, validity and enforceability of these Bond Terms and the Finance Documents to be entered into pre-settlement (including the Escrow Account Pledge and the Bond
Escrow Account Pledge)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Net Proceeds from the issuance of the Bonds (on the Escrow Account) and the Existing Bonds on the Bond
Escrow Account will not be disbursed to the Issuer unless the Bond Trustee has received or is satisfied that it will receive in due time (as determined by the Bond Trustee) prior to such disbursement to the Issuer each of the following documents, in
form and substance satisfactory to the Bond Trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a duly executed release notice from the Issuer, as set out in Attachment 2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) unless delivered under paragraph (a) above, as pre-settlement conditions precedent or to be delivered as a condition subsequent pursuant to Clause 6.3 (*Conditions subsequent*) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) copies of all necessary corporate resolutions of each Obligor and each Security Provider required to provide
the Transaction Security and execute the Finance Documents in respect of the Pre-Disbursement Security to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a copy of a power of attorney (unless included in the relevant corporate resolutions) from each Obligor and
each Security Provider to relevant individuals for their execution of the Finance Documents in respect of the Pre-Disbursement Security to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) copies of the articles of association and a full extract from the relevant company register in respect of each
Obligor and Security Provider (to the extent such Obligor or Security Provider is granting Pre-Disbursement Security) evidencing that it is validly existing;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) evidence that (A) the Existing Bonds will be repaid in full immediately following the first release of
funds from the Escrow Account and (B) that any Security for the Existing Bonds will be released, in each case, in accordance with the Closing Procedure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Transaction Security Documents evidencing the Pre-Disbursement Security duly executed by all parties thereto and evidence of the establishment and perfection of the Transaction Security in accordance with the Closing Procedure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Intercreditor Agreement duly executed by all parties thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all Finance Documents (unless delivered under paragraph (a) above, as pre-settlement conditions precedent or to be delivered as a condition subsequent pursuant to Clause 6.3 (*Conditions subsequent*) below) duly executed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) legal opinions or other statements as may be required by the Bond Trustee, including in respect of corporate
matters relating to the Obligors or Security Provider entering into Finance Documents pre-disbursement and the legality, validity and enforceability of the Finance Documents (unless delivered under paragraph
(a) as pre-settlement conditions precedent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Bond Trustee, acting in its sole discretion, may, regarding this Clause 6.1, waive the requirements for
documentation or decide that delivery of certain documents shall occur subsequent to disbursement or settlement as the case may be and otherwise be made subject to a closing mechanism acceptable to the Bond Trustee and the Issuer (the
" **Closing Procedure** ").

**6.2** **Issuance of the Bonds and disbursement of the Net Proceeds** 

Issuance of the Bonds to the Bondholders and disbursement of the Net Proceeds are conditional on the Bond Trustee's confirmation to the Paying Agent and the Managers that the conditions in Clause 6.1 (*Conditions precedent for disbursement to the Issuer*) have been either satisfied in the Bond Trustee's discretion or waived by the Bond Trustee pursuant to paragraph (c) of Clause 6.1 (*Conditions precedent for disbursement to the Issuer*).

**6.3** **Conditions subsequent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless delivered under Clause 6.1 *(Conditions precedent for disbursement to the Issuer)*, the following
documents and other evidence shall be delivered to the Bond Trustee, in form and substance satisfactory to it, no later than the date falling thirty (30) Business Days after the date of disbursement from the Escrow Account in respect of the
Post-Disbursement Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) copies of all necessary corporate resolutions of any relevant Obligor or Security Provider required to provide
the Post-Disbursement Security and execute the Finance Documents to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) copies of any relevant Obligor's or Security Provider's granting Post-Disbursement Security
articles of association and of a full extract from the relevant company register in respect of such Obligor or Security Provider evidencing that it is validly existing;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a copy of a power of attorney (unless included in the corporate resolutions) from the relevant Obligor or
Security Provider granting Post-Disbursement Security to relevant individuals for their execution of the Finance Documents to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all Post-Disbursement Security being granted and perfected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if applicable, accession agreements to the Intercreditor Agreement duly (unless delivered pre-settlement or pre-disbursement) duly executed by the relevant Obligor or Security Provider required to accede to the Intercreditor Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all Finance Documents (unless delivered pre-settlement or pre-disbursement) duly executed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) legal opinions or other statements as may be required by the Bond Trustee (including in respect of corporate
matters relating to the relevant Obligors or Security Providers and the legality, validity and enforceability of the Finance Documents to be entered into post-disbursement (including the Post-Disbursement Security)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bond Trustee, acting in its sole discretion, may, regarding this Clause 6.3, waive the requirements for
delivery of certain documentation or decide that delivery of certain documents shall be made subject to the Closing Procedure.

**6.4** **Tap Issues** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer may issue Additional Bonds if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Bond Trustee has received each of the following documents, in form and substance satisfactory to the Bond
Trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a Tap Issue Addendum duly executed by all parties thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a Compliance Certificate which includes (in reasonable detail) calculations and figures evidencing compliance
with the Incurrence Test;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) copies of all corporate resolutions required for the Tap Issue and the execution of the Tap Issue Addendum and
any other Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) a copy of a power of attorney (unless included in the corporate resolutions) from the Issuer to relevant
individuals for their execution of the Tap Issue Addendum and any other Finance Documents to which it is a party, or extracts from the relevant register or similar documentation evidencing such individuals' authorisation to execute such
Finance Documents on behalf of the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) copies of the Issuer's articles of association and of a full extract from the relevant company register
in respect of the Issuer evidencing that the Issuer is validly existing;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) any amendment or security and guarantee confirmation required in respect of any Finance Documents in relation
to the Tap Issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) confirmation that the applicable prospectus requirements (ref. the EU prospectus regulation ((EU) 2017/1129))
concerning the issuance of the Additional Bonds have been fulfilled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) copies of any written documentation used in marketing the Additional Bonds or made public by the Issuer or any
Manager in connection with the issuance of the Additional Bonds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) legal opinions or other statements as may be required by the Bond Trustee (including in respect of corporate
matters relating to the Issuer and the legality, validity and enforceability of the Tap Issue Addendum and any other Finance Documents(if applicable));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no Event of Default is continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the representations and warranties contained in Clause 7 (*Representations and* Warranties) of these Bond
Terms are true and correct in all material respects and repeated by the Issuer as at the date of issuance of such Additional Bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Issuer may establish a separate escrow account (with a bank acceptable to the Bond Trustee or as a client
account with Nordic Trustee Services AS), and where the bank has waived any set-off rights, where the Net Proceeds from the Tap Issue may be deposited until all conditions precedent set out in paragraph
(a) of Clause 6.4 (*Tap Issues*) have been fulfilled. Such escrow account shall be pledged on a first priority basis in favour of the Bond Trustee (on behalf of the Bondholders under the relevant Tap Issue), and be blocked (or otherwise
restricted, as determined by the Bond Trustee) so that no withdrawals can be made therefrom without the Bond Trustee's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Net Proceeds from the Tap Issue will be deposited on a separate escrow account in accordance with
paragraph (b) above, the Additional Bonds will be issued under a separate ISIN. The Additional Bonds with separate ISIN will only be secured with the pledge over the escrow account. After all funds on the escrow account have been fully and
irrevocably released to the Issuer, the Issuer shall ensure that the Additional Bonds with separate ISIN are converted into the ISIN for the Bonds. Additional Bonds with separate ISIN may, prior to conversion into the ISIN for the Bonds, be subject
to mandatory provisions in the relevant Tap Issue Addendum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Bond Trustee may (at its sole discretion and in each case) waive or postpone the delivery of certain
conditions precedent, and the Bond Trustee may (on behalf of the Bondholders) agree to a closing procedure with the Issuer, substantially on the same terms as the Closing Procedure (to the extent applicable).

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**7.** **REPRESENTATIONS AND WARRANTIES** 

The Issuer makes the representations and warranties set out in this Clause 7, in respect of itself and in respect of each Group Company to the Bond Trustee (on behalf of the Bondholders) at the following times and with reference to the facts and circumstances then existing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the date of these Bond Terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on the Issue Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on each date of disbursement of proceeds from the Escrow Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) on the date of issuance of any Additional Bonds.

**7.1** **Status** 

It is a limited liability company, duly incorporated and validly existing and registered under the laws of its jurisdiction of incorporation, and has the power to own its assets and carry on its business as it is being conducted.

**7.2** **Power and authority** 

It has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of, these Bond Terms and any other Finance Document to which it is a party and the transactions contemplated by those Finance Documents.

**7.3** **Valid, binding and enforceable obligations** 

Subject to any general principles of law limiting its obligations which are referred to in any legal opinion addressed and delivered to the Bond Trustee pursuant to Clause 6 (*Conditions for disbursement*), these Bond Terms and each other Finance Document to which it is a party constitutes (or will constitute, when executed by the respective parties thereto) its legal, valid and binding obligations, enforceable in accordance with their respective terms, and (save as provided for therein) no further registration, filing, payment of tax or fees or other formalities are necessary or desirable to render the said documents enforceable against it.

**7.4** **Non-conflict with other obligations** 

The entry into and performance by it of these Bond Terms and any other Finance Document to which it is a party and the transactions contemplated thereby do not and will not conflict with (i) any law or regulation or judicial or official order; (ii) its constitutional documents; or (iii) any agreement or instrument which is binding upon it or any of its assets.

**7.5** **No Event of Default** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Event of Default exists or is likely to result from the making of any disbursement of proceeds or the entry
into, the performance of, or any transaction contemplated by, any Finance Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No other event or circumstance has occurred which constitutes (or with the expiry of any grace period, the
giving of notice, the making of any determination or any combination of any of the foregoing, would constitute) a default or termination event (howsoever described) under any other agreement or instrument which is binding on it or any of its
Subsidiaries or to which its (or any of its Subsidiaries') assets are subject which has or is likely to have a Material Adverse Effect.

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**7.6** **Authorisations and consents** 

All authorisations, consents, approvals, resolutions, licences, exemptions, filings, notarisations or registrations required:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to enable it to enter into, exercise its rights and comply with its obligations under these Bond Terms or any
other Finance Document to which it is a party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to carry on its business as presently conducted and as contemplated by these Bond Terms,

have been obtained or effected and are in full force and effect.

**7.7** **Litigation** 

No litigation, arbitration or administrative proceedings or investigations of or before any court, arbitral body or agency which, if adversely determined, is likely to have a Material Adverse Effect and have (to the best of its knowledge and belief) been started or threatened against it or any of its Subsidiaries.

**7.8** **Financial Reports** 

Its most recent Financial Reports fairly and accurately represent the assets and liabilities and financial condition as at their respective dates, and have been prepared in accordance with the Accounting Standard, consistently applied.

**7.9** **No Material Adverse Effect** 

Since the date of the most recent Financial Reports, there has been no change in its business, assets or financial condition that is likely to have a Material Adverse Effect.

**7.10** **No misleading information** 

Any factual information provided by it to the Bondholders or the Bond Trustee for the purposes of the issuance of the Bonds was true and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated.

**7.11** **No withholdings** 

The Issuer is not required to make any deduction or withholding from any payment which it may become obliged to make to the Bond Trustee or the Bondholders under the Finance Documents.

**7.12** **Pari passu ranking** 

Its payment obligations under these Bond Terms or any other Finance Document to which it is a party ranks as set out in Clause 2.5 (*Status of the Bonds*).

**7.13** **Security** 

No Security exists over any of the present assets of any Group Company in conflict with these Bond Terms.

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**8.** **PAYMENTS IN RESPECT OF THE BONDS** 

**8.1** **Covenant to pay** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer will unconditionally make available to or to the order of the Bond Trustee and/or the Paying Agent
all amounts due on each Payment Date pursuant to the terms of these Bond Terms at such times and to such accounts as specified by the Bond Trustee and/or the Paying Agent in advance of each Payment Date or when other payments are due and payable
pursuant to these Bond Terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All payments to the Bondholders in relation to the Bonds shall be made to each Bondholder registered as such in
the CSD on the Relevant Record Date, by, if no specific order is made by the Bond Trustee, crediting the relevant amount to the bank account nominated by such Bondholder in connection with its securities account in the CSD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Payment constituting good discharge of the Issuer's payment obligations to the Bondholders under these
Bond Terms will be deemed to have been made to each Bondholder once the amount has been credited to the bank holding the bank account nominated by the Bondholder in connection with its securities account in the CSD. If the paying bank and the
receiving bank are the same, payment shall be deemed to have been made once the amount has been credited to the bank account nominated by the Bondholder in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a Payment Date or a date for other payments to the Bondholders pursuant to the Finance Documents falls on a
day on which either of the relevant CSD settlement system or the relevant currency settlement system for the Bonds are not open, the payment shall be made on the first following possible day on which both of the said systems are open, unless any
provision to the contrary has been set out for such payment in the relevant Finance Document.

**8.2** **Default interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Default interest will accrue on any Overdue Amount from and including the Payment Date on which it was first
due to and excluding the date on which the payment is made at the Interest Rate plus 3 percentage points per annum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Default interest accrued on any Overdue Amount pursuant to this Clause 8.2 will be added to the Overdue Amount
on each Interest Payment Date until the Overdue Amount and default interest accrued thereon have been repaid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the occurrence of a Listing Failure Event and for as long as such Listing Failure Event is continuing, the
interest on any principal amount outstanding under these Bond Terms will accrue at the Interest Rate plus 1 percentage point per annum.

**8.3** **Partial Payments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Paying Agent or the Bond Trustee receives a Partial Payment, such Partial Payment shall, in respect of
the Issuer's debt under the Finance Documents be considered made for discharge of the debt of the Issuer in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) firstly, towards any outstanding fees, liabilities and expenses of the Bond Trustee (and any Security Agent);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) secondly, towards accrued interest due but unpaid; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) thirdly, towards any other outstanding amounts due but unpaid under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding paragraph (a) above, any Partial Payment which is distributed to the Bondholders, shall,
after the above mentioned deduction of outstanding fees, liabilities and expenses, be applied (i) firstly towards any principal amount due but unpaid and (ii) secondly, towards accrued interest due but unpaid, in the following situations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Bond Trustee has served a Default Notice in accordance with Clause 14.2 (*Acceleration of the Bonds*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if a resolution according to Clause 15 (*Bondholders' Decisions*) has been made.

**8.4** **Taxation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor is responsible for withholding any withholding tax imposed by applicable law on any payments to be
made by it in relation to the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Obligors shall, if any tax is withheld in respect of the Bonds under the Finance Documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) gross up the amount of the payment due from it up to such amount which is necessary to ensure that the
Bondholders or the Bond Trustee, as the case may be, receive a net amount which is (after making the required withholding) equal to the payment which would have been received if no withholding had been required; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at the request of the Bond Trustee, deliver to the Bond Trustee evidence that the required tax deduction or
withholding has been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any public fees levied on the trade of Bonds in the secondary market shall be paid by the Bondholders, unless
otherwise provided by law or regulation, and the Issuer shall not be responsible for reimbursing any such fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Bond Trustee shall not have any responsibility to obtain information about the Bondholders relevant for the
tax obligations pursuant to these Bond Terms.

**8.5** **Currency** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All amounts payable under the Finance Documents shall be payable in the Bond Currency. If, however, the Bond
Currency differs from the currency of the bank account connected to the Bondholder's account in the CSD, any cash settlement may be exchanged and credited to this bank account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any specific payment instructions, including foreign exchange bank account details, to be connected to the
Bondholder's account in the CSD must be provided by the relevant Bondholder to the Paying Agent (either directly or through its account manager in the CSD) within five (5) Business Days prior to a Payment Date. Depending on any currency
exchange settlement agreements between each Bondholder's bank and the Paying Agent, and opening hours of the receiving bank, cash settlement may be delayed, and payment shall be deemed to have been made once the cash settlement has taken
place, provided, however, that no default interest or other penalty shall accrue for the account of the Issuer for such delay.

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**8.6** **Set-off and counterclaims** 

No Obligor may apply or perform any counterclaims or set-off against any payment obligations pursuant to these Bond Terms or any other Finance Document.

**9.** **INTEREST** 

**9.1** **Calculation of interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Outstanding Bond will accrue interest at the Interest Rate on the Nominal Amount for each Interest Period,
commencing on and including the first date of the Interest Period, and ending on but excluding the last date of the Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Additional Bond will accrue interest at the Interest Rate on the Nominal Amount commencing on the first
date of the Interest Period in which the Additional Bonds are issued and thereafter in accordance with paragraph (a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Interest shall be calculated on the basis of a 360-day year comprised
of twelve months of 30 days each (30/360-days basis), unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the last day in the relevant Interest Period is the 31<sup>st</sup>
calendar day but the first day of that Interest Period is a day other than the 30<sup>th</sup> or the 31<sup>st</sup>day of a month, in which case the month that
includes that last day shall not be shortened to a 30–day month; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the last day of the relevant Interest Period is the last calendar day in February, in which case February shall
not be lengthened to a 30-day month.

**9.2** **Payment of interest** 

Interest shall fall due on each Interest Payment Date for the corresponding preceding Interest Period and, with respect to accrued interest on the principal amount then due and payable, on each Repayment Date.

**10.** **REDEMPTION AND REPURCHASE OF BONDS** 

**10.1** **Redemption of Bonds** 

The Outstanding Bonds will mature in full on the Maturity Date and shall be redeemed by the Issuer on the Maturity Date at a price equal to 100 per cent. of the Nominal Amount.

**10.2** **Voluntary early redemption – Call Option** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer may redeem all or part of the Outstanding Bonds (the "**Call Option**") on any
Business Day from and including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Issue Date to, but not including, the First Call Date at a price equal to the Make Whole Amount;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the First Call Date to, but not including, the Interest Payment Date in December 2027 at a price equal to
103.938 per cent. of the Nominal Amount for each redeemed Bond (the "**First Call Price** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Interest Payment Date in December 2027 to, but not including, the Interest Payment Date in June 2028 at a
price equal to 101.969 per cent. of the Nominal Amount for each redeemed Bond; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Interest Payment Date in June 2028 to, but not including, the Maturity Date at a price equal to
100.50 per cent. of the Nominal Amount for each redeemed Bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any redemption of Bonds pursuant to paragraph (a) above shall be determined based upon the redemption
prices applicable on the Call Option Repayment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Call Option may be exercised by the Issuer by written notice (the "**Call Notice**") to the
Bond Trustee and the Bondholders at least ten (10) Business Days prior to the proposed Call Option Repayment Date. Such Call Notice sent by the Issuer is irrevocable and shall specify the Call Option Repayment Date, but may, at the
Issuer's discretion, be subject to the satisfaction of one or more conditions precedent, to be satisfied or waived by the Issuer no later than three (3) Business Days prior to the Call Option Repayment Date. If such conditions precedent
have not been satisfied or waived by that date, the Call Notice shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Call Option Repayment Date may, at the Issuer's discretion, be postponed maximum three (3) times
by written notice to the Bond Trustee at least three (3) Business Days before the then applicable Call Option Repayment Date, provided that the Call Option Repayment Date will not be delayed with more than a total of ten (10) Business Days
from the original Call Option Repayment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Unless the Make Whole Amount is set out in the Call Notice, the Issuer shall calculate the Make Whole Amount
and provide such calculation by written notice to the Bond Trustee as soon as possible and at the latest within three (3) Business Days from the date of the Call Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any Call Option exercised in part will be used for pro rata payment to the Bondholders in accordance with the
applicable regulations of the CSD.

**10.3** **Mandatory repurchase due to a Put Option Event** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the occurrence of a Put Option Event, each Bondholder will have the right (the "**Put Option**") to require that the Issuer purchases all or some of the Bonds held by that Bondholder at a price equal to 101 per cent. of the Nominal Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Put Option must be exercised within fifteen (15) Business Days after the Issuer has given notice to
the Bond Trustee and the Bondholders via the CSD that a Put Option Event has occurred pursuant to Clause 12.3 (*Put Option Event*). Once notified, the Bondholders' right to exercise the Put Option is irrevocable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Bondholder may exercise its Put Option by written notice to its account manager for the CSD, who will
notify the Paying Agent of the exercise of the Put Option. The Put Option Repayment Date will be the fifth (5<sup>th</sup>) Business Day after the end of fifteen (15) Business Days exercise period referred
to in paragraph (b) above. However, the settlement of the Put Option will be based on each Bondholders holding of Bonds at the Put Option Repayment Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If Bonds representing more than 90 per cent. of the Outstanding Bonds have been repurchased pursuant to
this Clause 10.3, the Issuer is entitled to repurchase all the remaining Outstanding Bonds at the price stated in paragraph (a) above by notifying the remaining Bondholders of its intention to do so no later than ten (10) Business Days
after the Put Option Repayment Date. Such notice sent by the Issuer is irrevocable and shall specify the Call Option Repayment Date.

**10.4** **Mandatory repurchase due to a Material Asset Sale** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the occurrence of a Material Asset Sale, each Bondholder will have a right ()"**Asset Sale Put Option**") to require that the Issuer repurchases the relevant Bondholder's Bonds at a price of 100.00 per cent. of the Nominal Amount of the repurchased Bonds for an amount up to the Asset Sale Put Option Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Asset Sale Put Option must be exercised within fifteen (15) Business Days after the Issuer has given
notice to the Bond Trustee and the Bondholders that a Material Asset Sale has occurred pursuant to Clause 12.4 (*Material Asset Sale*). Once notified, the Bondholders' right to exercise the Asset Sale Put Option is irrevocable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Bondholder may exercise its Asset Sale Put Option by written notice to its account manager for the CSD,
who will notify the Paying Agent of the exercise of the Asset Sale Put Option. The Asset Sale Put Option Repayment Date will be the fifth (5<sup>th</sup>) Business Day after the end of fifteen
(15) Business Days exercise period referred to in paragraph (b) above. However, the settlement of the Asset Sale Put Option will be based on each Bondholders holding of Bonds at the Asset Sale Put Option Repayment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any redemption of Bonds pursuant to an Asset Sale Put Option shall be applied pro rata between the Bondholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For the avoidance of doubt, the Issuer will only be obligated to purchase Bonds pursuant to this Clause up to a
maximum amount equal to the Asset Sale Put Option Amount irrespective of how many bondholders exercise the Asset Sale Put Option.

**10.5** **Mandatory redemption due to a Real Property Sale** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon a Real Property Sale, the Issuer shall ensure that the Group applies the net cash proceeds received from
the Real Property Sale, by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) depositing such amount on a separate account held by an Obligor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reinvesting such funds (including by entering into any commitment for reinvestment of such funds) during a
twelve (12) month period by financing of, in whole or in part, any acquisition of another company or business, provided that, if any part of the net cash proceeds have not been reinvested as set out in this paragraph (ii) within twelve
(12) months,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Issuer shall promptly send a written notice to the Bond Trustee; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) fifty (50.00) per cent. of such net cash proceeds that were not reinvested shall, no later than 10 Business
Days following the expiry of the 12 months period, be applied for redemption of Bonds at a price equal to the First Call Price at any time prior to the First Call Date, and thereafter at the applicable Call Option prices set out in Clause 10.2
(*Voluntary early redemption – Call Option*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the above, any remaining net cash proceeds not exceeding USD 5,000,000, may be released to the
relevant Group Company to be applied for general corporate purposes.

**10.6** **Early redemption option due to a tax event** 

If the Issuer is or will be required to gross up any withheld tax imposed by law from any payment in respect of the Bonds under the Finance Documents pursuant to Clause 8.4 (*Taxation*) as a result of a change in applicable law implemented after the date of these Bond Terms, the Issuer will have the right to redeem all, but not only some, of the Outstanding Bonds at a price equal to 100 per cent. of the Nominal Amount. The Issuer shall give written notice of such redemption to the Bond Trustee and the Bondholders at least twenty (20) Business Days prior to the Tax Event Repayment Date, provided that no such notice shall be given earlier than forty (40) Business Days prior to the earliest date on which the Issuer would be obliged to withhold such tax were a payment in respect of the Bonds then due.

**10.7** **Early redemption – Equity Clawback** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer may at any time from the Issue Date to, but excluding the First Call Date, use the net cash proceeds
received by the Group from an Equity Offering to redeem Bonds in an aggregate nominal amount not exceeding 40 per cent. of the Outstanding Bonds at a price equal to the First Call Price for each redeemed Bond ()"**Equity Clawback** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Equity Clawback may be exercised by the Issuer by written notice to the Bond Trustee at least ten
(10) Business Days prior to the proposed repayment date ()"**Equity Clawback Repayment Dat e** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any redemption of Bonds pursuant to an Equity Clawback shall be applied pro rata between the Bondholders in
accordance with the procedures of the CSD.

**11.** **PURCHASE AND TRANSFER OF BONDS** 

**11.1** **Issuer's purchase of Bonds** 

The Issuer and the Group Companies may purchase and hold Bonds and such Bonds may be retained, or sold in the Issuer's sole discretion, including with respect to Bonds purchased pursuant to Clause 10.3 (*Mandatory repurchase due to a Put Option Event*) but not be discharged, except in connection with a full redemption of all Outstanding Bonds.

**11.2** **Restrictions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Certain purchase or selling restrictions may apply to Bondholders under applicable local laws and regulations
from time to time. Neither the Issuer nor the Bond Trustee shall be responsible for ensuring compliance with such laws and regulations and each Bondholder is responsible for ensuring compliance with the relevant laws and regulations at its own cost
and expense.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Bondholder who has purchased Bonds in breach of applicable restrictions may, notwithstanding such breach,
benefit from the rights attached to the Bonds pursuant to these Bond Terms (including, but not limited to, voting rights), provided that the Issuer shall not incur any additional liability by complying with its obligations to such Bondholder.

**12.** **INFORMATION UNDERTAKINGS** 

**12.1** **Financial Reports** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer shall prepare Annual Financial Statements in the English language and make them available on its
website (alternatively on another relevant information platform) as soon as they become available, and not later than four (4) months after the end of the financial year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Issuer shall prepare Interim Accounts in the English language and make them available on its website
(alternatively on another relevant information platform) as soon as they become available, and not later than two (2) months the end of the relevant quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Issuer shall procure that the Financial Reports are prepared using the Accounting Standard consistently
applied.

**12.2** **Requirements for Compliance Certificates** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer shall supply to the Bond Trustee, in connection with the publication of its Financial Reports
pursuant to Clause 12.1 (*Financial Reports*) (but not including the periods ending prior to the Issue Date), a Compliance Certificate with a copy of the Financial Reports attached thereto. The Compliance Certificate shall be duly signed by the
director or the chief financial officer (or an equivalent officer) of the Issuer, certifying inter alia that the Financial Reports fairly represent its financial condition as at the date of the relevant Financial Report and setting out (in
reasonable detail) computations evidencing compliance with Clause 13.15 (*Financial covenants*) as at such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If there is an event which is subject to the Incurrence Test the Compliance Certificate shall include (in
reasonable detail) calculations and figures evidencing compliance with the Incurrence Test.

**12.3** **Put Option Event** 

The Issuer shall promptly inform the Bond Trustee and the Bondholders in writing after becoming aware that a Put Option Event has occurred.

**12.4** **Material Asset Sale** 

The Issuer shall promptly inform the Bond Trustee in writing after becoming aware that a Material Asset Sale has occurred.

**12.5** **Listing Failure Event** 

The Issuer shall promptly inform the Bond Trustee in writing if a Listing Failure Event has occurred. However, no Event of Default shall occur if the Issuer fails (i) to list the Bonds in accordance with Clause 4 (*Admission to listing)* or (ii) to inform of such Listing Failure Event, and such failure shall result in the accrual of default interest in accordance with paragraph (c) of Clause 8.2 (*Default interest*) for as long as such Listing Failure Event is continuing.

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**12.6** **Information: Miscellaneous** 

The Issuer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) promptly inform the Bond Trustee in writing of any Event of Default or any event or circumstance which the
Issuer understands or could reasonably be expected to understand may (with the expiry of a grace period, the giving of notice, the making of any determination or any combination of the foregoing) lead to an Event of Default and the steps, if any,
being taken to remedy it, and shall provide the Bond Trustee with such further information as the Bond Trustee may request (acting reasonably) following receipt of such notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at the request of the Bond Trustee, report the balance of the Issuer's Bonds (to the best of its
knowledge, having made due and appropriate enquiries);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) send the Bond Trustee copies of any statutory notifications of the Issuer, including but not limited to in
connection with mergers, de-mergers and reduction of the Issuer's share capital or equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the Bonds are listed on an Exchange, send a copy to the Bond Trustee of its notices to the Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if the Issuer and/or the Bonds are rated, inform the Bond Trustee of its and/or the rating of the Bonds, and
any changes to such rating;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) inform the Bond Trustee of changes in the registration of the Bonds in the CSD; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) within a reasonable time, provide such information about the Issuer's and the Group's business,
assets and financial condition as the Bond Trustee may reasonably request.

**13.** **GENERAL AND FINANCIAL UNDERTAKINGS** 

The Issuer undertakes to (and shall, where applicable, procure that the other Group Companies will) comply with the undertakings set forth in this Clause 13.

**13.1** **Authorisations** 

The Issuer shall, and shall procure that each other Group Company will, in all material respects obtain, maintain and comply with the terms of any authorisation, approval, licence and consent required for the conduct of its business as carried out from time to time.

**13.2** **Compliance with laws** 

The Issuer shall, and shall procure that each other Group Company will, comply with all laws and regulations they may be subject to from time to time to the extent that failure to comply with such laws and regulations would have a Material Adverse Effect.

**13.3** **Continuation of business** 

The Issuer shall procure that no material change is made to the general nature of the business of the Group from that carried on by the Group at the Issue Date.

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**13.4** **Corporate status** 

The Issuer shall not change its jurisdiction of incorporation.

**13.5** **Mergers and de-mergers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer shall not, and shall procure that no other Group Company will, carry out:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any merger or other business combination or corporate reorganisation involving the consolidation of assets and
obligations of the Issuer or any other Group Company with any other person other than with a Group Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any demerger or other corporate reorganisation having the same or equivalent effect as a demerger involving the
Issuer and any Group Company;

if such merger, demerger, combination or reorganisation would have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding paragraph (a) above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Issuer shall always be the surviving entity in a merger involving the Issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of any merger involving an Obligor, the combined entity shall, subject to the Agreed Security
Principles and to the extent it remains a Group Company post-merger pursuant to a merger which also constitutes a permitted Disposal, provide the same guarantees and Transaction Security as set out in Clause 2.6 *(Transaction Security)*.

**13.6** **Financial Indebtedness** 

The Issuer shall not, and shall procure that no other Group Company will incur or maintain any new Financial Indebtedness, other than Permitted Financial Indebtedness.

**13.7** **Negative pledge** 

The Issuer shall not, and shall procure that no other Group Company will, create or allow to subsist, retain, provide, prolong or renew any Security over any of its/their assets (whether present or future), other than any Permitted Security.

**13.8** **Disposals** 

The Issuer shall not, and shall procure that no other Group Company will, sell, transfer or otherwise dispose of all or a substantial part of its assets (including shares or other securities in any person) or operations (other than to a Group Company), unless such sale, transfer or disposal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is on arm's length basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) would not have a Material Adverse Effect,

provided that any sale or disposal constituting (A) a Material Asset Sale shall be treated as set out in Clause 10.4 (*Mandatory repurchase due to a Material Asset* Sale), and (B) a Real Property Sale shall be treated as set out in Clause 10.5 (*Mandatory redemption due to a Real Property Sale*).

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**13.9** **Dividend restrictions** 

The Issuer shall not make any distributions, other than any Permitted Distributions.

**13.10** **Arm's length transactions** 

Without limiting Clause 13.2 (*Compliance with laws*) above, the Issuer shall not, and shall procure that no Group Company will, enter into any transaction with any Affiliate (other than a Group Company) except on an arm's length basis.

**13.11** **Insurances** 

The Issuer shall, and shall procure that each other Group Company will, maintain customary insurances on or in relation to their business and assets with reputable independent insurance companies and underwriters (which shall be deemed to include, for the avoidance of doubt, Aker Insurance AS and any Group Company which is an insurance company) against those risks and to the extent as is usual for companies carrying on the same or substantially similar business.

**13.12** **Financial Support restrictions** 

The Issuer shall not, and shall ensure that no other Group Company shall, grant or permit to subsist any Financial Support to or for the benefit of any person, other than Permitted Financial Support.

**13.13** **Maintenance of the Group** 

The Issuer shall at all times be the direct or indirect holder of all ownership interests in the Group Companies.

**13.14** **Revolving Credit Facility** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer may enter into agreements for a Revolving Credit Facility up to, from time to time, the higher of an
aggregate maximum commitment (the "**Maximum RCF Commitment**") of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) USD 75,000,000 (or its equivalent in any other currency); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 50.00 per cent of the Adjusted EBITDA for the latest Relevant Period on the date of each such agreement,

in each case from one or more lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Revolving Credit Facility may (in addition to the Maximum RCF Commitment) include (either as part of a
Revolving Credit Facility or as a separate facility) one or more guarantee facilities or letter of credit facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Issuer (and any other borrower thereunder) may apply amounts borrowed by it under the Revolving Credit
Facility towards general corporate and working capital purposes of the Group (including, for the avoidance of doubt, acquisitions).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any cash loans under the Revolving Credit Facility shall be subject to simultaneous clean down for two
(2) consecutive Business Days once every twelve (12) month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All amounts outstanding under the RCF Finance Documents shall be secured on a pari passu basis by the
Transaction Security (other than the Escrow Account Pledge and the Bond Escrow Account Pledge) on the terms of the Intercreditor Agreement (pursuant to which it shall have super senior status together with any Secured Hedging Obligations with
respect to any proceeds after an enforcement event).

**13.15** **Financial covenants** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer shall, on a consolidated basis, comply with the following financial covenants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Liquidity** not to be less than USD 30,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Gearing Ratio** not to exceed 1.00:1.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Interest Cover Ratio** not to be less than 2.50:1.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Issuer undertakes to comply with the financial covenants set out in paragraph (a) at all times during
the term of the Bonds, such compliance to be certified by the Issuer by the delivery of a Compliance Certificate at the times set out in paragraph (a) of Clause 12.2 (*Requirements as to Financial Reports*).

**13.16** **Financial testing** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The financial covenants set out in Clause 13.15 (*Financial covenants*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shall be tested first time with reference to the Quarter Date immediately following the Issue Date, and
thereafter on each Quarter Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shall be tested by reference to each of the Financial Reports delivered and each Compliance Certificate
delivered.

**13.17** **Equity Cure** 

Breaches of any financial covenant set out in Clause 13.15 *(Financial Covenants)* may be cured via contribution of new share capital or Subordinated Loans to the Issuer. The cure amount shall be applied towards:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Consolidated Cash and Cash Equivalent Assets in the case of a breach of the Gearing Ratio or Liquidity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Consolidated Finance Cost (as though the underlying debt on which the Consolidated Finance Cost accrued had
been reduced by that amount on the first day of the Relevant Period) in the case of a breach of Interest Cover Ratio.

No more than two (2) cures may be effected during the term of the Bonds.

**13.18** **Incurrence Test** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Incurrence Test is met if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in respect of incurrence of new Financial Indebtedness:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Leverage Ratio (calculated in accordance with Clause 13.19 (*Calculations and Calculation Adjustments*)), is equal to or less than 2.50:1.00; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Interest Cover Ratio is equal to or greater than 2.75:1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in respect of any Distribution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) prior to or in connection with an IPO, the Leverage Ratio (calculated in accordance with Clause 13.19
(*Calculations and Calculation Adjustments*)), is equal to or less than 1.75:1.00; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) after an IPO, the Leverage Ratio (calculated in accordance with the Clause 13.19 (*Calculations and Calculation Adjustments*)), is equal to or less than 1.25:1.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Compliance with the Incurrence Test is subject to in each case, that no Event of Default is outstanding or
would result from the relevant event for which compliance with the Incurrence Test is required.

**13.19** **Calculations and Calculation Adjustments** 

The calculation of the Leverage Ratio for the purpose of the Incurrence Test shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Be made as per a testing date determined by the Issuer, falling no earlier than thirty (30) days prior to
the event relevant for the application of the Incurrence Test.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Consolidated Net Total Borrowings shall be measured on the relevant testing date so determined, shall on a
pro forma basis include the full principal amount of the Financial Indebtedness in respect of which the Incurrence Test is applied and shall exclude any Financial Indebtedness which shall be refinanced with the new Financial Indebtedness (however,
any cash balance resulting from the incurrence of such Financial Indebtedness shall not reduce the Consolidated Net Total Borrowings).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any cash balance resulting from a Real Property Sale held in a separate account held by an Obligor shall be
excluded for the purpose of calculating Consolidated Cash and Cash Equivalent Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The figures for Adjusted EBITDA for the Relevant Period (or a later Relevant Period if applicable) immediately
prior to the testing date (unless the testing date is a financial quarter end) shall be used for the Incurrence Test, but adjusted so that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the operating profit before interest, tax, depreciation, amortisation and impairment changes (calculated on the
same basis as EBITDA) of any Group Company (or attributable to a business or assets acquired by a Group Company) acquired or disposed of or in respect of any discontinued operations after the end of the Relevant Period but before the relevant
testing date, shall be included or excluded (as applicable), pro forma, for the entire Relevant Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any company, business, undertaking or assets to be acquired with the proceeds from new Financial Indebtedness
in respect of which the Incurrence Test is applied shall be included, pro forma, for the entire Relevant Period.

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**14.** **EVENTS OF DEFAULT AND ACCELERATION OF THE BONDS** 

**14.1** **Events of Default** 

Each of the events or circumstances set out in this Clause 14.1 shall constitute an Event of Default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Non-payment* 

An Obligor fails to pay any amount payable by it under the Finance Documents when such amount is due for payment, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its failure to pay is caused by administrative or technical error in payment systems or the CSD and payment is
made within five (5) Business Days following the original due date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the discretion of the Bond Trustee, the Issuer has substantiated that it is likely that such payment will be
made in full within five (5) Business Days following the original due date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Breach of other obligations* 

An Obligor does not comply with any provision of the Finance Documents other than set out under paragraph (a) (*Non-payment*) above, unless such failure is capable of being remedied and is remedied within twenty (20) Business Days after the earlier of the Issuer's actual knowledge thereof, or notice thereof is given to the Issuer by the Bond Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Misrepresentation* 

Any representation, warranty or statement (including statements in Compliance Certificates) made by any Obligor under or in connection with any Finance Documents is or proves to have been incorrect, inaccurate or misleading in any material respect when made unless the circumstances giving rise to the misrepresentation are capable of remedy and are remedied within twenty (20) Business Days of the earlier of the Bond Trustee giving notice to the Issuer or the Issuer becoming aware of such misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Cross default* 

If for any Obligor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Financial Indebtedness is not paid when due nor within any applicable grace period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Financial Indebtedness is declared to be or otherwise becomes due and payable prior to its specified
maturity as a result of an event of default (however described, including but not limited to breach of financial maintenance covenants); or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any commitment for any Financial Indebtedness is cancelled or suspended by a creditor as a result of an event
of default (however described), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any creditor becomes entitled to declare any Financial Indebtedness due and payable prior to its specified
maturity as a result of any non-payment of Financial Indebtedness, insolvency, insolvency proceedings or creditor's process (however described),

provided however that the aggregate amount of such Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs (i) to (iv) above exceeds a total of USD 15,000,000 (or the equivalent thereof in any other currency).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *Insolvency and insolvency proceedings* 

Any Obligor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is Insolvent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is object of any corporate action or any legal proceedings is taken in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) other than a solvent liquidation or reorganisation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a composition, compromise, assignment or arrangement with any creditor which may materially impair its ability
to perform its payment obligations under these Bond Terms; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the appointment of a liquidator (other than in respect of a solvent liquidation), receiver, administrative
receiver, administrator, compulsory manager or other similar officer of any of its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) enforcement of any Security over any of its or their assets having an aggregate value exceeding the threshold
amount set out in paragraph (d) (*Cross default*) above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) for paragraphs (A) to (D) above, any analogous procedure or step is taken in any jurisdiction in respect
of any such company.

However, this shall not apply to any petition which is frivolous or vexatious and is discharged, stayed or dismissed within twenty (20) Business Days of commencement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(f)* *Creditor's process* 

Any expropriation, attachment, sequestration, distress or execution affects any asset or assets of any Obligor having an aggregate value exceeding the threshold amount set out in paragraph (d) (*Cross default*) above and is not discharged within twenty (20) Business Days.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(g)* *Unlawfulness* 

It is or becomes unlawful for an Obligor to perform or comply with any of its obligations under the Finance Documents to the extent this may materially impair:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the ability of such Obligor to perform its obligations under these Bond Terms; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the ability of the Bond Trustee or any Security Agent to exercise any material right or power vested to it
under the Finance Documents.

**14.2** **Acceleration of the Bonds** 

If an Event of Default has occurred and is continuing, the Bond Trustee may, in its discretion in order to protect the interests of the Bondholders, or upon instruction received from the Bondholders pursuant to Clause 14.3 (*Bondholders' instructions*) below, by serving a notice (a "**Default Notice**") to the Issuer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) declare that the Outstanding Bonds, together with accrued interest and all other amounts accrued or outstanding
under the Finance Documents be immediately due and payable, at which time they shall become immediately due and payable; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise (or direct the Security Agent to exercise) any or all of its rights, remedies, powers or discretions
under the Finance Documents or take such further measures as are necessary to recover the amounts outstanding under the Finance Documents.

**14.3** **Bondholders' instructions** 

The Bond Trustee shall serve a Default Notice if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Bond Trustee receives a demand in writing from Bondholders representing a simple majority of the Voting
Bonds, that an Event of Default shall be declared, and a Bondholders' Meeting has not made a resolution to the contrary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Bondholders' Meeting, by a simple majority decision, has approved the declaration of an Event of
Default.

**14.4** **Calculation of claim** 

The claim derived from the Outstanding Bonds due for payment as a result of the serving of a Default Notice will be calculated at the call prices set out in Clause 10.2 (*Voluntary early redemption – Call Option*), as applicable at the following dates (and regardless of the Default Repayment Date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for any Event of Default arising out of a breach of paragraph (a)
(*Non-payment*) of Clause 14.1 (*Events of Default*), the claim will be calculated at the call price applicable at the date when such Event of Default occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for any other Event of Default, the claim will be calculated at the call price applicable at the date when the
Default Notice was served by the Bond Trustee.

However, if the situations described in paragraph (a) or (b) above takes place prior to the First Call Date, the calculation shall be based on the First Call Price.

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**15.** **BONDHOLDERS' DECISIONS** 

**15.1** **Authority of the Bondholders' Meeting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Clause 17.1 *(Procedure for amendments and* waivers) a Bondholders' Meeting may, on
behalf of the Bondholders, resolve to alter any of these Bond Terms, including, but not limited to, any reduction of principal or interest and any conversion of the Bonds into other capital classes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bondholders' Meeting cannot resolve that any overdue payment of any instalment shall be reduced
unless there is a pro rata reduction of the principal that has not fallen due, but may resolve that accrued interest (whether overdue or not) shall be reduced without a corresponding reduction of principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Bondholders' Meeting may not adopt resolutions which will give certain Bondholders an unreasonable
advantage at the expense of other Bondholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to the power of the Bond Trustee to take certain action as set out in Clause 16.1 (*Power to represent the Bondholders*), if a resolution by, or an approval of, the Bondholders is required, such resolution may be passed at a Bondholders' Meeting. Resolutions passed at any Bondholders' Meeting will be binding upon all
Bondholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Resolutions passed at any Bondholders' Meeting will be binding upon all Bondholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) At least 50 per cent. of the Voting Bonds must be represented at a Bondholders' Meeting for a quorum
to be present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Resolutions will be passed by simple majority of the Voting Bonds represented at the Bondholders'
Meeting, unless otherwise set out in paragraph (h) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Save for any amendments or waivers which can be made without resolution pursuant to paragraph (a) section
(i) and (ii) of Clause 17.1 (*Procedure for amendments and waivers*), a majority of at least 2/3 of the Voting Bonds represented at the Bondholders' Meeting is required for approval of any waiver or amendment of these Bond
Terms.

**15.2** **Procedure for arranging a Bondholders' Meeting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Bondholders' Meeting shall be convened by the Bond Trustee upon the request in writing of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Bondholders representing at least 1/10 of the Voting Bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Exchange, if the Bonds are listed and the Exchange is entitled to do so pursuant to the general rules and
regulations of the Exchange; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Bond Trustee.

The request shall clearly state the matters to be discussed and resolved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Bond Trustee has not convened a Bondholders' Meeting within ten (10) Business Days after
having received a valid request for calling a Bondholders' Meeting pursuant to paragraph (a) above, then the requesting party may call the Bondholders' Meeting itself.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Summons to a Bondholders' Meeting must be sent no later than ten (10) Business Days prior to the
proposed date of the Bondholders' Meeting. The Summons shall be sent to all Bondholders registered in the CSD at the time the Summons is sent from the CSD. If the Bonds are listed, the Issuer shall ensure that the Summons is published in
accordance with the applicable regulations of the Exchange. The Summons shall also be published on the www.stamdata.com (or other relevant information platform).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Summons for a Bondholders' Meeting must clearly state the agenda for the Bondholders' Meeting
and the matters to be resolved. The Bond Trustee may include additional agenda items to those requested by the person calling for the Bondholders' Meeting in the Summons. If the Summons contains proposed amendments to these Bond Terms, a
description of the proposed amendments must be set out in the Summons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Items which have not been included in the Summons may not be put to a vote at the Bondholders' Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) By written notice to the Issuer, the Bond Trustee may prohibit the Issuer from acquiring or dispose of Bonds
during the period from the date of the Summons until the date of the Bondholders' Meeting, unless the acquisition of Bonds is made by the Issuer pursuant to Clause 10 (*Redemption and Repurchase of Bonds*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) A Bondholders' Meeting may be held on premises selected by the Bond Trustee, or if paragraph
(b) above applies, by the person convening the Bondholders' Meeting (however to be held in the capital of the Relevant Jurisdiction). The Bondholders' Meeting will be opened and, unless otherwise decided by the Bondholders'
Meeting, chaired by the Bond Trustee. If the Bond Trustee is not present, the Bondholders' Meeting will be opened by a Bondholder and be chaired by a representative elected by the Bondholders' Meeting (the Bond Trustee or such other
representative, the "**Chairperson** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each Bondholder, the Bond Trustee and, if the Bonds are listed, representatives of the Exchange, or any person
or persons acting under a power of attorney for a Bondholder, shall have the right to attend the Bondholders' Meeting (each a "**Representative** "). The Chairperson may grant access to the meeting to other persons not being
Representatives, unless the Bondholders' Meeting decides otherwise. In addition, each Representative has the right to be accompanied by an advisor. In case of dispute or doubt regarding whether a person is a Representative or entitled to vote,
the Chairperson will decide who may attend the Bondholders' Meeting and exercise voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Representatives of the Issuer have the right to attend the Bondholders' Meeting. The Bondholders Meeting
may resolve to exclude the Issuer's representatives and/or any person holding only Issuer's Bonds (or any representative of such person) from participating in the meeting at certain times, however, the Issuer's representative and
any such other person shall have the right to be present during the voting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Minutes of the Bondholders' Meeting must be recorded by, or by someone acting at the instruction of, the
Chairperson. The minutes must state the number of Voting Bonds represented at the Bondholders' Meeting, the resolutions passed at the meeting, and the results of the vote on the matters to be decided at the Bondholders' Meeting. The
minutes shall be signed by the Chairperson and at least one other person. The minutes will be deposited with the Bond Trustee who shall make available a copy to the Bondholders and the Issuer upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Bond Trustee will ensure that the Issuer, the Bondholders and the Exchange are notified of resolutions
passed at the Bondholders' Meeting and that the resolutions are published on www.stamdata.com (or other relevant electronically platform or stock exchange announcement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Issuer shall bear the costs and expenses incurred in connection with convening a Bondholders' Meeting
regardless of who has convened the Bondholders' Meeting, including any reasonable costs and fees incurred by the Bond Trustee.

**15.3** **Voting rules** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Bondholder (or person acting for a Bondholder under a power of attorney) may cast one vote for each Voting
Bond owned on the Relevant Record Date, ref. Clause 3.3 (*Bondholders' rights*). The Chairperson may, in its sole discretion, decide on accepted evidence of ownership of Voting Bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Issuer's Bonds shall not carry any voting rights. The Chairperson shall determine any question concerning
whether any Bonds will be considered Issuer's Bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the purposes of this Clause 15, a Bondholder that has a Bond registered in the name of a nominee will, in
accordance with Clause 3.3 (*Bondholders' rights*), be deemed to be the owner of the Bond rather than the nominee. No vote may be cast by any nominee if the Bondholder has presented relevant evidence to the Bond Trustee pursuant to Clause
3.3 (*Bondholders' rights*) stating that it is the owner of the Bonds voted for. If the Bondholder has voted directly for any of its nominee registered Bonds, the Bondholder's votes shall take precedence over votes submitted by the
nominee for the same Bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any of the Issuer, the Bond Trustee and any Bondholder has the right to demand a vote by ballot. In case of
parity of votes, the Chairperson will have the deciding vote.

**15.4** **Repeated Bondholders' Meeting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Even if the necessary quorum set out in paragraph (e) of Clause 15.1 (*Authority of the Bondholders' Meeting*) is not achieved, the Bondholders' Meeting shall be held and voting completed for the purpose of recording the voting results in the minutes of the Bondholders' Meeting. The Bond Trustee or the person who
convened the initial Bondholders' Meeting may, within ten (10) Business Days of that Bondholders' Meeting, convene a repeated meeting with the same agenda as the first meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The provisions and procedures regarding Bondholders' Meetings as set out in Clause 15.1 (*Authority of the Bondholders' Meeting*), Clause 15.2 (*Procedure for arranging a Bondholders' Meeting*) and Clause 15.3 (*Voting rules*) shall apply *mutatis mutandis* to a repeated Bondholders' Meeting, with the exception
that the quorum requirements set out in paragraph (f) of Clause 15.1 (*Authority of the Bondholders' Meeting*) shall not apply to a repeated Bondholders' Meeting. A Summons for a repeated Bondholders' Meeting shall also
contain the voting results obtained in the initial Bondholders' Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A repeated Bondholders' Meeting may only be convened once for each original Bondholders' Meeting. A
repeated Bondholders' Meeting may be convened pursuant to the procedures of a Written Resolution in accordance with Clause 15.5 (*Written Resolutions*), even if the initial meeting was held pursuant to the procedures of a
Bondholders' Meeting in accordance with Clause 15.2 (*Procedure for arranging a Bondholders' Meeting*) and vice versa.

**15.5** **Written Resolutions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to these Bond Terms, anything which may be resolved by the Bondholders in a Bondholders' Meeting
pursuant to Clause 15.1 (*Authority of the Bondholders' Meeting*) may also be resolved by way of a Written Resolution. A Written Resolution passed with the relevant majority is as valid as if it had been passed by the Bondholders in a
Bondholders' Meeting, and any reference in any Finance Document to a Bondholders' Meeting shall be construed accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The person requesting a Bondholders' Meeting may instead request that the relevant matters are to be
resolved by Written Resolution only, unless the Bond Trustee decides otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Summons for the Written Resolution shall be sent to the Bondholders registered in the CSD at the time the
Summons is sent from the CSD and published at www.stamdata.com, or other relevant electronic platform or via stock exchange announcement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The provisions set out in Clause 15.1 (*Authority of the Bondholders' Meeting*), 15.2 (*Procedure for arranging a Bondholders' Meeting*), Clause 15.3 (*Voting rules*) and Clause 15.4 (*Repeated Bondholders' Meeting*) shall apply *mutatis mutandis* to a Written Resolution, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the provisions set out in paragraphs (g), (h) and (i) of Clause 15.2 (*Procedure for arranging Bondholders Meetings*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provisions which are otherwise in conflict with the requirements of this Clause 15.5,

shall not apply to a Written Resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Summons for a Written Resolution shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) instructions as to how to vote to each separate item in the Summons (including instructions as to how voting
can be done electronically if relevant); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the time limit within which the Bond Trustee must have received all votes necessary in order for the Written
Resolution to be passed with the requisite majority, which shall be at least ten (10) Business Days but not more than fifteen (15) Business Days from the date of the Summons (the "**Voting Period** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Only Bondholders of Voting Bonds registered with the CSD on the Relevant Record Date, or the beneficial owner
thereof having presented relevant evidence to the Bond Trustee pursuant to Clause 3.3 (*Bondholders' rights*), will be counted in the Written Resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) A Written Resolution is passed when the requisite majority set out in paragraph (f) or (g) of Clause 15.1
(*Authority of Bondholders' Meeting*) has been obtained, based on a quorum of the total number of Voting Bonds, even if the Voting Period has not yet expired. A Written Resolution will also be resolved if the sufficient numbers of
negative votes are received prior to the expiry of the Voting Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The effective date of a Written Resolution passed prior to the expiry of the Voting Period is the date when the
resolution is approved by the last Bondholder that results in the necessary voting majority being obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If no resolution is passed prior to the expiry of the Voting Period, the number of votes shall be calculated at
the time specified in the summons on the last day of the Voting Period, and a decision will be made based on the quorum and majority requirements set out in paragraphs (e) to (g) of Clause 15.1 (*Authority of Bondholders' Meeting*).

**16.** **THE BOND TRUSTEE** 

**16.1** **Power to represent the Bondholders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Bond Trustee has power and authority to act on behalf of, and/or represent, the Bondholders in all matters,
including but not limited to taking any legal or other action, including enforcement of these Bond Terms, and the commencement of bankruptcy or other insolvency proceedings against the Issuer, or others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Issuer shall promptly upon request provide the Bond Trustee with any such documents, information and other
assistance (in form and substance satisfactory to the Bond Trustee), that the Bond Trustee deems necessary for the purpose of exercising its and the Bondholders' rights and/or carrying out its duties under the Finance Documents.

**16.2** **The duties and authority of the Bond Trustee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Bond Trustee shall represent the Bondholders in accordance with the Finance Documents, including, inter
alia, by following up on the delivery of any Compliance Certificates and such other documents which the Issuer is obliged to disclose or deliver to the Bond Trustee pursuant to the Finance Documents and, when relevant, in relation to accelerating
and enforcing the Bonds on behalf of the Bondholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bond Trustee is not obligated to assess or monitor the financial condition of the Issuer or any other
Obligor unless to the extent expressly set out in these Bond Terms, or to take any steps to ascertain whether any Event of Default has occurred. Until it has actual knowledge to the contrary, the Bond Trustee is entitled to assume that no Event of
Default has occurred. The Bond Trustee is not responsible for the valid execution or enforceability of the Finance Documents, or for any discrepancy between the indicative terms and conditions described in any marketing material presented to the
Bondholders prior to issuance of the Bonds and the provisions of these Bond Terms.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Bond Trustee is entitled to take such steps that it, in its sole discretion, considers necessary or
advisable to protect the rights of the Bondholders in all matters pursuant to the terms of the Finance Documents. The Bond Trustee may submit any instructions received by it from the Bondholders to a Bondholders' Meeting before the Bond
Trustee takes any action pursuant to the instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Bond Trustee is entitled to engage external experts when carrying out its duties under the Finance
Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Bond Trustee shall hold all amounts recovered on behalf of the Bondholders on separated accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Bond Trustee shall facilitate that resolutions passed at the Bondholders' Meeting are properly
implemented, provided, however, that the Bond Trustee may refuse to implement resolutions that may be in conflict with these Bond Terms, any other Finance Document, or any applicable law. The Bond Trustee may, but is not obligated to, assess or
monitor whether any instruction or resolution may be in conflict with these Bond Terms, any other Finance Document or any applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding any other provision of the Finance Documents to the contrary, the Bond Trustee is not obliged
to do or omit to do anything if it would or might in its reasonable opinion constitute a breach of any law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If the cost, loss or liability which the Bond Trustee may incur (including reasonable fees payable to the Bond
Trustee itself) in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) complying with instructions or resolutions of the Bondholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) taking any action at its own initiative,

will not, in the reasonable opinion of the Bond Trustee, be covered by the Issuer or the relevant Bondholders pursuant to paragraphs (e) and (g) of Clause 16.4 (*Expenses, liability and indemnity*), the Bond Trustee may refrain from acting in accordance with such instructions or resolutions, or refrain from taking such action, until it has received such funding or indemnities (or adequate security has been provided therefore) as it may reasonably require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Bond Trustee, in its reasonable opinion, may incur any cost, loss or liability for not acting in
accordance with any request or demand from any party to a Finance Document or any court or governmental authority, which will not, in the reasonable opinion of the Bond Trustee, be covered by the Issuer or Bondholders to its satisfaction, the Bond
Trustee may act in accordance with any such request or demand, without any liability towards the Bondholders, the Issuer or others.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Bond Trustee shall give a notice to the Bondholders before it ceases to perform its obligations under the
Finance Documents by reason of the non-payment by the Issuer of any fee or indemnity due to the Bond Trustee under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Bond Trustee may instruct the CSD to split the Bonds to a lower nominal value in order to facilitate
partial redemptions, write-downs or restructurings of the Bonds or in other situations where such split is deemed necessary.

**16.3** **Equality and conflicts of interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Bond Trustee shall not make decisions which will give certain Bondholders an unreasonable advantage at the
expense of other Bondholders. The Bond Trustee shall, when acting pursuant to the Finance Documents, act only as a representative for the Bondholders and shall not be required to have regard to the interests or to act upon or comply with any
direction or request of any other person, other than as explicitly stated in the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bond Trustee may act as agent, trustee, representative and/or security agent for several bond issues
relating to the Issuer notwithstanding potential conflicts of interest. The Bond Trustee is entitled to delegate its duties to other professional parties.

**16.4** **Expenses, liability and indemnity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Bond Trustee will not be liable to the Bondholders for damage or loss caused by any action taken or omitted
by it under or in connection with any Finance Document, unless directly caused by its gross negligence or wilful misconduct. The Bond Trustee shall not be responsible for any indirect or consequential loss. Irrespective of the foregoing, the Bond
Trustee shall have no liability to the Bondholders for damage caused by the Bond Trustee acting in accordance with instructions or resolutions given by the Bondholders in accordance with these Bond Terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bond Trustee will not be liable to the Issuer for damage or loss caused by any action taken or omitted by
it under or in connection with any Finance Document, unless caused by its gross negligence or wilful misconduct. The Bond Trustee shall not be responsible for any indirect or consequential loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any liability for the Bond Trustee for damage or loss is limited to the amount of the Outstanding Bonds. The
Bond Trustee is not liable for the content of information provided to the Bondholders by or on behalf of the Issuer or any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Bond Trustee shall not be considered to have acted negligently in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) acting in accordance with advice from or opinions of reputable external experts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) taking, delaying or omitting any action if acting with reasonable care and provided the Bond Trustee considers
that such action is in the interests of the Bondholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) requesting funding, indemnities or security as conditions for taking any action.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Issuer is liable for, and will indemnify the Bond Trustee fully in respect of, all losses, expenses and
liabilities incurred by the Bond Trustee as a result of negligence by the Issuer (including its directors, management, officers, employees and agents) in connection with the performance of the Bond Trustee's obligations under the Finance
Documents, including losses incurred by the Bond Trustee as a result of the Bond Trustee's actions based on misrepresentations made by the Issuer in connection with the issuance of the Bonds, the entering into or performance under the Finance
Documents, and for as long as any amounts are outstanding under or pursuant to the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Issuer shall cover all costs and expenses incurred by the Bond Trustee in connection with it fulfilling its
obligations under the Finance Documents. In this respect, if the Bond Trustee may borrow funds from Bondholders or others, the costs of such borrowings shall be considered as such costs and expenses incurred by the Bond Trustee. The Bond Trustee is
entitled to fees for its work and to be indemnified for costs, losses and liabilities on the terms set out in the Finance Documents. The Bond Trustee's obligations under the Finance Documents are conditioned upon the due payment of such fees
and indemnifications. The fees of the Bond Trustee will be further set out in the Fee Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Issuer shall on demand by the Bond Trustee pay all costs incurred for external experts engaged in relation
to events or circumstances which (i) constitute an Event of Default, (ii) which the Bond Trustee reasonably believes is or may lead to an Event of Default or (iii) which the Bond Trustee reasonably believes may constitute or lead to a
breach of any Finance Document or otherwise be detrimental to the interests of the Bond Trustee or the Bondholders under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Fees, costs and expenses payable to the Bond Trustee which are not reimbursed in any other way due to an Event
of Default, the Issuer being Insolvent or similar circumstances pertaining to any Obligor, may be covered by making an equal reduction in the proceeds to the Bondholders hereunder of any costs and expenses incurred by the Bond Trustee or the
Security Agent in connection therewith. The Bond Trustee may withhold funds from any escrow account (or similar arrangement) or from other funds received from the Issuer or any other person, irrespective of such funds being subject to Transaction
Security, and to set-off and cover any such costs and expenses from those funds. The Bond Trustee may also refrain from taking any further action until such fees, costs and expenses are paid to the Bond
Trustee from others, hereunder the Bondholders and the Issuer, if the Bond Trustee such demands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) As a condition to effecting any instruction or resolution from the Bondholders (including, but not limited to,
instructions set out in Clause 14.3 (*Bondholders' instructions*) or Clause 15.2 (*Procedure for arranging a Bondholders' Meeting*) and including a resolution pursuant to Clause 16.5 (*Replacement of the Bond Trustee*)),
the Bond Trustee may require satisfactory Security, guarantees and/or indemnities for any potential liability, loss, costs and expenses which may arise as a result of effecting such instruction or resolution (and, at its discretion, which may arise
or have already arisen as a result of the Bond Trustee's engagement or previous actions in relation to the Bonds) from those Bondholders who have given that instruction or resolution and/or who voted in favour of the decision to instruct the
Bond Trustee.

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**16.5** **Replacement of the Bond Trustee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Bond Trustee may be replaced by a majority of 2/3 of Voting Bonds in accordance with the procedures set out
in Clause 15 (*Bondholders ' Decisions*), and the Bondholders may resolve to replace the Bond Trustee without the Issuer's approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bond Trustee may resign by giving notice to the Issuer and the Bondholders, in which case a successor Bond
Trustee shall be elected pursuant to this Clause 16.5, initiated by the retiring Bond Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Bond Trustee is Insolvent, or otherwise is permanently unable to fulfil its obligations under these Bond
Terms, the Bond Trustee shall be deemed to have resigned and a successor Bond Trustee shall be appointed in accordance with this Clause 16.5. The Issuer may appoint a temporary Bond Trustee until a new Bond Trustee is elected in accordance with
paragraph (a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Bond Trustee may in its discretion decide that the change of Bond Trustee shall only take effect upon
execution of all necessary actions to effectively substitute the retiring Bond Trustee, hereunder covering of such fees, loss, costs and expenses referred to in Clause 16.4 (*Expenses, liability and indemnity*). The retiring Bond Trustee shall
be discharged from any further obligation in respect of the Finance Documents from the change takes effect, but shall remain liable under the Finance Documents in respect of any action which it took or failed to take whilst acting as Bond Trustee.
The retiring Bond Trustee remains entitled to any benefits and any unpaid fees or expenses under the Finance Documents before the change has taken place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon change of Bond Trustee, the Issuer shall co-operate in all
reasonable manners without delay to replace the retiring Bond Trustee with the successor Bond Trustee and release the retiring Bond Trustee from any future obligations under the Finance Documents and any other documents.

**16.6** **Security Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Bond Trustee is appointed to act as Security Agent for the Bonds, unless any other person is appointed. The
main functions of the Security Agent may include holding Transaction Security on behalf of the Secured Parties and monitoring compliance by the Issuer and other relevant parties of their respective obligations under the Transaction Security
Documents with respect to the Transaction Security on the basis of information made available to it pursuant to the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bond Trustee shall, when acting as Security Agent for the Bonds, at all times maintain and keep all
certificates and other documents received by it, that are bearers of right relating to the Transaction Security in safe custody on behalf of the Bondholders. The Bond Trustee shall not be responsible for or required to insure against any loss
incurred in connection with such safe custody.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Before the appointment of a Security Agent other than the Bond Trustee, the Issuer shall be given the
opportunity to state its views on the proposed Security Agent, but the final decision as to appointment shall lie exclusively with the Bond Trustee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The functions, rights and obligations of the Security Agent may be determined by a Security Agent Agreement to
be entered into between the Bond Trustee and the Security Agent, which the Bond Trustee shall have the right to require each Obligor and any other party to a Finance Document to sign as a party, or, at the discretion of the Bond Trustee, to
acknowledge. The Bond Trustee shall at all times retain the right to instruct the Security Agent in all matters, whether or not a separate Security Agent Agreement has been entered into.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The provisions set out in Clause 16.4 (*Expenses, liability and indemnity*) shall apply *mutatis mutandis* to any expenses and liabilities of the Security Agent in connection with the Finance Documents.

**17.** **AMENDMENTS AND WAIVERS** 

**17.1** **Procedure for amendments and waivers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer and the Bond Trustee (acting on behalf of the Bondholders) may agree to amend the Finance Documents
or waive a past default or anticipated failure to comply with any provision in a Finance Document, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such amendment or waiver is not detrimental to the rights and benefits of the Bondholders in any material
respect, or is made solely for the purpose of rectifying obvious errors and mistakes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such amendment or waiver is required by applicable law, a court ruling or a decision by a relevant authority;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such amendment or waiver has been duly approved by the Bondholders in accordance with Clause 15
(*Bondholders' Decisions*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any changes to these Bond Terms necessary or appropriate in connection with the appointment of a Security Agent
other than the Bond Trustee shall be documented in an amendment to these Bond Terms, signed by the Bond Trustee (in its discretion). If so desired by the Bond Trustee, any or all of the Transaction Security Documents shall be amended, assigned or re-issued, so that the Security Agent is the holder of the relevant Security (on behalf of the Bondholders). The costs incurred in connection with such amendment, assignment or re-issue shall be for the account of the Issuer.

**17.2** **Authority with respect to documentation** 

If the Bondholders have resolved the substance of an amendment to any Finance Document, without resolving on the specific or final form of such amendment, the Bond Trustee shall be considered authorised to draft, approve and/or finalise (as applicable) any required documentation or any outstanding matters in such documentation without any further approvals or involvement from the Bondholders being required.

**17.3** **Notification of amendments or waivers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Bond Trustee shall as soon as possible notify the Bondholders of any amendments or waivers made in
accordance with this Clause 17, setting out the date from which the amendment or waiver will be effective, unless such notice according to the Bond Trustee's sole discretion is unnecessary. The Issuer shall ensure that any amendment to these
Bond Terms is duly registered with the CSD.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to agreeing to an amendment or granting a waiver in accordance with paragraph (a) section (i) of
Clause 17.1 (*Procedure for amendments and waivers*), the Bond Trustee may inform the Bondholders of such waiver or amendment at a relevant information platform.

**18.** **MISCELLANEOUS** 

**18.1** **Limitation of claims** 

All claims under the Finance Documents for payment, including interest and principal, will be subject to the legislation regarding time-bar provisions of the Relevant Jurisdiction.

**18.2** **Access to information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) These Bond Terms will be made available to the public and copies may be obtained from the Bond Trustee or the
Issuer. The Bond Trustee will not have any obligation to distribute any other information to the Bondholders or any other person, and the Bondholders have no right to obtain information from the Bond Trustee, other than as explicitly stated in these
Bond Terms or pursuant to statutory provisions of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order to carry out its functions and obligations under these Bond Terms, the Bond Trustee will have access
to the relevant information regarding ownership of the Bonds, as recorded and regulated with the CSD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The information referred to in paragraph (b) above may only be used for the purposes of carrying out their
duties and exercising their rights in accordance with the Finance Documents and shall not disclose such information to any Bondholder or third party unless necessary for such purposes.

**18.3** **Notices, contact information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise specified, written notices to the Bondholders shall be provided as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if made by the Bond Trustee, on www.stamdata.com or other relevant information platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if made by the Issuer, by stock exchange announcement (if the Bonds are listed) or other relevant information
platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any notice sent to the Bondholders via the CSD will be deemed to be given or made when sent from the CSD,
unless otherwise specifically provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless otherwise specified, all notices or other communications under or in connection with these Bond Terms
between the Bond Trustee and the Issuer will be given or made in writing, by letter or e-mail. Any such notice or communication will be deemed to be given or made as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if by letter, when delivered at the address of the relevant party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if by e-mail, when received; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if by publication on a relevant information platform, when published.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Issuer and the Bond Trustee shall each ensure that the other party is kept informed of changes in postal
address, e-mail address, telephone number and contact persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) When determining deadlines set out in these Bond Terms, the following will apply (unless otherwise stated):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the deadline is set out in days, the first day of the relevant period will not be included and the last day
of the relevant period will be included;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the deadline is set out in weeks, months or years, the deadline will end on the day in the last week or the
last month which, according to its name or number, corresponds to the first day the deadline is in force. If such day is not a part of an actual month, the deadline will be the last day of such month; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if a deadline ends on a day which is not a Business Day, the deadline is postponed to the next Business Day.

**18.4** **Defeasance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraph (b) below and provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount sufficient for the payment of principal and interest on the Outstanding Bonds to the relevant
Repayment Date (including, to the extent applicable, any premium payable upon exercise of a Call Option), and always subject to paragraph (c) below (the "**Defeasance Amount**") is credited by the Issuer to an account in a
financial institution acceptable to the Bond Trustee (the "**Defeasance Account** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Defeasance Account is irrevocably pledged and blocked in favour of the Bond Trustee on such terms as the
Bond Trustee shall request (the "**Defeasance Pledge"**); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Bond Trustee has received such legal opinions and statements reasonably required by it, including (but not
necessarily limited to) with respect to the validity and enforceability of the Defeasance Pledge,

then;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Issuer will be relieved from its obligations under paragraph (a) of Clause 12.2 (*Requirements for Compliance Certificates*), Clause 12.3 (*Put Option Event*), Clause 12.4 (*Material Asset Sale*), Clause 12.6 (*Information: miscellaneous*) and Clause 13 (*General and Financial Undertakings*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any Transaction Security shall be released and the Defeasance Pledge shall be considered replacement of the
Transaction Security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any Obligor shall be released from any Guarantee or other obligation applicable to it under any Finance
Document.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bond Trustee shall be authorised to apply any amount credited to the Defeasance Account towards any amount
payable by the Issuer under any Finance Document on the due date for the relevant payment until all obligations of the Issuer and all amounts outstanding under the Finance Documents are repaid and discharged in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Bond Trustee may, if the Defeasance Amount cannot be finally and conclusively determined, decide the amount
to be deposited to the Defeasance Account in its discretion, applying such buffer amount as it deems necessary.

A defeasance established according to this Clause 18.4 may not be reversed.

**19.** **GOVERNING LAW AND JURISDICTION** 

**19.1** **Governing law** 

These Bond Terms are governed by the laws of the Relevant Jurisdiction, without regard to its conflict of law provisions.

**19.2** **Main jurisdiction** 

The Bond Trustee and the Issuer agree for the benefit of the Bond Trustee and the Bondholders that the City Court of the capital of the Relevant Jurisdiction shall have jurisdiction with respect to any dispute arising out of or in connection with these Bond Terms. The Issuer agrees for the benefit of the Bond Trustee and the Bondholders that any legal action or proceedings arising out of or in connection with these Bond Terms against the Issuer or any of its assets may be brought in such court.

**19.3** **Alternative jurisdiction** 

Clause 19 (*Governing law and jurisdiction*) is for the exclusive benefit of the Bond Trustee and the Bondholders and the Bond Trustee have the right:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to commence proceedings against the Issuer or any other Obligor or any of their respective assets for another
competent court of a contracting state to the Lugano Convention of 2007, the applicable court in the jurisdiction of the Issuer or any other Obligor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) or in any court in any other jurisdiction (to the extent possible under applicable law); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to commence such proceedings, including enforcement proceedings, in any competent jurisdiction concurrently.

**19.4** **Service of process** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without prejudice to any other mode of service allowed under any relevant law, the Issuer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) irrevocably appoints MHWirth AS (registration number 942 524 544) as its agent for service of process in
relation to any proceedings in connection with these Bond Terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) agrees that failure by an agent for service of process to notify the Issuer of the process will not invalidate
the proceedings concerned.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any person appointed as an agent for service of process is unable for any reason to act as agent for service
of process, the Issuer must immediately (and in any event within ten (10) Business Days of such event taking place) appoint another agent on terms acceptable to the Bond Trustee. Failing this, the Bond Trustee may appoint another agent for this
purpose.

—000—

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These Bond Terms have been executed in two originals, of which the Issuer and the Bond Trustee shall retain one each.

**SIGNATURES:** 

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| | |
|:---|:---|
| **The Issuer:**<br>HMH HOLDING B.V.<br><u>/s/ Dan-Erik Nilsen</u> <br> By: Dan-Erik Nilsen<br> Position: Attorney-in-fact | **As Bond Trustee and Security Agent:**<br>NORDIC TRUSTEE AS<br><u>/s/ Vivian Trøsch</u> <br> By: Vivian Trøsch<br> Position: Authorised Signatory |

---

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**ATTACHMENT 3** 

**AGREED SECURITY PRINCIPLES** 

The Transaction Security and Guarantees shall be granted subject to the following principles:

(i) general statutory and customary limitations (e.g. financial assistance or corporate benefit limitations) may
limit the ability of an Obligor or Security Provider to guarantee or provide Security or require that such guarantee or Security is limited by an amount or otherwise;

(ii) only entities wholly owned (directly or indirectly) by the Issuer or jointly wholly owned (directly or
indirectly) by the Issuer and any Parent Entity (in each case, a "**Relevant Entity** "), shall be required to provide Guarantees and/or Security, provided (a) that the Issuer shall use its best efforts to get consent from any
other shareholder in a partly owned entity (other than a Relevant Entity) for such partly owned entity to provide a Guarantee, and if obtained, shall grant a Guarantee subject to the other Agreed Security Principles, and (b) if such consent is
not obtained, procure that a Guarantee is provided by the nearest Relevant Entity of such partly owned entity and that security over the shares in the nearest Relevant Entity is granted.

(iii) Security over shares in any partly owned entity (other than a Relevant Entity) shall (a) only extend to
shares owned by a Relevant Entity and be subject to any contractual limitations in respect of such Security, provided that the Issuer shall make reasonable efforts to remove any such contractual limitations, and (b) if Security over such shares
cannot be created and or perfected due to contractual limitations, be granted over the shares in the nearest Relevant Entity being a direct or indirect parent entity of such partly owned entity. If such restriction ceases to apply, such member of
the Group shall promptly thereafter become a Guarantor and grant the relevant Security.

(iv) Guarantors and Security Providers will not be required to give guarantees or enter into Transaction Security
Documents if it would conflict with the fiduciary duties of their directors or contravene any legal prohibition or result in a material risk of personal or criminal liability on the part of any officer provided that the relevant Guarantor or
Security Provider shall use reasonable endeavours to overcome any such obstacle (taking into account e.g. the cost and resources required to overcome any such obstacle);

(v) any Security or any Guarantee, and the extent of its perfection and scope, shall take into account the cost,
work and time of providing the same which must not be disproportionate to the benefit accruing to the Bondholders;

(vi) no Obligor or Security Provider shall be under an obligation to grant any Security over any assets or guarantee
which would impose a stamp duty, registration fee or similar on it unless such stamp duty or registration fee is negligible;

(vii) the Issuer may elect to provide share Security over the direct holding company of any Guarantor (rather than
the Guarantor itself) if it deems this advisable in light of any limitations or costs listed above; and

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(viii) the Transaction Security Documents and Guarantees shall operate to create Security or guarantees rather than to
impose any new commercial obligations and shall, accordingly, not contain additional or duplicate representations or undertakings to those contained in the Bond Terms unless required for the creation, perfection or preservation of the Security or
guarantee and shall not be unduly burdensome on the Obligor or Security Provider or interfere unreasonably with the operation of its business.

## Exhibit 10.21

**Exhibit 10.21** 

**HMH** 

**SENIOR EXECUTIVE SEVERANCE PLAN** 

**Introduction**

This HMH Senior Executive Severance Plan (the "<u>Plan</u>") sets forth the policy of the Company and each Subsidiary which employs an Eligible Executive (as defined in Article 1), with respect to Severance Payments (as defined in Article 5) payable to an Eligible Executive under the Plan (the Company and the Subsidiaries are collectively referred to as the "<u>Company Group</u>"). Certain capitalized terms used in the Plan have the meanings assigned to them in Article 13.

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| | |
|:---|:---|
| **Article 1.** | **<u>Who is Eligible for Participation in the Plan</u>**  |

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*a.* *Eligible Executives*. Those executives who are eligible to participate in, and receive Severance
Payments under, the Plan (each, an " <u>Eligible Executive</u> ") are (i) the Chief Executive Officer of the Company, (ii) following an IPO, the Executive Officer direct reports to the Chief Executive Officer of the Company, and
(iii) any other individuals selected by the Plan Administrator to participate in the Plan.

*b.* *Effect of Employment Agreement*. You shall not be eligible to participate in the Plan if you are party to
a written agreement with the Company that provides for severance payments to you upon, or following, the termination of your employment.

*c.* *Other Plans*. If you are eligible to participate in the Plan, you shall not be eligible to participate
in, or to receive any severance benefits under, any other severance plan, policy, practice, or arrangement maintained by the Company. If you become eligible to receive Severance Payments under the HMH Senior Executive Change-in-Control Severance Plan, you shall not be eligible to receive Severance Payments under the Plan.

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| | |
|:---|:---|
| **Article 2.** | **<u>How Do You Become Eligible for Severance Payments under the Plan</u>**  |

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You will be eligible for Severance Payments if you are an Eligible Executive and your employment is terminated by the Company Group without Cause (a "<u>Termination Without Cause</u>").

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| | |
|:---|:---|
| **Article 3.** | **<u>What Events Make You Ineligible for Severance Payments under the Plan</u>**  |

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You shall not be entitled to receive Severance Payments under the Plan if any of the following disqualifying events occur:

*a.* *Death or Disability*. Your employment terminates due to your death or Disability.

*b.* *Voluntary Termination*. You terminate your employment with the Company Group for any reason, including
without limitation, retirement.

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*c.* *Termination for Cause*. Your employment with the Company Group is terminated for Cause (a
" <u>Termination for Cause</u> "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your employment may be terminated for Cause by the Company Group effective upon the giving of written notice to
you of such Termination for Cause, or effective upon another date as specified in such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If, within the period (1) beginning on the Date of Termination and (2) ending on the earlier of
(a) the one (1) year anniversary of your Termination Without Cause and (b) a Change-in-Control, the Company Group determines that your employment could
have been Terminated for Cause, your prior termination shall be recharacterized as a Termination for Cause upon the Company Group giving written notice to you (or to your estate in the event of your death). You (or your estate) shall have thirty
(30) days to provide a written response to the Company Group. To the extent that the Company Group does not reverse its determination after receipt of your response, if any, you (or your estate) shall be obligated promptly to repay any
Severance Payments paid to you under the Plan. The Company Group may take appropriate legal action to seek to recover any Severance Payments from you or your estate. For the avoidance of doubt, the Company Group's ability to recharacterize
your prior termination as described herein shall apply only prior to a Change-in-Control.

*d.* *Sale*. You work for a division, subdivision, plant, location, or entity which is sold or otherwise
transferred to an entity other than the Company Group, regardless of whether the new owner offers continued or comparable employment to you.

*e.* *New Employer*. You begin working for another employer (whether regular or temporary and whether full-time
or part-time) in any capacity, including as a consultant or independent contractor, before the Date of Termination. You are required to immediately notify the Company Group in writing if you begin another job prior to the Date of Termination.

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| | |
|:---|:---|
| **Article 4.** | **<u>What Amounts Other than Severance Payments May be Payable to You</u>**  |

---

Regardless of whether you are eligible for Severance Payments under the Plan, you may be entitled to receive benefits (other than severance payments) for which you are expressly eligible following your Date of Termination to the extent you are entitled under the terms and conditions of any other plans, policies, programs and/or arrangements of the Company Group, including without limitation, continuation health benefits under the federal law known as COBRA, and amounts payable or benefits provided under any equity-based compensation or tax-qualified savings plans of the Company Group.

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| | |
|:---|:---|
| **Article 5.** | **<u>What Severance Payments Are Payable under the Plan</u>**  |

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*a.* *Severance Payments*. If you are eligible to receive Severance Payments under Article 2 above, and you
have not become ineligible for the receipt of such Severance Payments due to a disqualifying event as described in Article 3 above or other provisions of the Plan, you shall be entitled to the below severance payments (the " <u>Severance Payments</u> "). For the avoidance of doubt, the Severance Payments shall not include accrued vacation allowance or pension accruals.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Base salary continuation for a twelve (12) month period following the Date of Termination (the
" <u>Severance Pay Period</u> "), plus an additional monthly amount equal to the then cost of COBRA health continuation coverage for yourself and covered family members based on the level of health coverage in effect on the Date of
Termination, if any, for the lesser of the Severance Pay Period or the period that you receive COBRA benefits, with such payments to commence sixty (60) days from your Date of Termination, retroactive to the Date of Termination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a payment equal to a pro rata portion (based upon the completed calendar months worked in the year in which the
Date of Termination occurs) of the target annual incentive bonus payable for the year in which the Date of Termination occurs, with such amount to be payable when an annual incentive bonus is regularly paid to employees for the year in which the
Date of Termination occurs, which amount may, in the discretion of the Plan Administrator (or, if applicable, the manager who approves your bonus) be reduced based upon attainment of the performance criteria applicable to your award for the year of
termination.

*b.* *Death*. If you die before receipt of all Severance Payments to which you are entitled, any payments due
to you will be paid to your estate at the time they would have been payable to you.

*c.* *Separation Agreement and Release*. The Company Group's obligations to make Severance Payments to
you are conditioned upon your timely execution (without revocation) of a separation agreement and a general release of all claims related to your employment and the termination of your employment in a form satisfactory to the Company Group (the
" <u>Separation Agreement and Release</u> "). The Separation Agreement and Release shall include a confidentiality covenant, a non-disparagement covenant and a covenant for the protection of
intellectual property, in each case, applicable at any time after the Date of Termination, and a non-competition and non-solicitation restriction (of customers and
employees), in each case, for the duration of the Severance Pay Period, as more fully set forth in such Separation Agreement and Release. The base salary continuation shall commence sixty (60) days following the Date of Termination as provided
in this Article 5, and the payment of the pro rata bonus shall be paid at the time set forth above, in each case, only if you have executed such Separation Agreement and Release within forty-five (45) days following the Date of Termination and
the applicable revocation period has expired. Where the forty-five (45) day period, together with any revocation period, extends into the next calendar year, payments shall commence or be made, as applicable, in the next calendar year. If you
should fail to execute such Separation Agreement and Release within forty-five (45) days following the Date of Termination or should you later revoke or violate the Separation Agreement and Release, the Company Group shall not have any obligation to
make the payments contemplated under the Plan and you shall refund any Severance Payments made to you.

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| | |
|:---|:---|
| **Article 6.** | **<u>Claw-Back Provisions</u>**  |

---

In addition to the right of the Company Group, under Article 3(c) and Article 5, to recover amounts paid to you, in the event that you shall (i) breach the non-competition, non-disparagement, non-solicitation, confidentiality, intellectual property or other covenants or provisions of the Separation Agreement and Release, or (ii) be required by any claw-back policies of the Company Group, as in effect from time to time, or by applicable law, to refund payments received from the Company Group as the result of a restatement of the Company's financial statements or other events or conduct as may be specified in such policies from time to time or as may be required by applicable law, you (or your estate) shall be obligated promptly to refund the Severance Payments made to you. The Company Group may take appropriate legal action to seek to recover any Severance Payments from you or your estate.

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| | |
|:---|:---|
| **Article 7.** | **<u>Income Taxes</u>**  |

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Severance Payments are subject to all applicable federal, state, local and non-U.S. tax withholdings.

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| | |
|:---|:---|
| **Article 8.** | **<u>Section</u> <u>409A of the Code</u>**  |

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Notwithstanding any other provision of the Plan, if any payment, compensation or other benefit provided to you in connection with your employment termination is determined, in whole or in part, to constitute "nonqualified deferred compensation" within the meaning of Section 409A of the Code ("<u>Section</u> <u>409A</u>") and you are a "specified employee" as defined in Section 409A(a)(2)(B)(i) of the Code, no part of such payments shall be paid before the day that is six (6) months plus one (1) day after the Date of Termination (such date, the "<u>New Payment Date</u>"). The aggregate of any payments that otherwise would have been paid to you during the period between the Date of Termination and the New Payment Date shall be paid to you in a lump sum on the New Payment Date. Thereafter, any payments that remain outstanding as of the day immediately following the New Payment Date shall be paid without delay over the time period originally scheduled in accordance with the terms of the Plan. If you die during the period between the Date of Termination and the New Payment Date, the amounts withheld on account of Section 409A shall be paid to your estate within ninety (90) days following your death.

For the avoidance of doubt, up to two (2) times the lesser of: (i) your base salary for the year preceding the year in which the Date of Termination occurs and (ii) the maximum amount of compensation that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which the Date of Termination occurs, shall be paid in accordance with the schedule set forth in Article 5, without regard to such six (6) month delay.

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The provisions of the Plan are intended to be exempt from, or to comply with, the requirements of Section 409A, including without limitation, with the separation pay exemption and short-term deferral exemption of Section 409A. The Plan shall in all respects be administered in accordance with Section 409A and shall be interpreted in a manner to conform to the requirements of Section 409A. Notwithstanding anything in the Plan to the contrary, distributions may only be made under the Plan upon an event and in a manner permitted by Code 409A or an applicable exemption.

All payments to be made upon a termination of employment under the Plan may only be made upon a "separation from service" under Section 409A.

For purposes of Section 409A, the right to a series of installment payments under the Plan shall be treated as a right to a series of separate payments. In no event may you, directly or indirectly, designate the calendar year of a payment.

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| | |
|:---|:---|
| **Article 9.** | **<u>Administration of Plan</u>**  |

---

The Plan Administrator shall have the exclusive right, power, and authority, in its sole and absolute discretion, to administer, apply, and interpret the Plan and to decide all matters arising in connection with the operation or administration of the Plan to the extent not retained by the Company as set forth herein. Without limiting the generality of the foregoing, the Plan Administrator shall have the sole and absolute discretionary authority to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make determinations as to whether an employee is, or is not, an Eligible Executive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Take all actions and make all decisions with respect to the eligibility for, and the amount of, Severance
Payments payable under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Formulate, interpret and apply rules, regulations, and policies necessary to administer the Plan in accordance
with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Decide questions, including legal or factual questions, with regard to any matter related to the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Construe and interpret the terms and provisions of the Plan and all documents which relate to the Plan and decide
any and all matters arising thereunder, including the right to remedy possible ambiguities, inconsistencies or omissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investigate and make such factual or other determinations as shall be necessary or advisable for the resolution
of appeals of adverse determinations under the Plan; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Process, and approve or deny, claims for Severance Payments under the Plan and any appeals.

All determinations made by the Plan Administrator as to any question involving its respective responsibilities, powers and duties under the Plan shall be final and binding on all parties, to the maximum extent permitted by law. All determinations by the Company referred to in the Plan shall be made by the Company in its capacity as an employer and settlor of the Plan.

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| | |
|:---|:---|
| **Article 10.** | **<u>Modification or Termination of Plan</u>**  |

---

The Company reserves the right, in its sole and absolute discretion, to amend, modify, or terminate the Plan, in whole or in part, including any or all of the provisions of the Plan, for any reason, at any time, by action of the Plan Administrator. The Plan does not give an Eligible Executive any vested right to Severance Payments. If the Plan is amended or terminated, your rights to receive Severance Payments may be eliminated. No individual may become entitled to benefits or other rights under the Plan after the Plan is terminated.

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| | |
|:---|:---|
| **Article 11.** | **<u>Claims and Appeal Procedures</u>**  |

---

The Plan Administrator shall make a determination in connection with the termination of employment of an Eligible Executive as to whether a Severance Payment under the Plan is payable to such Eligible Executive and the amount thereof, taking into consideration any determination made by the Company as to the circumstances regarding the termination, the potential applicability of a disqualifying event, or the Plan Administrator's decision as to whether an employee is an Eligible Executive under the Plan. The Plan Administrator shall advise any Eligible Executive it determines is entitled to Severance Payments under the Plan as to the amount of Severance Payments payable under the Plan. The Plan Administrator may delegate any or all of its responsibilities under this section.

*a.* *Claim Procedures* 

Each Eligible Executive or his or her authorized representative (each, the "<u>Claimant</u>") claiming Severance Payments under the Plan who has not been advised by the Plan Administrator as to his or her eligibility for Severance Payments, disagrees with a determination that he or she is not eligible for Severance Payments, disagrees with the amount of any Severance Payments awarded under the Plan, or disagrees with a decision to require him or her to repay an amount under the Plan, is eligible to file a written claim with the Plan Administrator.

Within ninety (90) days after receiving the claim, the Plan Administrator will decide whether or not to approve the claim. The ninety (90)-day period may be extended by the Plan Administrator up to an additional ninety (90)-day period if special circumstances require an extension of time to consider the claim. If the Plan Administrator extends the ninety (90)-day period, the Claimant will be notified in writing before the expiration of the initial ninety (90)-day period as to the length of the extension and the special circumstances that necessitate the extension.

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If the claim is denied, the Plan Administrator shall set forth in writing (which notice may be electronic) the reasons for the denial; the relevant provisions of the Plan on which the decision is made; a description of the Plan's claim appeal procedures; and, if additional material or information is necessary to perfect the claim, an explanation of why such material or information is necessary. The notice will also include a statement regarding the procedures for the Claimant to file a request for review of the claim denial as set forth in the "Appeal Procedures" sub-section below and the Claimant's right to bring a civil action under Section 502(a) of the Employee Retirement Income Security Act of 1974, as amended ("<u>ERISA</u>"), following a claim denial on appeal.

*b.* *Appeal Procedures* 

If a claim has been denied by the Plan Administrator and the Claimant wishes further consideration and review of his or her claim, he or she must file an appeal of the denial of the claim to the Plan Administrator no later than sixty (60) days after the receipt of the written notification of the Plan Administrator's denial. In connection with his or her appeal, the Claimant may request the opportunity to review relevant documents prior to submission of a written statement, submit documents, records and comments in writing, and receive, upon request and free of charge, reasonable access to and copies of all documents, records and other information relevant to the Claimant's claim for Severance Payments under the Plan. The review of the appeal by the Plan Administrator will take into account all comments, documents, records and other information submitted by the Claimant relating to the claim, without regard to whether such information was submitted or considered in the initial review of the claim.

The Plan Administrator will notify the Claimant in writing (which notice may be electronic) of the Plan Administrator's decision with respect to its review of the appeal within sixty (60) days following the receipt of the request for a review of the claim. Due to special circumstances, the Plan Administrator may extend the time to reach a decision with respect to the appeal of the claim denial, in which case the Plan Administrator will notify the Claimant in writing before the expiration of the initial 60-day period as to the length of the extension and the special circumstances that necessitate such extension and render a decision as soon as possible, but not later than one hundred twenty (120) days following the receipt of the Claimant's request for appeal.

If the appeal is denied, the Plan Administrator will set forth in writing (which notice may be electronic) the specific reasons for the denial and references to the relevant Plan provisions on which the determination of the denial is based. The notice will also include a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claim, and a statement of the Claimant's right to bring an action under Section 502(a) of ERISA.

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*c.* *Exhaustion of Remedies under the Plan* 

A Claimant wishing to seek judicial review of an adverse benefit determination under the Plan, whether in whole or in part, must file any suit or legal action, including, without limitation, a civil action under Section 502(a) of ERISA, within one (1) year following the date the final decision on the adverse benefit determination on review is issued or should have been issued or lose any rights to bring such an action. If any such judicial proceeding is undertaken, the evidence presented shall be strictly limited to the evidence timely presented to the Plan Administrator. A Claimant may bring an action under ERISA only after he or she has exhausted the Plan's claims and appeal procedures.

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| | |
|:---|:---|
| **Article 12.** | **<u>Miscellaneous Provisions</u>**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The records of the Company with respect to employment history, compensation, absences, illnesses, and all other
relevant matters shall be conclusive for all purposes of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The respective terms and provisions of the Plan shall be construed, whenever possible, to be in conformity with
the requirements of ERISA, or any subsequent laws or amendments thereto. To the extent not to conflict with the preceding sentence, the construction and administration of the Plan shall be in accordance with the laws of the state of Texas applicable
to contracts made and to be performed within the state of Texas (without reference to its conflicts of law provisions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nothing contained in the Plan shall be held or construed to create any liability upon the Company Group to retain
any employee in its service or to change the employee-at-will status of any employee. All employees shall remain subject to the same terms and conditions of employment
and discharge or discipline to the same extent as if the Plan had not been put into effect. An employee's failure to qualify for, or receive, a Severance Payment under the Plan shall not establish any right to (i) continuation or
reinstatement, or (ii) any benefits in lieu of Severance Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company Group has the right to cancel a proposed termination of employment or reschedule a termination date
at any time before your employment terminates. You will not become eligible for Severance Payments if your termination date is cancelled or if you voluntarily terminate employment before the termination date specified or rescheduled by the Company
Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Severance Payments under the Plan are not intended to duplicate such (i) payments and benefits as may be
provided to you under state, local, federal or non-US plant shut down, mass layoff or similar laws, such as the WARN Act or (ii) payments in the nature of severance or separation pay, termination
allowances or indemnities, and/or pay or benefits in lieu of notice, pay and/or benefits for service during any notice period, or any similar type of payment or benefit under any non-US plan,

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program or policy, under any non-US contract or agreement or between a union, works council or other collective bargaining entity or employee representative and any member of the Company Group, or under applicable non-US laws or regulations. Should payments or benefits under such laws or other arrangements become payable to you, payments under the Plan will be offset or reduced (but not below zero) by all payments and benefits to which you are entitled under such other laws or arrangements, or alternatively, Severance Payments previously paid under the Plan will be treated as having been paid to satisfy such other benefit obligations to the extent permitted by applicable law. In either case, the Plan Administrator, in its sole discretion, will determine how to apply this provision and may override other provisions in the Plan in doing so. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At all times, payments under the Plan shall be made from the general assets of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Should any provisions of the Plan be deemed or held to be unlawful or invalid for any reason, the balance of the
Plan shall remain in effect, unless it is amended or terminated as provided in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Except as required by law, the Severance Payments will not be subject to alienation, transfer, assignment,
garnishment, execution or levy of any kind, and any attempt to cause such payments to be so subjected will not be recognized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If any overpayment is made under the Plan for any reason, the Plan Administrator will have the right to recover
the overpayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company shall cause the Plan to be assumed by a successor of the Company, whether such succession occurs by
merger, asset sale or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any notice or other written communication required or permitted pursuant to the terms of the Plan shall have been
duly given (i) immediately when delivered by hand, (ii) three days after being mailed by United States Mail, first class, postage prepaid (or such local equivalent thereof), addressed to the intended recipient at his, her or its last known
address, (iii) on the next business day after deposit with a courier or overnight delivery service post paid for next-day delivery and addressed in accordance with the last known address, or
(iv) immediately upon delivery by facsimile or email to the telephone number or email address provided by a party for the receipt of notice.

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| | |
|:---|:---|
| **Article 13.** | **<u>Definitions</u>**  |

---

"<u>Cause</u>" shall mean that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have engaged in conduct that constitutes willful misconduct, dishonesty, or gross negligence in the
performance of your duties; you breach your fiduciary duties to the Company Group; or your willful failure to carry out the lawful directions of the person(s) to whom you report;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have engaged in conduct which is demonstrably and materially injurious to the Company Group, or that
materially harms the reputation, good will, or business of the Company Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have engaged in conduct which is reported in the general or trade press or otherwise achieves general
notoriety and which is scandalous, immoral or illegal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have been convicted of, or entered a plea of guilty or nolo contendere (or similar plea) to, a crime that
constitutes a felony, or a crime that constitutes a misdemeanor involving moral turpitude, dishonesty or fraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have been found liable in any Securities and Exchange Commission or other civil or criminal securities law
action or any cease and desist order applicable to you is entered (regardless of whether or not you admit or deny liability);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have used or disclosed, without authorization, confidential or proprietary information of the Company Group;
you have breached any written or electronic agreement with the Company Group not to disclose any information pertaining to the Company Group or their customers, suppliers and businesses; or you have breached any agreement relating to non-solicitation, non-competition, or the ownership or protection of the intellectual property of the Company Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have breached any Company Group policy applicable to you, whether currently in effect or adopted after the
effective date of the Plan.

"<u>Change-in-Control</u>" shall have the meaning ascribed to such term in the HMH Senior Executive Change-in-Control Severance Plan, as may be amended.

"<u>Code</u>" shall mean the Internal Revenue Code of 1986, as amended.

"<u>Company</u>" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prior to an IPO, HMH B.V; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• following an IPO, HMH Inc.

"<u>Date of Termination</u>" shall mean the date on which you incur a termination of employment or such other date on which you incur a "separation from service" determined under the provisions set forth in Section 1.409A-1(h) of the Treasury Regulations or any successor provisions. Pursuant to such provisions, you will be treated as no longer performing services for the Company Group when the level of services you perform for the Company Group decreases to a level equal to twenty percent (20%) or less of the average level of services performed by you during the immediately preceding thirty-six (36) months.

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"<u>Disability</u>" shall be defined as set forth under the Company Group-sponsored Long-Term Disability Benefits Plan that covers you, as such plan shall be in effect from time to time. Any dispute concerning whether you are deemed to have suffered a Disability for purposes of the Plan shall be resolved in accordance with the dispute resolution procedures set forth in the Company Group-sponsored Long-Term Disability Benefits Plan in which you participate.

"<u>Exchange</u>" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Oslo Børs (the Oslo Stock Exchange);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any regulated market as such term is understood in accordance with the Markets in Financial Instruments Directive
2014/65/EU (MiFID II) and Regulation (EU) No. 600/2014 on markets in financial instruments (MiFIR); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Nasdaq Stock Market (including the Nasdaq Global Select Market, the Nasdaq Global Market and the Nasdaq
Capital Market), the New York Stock Exchange or any other national securities exchange under the Exchange Act.

"<u>Exchange Act</u>" shall mean the Securities Exchange Act of 1934, as amended, or any successor Act.

"<u>Executive Officer</u>" shall have the meaning ascribed to such term in the Exchange Act.

"<u>HMH B.V.</u>" shall mean HMH Holding B.V., a private limited liability company existing under the laws of The Netherlands.

"<u>HMH Inc.</u>" shall mean HMH Holding Inc., a Delaware corporation.

"<u>IPO</u>" shall mean an initial public offering or other transactions leading to the shares in HMH Inc. being listed on an Exchange.

"<u>Plan Administrator</u>" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prior to an IPO, the Board of Directors of HMH B.V.; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• following an IPO, the Compensation Committee of the Board of Directors of HMH Inc.

"<u>Subsidiary</u>" shall mean an entity in which the Company owns, directly or indirectly, at least 50% of the equity or voting interests.

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---

| | |
|:---|:---|
| **Article 14.** | **<u>Effective Date of Plan</u>**  |

---

The Plan is effective as of November 19, 2025.

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**APPENDIX A: TERMS APPLICABLE TO PARTICIPANTS RESIDING IN THE UNITED STATES—SUMMARY OF ERISA RIGHTS** 

**Your Rights Under ERISA** 

The Department of Labor has issued regulations that require the Company to provide you with a statement of your rights under ERISA with respect to the Plan. The following statement was designated by the Department of Labor to satisfy this requirement and is presented accordingly.

As a participant in the Plan, you are entitled to certain rights and protections under ERISA. ERISA provides that all Plan participants are entitled to:

***Receive Information About Your Plan and Benefits***

1. Examine, without charge, all Plan documents and copies of all documents filed by the Company with the Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration. All such documents are available for review from the Company's Human Resources Department.

2. Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Plan. The Plan Administrator may charge you a reasonable fee for the copies.

***Prudent Action by Fiduciaries***

In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the Plan. The people who operate the Plan, called fiduciaries of the Plan, have a duty to do so prudently and in the interest of you and other Plan participants and beneficiaries.

No one, including your employer or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a benefit under the Plan or exercising your rights under ERISA.

***Enforcing Your Rights***

If your claim for Severance Payments is denied or ignored in whole or in part, you have a right to receive a written explanation of the reason for the denial, to obtain copies of documents related to the decision without charge, and to appeal any denial, all within certain time schedules. You have the right to have your claim reviewed and reconsidered as explained in the "Claims and Appeal Procedures" section.

------

Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request materials from the Plan and do not receive them within thirty (30) days, you may file suit in a federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator. If you have a claim for Severance Payments which is denied or ignored, in whole or in part, you may file suit in a state or federal court after you have exhausted the Plan's claims and appeal procedures as described in the section "Claims and Appeal Procedures" hereof. If it should happen that Plan fiduciaries misuse the Plan's money, or if you are discriminated against for asserting your rights, you may seek assistance from the Department of Labor, or you may file suit in a federal court.

The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous.

**Assistance with Your Questions** 

If you have any questions about the Plan, you should contact the Plan Administrator through the Company's Human Resources Department. They will be glad to help you. If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest Area Office of the Employee Benefits Security Administration, Department of Labor, listed in your telephone directory, or you may contact:

The Division of Technical Assistance and Inquiries

Employee Benefits Security Administration,

Department of Labor

200 Constitution Avenue, N.W., Room 5N625

Washington, DC 20210

1-866-444-EBSA (1-866-444-3272)

www.dol.gov/ebsa (for general information)

www.askebsa.dol.gov (for electronic inquiries)

You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration at 1-866-444-3272.

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| | |
|:---|:---|
| **Administrative Facts** |  |
| **Plan Name** | HMH Senior Executive Severance Plan |
| **Plan Sponsor** | <u>Prior to an IPO</u> |
|  | HMH Holding B.V. |
|  | Weerdestein 97, 1083GG |
|  | Amsterdam |
|  | The Netherlands |

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------

---

| | |
|:---|:---|
|  | <u>Following an IPO</u> |
|  | HMH Holding Inc. |
|  | 2200 North Sam Houston Parkway East |
|  | Houston, Texas 77032 |
|  | [\*\*\*] |
| **Type of Plan** | The Plan is a welfare benefit plan that provides severance benefits |
| **Source of Contributions to Plan** | Employer payments from general corporate assets |
| **Plan Year** | The Plan Year is January 1 through December 31 |
| **Employer Identification Number** | <u>Prior to an IPO</u> |
|  | 98-1606047 |
|  | <u>Following an IPO</u> |
|  | 99-2746883 |
| **Plan Number** | 501 |
| **Plan Administrator** | <u>Prior to an IPO</u> |
|  | HMH Holding B.V. |
|  | Weerdestein 97, 1083GG |
|  | Amsterdam |
|  | The Netherlands |
|  | <u>Following an IPO</u> |
|  | HMH Holding Inc. |
|  | 3300 North Sam Houston Parkway East |
|  | Houston, Texas 77032 |
|  | [\*\*\*] |
| **Agent for Receiving Service of Legal Process** | <u>Prior to an IPO</u> |
|  | General Counsel |
|  | HMH Holding B.V. |
|  | Weerdestein 97, 1083GG |
|  | Amsterdam |
|  | The Netherlands |
|  | <u>Following an IPO</u> |
|  | General Counsel |
|  | HMH Holding Inc. |

---

------

---

| |
|:---|
| 3300 North Sam Houston Parkway East |
| Houston, Texas 77032 |
| [\*\*\*] |
| Legal Process can also be served on the Plan Administrator |

---

**Contact Information** 

If you have questions about the Plan, please contact the Company's Human Resources Department at the email below and they will provide you with this information.

**Human Resources Department** 

[\*\*\*]

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**APPENDIX B: TERMS APPLICABLE TO PARTICIPANTS RESIDING IN NORWAY** 

**<u>Introduction</u>**

This Appendix B contains specific terms applicable to Eligible Executives residing in Norway and is intended to be a sub-plan not subject to ERISA pursuant to the exemption in Section 4(b)(4) thereof.

**<u>Principles for interpretation</u>**

All terms not defined in this Appendix B shall have the same meaning as attributed to them in the Plan.

All references in the Plan to United States federal, state or local law or regulations on issues and areas where there are related Norwegian law and regulations which cannot be deviated from, shall to the extent relevant, be interpreted in line with the Norwegian law and regulations on those issues and areas.

All references to the "WEA" shall mean the Norwegian Working Environment Act.

In the event of any conflict between the terms of the Plan and those outlined in this Appendix B, the terms in this Appendix B shall prevail.

In the event that a provision of the Plan becomes subject to any invalidity or revision under Norwegian law such provision shall to extent possible be modified or replaced with an alternative text so as to bring it in line with Norwegian law.

The following sections of the Plan shall be modified as set forth below:

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| | |
|:---|:---|
| **Article 1.** | **<u>Who is Eligible for Participation in the Plan</u>**  |

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Article 1.b. of the Plan shall be replaced in its entirety with the following wording:

*Except as otherwise expressly provided pursuant to the Plan, the Plan shall be construed and administered in a manner which avoids duplication of compensation and benefits which may be provided under any other plan, program, policy or other arrangement or individual contract or under any statute, rule or regulation. In the event an Eligible Executive is covered by any other plan, program, policy, individually negotiated agreement or other arrangement, in effect as of the Date of Termination, that may duplicate the Severance Payments (as defined in Article 5), the Plan Administrator is specifically empowered to reduce or eliminate the duplicative benefits provided for under the Plan. Notwithstanding the foregoing, if you become eligible to receive Severance Payments under the HMH Senior Executive Change-in-Control Severance Plan, you shall not be eligible to receive Severance Payments under the Plan. For the avoidance of doubt, amounts awarded under a retention bonus or similar sale or transaction-based award that pay out in connection with a qualifying termination of employment shall not be considered duplicative of the Severance Payment provided under Article 5.* 

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The first and second sentence of Article 1.b. of the Plan shall be understood to include any severance payment or other benefit agreed in an Eligible Executive's employment agreement.

Article 1.c. of the Plan shall not apply.

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| | |
|:---|:---|
| **Article 4.** | **<u>What Amounts Other than Severance Payments May be Payable to You</u>**  |

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Article 4 of the Plan shall be replaced in its entirety with the following wording:

*Regardless of whether you are eligible for Severance Payments under the Plan, you shall be entitled to receive (i) base salary, to the extent earned but unpaid as of the Date of Termination, (ii) vacation pay, to the extent accrued but unused as of the Date of Termination, (iii) settlement of pension assets as per applicable law and (iv) any other compensation and/or benefits as may be due or payable following the Date of Termination in accordance with the terms and conditions of any other plans, policies, programs and/or arrangements of the Company Group, your individual employment agreement, or other agreements between you and the Company Group, including without limitation, amounts payable or benefits provided under any equity-based compensation of the Company Group.* 

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| | |
|:---|:---|
| **Article 5.** | **<u>What Severance Payments Are Payable under the Plan</u>**  |

---

The Eligible Executives residing in Norway shall receive Severance Payments in accordance with Article 5.a. of the Plan with the exception that they shall not receive any additional monthly amount equal to the cost of the COBRA health continuation coverage but instead, upon termination of employment, shall leave all insurance and pension schemes effective from the Date of Termination.

The Separation Agreement and Release referenced in Article 5.c of the Plan shall state that the Severance Payments under the Plan are considered to compensate for the non-compete clause that is included in the Separation Agreement and Release.

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| | |
|:---|:---|
| **Article 7.** | **<u>Income Taxes</u>**  |

---

Article 7 of the Plan shall be replaced in its entirety with the following wording:

*Severance Payments under the Plan shall be subject to all applicable Norwegian and non-Norwegian tax withholdings.*

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| | |
|:---|:---|
| **Article 8.** | **<u>Section 409A of the Code</u>**  |

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Article 8 of the Plan shall apply to Eligible Executives residing in Norway only to the extent applicable.

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| | |
|:---|:---|
| **Article 12.** | **<u>Miscellaneous Provisions</u>**  |

---

The 4<sup>th</sup> bullet point shall be understood to provide that a termination of employment by the Company is made with the reservation that until the date of termination the Company may cancel or reschedule the termination.

The 5<sup>th</sup> bullet point shall be understood to also include any possible payments or benefits provided under Norwegian law or Norwegian collective agreements (save for pension benefits).

**<u>Article 13. Definitions</u>** 

In Article 13 the term **"Date of Termination"** shall, in relation to all Eligible Executives residing in Norway, refer to the *last day of the notice period*, whenever referenced in the Plan or in Appendix B. The length of the notice period is specified in the Eligible Executive's individual employment agreement or in the WEA.

## Exhibit 10.22

**Exhibit 10.22** 

**HMH** 

**SENIOR EXECUTIVE CHANGE-IN-CONTROL SEVERANCE PLAN** 

**Introduction** 

This HMH Senior Executive Change-in-Control Severance Plan (the "<u>Plan</u>") sets forth the policy of the Company and each Subsidiary which employs an Eligible Executive (as defined in Article 1), with respect to Severance Payments (as defined in Article 5) payable to an Eligible Executive under the Plan (the Company and the Subsidiaries are collectively referred to as the "<u>Company Group</u>"). Certain capitalized terms used in the Plan have the meanings assigned to them in Article 12.

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| | |
|:---|:---|
| **Article 1.** | **<u>Who is Eligible for Participation in the Plan</u>**  |

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*a.* *Eligible Executives*. Those executives who are eligible to participate in, and receive Severance Payments
under, the Plan (each, an " <u>Eligible Executive</u> ") are (i) the Chief Executive Officer of the Company, (ii) following an IPO, the Executive Officer direct reports to the Chief Executive Officer of the Company, and
(iii) any other individuals selected by the Plan Administrator to participate in the Plan.

*b.* *Effect of Employment Agreement*. You shall not be eligible to participate in the Plan if you are party to
a written agreement with the Company that provides for severance payments to you upon, or following, the termination of your employment.

*c.* *Other Plans*. If you are eligible to participate in the Plan, you shall not be eligible to participate
in, or to receive any severance benefits under, any other severance plan, policy, practice, or arrangement maintained by the Company. If you become eligible to receive Severance Payments under the HMH Senior Executive Change-in-Control Severance Plan, you shall not be eligible to receive Severance Payments under the Plan.

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| | |
|:---|:---|
| **Article 2.** | **<u>How Do You Become Eligible for Severance Payments under the Plan</u>**  |

---

You will be eligible for Severance Payments if you are an Eligible Executive as of the date of a Change-in-Control and, within eighteen (18) months following the Change-in-Control:

*a.* *Termination Without Cause*. Your employment is terminated by the Company Group without Cause (a
" <u>Termination Without Cause</u> "); or

*b.* *Good Reason Termination*. You terminate your employment with the Company Group for Good Reason by giving
a notice of termination for Good Reason under the procedures set forth in this Article 2 (a " <u>Good Reason Termination</u> ").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) You may elect to terminate your employment for Good Reason by giving written notice to the Company Group of the
events constituting Good Reason within eighteen (18) months following a Change-in-Control. The notice of termination for Good Reason shall be effective thirty
(30) days after it is provided by you if the Company Group shall fail to cure the events constituting Good Reason within such thirty (30) day notice period. In order to be effective, you must give the notice of a Good Reason Termination
within sixty (60) days after the event(s) that constitute Good Reason first occur and within eighteen (18) months after a Change-in-Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company Group may waive all or part of the thirty (30) day notice required to be given by you by
giving written notice to you.

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| | |
|:---|:---|
| **Article 3.** | **<u>What Events Make You Ineligible for Severance Payments under the Plan</u>**  |

---

You shall not be entitled to receive Severance Payments under the Plan if any of the following disqualifying events occur:

*a.* *Death or Disability*. Your employment terminates due to your death or Disability.

*b.* *Voluntary Termination*. You terminate your employment with the Company Group for any reason, including
without limitation retirement, other than for Good Reason (a " <u>Voluntary Termination</u> "). A Voluntary Termination includes, without limitation, a termination by you (i) after a failure by you to give a timely notice of
termination for Good Reason, or (ii) after the Company Group timely cures the event(s) that are claimed to constitute Good Reason.

*c.* *Termination for Cause*. Your employment with the Company Group is terminated for Cause (a
" <u>Termination for Cause</u> "), effective upon the giving of written notice to you of such Termination for Cause, or effective upon another date as specified in such notice.

*d.* *Sale*. You work for a division, subdivision, plant, location, or entity which is sold or otherwise
transferred to an entity other than the Company Group in a transaction that does not constitute a Change-in-Control, regardless of whether the new owner offers continued
or comparable employment to you.

*e.* *New Employer*. You begin working for another employer (whether regular or temporary and whether full-time
or part-time) in any capacity, including as a consultant or independent contractor, before the Date of Termination. You are required to immediately notify the Company Group in writing if you begin another job prior to the Date of Termination.

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| | |
|:---|:---|
| **Article 4.** | **<u>What Amounts Other than Severance Payments May be Payable to You</u>**  |

---

Regardless of whether you are eligible for Severance Payments under the Plan, you shall be entitled to receive (i) base salary, to the extent earned but unpaid as of the Date of Termination, (ii) vacation pay, to the extent accrued but unused as of the Date of Termination and (iii) any other compensation and/or benefits as may be due or payable

------

following your Date of Termination in accordance with the terms and conditions of any other plans, policies, programs and/or arrangements of the Company Group, including without limitation, continuation health benefits under the federal law known as COBRA, and amounts payable or benefits provided under any equity-based compensation or tax-qualified savings plans of the Company Group (such amounts in (i), (ii) and (iii), collectively, the "<u>Accrued Benefits</u>").

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| | |
|:---|:---|
| **Article 5.** | **<u>What Severance Payments Are Payable under the Plan</u>**  |

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*a.* *Severance Payments*. If you are eligible to receive Severance Payments under Article 2 above, you shall
be entitled to the below severance payments (the " <u>Severance Payments</u> "). For the avoidance of doubt, the Severance Payments shall not include accrued vacation allowance or pension accruals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A lump sum payment equal to 2.0 (2.5 for the Chief Executive Officer of the Company) multiplied by the sum of
(i) your annual base salary on the Date of Termination (or, if higher, on the date of the Change-in-Control), and (ii) your target annual incentive bonus for
the year in which the Date of Termination occurs (or, if higher, on the date of the Change-in-Control).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A lump sum payment equal to your prorated target annual incentive bonus for the year in which the Date of
Termination occurs or, if higher, on the date of the Change-in-Control (determined by multiplying the amount of such annual incentive bonus by a fraction, the numerator
of which is the number of days you were employed by the Company Group during the year in which the Date of Termination occurs and the denominator of which is 365).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A lump sum payment equal to the then premium cost of COBRA health continuation coverage for yourself and
covered family members for eighteen (18) months based on the level of health coverage, if any, in effect on the Date of Termination.

*b.* *Death*. If you die before receipt of all Severance Payments to which you are entitled, any payments due
to you will be paid to your estate at the time they would have been payable to you.

*c.* *Separation Agreement and Release*. The Company Group's obligations to make Severance Payments to
you are conditioned upon, and in consideration for, your timely execution (without revocation) of a separation agreement and a general release of all claims related to your employment and the termination of your employment substantially in the form
attached as <u>Exhibit A</u> hereto (the " <u>Separation Agreement and Release</u> "). The Severance Payments shall be paid to you on the sixtieth (60th) day following the Date of Termination, but only if you have executed the Separation
Agreement and Release within forty-five (45) days following the Date of Termination and the applicable revocation period has expired. If you should fail

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to execute the Separation Agreement and Release within forty-five (45) days following the Date of Termination or should you later revoke or violate the Separation Agreement and Release, the Company Group shall not have any obligation to make the Severance Payments, and you shall promptly repay the Company Group the gross amount of any Severance Payments made to you.

*d.* *Clawback*. The Company Group's payment of the Severance Payments is subject in all respect to your
continued compliance with the obligations set forth in <u>Annex 1</u> of the Separation Agreement and Release, and in the event of any breach of such obligations, you agree that upon written demand therefore, you shall promptly repay the Company
Group the gross amount of any Severance Payments made to you.

*e.* *Accrued Benefits*. In addition, as soon as practicable following the Date of Termination, the Company
Group shall pay or provide you with the Accrued Benefits (which, for the avoidance of doubt, shall not be subject to your timely execution of the Separation Agreement and Release).

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| | |
|:---|:---|
| **Article 6.** | **<u>Income Taxes</u>**  |

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Severance Payments are subject to all applicable federal, state, local and non-U.S. tax withholdings.

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| | |
|:---|:---|
| **Article 7.** | **<u>Section</u> <u>409A of the Code</u>**  |

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The provisions of the Plan are intended to be exempt from the requirements of Section 409A of the Code ("<u>Section</u> <u>409A</u>"); provided, that any amounts that are subject to Section 409A will in all respects be administered in accordance therewith. Notwithstanding anything in the Plan to the contrary, distributions may only be made under the Plan upon an event and in a manner permitted by Section 409A or an applicable exemption. For purposes of Section 409A, the right to a series of installment payments under the Plan shall be treated as a right to a series of separate payments. In no event may you, directly or indirectly, designate the calendar year of a payment.

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| | |
|:---|:---|
| **Article 8.** | **<u>Excess Parachute Payments</u>**  |

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In the event that the Company Group determines that any payment or distribution to you in connection with a Change-in-Control, whether paid or payable under the Plan or by reason of any other agreement, policy, plan, program or arrangement (the "<u>Payments</u>"), would be subject to the excise tax imposed by Section 4999 of the Code (or any successor provision thereto) or to any similar tax imposed by state or local law, or any interest or penalties with respect to such tax (such tax or taxes, together with any such interest and penalties, being hereafter collectively referred to as the "<u>Excise Tax</u>"), and you would receive a greater net after-tax amount (taking into account all applicable taxes payable by you, including the Excise Tax) by applying the reduction contained in this Article 8, then the Severance

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Payments to you under the Plan shall be reduced (but not below zero) to the maximum amount which may be paid without you becoming subject to the Excise Tax (such reduced payments are referred to as the "<u>Payment Cap</u>"). In the event that you are subject to the Payment Cap, the Company Group shall reduce payments to you under the Plan in reverse chronological order such that the last payments to be made to you will be reduced first until the Payment Cap is reached. The tax and benefit calculations contemplated by this paragraph shall be performed by a public accounting firm or other qualified independent tax counsel that is selected by the Company as of the date immediately prior to the Change-in-Control (the "<u>Determining Party</u>") and reasonably acceptable to you. The Determining Party shall provide detailed supporting calculations both to the Company Group and you within fifteen (15) business days of the receipt of notice from the Company Group or you that there has been a Payment, or such earlier time as is requested by the Company Group (collectively, the "<u>Determination</u>"). In the event that the Determining Party is serving as accountant or auditor for the individual, entity or group effecting the Change-in-Control, an independent accounting firm selected by the Company Group may be appointed to make the determinations required hereunder (which accounting firm shall then be referred to as the Determining Party hereunder). All fees and expenses of the Determining Party shall be borne solely by the Company Group. The Determination by the Determining Party shall be final, binding and conclusive upon the Company Group and you.

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| | |
|:---|:---|
| **Article 9.** | **<u>Modification or Termination of Plan</u>**  |

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The Company reserves the right, in its sole and absolute discretion, to amend, modify, or terminate the Plan, in whole or in part, including any or all of the provisions of the Plan, for any reason, at any time, by action of the Administrator. The Plan does not give an Eligible Executive any vested right to Severance Payments. If the Plan is amended or terminated, your rights to receive Severance Payments may be eliminated. No individual may become entitled to benefits or other rights under the Plan after the Plan is terminated. In the event that an amendment to the Plan to be effective on or after a Change-in-Control is adverse to you, or the Plan is terminated on or after a Change-in-Control, no such amendment or termination shall be effective before the second (2<sup>nd</sup>) anniversary of the Change-in-Control. In the event that a Change-in-Control occurs within twelve (12) months after the effective date of an amendment to the Plan that is in the aggregate materially adverse to you (taking into account any aspects of such amendments that are beneficial to you), or the Plan is terminated within twelve (12) months prior to a Change-in-Control, such amendment or termination shall not be effective.

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| | |
|:---|:---|
| **Article 10.** | **<u>Indemnification</u>**  |

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If you shall obtain any money judgment relating to the Plan or otherwise prevail with respect to any litigation brought by you or the Company Group to enforce or interpret any provision contained herein, the Company Group, to the fullest extent permitted by applicable law, hereby agrees to indemnify you for your reasonable attorneys' fees and disbursements incurred in such litigation and hereby agrees to pay in full all such fees and disbursements. Such payments shall be made within ten (10) business days after the delivery of your written request for the payment (on or following the date on which you obtain a money judgment relating to the Plan or otherwise prevail with respect to litigation brought by you to enforce or interpret any provision contained herein) accompanied by such evidence of such fees and expenses incurred as the Company Group may reasonably require. In any event, the Company Group shall pay you such legal fees and expenses by the last day of your taxable year following the taxable year in which you incurred such legal fees and expenses. The legal fees or expenses that are subject to reimbursement pursuant to this Article 10 shall not be limited as a result of when the fees or expenses are incurred. The amount of legal fees or expenses that are eligible for reimbursement pursuant to this Article 10 during a given taxable year of yours shall not affect the amount of expenses eligible for reimbursement in any other taxable year of yours. The right to reimbursement pursuant to this Article 10 is not subject to liquidation or exchange for another benefit.

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| | |
|:---|:---|
| **Article 11.** | **<u>Miscellaneous Provisions</u>**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The construction and administration of the Plan shall be in accordance with the laws of the state of Texas
applicable to contracts made and to be performed within the state of Texas (without reference to its conflicts of law provisions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Nothing contained in the Plan shall be held or construed to create any liability upon the Company Group to
retain any employee in its service or to change the employee-at-will status of any employee. All employees shall remain subject to the same terms and conditions of
employment and discharge or discipline to the same extent as if the Plan had not been put into effect. An employee's failure to qualify for, or receive, a Severance Payment under the Plan shall not establish any right to (A) continuation
or reinstatement or (B) any benefits in lieu of Severance Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Severance Payments under the Plan are not intended to duplicate such (i) payments and benefits as may be
provided to you under state, local, federal or non-US plant shut down, mass layoff or similar laws, such as the WARN Act or (ii) payments in the nature of severance or separation pay, termination
allowances or indemnities, and/or pay or benefits in lieu of notice, pay and/or benefits for service during any notice period, or any similar type of payment or benefit under any non-US plan, program or
policy, under any non-US contract or agreement or between a union, works council or other collective bargaining entity or employee representative and any member of the Company Group, or under applicable non-US laws or regulations. Should payments or benefits under such laws or other arrangements become payable to you, payments under the Plan will be offset or reduced (but not below zero) by all payments and
benefits to which you are entitled under such other laws or arrangements, or alternatively, Severance Payments previously paid under the Plan will be treated as having been paid to satisfy such other benefit obligations to the extent permitted by
applicable law. In either case, the Administrator, in its sole discretion, will determine how to apply this provision.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) At all times, payments under the Plan shall be made from the general assets of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Should any provisions of the Plan be deemed or held to be unlawful or invalid for any reason, the balance of
the Plan shall remain in effect, unless it is amended or terminated as provided in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Except as required by law, the Severance Payments will not be subject to alienation, transfer, assignment,
garnishment, execution or levy of any kind, and any attempt to cause such payments to be so subjected will not be recognized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) If any overpayment is made under the Plan for any reason, the Administrator will have the right to recover the
overpayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Company shall cause the Plan to be assumed by a successor or acquirer of the Company, whether such
succession or acquisition occurs by merger, asset sale or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Any notice or other written communication required or permitted pursuant to the terms of the Plan shall have
been duly given (A) immediately when delivered by hand, (B) three days after being mailed by United States Mail, first class, postage prepaid (or such local equivalent thereof), addressed to the intended recipient at his, her or its last
known address, (C) on the next business day after deposit with a courier or overnight delivery service post paid for next-day delivery and addressed in accordance with the last known address, or
(D) immediately upon delivery by facsimile or email to the telephone number or email address provided by a party for the receipt of notice.

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| | |
|:---|:---|
| **Article 12.** | **<u>Definitions</u>**  |

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"<u>Administrator</u>" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prior to an IPO, the Board of Directors of HMH B.V.; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• following an IPO, the Compensation Committee of the Board of Directors of HMH Inc.

"<u>Cause</u>" shall mean that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have engaged in conduct that constitutes willful misconduct, dishonesty, or gross negligence in the
performance of your duties; you breach your fiduciary duties to the Company Group; or your willful and continuous failure to carry out the lawful directions of the person(s) to whom you report;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have engaged in conduct which is demonstrably and materially injurious to the Company Group, or that
materially harms the reputation, good will, or business of the Company Group, including conduct that is scandalous, immoral or illegal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have been convicted of, or entered a plea of guilty or nolo contendere (or similar plea) to, a crime that
constitutes a felony, or a crime that constitutes a misdemeanor involving moral turpitude, dishonesty or fraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have been found liable in any Securities and Exchange Commission or other civil or criminal securities law
action or any cease and desist order applicable to you is entered (regardless of whether or not you admit or deny liability);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have used or disclosed, without authorization, confidential or proprietary information of the Company Group;
you have breached any written or electronic agreement with the Company Group not to disclose any information pertaining to the Company Group or their customers, suppliers and businesses; or you have breached any agreement relating to non-solicitation, non-competition, or the ownership or protection of the intellectual property of the Company Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have materially breached any material provision of a Company Group policy applicable to you, whether
currently in effect or adopted after the effective date of the Plan.

The Company Group must notify you of any event constituting "Cause" within ninety (90) days following the Company Group's knowledge of its existence or such event shall not constitute Cause under the Plan.

"<u>Change-in-Control</u>" shall mean the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the individuals who are Incumbent Directors cease for any reason to constitute a majority of the members of the
Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the consummation of a Merger of the Company or an Affiliate with another Entity, unless the individuals and
Entities who were the Beneficial Owners of the Voting Securities of the Company outstanding immediately prior to such Merger own, directly or indirectly, at least 50 percent (50%) of the combined voting power of the Voting Securities of any of
the Company, the surviving Entity or the parent of the surviving Entity outstanding immediately after such Merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any Person, other than a Specified Owner, becomes a Beneficial Owner, directly or indirectly, of securities of
the Company representing thirty percent (30%) or more of the combined voting power of the Company's then outstanding Voting Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a sale, transfer, lease or other disposition of all or substantially all of the Company's Assets is
consummated (an " <u>Asset Sale</u> "), unless:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the individuals and Entities who were the Beneficial Owners of the Voting Securities of the Company immediately
prior to such Asset Sale own, directly or indirectly, fifty percent (50%) or more of the combined voting power of the Voting Securities of the Entity that acquires such Assets in such Asset Sale or its parent immediately after such Asset Sale in
substantially the same proportions as their ownership of the Company's Voting Securities immediately prior to such Asset Sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the individuals who comprise the Board immediately prior to such Asset Sale constitute a majority of the board of
directors or other governing body of either the Entity that acquired such Assets in such Asset Sale or its parent (or a majority plus one member where such board or other governing body is comprised of an odd number of directors); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the stockholders of the Company approve a plan of complete liquidation and dissolution of the Company.

For purposes of this "Change in Control" definition:

"<u>Affiliates</u>" shall mean any entity which is a member of (i) the same controlled group of corporations, within the meaning of Section 414(b) of the Code, with the Company or (ii) a trade or business (whether or not incorporated) which is under common control (within the meaning of Section 414(c) of the Code) with the Company.

"<u>Assets</u>" shall mean assets of any kind owned by the Company, including securities of the Company's direct and indirect Subsidiaries.

"<u>Beneficial Owner</u>" shall have the meaning ascribed to those terms in Rule 13d-3 of the General Rules and Regulations Under the Exchange Act.

"<u>Board</u>" shall mean the Board of Directors of the Company, as constituted from time to time.

"<u>Entity</u>" shall mean any corporation, partnership, association, joint-stock company, limited liability company, trust, unincorporated organization or other business entity.

"<u>Incumbent Directors</u>" shall mean

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a member of the Board as of the date hereof, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• who becomes a member of the Board after the date hereof,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whose appointment or election by the Board or nomination for election by the Company's stockholders is
approved or recommended by a vote of at least two-thirds of the then serving Incumbent Directors (as defined herein), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whose initial assumption of service on the Board is not in connection with an actual or threatened election
contest, as determined in good faith by the Board.

"<u>Merger</u>" shall mean a merger, consolidation or similar transaction.

"<u>Person</u>" shall have the meaning ascribed to the term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a "group" as defined in Section 13(d) thereof, except that the term shall not include (a) the Company or any of the Affiliates, (b) a trustee or other fiduciary holding securities of the Company under an employee benefit plan of the Company or any of the Affiliates, (c) an underwriter temporarily holding securities pursuant to an offering of those securities or (d) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

"<u>Specified Owner</u>" shall mean any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Baker Hughes Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Akastor ASA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an employee benefit plan (or related trust) sponsored or maintained by the Company or any Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a Person to the extent the Person becomes a Beneficial Owner of the Company's outstanding Voting Securities
representing thirty percent (30%) or more of the combined voting power of the Company's then outstanding Voting Securities as a result of the acquisition of securities directly from the Company and/or any Person which, directly or indirectly,
controls, or is controlled by, or is under common control with, the Company; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a Person that becomes a Beneficial Owner of the Company's outstanding Voting Securities representing thirty
percent (30%) or more of the combined voting power of the Company's then outstanding Voting Securities as a result of a Merger if the individuals and Entities who were the Beneficial Owners of the Voting Securities of the Company outstanding
immediately prior to such Merger own, directly or indirectly, at least fifty percent (50%) of the combined voting power of the Voting Securities of any of the Company, the surviving Entity or the parent of the surviving Entity outstanding
immediately after such Merger in substantially the same proportions as their ownership of the Voting Securities of the Company's outstanding immediately prior to such Merger.

"<u>Voting Securities</u>" shall mean the outstanding securities entitled to vote generally in the election of directors or other governing body.

Notwithstanding the foregoing, in no event shall an IPO, or any transactions implemented in connection with effectuating an IPO, constitute a "Change-in-Control" for purposes of the Plan.

"<u>Code</u>" shall mean the Internal Revenue Code of 1986, as amended.

"<u>Company</u>" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prior to an IPO, HMH B.V; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• following an IPO, HMH Inc.

"<u>Date of Termination</u>" shall mean the date on which you incur a termination of employment or such other date on which you incur a "separation from service" determined under the provisions set forth in Section 1.409A-1(h) of the Treasury Regulations or any successor provisions. Pursuant to such provisions, you will be treated as no longer performing services for the Company Group when the level of services you perform for the Company Group decreases to a level equal to twenty percent (20%) or less of the average level of services performed by you during the immediately preceding thirty-six (36) months.

"<u>Disability</u>" shall be defined as set forth under the Company Group-sponsored Long-Term Disability Benefits Plan that covers you, as such plan shall be in effect from time to time. Any dispute concerning whether you are deemed to have suffered a Disability for purposes of the Plan shall be resolved in accordance with the dispute resolution procedures set forth in the Company Group-sponsored Long-Term Disability Benefits Plan in which you participate.

"<u>Exchange</u>" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Oslo Børs (the Oslo Stock Exchange);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any regulated market as such term is understood in accordance with the Markets in Financial Instruments Directive
2014/65/EU (MiFID II) and Regulation (EU) No. 600/2014 on markets in financial instruments (MiFIR); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Nasdaq Stock Market (including the Nasdaq Global Select Market, the Nasdaq Global Market and the Nasdaq
Capital Market), the New York Stock Exchange or any other national securities exchange under the Exchange Act.

"<u>Exchange Act</u>" shall mean the Securities Exchange Act of 1934, as amended, or any successor Act.

"<u>Executive Officer</u>" shall have the meaning ascribed to such term in the Exchange Act.

"<u>Good Reason</u>" shall mean the occurrence of any of the following events without your written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A material reduction in (i) the rate of your annual base salary, (ii) the target level of your annual
bonus, or (iii) the target grant value of your annual long-term incentive awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A material and adverse change in your title;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A material reduction in the nature or scope of your authorities, duties, responsibilities, or reporting
relationships; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The relocation of your principal place of employment to a location more than fifty (50) miles from your
principal place of employment (unless such relocation does not increase your commute by more than twenty (20) miles), except for required travel on the Company Group's business.

"<u>HMH B.V.</u>" shall mean HMH Holding B.V., a private limited liability company existing under the laws of The Netherlands.

"<u>HMH Inc.</u>" shall mean HMH Holding Inc., a Delaware corporation.

"<u>IPO</u>" shall mean an initial public offering or other transactions leading to the shares in HMH Inc. being listed on an Exchange.

"<u>Subsidiary</u>" shall mean an entity in which the Company owns, directly or indirectly, at least 50% of the equity or voting interests.

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| | |
|:---|:---|
| **Article 13.** | **<u>Effective Date of Plan</u>**  |

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The Plan is effective as of November 19, 2025.

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**APPENDIX A: Terms Applicable to Participants Residing in Norway** 

**<u>Introduction</u>**

This Appendix A contains specific terms applicable to Eligible Executives residing in Norway.

**<u>Principles for interpretation</u>**

All terms not defined in this Appendix A shall have the same meaning as attributed to them in the Plan.

All references in the Plan to United States federal, state or local law or regulations on issues and areas where there are related Norwegian law and regulations which cannot be deviated from shall, to the extent relevant, be interpreted in line with the Norwegian law and regulations on those issues and areas.

All references to the "WEA" shall mean the Norwegian Working Environment Act.

In the event of any conflict between the terms of the Plan and those outlined in this Appendix A, the terms in this Appendix A shall prevail.

In the event that a provision of the Plan becomes subject to any invalidity or revision under Norwegian law, such provision shall to extent possible be modified or replaced with an alternative text so as to bring it in line with Norwegian law.

The following sections of the Plan shall be modified as set forth below:

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| | |
|:---|:---|
| **Article 1.** | **<u>Who is Eligible for Participation in the Plan</u>**  |

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The first and second sentence of Article1.b. of the Plan shall be understood to include any severance payment or other benefit agreed in an Eligible Executive's employment agreement.

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| | |
|:---|:---|
| **Article 2.** | **<u>How Do You Become Eligible for Severance Payments under the Plan</u>**  |

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Article 2.b.(i) of the Plan shall be replaced in its entirety with the following wording:

*You may elect to terminate your employment for Good Reason by giving written notice (the "<u>Good Reason Notice</u>") to the Company Group of the events constituting Good Reason within eighteen (18) months after a Change-in-Control. If the Company Group fails to cure the events constituting Good Reason within thirty (30) days following receipt of the Good Reason notice, the date the Company Group received the Good Reason notice shall be deemed the date you provided the Company Group with notice to terminate your employment and your employment shall terminate at the end of the notice period stipulated in your individual employment agreement or in the WEA.* 

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| | |
|:---|:---|
| **Article 4.** | **<u>What Amounts Other than Severance Payments May be Payable to You</u>**  |

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Article 4 of the Plan shall be replaced in its entirety with the following wording:

*Regardless of whether you are eligible for Severance Payments under the Plan, you shall be entitled to receive (i) base salary, to the extent earned but unpaid as of the Date of Termination, (ii) vacation pay, to the extent accrued but unused as of the Date of Termination, (iii) settlement of pension assets as per applicable law and (iv) any other compensation and/or benefits as may be due or payable following the Date of Termination in accordance with the terms and conditions of any other plans, policies, programs and/or arrangements of the Company Group, your individual employment agreement, or other agreements between you and the Company Group, including without limitation, amounts payable or benefits provided under any equity-based compensation of the Company Group.* 

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| | |
|:---|:---|
| **Article 5.** | **<u>What Severance Payments Are Payable under the Plan</u>**  |

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The Eligible Executives residing in Norway shall receive Severance Payments in accordance with the Article 5.a. of the Plan with the exception of payments pursuant to Article 5.a.(iii).

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| | |
|:---|:---|
| **Article 6.** | **<u>Income Taxes</u>**  |

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Article 6 of the Plan shall be replaced in its entirety with the following wording:

*Severance Payments under the Plan shall be subject to all applicable Norwegian and non-Norwegian tax withholdings.* 

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| | |
|:---|:---|
| **Article 7.** | **<u>Section 409A of the Code</u>**  |

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Article 7 of the Plan shall apply to Eligible Executives residing in Norway only to the extent applicable.

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| | |
|:---|:---|
| **Article 8.** | **<u>Excess Parachute Payments</u>**  |

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To the extent it is determined that the Eligible Executive is not subject to U.S. taxation, Article 8 of the Plan shall apply to Eligible Executives residing in Norway only to the extent applicable.

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| | |
|:---|:---|
| **Article 11.** | **<u>Miscellaneous Provisions</u>**  |

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Article 11.(iii) of the Plan shall be understood to also include any possible payments or benefits provided under Norwegian law or Norwegian collective agreements (save for pension benefits).

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| | |
|:---|:---|
| **Article 12.** | **<u>Definitions</u>**  |

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In Article 12 of the Plan, the term "Date of Termination" shall, in relation to all Eligible Executives residing in Norway, refer to the *last day of the notice period* whenever referenced in the Plan or in Appendix A. The length of the notice period is specified in the Eligible Executive's individual employment agreement or in the WEA.

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***<u>Separation Agreement and Release</u>***

The non-competition and the non-solicitations clauses in the "Separation Agreement and Release" are subject to the limitations stipulated in the WEA chapter 14 A. The Company Group shall comply with the procedural requirements set forth in WEA Chapter 14 A.

The non-competition clause in the "Separation Agreement and Release" shall not apply to the Eligible Executive if the Eligible Executive is dismissed by the Company Group, unless the dismissal is justified based on circumstances pertaining to the Eligible Executive which are sufficient to substantiate a termination under Norwegian Law. The same applies if the Company Group, owing to a breach of obligations in the employment relationship, has given the Eligible Executive reasonable grounds to terminate the employment.

In the event where the non-competition clause in the "Separation Agreement and Release" is invoked, the Eligible Executive is eligible for compensation in accordance with the WEA chapter 14 A. However, the Severance Payments under the Plan are considered to compensate for the non-compete clause. In the event that the Severance Payments during the Post-Employment Restrictive Period are less than the amount required by the WEA, the Company Group shall pay to the Eligible Executive an amount corresponding to the difference so that the total payments are not less than required by the WEA. In such case, the compensation will be limited to twelve (12) times the base amount under the Norwegian National Insurance.

The Eligible Executive shall not be eligible to receive any such compensation under the WEA if only the non-solicitation clause in the "Separation Agreement and Release" is enforced.

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**EXHIBIT A** 

**<u>SEPARATION AGREEMENT AND RELEASE</u>**

This SEPARATION AGREEMENT AND RELEASE (this "<u>Agreement</u>") is entered into by and between ____________ ("<u>Employee</u>") and [HMH Holding B.V.] [HMH Holding Inc.] (the "<u>Company</u>") as of _____________ ___, 202_.

WHEREAS, Employee's employment with the Company Group was terminated effective as of _______ (the "<u>Termination Date</u>");

WHEREAS, Employee is seeking Severance Payments under the HMH Senior Executive Change-in-Control Severance Plan (the "<u>Plan</u>") that are conditioned on the effectiveness of this Separation Agreement and Release; and

WHEREAS, capitalized terms used but not otherwise defined in this Agreement shall have the meanings ascribed to such terms in the Plan.

NOW, THEREFORE, in considerations of the covenants and agreements hereinafter set forth, the parties agree as follows:

1. <u>Release</u>.

(a) Employee, on behalf of Employee and Employee's heirs, spouse, executors, administrators, successors and assigns, hereby voluntarily, unconditionally, irrevocably and absolutely releases and discharges the Company and its parents, and each of their respective subsidiaries and affiliates, and all of their respective past, present and future employees, officers, directors, agents, owners, shareholders, partners, representatives, members, attorneys, insurers and benefit plans (and all administrators and fiduciaries of any such benefit plans), and all of their respective predecessors, successors, heirs and assigns in their personal and representative capacities (collectively, the "<u>Released Parties</u>"), from liability for, and waives, any and all claims, demands, causes of action, suits, controversies, actions, crossclaims, counterclaims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, any other damages, claims for costs and attorneys' fees, losses or liabilities of any nature whatsoever in law or in equity, and any other liabilities, known or unknown, suspected or unsuspected, of any nature whatsoever (collectively, "<u>Claims</u>") that Employee has or may have against the Released Parties: (i) arising from the beginning of time through the date upon which Employee executes this Agreement; (ii) arising out of, or relating to, Employee's employment with any Released Parties; (iii) arising out of, or relating to, any agreement and/or any awards, policies, plans, programs or practices of the Released Parties that may apply to Employee or in which Employee may participate (or previously participated) and/or any rights under bonus plans or programs of Released Parties and/or any other short-term or long-term equity-based or cash-based incentive plans or programs of the Released Parties; (iv) arising out of, or relating to, the termination of Employee's

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employment with any of the Released Parties; and/or (v) arising out of, or relating to, Employee's status as an employee, member, officer or director of any of the Released Parties, including, but not limited to, any allegation, Claim or violation arising under any local, state or federal law, in each case, as amended (including, but not limited to, under Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967 (including the Older Workers Benefit Protection Act); the Equal Pay Act of 1963; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974, and [ the Texas Labor Code, including the Texas Payday Law, the Texas Anti-Retaliation Act, Chapter 21 of the Texas Labor Code, and the Texas Whistleblower Act and amendments to those laws,]<sup>1</sup> and any other federal, state or local laws, rules or regulations relating to employment, discrimination in employment, termination of employment, wages, benefits, and human rights; or under any public policy, contract or tort; or under common law; or for wrongful discharge, breach of contract, infliction of emotional distress or defamation; or for costs, fees or other expenses, including attorneys' fees incurred in these matters. The identification of specific statutes is for purposes of example only, and the omission of any specific statute or law shall not limit the scope of this general release in any manner. THIS RELEASE INCLUDES MATTERS ATTRIBUTABLE TO THE SOLE OR PARTIAL NEGLIGENCE (WHETHER GROSS OR SIMPLE) OR OTHER FAULT, INCLUDING STRICT LIABILITY, OF ANY OF THE RELEASED PARTIES.

(b) Employee hereby agrees not to bring or cause to be brought any Claims against the Company Group or any of the Released Parties, and Employee represents and agrees that Employee has not, directly or indirectly, instituted, prosecuted, filed or processed any litigation, Claims or proceedings against the Company Group or any of the Released Parties, nor has Employee encouraged or assisted anyone to institute, prosecute, file or process any litigation, Claims or proceedings against the Company Group or any of the Released Parties. Employee represents that Employee has not made assignment or transfer of any right or Claim covered by this Agreement and is not aware of any such right or Claim.

(c) Employee understands that Employee may later discover claims or facts that may be different than, or in addition to, those which Employee now knows or believes to exist with regards to the subject matter of this Agreement, and which, if known at the time of executing this Agreement, may have materially affected this Agreement or Employee's decision to enter into it. Employee hereby waives any right or Claim that might arise as a result of such different or additional Claims or facts.

<sup>1</sup> Form of Agreement subject to update based on state and local law applicable to Employee.

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(d) The released claims set forth in Section 1(a) of this Agreement do not include any rights or Claims (i) for Accrued Benefits or Severance Payments under the Plan or otherwise to enforce Employee's rights under the Plan, (ii) that may not be waived by private agreement under applicable law, (iii) any claims or rights to accrued and vested benefits, if any, under any health, disability, retirement, supplemental retirement, deferred compensation, equity compensation, life insurance or other employee benefit plan of the Released Parties in accordance with the terms of such plan, (iv) to indemnification rights and D&O insurance, as applicable, in accordance with applicable law and the Company Group's governing documents, (v) to enforce the terms of this Agreement, (vi) under workers' compensation and unemployment insurance laws, (vii) relating to the validity of this Agreement, and/or (viii) arising after the date Employee executes this Agreement. Nothing in this Agreement is intended to prohibit or restrict Employee's right to file a charge with, or participate in a charge by, the Equal Employment Opportunity Commission ("<u>EEOC</u>"), the Securities and Exchange Commission or any other similar governmental agency ("<u>Government Agency</u>") or cooperating with any such Government Agency; <u>provided</u>, <u>however</u>, that, to the extent permitted by applicable law, Employee hereby waives the right to recover any monetary damages or other relief against any Released Parties as a result of such Government Agency proceeding or subsequent legal actions; and <u>provided</u>, <u>further</u>, that nothing in this Agreement shall prohibit Employee from receiving any monetary award to which Employee becomes entitled pursuant to Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

2. <u>Protected Activities</u>. Employee and the Company acknowledge and agree that this Agreement shall not be construed or applied in a manner that limits or interferes with the Employee's right, without notice to or authorization of the Company, to communicate and cooperate in good faith with a Government Agency for the purpose of: (i) reporting a possible violation of any United States federal, state or local law or regulation, (ii) participating in any investigation or proceeding that may be conducted or managed by any Government Agency, including by providing documents or other information, or (iii) filing a charge or complaint with a Government Agency. Additionally, Employee shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made (a) in confidence to a federal, state or local government official or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law, (b) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal, or (c) in court proceedings if Employee files a lawsuit for retaliation by an employer for reporting a suspected violation of law or to Employee's attorney in such lawsuit, provided that Employee must file any document containing the trade secret under seal, and the Employee may not disclose the trade secret, except pursuant to court order. Notwithstanding the foregoing, Employee shall not be authorized to make any disclosures as to which the Company may reasonably assert protections from disclosure under the attorney-client privilege or the attorney work product doctrine without prior written consent of an authorized representative designated by the Company, provided, however, that Employee may, without authorization from the Company, disclose information to a Government Agency to the extent permitted under applicable state attorney conduct rules or any other law or regulation permitting disclosure of such otherwise privileged communications.

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3. <u>Satisfaction of All Leaves and Payment Amounts</u>. By executing this Agreement, Employee acknowledges and agrees that Employee has received all leaves (paid and unpaid) to which Employee has been entitled during Employee's employment with the Company Group or any other Released Party and, with the exception of Employee's eligibility to receive the Accrued Benefits and Severance Payments under the Plan, Employee has received all wages, bonuses and other compensation, been provided all benefits and been afforded all rights and been paid all sums that Employee is owed or has been owed by the Company Group or any other Released Party, including, without limitation, all payments arising out of all incentive plans and other compensation or bonus arrangements. Effective as of the Termination Date, Employee is deemed to have automatically resigned from all positions that Employee held as a member of any board, officer, director or fiduciary of the Company Group or any of their respective affiliates (as applicable). Employee will take all actions reasonably requested by the Company to give effect to this provision.

4. <u>Continuing Obligations</u>. Employee hereby reaffirms any applicable obligations under any equity-based compensation plan of the Company Group and any award agreements granted thereunder, and under any other plan, agreement (including any restrictive covenant agreement), arrangement or policy in which Employee has entered into, or is currently bound, with the Company Group or any of their affiliates (including, without limitation, any post-employment obligations), all of which are hereby incorporated by reference, and agrees to comply at all times with such obligations.

5. <u>Restrictive Covenants</u>. Employee hereby agrees to be bound by the restrictive covenants and obligations set forth in <u>Annex</u> <u>1</u> attached hereto (collectively, the "<u>Restrictive Covenants</u>"). Employee agrees that the Company's remedies at law for a breach or threatened breach of any Restrictive Covenants would be inadequate, and in recognition of this fact, Employee agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond or other security, is entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy that may then be available, without the necessity of showing actual monetary damages. In the event of a violation or breach by Employee of any of the Restrictive Covenants, Employee's right to receive any Severance Payments will immediately cease and be forfeited, and any previously paid Severance Payments under the Plan, will promptly upon demand therefore, be repaid by Employee to the Company.

6. <u>Third-Party Beneficiaries</u>. Employee acknowledges and agrees that all Released Parties are third-party beneficiaries of Employee's covenants, representations, warranties and release of claims under this Agreement and have the right to enforce this Agreement as if they were parties hereto.

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7. <u>Governing Law; Jurisdiction; Waiver of Jury Trial</u>. The parties agree that this Agreement and the rights and obligations hereunder shall be exclusively governed by, and construed in accordance with, the laws of the state of Texas regardless of any principles of conflicts of laws or choice of laws of any jurisdiction. The parties agree that any action between Employee and the Company Group shall be resolved exclusively in a federal or state court in Houston, Texas, and the Company and Employee hereby consent to such jurisdiction and waive any objection to the jurisdiction of any such court. As a specifically bargained for inducement for each of the parties to enter into this Agreement, Employee and the Company (after having the opportunity to consult with counsel) hereby waive trial by jury as to any and all litigation arising out of and/or relating to this Agreement.

8. <u>No Admission of Wrongdoing</u>. Employee agrees that neither this Agreement, nor the furnishing of the consideration for this Agreement, shall be deemed or construed at any time to be an admission by any Released Parties of any improper or unlawful conduct.

9. <u>Severability; Successors</u>. The provisions of this Agreement are deemed severable. The invalidity or unenforceability of any provision of this Agreement (or any portion thereof) in any jurisdiction will not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement (or any portion thereof) in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder are enforceable to the fullest extent permitted by applicable law. This Agreement will inure to the benefit of and may be enforced by any successor to all or substantially all of the business and/or assets of the Company.

10. <u>Effectiveness; Execution</u>. Employee acknowledges that this Agreement will only become effective upon (i) Employee's timely execution of this Agreement within forty-five (45) days following receipt of this Agreement and (ii) Employee's non-revocation of this Agreement in the seven (7) days following Employee's execution of this Agreement in accordance the terms herein. Provided that Employee timely executes and does not revoke Employee's execution of this Agreement within the time periods described below, the "<u>Effective Date</u>" shall occur on the eighth (8<sup>th</sup>) calendar day after the date on which Employee initially signs it in accordance with terms below.

11. <u>Counterparts</u>. This Agreement may be executed in multiple counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument. A faxed, PDF or electronic signature shall operate the same as an original signature.

BY EXECUTING THIS AGREEMENT, EMPLOYEE REPRESENTS AND AGREES THAT:

(a) EMPLOYEE HAS CAREFULLY READ AND FULLY UNDERSTANDS ALL OF THE PROVISIONS OF THIS AGREEMENT;

(b) EMPLOYEE UNDERSTANDS ALL OF THE TERMS AND CONDITIONS OF THIS AGREEMENT AND KNOWS THAT EMPLOYEE IS GIVING UP IMPORTANT RIGHTS, INCLUDING, WITHOUT LIMITATION, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967; TITLE VII OF THE CIVIL RIGHTS ACT OF 1964; THE EQUAL PAY ACT OF 1963; THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 (EACH, AS AMENDED);

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(c) EMPLOYEE HAS BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING THIS AGREEMENT AND EMPLOYEE HAS DONE SO, OR, AFTER CAREFUL READING AND CONSIDERATION, EMPLOYEE HAS CHOSEN NOT TO DO SO ON EMPLOYEE'S OWN VOLITION;

(d) PRIOR TO EXECUTING THIS AGREEMENT, EMPLOYEE HAS HAD AT LEAST FORTY-FIVE (45) DAYS FROM THE DATE OF EMPLOYEE'S RECEIPT OF THIS AGREEMENT TO CONSIDER IT;

(e) ANY CHANGES MADE SINCE EMPLOYEE'S RECEIPT OF THIS AGREEMENT ARE NOT MATERIAL OR WERE MADE AT EMPLOYEE'S REQUEST AND WILL NOT RESTART THE REQUIRED FORTY-FIVE (45)-DAY PERIOD;

(f) EMPLOYEE UNDERSTANDS THAT EMPLOYEE HAS SEVEN (7) DAYS AFTER THE EXECUTION OF THIS AGREEMENT (SUCH SEVEN (7)-DAY PERIOD, THE "<u>RELEASE REVOCATION PERIOD</u>") TO REVOKE IT (To be effective, such revocation must be in writing AND EMAILED TO [____]@[____] before 11:59 p.m., Central time, on the last day of the Release Revocation Period), AND THAT THIS AGREEMENT SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE RELEASE REVOCATION PERIOD HAS EXPIRED;

(g) EMPLOYEE HAS EXECUTED THIS AGREEMENT KNOWINGLY, FREELY AND VOLUNTARILY (A) IN EXCHANGE FOR GOOD AND VALUABLE CONSIDERATION TO WHICH EMPLOYEE WOULD NOT BE ENTITLED IN THE ABSENCE OF EXECUTING AND NOT REVOKING THIS AGREEMENT AND (B) WITH THE ADVICE OF ANY COUNSEL RETAINED TO ADVISE EMPLOYEE WITH RESPECT TO IT; AND

(h) EMPLOYEE AGREES THAT THE PROVISIONS OF THIS AGREEMENT MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY EMPLOYEE.

[*REMAINDER OF PAGE INTENTIONALLY LEFT BLANK*]

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IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the below-indicated date(s).

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| | |
|:---|:---|
| **[HMH HOLDING B.V.] [HMH HOLDING INC.]** |  |
| <br> (Signature) | <br> Date |
| Name: |  |
| Title: |  |
| **EMPLOYEE** |  |
| <br> (Signature) | <br> Date |

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[Signature Page to Separation Agreement and Release]

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**<u>ANNEX 1</u>**

**RESTRICTIVE COVENANTS** 

1. <u>Restrictive Covenants</u>. As a condition to Employee's eligibility to receive the Severance Payments, Employee hereby covenants and agrees to the following:

(a) <u>Confidential Information</u>. Employee acknowledges that Employee had access to the Confidential Information of the Company Group due to the duties of Employee's position and participation in the leadership and management of the Company Group. Following the Termination Date, Employee will not, in any form or manner, directly or indirectly, divulge, disclose or communicate to any person, entity, firm, corporation or any other third party, any Confidential Information. For purposes of this Agreement, "<u>Confidential Information</u>" shall mean, but shall not be limited to: (1) any technical or non-technical data, techniques, drawings, designs, processes, procedures, improvements, methods, treatments, specifications, new products, products in development, inventions, models, manuals, innovation, know-how, financial data, lists of actual or potential customers or suppliers of the Company Group; (2) any information regarding the Company Group's marketing, sales or dealer network, business development or merger, acquisition, or divestiture plans; and (3) personal identifying information received through Employee's job duties about other employees or customers, such as employees' and customers' social security numbers, credit card information, bank account information, PIN numbers, or personal health information, and (4) all other confidential proprietary information or trade secrets in any form or medium (whether merely remembered or embodied in a tangible or intangible form or medium) whether now or hereafter existing, relating to or arising from the past, current or potential business, activities and/or operations of the Company Group, including, without limitation, any such information relating to or concerning finances, sales, marketing, advertising, transition, promotions, pricing, personnel, customers, suppliers, vendors, partners and/or competitors. The foregoing will not apply to information that (i) was known to the public before its legitimate and lawful disclosure to Employee; or (ii) Employee is required to disclose by applicable law, regulation or legal process, <u>provided</u> that Employee provides the Company with prior notice of the contemplated disclosure and cooperates with the Company in seeking a protective order or other appropriate protection of such information.

(b) <u>Protected Activities</u>.

(i) 18 U.S.C. § 1833(b) provides: "An individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that—(A) is made—(i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal." Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade

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secrets that are expressly allowed by 18 U.S.C. § 1833(b). Accordingly, the parties to this Agreement have the right to disclose in confidence trade secrets to Government Agencies, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law. The parties also have the right to disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure.

(ii) Notwithstanding anything to the contrary contained herein, no provision of this Agreement will be interpreted so as to impede Employee (or any other individual) from (A) making any disclosure of relevant and necessary information or documents in any action, investigation, or proceeding relating to this Agreement, or as required by law or legal process, including with respect to possible violations of law, (B) participating, cooperating, or testifying in any action, investigation, or proceeding with, or providing information to, any Government Agency, legislative body or any self-regulatory organization, including, but not limited to, the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, (C) engaging in activity protected by Section 7 of the National Labor Relations Act, (D) accepting any Securities and Exchange Commission awards, or (E) making other disclosures under the whistleblower provisions of federal law or regulation. In addition, nothing in this Agreement or any other agreement or policy of the Company Group prohibits or restricts Employee from initiating communications with, or responding to any inquiry from, any administrative, governmental, regulatory or supervisory authority regarding any good faith concerns about possible violations of law or regulation. Employee does not need the prior authorization of the Company to make any such reports or disclosures, and Employee will not be required to notify the Company that such reports or disclosures have been made.

(c) <u>Non-Competition</u>. Employee acknowledges that (i) Employee performs services of a unique nature for the Company Group that are irreplaceable and that Employee's performance of such services to a competing business will result in irreparable harm to the Company Group; (ii) Employee has had and will continue to have access to Confidential Information, which, if disclosed, would unfairly and inappropriately assist in competition against the Company Group; (iii) in the course of employment by a competitor, Employee would inevitably use or disclose such Confidential Information; (iv) the Company Group has substantial relationships with their customers and Employee has had and will continue to have access to these customers; (v) Employee has received and will receive specialized training from the Company Group; and (vi) Employee has generated goodwill for the Company Group in the course of employment. Accordingly, Employee hereby agrees that for a period of twelve (12) months after the Termination Date (the "<u>Post-Employment Restrictive Period</u>"), Employee shall not, directly or indirectly, as an individual, partner, stockholder, director, officer, principal, agent, independent contractor, employee, trustee, lender of money or in any other relation or capacity whatsoever, on his/her own behalf or in combination with others (other than on behalf of the Company Group and its successors and assignees during Employee's employment): (1) engage in any activity or perform any services that contribute to any research, discovery,

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development, manufacture, importation, marketing, promotion, or sale of one or more Competing Products, to the extent Employee engaged in the same or similar activities and/or performed the same or similar services for or on behalf of the Company Group; or (2) engage in any activity during the performance of which Confidential Information is likely to be used or disclosed. Notwithstanding the foregoing, the restrictions in this <u>Section</u> <u>1(c)</u> of <u>Annex</u> <u>1</u> shall only restrict Employee's activities during the Post-Employment Restrictive Period within the Territory. For purposes of this <u>Section</u> <u>1</u> of <u>Annex</u> <u>1</u>, "<u>Territory</u>" means any country, city, county and other locale in which Employee had responsibilities, client contact, provided any services or products or had access to Confidential Information during the two (2) years preceding the Termination Date. For purposes of this <u>Section</u> <u>1</u> of <u>Annex</u> <u>1</u>, "<u>Competing Products</u>" means any Company Group product, process, or service (in each case, whether in existence or under development) that has the same or similar purpose or use as, or improves upon or competes with, in each case, a product, process, or service researched, discovered, developed, manufactured, imported, marketed, sold, or offered for sale by any member of the Company Group, during Employee's employment with the Company Group if Employee worked on and/or received Confidential Information about such product, process, or service during his/her employment with the Company Group (which products, processes and services include, but are not limited to, the provision of equipment, services and technologies used in the drilling, completion and production of wells for the production of oil and natural gas, including, without limitation, lift equipment and digital technologies). Nothing in this <u>Section</u> <u>1(c)</u> of <u>Annex</u> <u>1</u> shall prevent Employee from being a passive owner of not more than two percent (2%) of the issued and outstanding securities of a corporation whose securities are publicly traded and which is subject to the reporting requirements of the Securities Exchange Act of 1934.

(d) <u>Non-Solicitation of Customers</u>. During the Post-Employment Restrictive Period, Employee shall not, directly or indirectly, as an individual, partner, stockholder, director, officer, principal, agent, independent contractor, employee, trustee, lender of money or in any other relation or capacity whatsoever, on Employee's own behalf or in combination with any other person, firm corporation or other entity, (i) promote or market any Competing Products to any Customer, or (ii) solicit any Customer for the purpose of selling any Competing Products. For purposes of this <u>Section</u> <u>1</u> of <u>Annex</u> <u>1</u>, "<u>Customer</u>" means (x) any clients or customers with whom Employee had direct contact or business dealings or indirect contact or business dealings (through the supervision of other employees) during Employee's employment with Company Group or, if required by law in the jurisdiction in which Employee resides, during the twelve (12) months prior to Employee's Termination Date, or (y) any client or customers about whom Employee learned Confidential Information as a result of Employee's employment with the Company Group.

(e) <u>Non-Solicitation of Employees</u>. During the Post-Employment Restrictive Period, Employee shall not, directly or indirectly, induce or attempt to induce or otherwise counsel, advise, solicit or encourage any employee of the Company Group, to leave the employ of the Company Group, or to accept employment with any other person or entity.

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(f) <u>Return of Company Property</u>. Employee has returned to the Company Group all Confidential Information and all Company Group property. Company Group property may include, but is not limited to, manuals of any sort and kind, cost information, keys, access cards, credit cards, phone cards, computers, laptops, cell phones, smart phones, computer programs, computer discs, computer lists, databases, product lists, price lists, records of all sorts, data samples, models, programs, handbooks, lists of customers, lists of suppliers, financial data, contracts, and any other writings or compilation of information relating in any manner to the operation of Released Parties, including all copies (photocopies, handwritten copies, electronic copies or otherwise) of such documents or writings. Employee's compliance with this <u>Section</u> <u>1(f)</u> of <u>Annex</u> <u>1</u> may require that Employee remove and/or delete any data or information that is Company Group property from any personal computer, smart phone or cell phone. Employee has provided the Company Group with any passwords or access codes needed to access any Company Group computer, smart phone or cell phone that was in Employee's possession or control during Employee's employment.

(g) <u>Reasonableness of Covenants</u>. By executing this Agreement, Employee gives the Company assurance that Employee has carefully read and considered all of the terms of this Agreement, including the restraints imposed under this <u>Section</u> <u>1</u> of <u>Annex</u> <u>1</u>. Employee agrees that these restraints are necessary for the reasonable and proper protection of the Company Group and their Confidential Information and that each and every one of the restraints is reasonable in respect to subject matter, length of time and geographic area, and that these restraints, individually or in the aggregate, will not prevent Employee from obtaining other suitable employment during the period in which Employee is bound by the restraints. Employee acknowledges that each of these covenants has a unique, substantial and immeasurable value to the Company Group and that Employee has sufficient assets and skills to provide a livelihood while such covenants remain in force. Employee further agrees that Employee will not challenge the reasonableness or enforceability of any of the covenants set forth in this <u>Section</u> <u>1</u> of <u>Annex</u> <u>1</u>, and that Employee will reimburse the Company Group for all costs (including reasonable attorneys' fees) incurred in connection with any action to enforce any of the provisions of this <u>Section</u> <u>1</u> of <u>Annex</u> <u>1</u> due to Employee's breach of any of the covenants set forth in this <u>Section</u> <u>1</u> of <u>Annex</u> <u>1</u>. It is also agreed that each member of the Company Group will have the right to enforce all of Employee's obligations to that applicable member under this Agreement, including, without limitation, pursuant to this <u>Section</u> <u>1</u> of <u>Annex</u> <u>1</u>.

(h) <u>Reformation</u>. If it is determined by a court of competent jurisdiction in any state that any restriction in this <u>Section</u> <u>1</u> of <u>Annex</u> <u>1</u> is excessive in duration or scope or is unreasonable or unenforceable under applicable law, it is the intention of the parties that such restriction may be modified or amended by the court to render it enforceable to the maximum extent permitted by the laws of that state.

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(i) <u>Tolling</u>. Unless otherwise prohibited by law in the jurisdiction in which Employee resides, in the event of any violation of the provisions of this <u>Section</u> <u>1</u> of <u>Annex</u> <u>1</u>, Employee agrees that the post-termination restrictions contained in this <u>Section</u> <u>1</u> of <u>Annex</u> <u>1</u> will be extended by a period of time equal to the period of such violation, it being the intention of the parties hereto that the running of the Post-Employment Restrictive Period will be tolled during any period of such violation.

2. <u>Cooperation</u>. Employee agrees that following Employee's execution of this Agreement, at the Company's request, Employee shall assist and advise the Company in any investigation that may be performed by or on behalf of the Company or any Government Agency and any litigation or other legal proceeding in which the Company may be or become involved. Such assistance shall include Employee making Employee reasonably available for interviews by the Company or its counsel, depositions, and/or court appearances, at the Company's request. This provision is intended to supplement, but not replace, any and all other cooperation provisions to which Employee is subject. Employee further agrees that, to the extent permitted by law, Employee will notify the Company promptly in the event that Employee is served with a subpoena (other than a subpoena issued by a government agency) or in the event that Employee is asked to provide a third party (other than a government agency) with information concerning any actual or potential complaint or claim against the Company. Upon presentation of appropriate documentation, the Company will pay or reimburse Employee for all reasonable and necessary out-of-pocket business expenses incurred by Employee in complying with this <u>Section</u> <u>2</u> of <u>Annex</u> <u>1</u>.

## Exhibit 10.23

**Exhibit 10.23** 

December 18, 2025

[ ]

Dear [ ]:

In recognition of your contributions and commitment to the HMH Holding B.V. and its family of companies (collectively the "<u>Company</u>"), the Company's management and Board of Directors has identified you as a key contributor. As such, you are eligible to participate in the 2025 Long Term Incentive Program on the terms set forth in this letter agreement (this "<u>Award Agreement</u>"). Certain capitalized terms used in this Award Agreement are defined in Annex I attached hereto.

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| | |
|:---|:---|
| **Award** | The effective date of this grant is 1 September 2025 (the "<u>Grant Date</u>") As of the Grant Date, you were granted a phantom equity award (the "Award"). The Award vests over three (3) calendar years from the Grant Date and contains two equal components: one-half of the annual award is a time-based restricted equity award ("<u>RSU</u>"), and one-half of the annual award is performance based ("<u>PSU</u>"). The potential value of the Award, if both the RSU portions and PSU portions vest at 100%, is USD $[ ] (the "<u>Potential Award Payout</u>"). The value of your Potential Award Payout is based upon a total equity valuation of the Company of USD $1,000,000,000. |
| **Vesting** | **Normal Operations**: RSU: The RSUs have 3-year ratable vesting, 1/3 per year for three (3) calendar years, from the Grant Date. |
|  | **PSU:** The PSUs have 3-year cliff vesting. The Target Metric for 100% payout is that the Company be in the top 50% of the defined Peer Group in EBITDA growth of the 3-year period. The Performance payout range for the PSUs is 50% for Threshold, 100% for Target & 200% for Maximum (for clarity, the payout percentage will not be interpolated for performance below Threshold, between Threshold and Target, or between Target and Maximum). The Company's performance relative to the Peer Group will be determined by the Company and approved by the Board of Directors of the Company (after review by the Board's compensation committee). In the event a member of the Peer Group ceases to be a reasonable comparable, a suitable replacement may be added at the Company's discretion. |
|  | **Change of Control:** The RSU portion of the Award will vest 100% upon the occurrence of a Change of Control that occurs on or prior to the Forfeiture Date. The PSU portion of the Award will vest 100% (treated as though "Target" has been met) upon the occurrence of a Change of Control that occurs on or prior to the Forfeiture Date (both dates for the RSU and PSU vesting collectively the "<u>Vesting Date</u>") provided such PSU has not otherwise expired or failed to vest. "<u>Forfeiture Date</u>" means the first to occur of: (i) the eighth anniversary of the Grant Date, (ii) the date on which you violate any of the Restrictive Covenants, and (iii) the date on which your employment is terminated for Cause. |

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| | | | |
|:---|:---|:---|:---|
| **Peer Group** | Archrock, Inc. | Oil States International, Inc. | TETRA Technologies, Inc |
|  | Cactus, Inc | Core Laboratories | ProPetro Holding Corp |
|  | Helix Energy Solutions Group, Inc | USA Compression Partners, LP | Innovex. International, Inc. |
|  | NPK International Inc. | Ranger Energy | Kodiak Gas |
|  | Forum Energy Technologies | Nine Energy Service, Inc. | RPC, Inc. |
|  | KLX Energy Services Holdings, Inc | NOV |  |
|  | **Targeted Metric for Payout:** | **Targeted Metric for Payout:** | **Targeted Metric for Payout:** |
|  | Threshold = top 75% | Target = top 50% | Max = top 5% |
| **Payment** | Vested Awards (whether PSU or RSU), will be payable to you/recipient (less applicable tax withholdings) within thirty (30) days after the applicable Vesting Date; provided that if on the applicable Vesting Date, neither a Change in Control nor an IPO has occurred, then such payment will be made within (30) days after the earlier of the date on which a Change in Control or an IPO occurs; provided further that such Change in Control or IPO occurs before the Forfeiture Date (and for clarity, if a Change in Control or IPO does not occur before the Forfeiture Date, such payment will not be made). | Vested Awards (whether PSU or RSU), will be payable to you/recipient (less applicable tax withholdings) within thirty (30) days after the applicable Vesting Date; provided that if on the applicable Vesting Date, neither a Change in Control nor an IPO has occurred, then such payment will be made within (30) days after the earlier of the date on which a Change in Control or an IPO occurs; provided further that such Change in Control or IPO occurs before the Forfeiture Date (and for clarity, if a Change in Control or IPO does not occur before the Forfeiture Date, such payment will not be made). | Vested Awards (whether PSU or RSU), will be payable to you/recipient (less applicable tax withholdings) within thirty (30) days after the applicable Vesting Date; provided that if on the applicable Vesting Date, neither a Change in Control nor an IPO has occurred, then such payment will be made within (30) days after the earlier of the date on which a Change in Control or an IPO occurs; provided further that such Change in Control or IPO occurs before the Forfeiture Date (and for clarity, if a Change in Control or IPO does not occur before the Forfeiture Date, such payment will not be made). |
|  | In the event of a Change in Control, the Award Payout shall be made in cash; provided, that if the consideration provided to the Company's equity holders in connection with the Change in Control includes securities, debt or other property, the Award Payout may be made, in the sole discretion of the Company's Board of Directors, in whole or in part, in the form of the consideration so provided (i.e., securities, debt or other property). | In the event of a Change in Control, the Award Payout shall be made in cash; provided, that if the consideration provided to the Company's equity holders in connection with the Change in Control includes securities, debt or other property, the Award Payout may be made, in the sole discretion of the Company's Board of Directors, in whole or in part, in the form of the consideration so provided (i.e., securities, debt or other property). | In the event of a Change in Control, the Award Payout shall be made in cash; provided, that if the consideration provided to the Company's equity holders in connection with the Change in Control includes securities, debt or other property, the Award Payout may be made, in the sole discretion of the Company's Board of Directors, in whole or in part, in the form of the consideration so provided (i.e., securities, debt or other property). |
|  | In the event of an IPO, all RSU and PSU awards shall continue to vest as set forth herein and such IPO shall not be considered as a Change of Control. After an IPO, all subsequent Award Payout shall be in the form of shares in the resulting public entity. However, in the sole discretion of the Company's Board of Directors, the Award Payout may still be made in the form of cash reflecting the share value of the Award on the Vesting Date. | In the event of an IPO, all RSU and PSU awards shall continue to vest as set forth herein and such IPO shall not be considered as a Change of Control. After an IPO, all subsequent Award Payout shall be in the form of shares in the resulting public entity. However, in the sole discretion of the Company's Board of Directors, the Award Payout may still be made in the form of cash reflecting the share value of the Award on the Vesting Date. | In the event of an IPO, all RSU and PSU awards shall continue to vest as set forth herein and such IPO shall not be considered as a Change of Control. After an IPO, all subsequent Award Payout shall be in the form of shares in the resulting public entity. However, in the sole discretion of the Company's Board of Directors, the Award Payout may still be made in the form of cash reflecting the share value of the Award on the Vesting Date. |
|  | In the event your employment is terminated (other than for Cause), you shall keep the vested Award which shall be payable as provided herein. Any unvested Award (RSU and PSU) will be forfeited upon your termination from the Company. | In the event your employment is terminated (other than for Cause), you shall keep the vested Award which shall be payable as provided herein. Any unvested Award (RSU and PSU) will be forfeited upon your termination from the Company. | In the event your employment is terminated (other than for Cause), you shall keep the vested Award which shall be payable as provided herein. Any unvested Award (RSU and PSU) will be forfeited upon your termination from the Company. |
| **Escrow/Holdback Earnout Adjustment** | Notwithstanding the foregoing, if a Change in Control occurs and any amount of proceeds from such Change in Control is held back or set aside as part of an escrow arrangement (or otherwise, including, without limitation, as part of a reserve to cover potential losses and other claims not covered by any escrow arrangement), or not yet earned (such as an earnout) or otherwise is structured as or represents a contingent or deferred payment (such as a working capital | Notwithstanding the foregoing, if a Change in Control occurs and any amount of proceeds from such Change in Control is held back or set aside as part of an escrow arrangement (or otherwise, including, without limitation, as part of a reserve to cover potential losses and other claims not covered by any escrow arrangement), or not yet earned (such as an earnout) or otherwise is structured as or represents a contingent or deferred payment (such as a working capital | Notwithstanding the foregoing, if a Change in Control occurs and any amount of proceeds from such Change in Control is held back or set aside as part of an escrow arrangement (or otherwise, including, without limitation, as part of a reserve to cover potential losses and other claims not covered by any escrow arrangement), or not yet earned (such as an earnout) or otherwise is structured as or represents a contingent or deferred payment (such as a working capital |

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| | |
|:---|:---|
|  | adjustment payment), when such amount held back, set aside or deferred is released (or earned and released, as applicable) to the Company's equity holders, any Award Payout shall be based on corresponding principles and any additional amounts payable to you in respect thereof shall be paid on the same schedule and in accordance with the same terms and conditions as the released escrow (or reserve or earnout) payments are to be made to the equity holders, if any; provided that, to the extent required to avoid incurring additional taxes under Section 409A, no amounts will be payable with respect to the Award after the fifth anniversary of the closing of the Change in Control. |
| **Restrictive Covenants** | In consideration of the Award, you agree to be bound by the following restrictive covenants (collectively, the "<u>Restrictive Covenants</u>"): |
|  | ***Non-competition***. During your employment or engagement by the Company Group and for a period of twelve (12) months thereafter, you shall not, directly or indirectly (whether as director, officer, employee, principal, agent, representative, owner, partner, member, security holder, consultant, volunteer or otherwise) engage in, provide services to, have any equity interest in, or manage or operate any Person that engages in (either directly or through any Subsidiary or Affiliate thereof) any business or activity in any geographic location in which the Company Group engages in, whether through selling, distributing, manufacturing, marketing, purchasing, or otherwise, that competes with any business conducted by the Company Group from time to time during your employment or engagement and has annual revenue in that competing business in excess of USD $40,000,000.00. Notwithstanding the foregoing, nothing herein shall prohibit you from being a passive owner of not more than one percent (1%) of the equity securities of a publicly traded corporation engaged in a business that is in competition with the Company Group, so long as you have no active participation in the business of such corporation. In addition, the provisions of this section will not be violated if you commence employment with a subsidiary, division or unit of any entity that engages in a business in competition with the Company Group, so long as you and such subsidiary, division or unit do not engage in a business in competition with the Company Group. |
|  | ***Non-solicitation;*** Non-hire; Non-interference. During your employment or engagement by the Company Group and for a period of twelve (12) months thereafter, you shall not: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. directly or indirectly solicit or recruit, on your own behalf or on behalf of any other Person, the services of, or hire or engage, or adversely interfere with the Company Group's relationship with, any individual who is (or, at any time during the twelve (12) months prior to the termination of your employment or engagement, was) an employee, independent contractor or director of the Company Group, or solicit any of the Company Group's then-current employees, independent contractors or directors to terminate services with the Company Group; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. directly or indirectly, on your own behalf or on behalf of any other Person, recruit or otherwise solicit, any customer, client, distributor, vendor, sales agency, independent sales representative, subscriber, supplier, licensee, licensor or other business relation of the Company Group, or encourage or induce any such Person to terminate its arrangement with the Company Group or otherwise change or interfere with its relationship with the Company Group; or |

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. perform any action, activity or course of conduct which is substantially detrimental to the businesses or business reputation of the Company Group, including (A) interfering with the relationship of the Company Group with any Person who or which is employed by or otherwise engaged to perform services for, or any customer, client, distributor, vendor, sales agency, independent sales representative, subscriber, supplier, licensee, licensor or other business relation of the Company Group or (B) assisting any Person in any way to do, or attempt to do, anything prohibited by the Restrictive Covenants. |
| Notwithstanding the foregoing, the non-solicitation provisions of this section will not be violated by (i) general advertising or solicitation not specifically targeted at Company Group-related persons or entities, or (ii) your serving as a reference, upon request, for any employee of the Company Group. |
| ***Non-disparagement***. While you are employed or engaged by the Company Group and at all times thereafter, you shall not, directly or indirectly, disparage, criticize or otherwise make derogatory statements regarding the Company Group or its equity holders, directors, officers, employees or agents in any manner likely to be harmful to their business or personal reputation. The foregoing shall not be violated by truthful responses to legal process or inquiry by a governmental entity that are required by law or the good faith performance of your duties while you are employed by the Company Group. |
| ***Nondisclosure of Confidential Information***. You acknowledge that the Confidential Information obtained by you while employed or engaged by the Company Group is the property of the Company Group. Therefore, you agree that you shall not disclose to any unauthorized Person or use for your own purposes any Confidential Information, except in connection with the performance of your duties to the Company Group or as may be required by law, without the prior written consent of the Company; provided, however, that if you receive a request to disclose Confidential Information pursuant to a deposition, interrogation, request for information or documents in legal proceedings, subpoena, civil investigative demand, governmental or regulatory process or similar process, (i) you shall promptly notify in writing the Company, and reasonably consult with and assist the Company in seeking, at the Company's expense, a protective order or request for other appropriate remedy, (ii) in the event that such protective order or remedy is not obtained, or if the Company waives compliance with the terms hereof, you shall disclose only that portion of the Confidential Information which, based on the written advice of your legal counsel (which engagement of legal counsel shall be paid by the Company), is legally required to be disclosed and shall exercise reasonable best efforts to provide that the receiving Person shall agree to treat such Confidential Information as confidential to the extent possible (and permitted under applicable law) in respect of the applicable proceeding or process and (iii) the Company shall be given an opportunity to review the Confidential Information prior to disclosure thereof. Nothing in this Award Agreement prohibits you from reporting possible violations of law or regulation to an appropriate governmental entity. |
| ***Confidentiality of Award Agreement***. Because participation in the phantom equity program is limited to a select few employees, you are required to keep the existence, terms and conditions of the program and this Award Agreement strictly confidential, and you may not disclose them to anyone except your |

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| | |
|:---|:---|
|  | immediate family and legal and financial advisors, each of whom shall agree to keep such information confidential, or as required by law. This provision is not intended to interfere with your rights to discuss your employment, service or working conditions as permitted by law or with prospective future employers solely for the purpose of disclosing the limitations on your conduct imposed by the provisions of this section. |
|  | ***Remedies***. You acknowledge that a violation by you of any of the Restrictive Covenants would cause irreparable damage to the Company Group in an amount that would be material but not readily ascertainable, and that any remedy at law (including the payment of damages) would be inadequate. Accordingly, you agree that, notwithstanding any provision of this Award Agreement to the contrary, the Company Group shall be entitled (without the necessity of showing economic loss or other actual damage) to injunctive relief (including temporary restraining orders, preliminary injunctions and/or permanent injunctions) in any court of competent jurisdiction for any actual or threatened breach of any of the Restrictive Covenants, in addition to any other legal or equitable remedies it may have. The preceding sentence shall not be construed as a waiver of the rights that the Company Group may have for damages under this Award Agreement or otherwise, and all of the Company Group's rights shall be unrestricted. If the period of time or scope of any of the Restrictive Covenants is adjudged unreasonable in any proceeding, then the period of time shall be reduced by such number of months or the scope of the restriction shall be modified, or both, by a court of competent jurisdiction so that such Restrictive Covenant may be enforceable for such time and in the manner to the fullest extent adjudged to be reasonable. |
| **Additional Terms** | Any ambiguities and interpretive questions regarding the terms of this Award Agreement will be resolved by the Company in its sole discretion, and the Company's decisions in such matters will be final and binding. |
|  | You acknowledge and agree that your employment or engagement by the Company Group remains at will. This Award Agreement is not intended to be, and should not be construed as, a contract of employment or engagement for any specific period of time. The phantom equity program will not have any impact on your participation in any other compensation plan or program maintained by the Company Group. |
|  | You acknowledge and agree that the award provided under this Agreement is based on the Company's capitalization as of the date of this Agreement. In the event of any transaction or event, which has a dilutive effect on the Company's equity holders, you further acknowledge and agree that the award may be adjusted, in the manner and to the extent determined by the Company's Board of Directors, to give effect to any such transaction or event and to prevent any inappropriate enlargement of the benefits or potential benefits intended to be made available under this Agreement, as determined in the sole and final discretion of the Company's Board of Directors. In addition, the Company's Board of Directors may ask that recipients agree to a similar dilution under their Founder's Grant, if applicable. |
|  | This Award Agreement constitutes the entire agreement between the Company and you concerning the subject matter hereof and may only be modified by a written agreement executed by the Company and you. |
|  | This Award Agreement may be executed in one or more counterparts, all of which taken together shall be deemed to constitute one and the same original. |

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| |
|:---|
| This Award Agreement will be governed by the laws of the State of Texas without regard to principles of conflict of laws, and you and the Company each hereby waives, to the fullest extent permitted by applicable law, any right you or it may have to a trial by jury in respect of any suit, action or proceeding arising out of or relating to this Award Agreement. |
| The intent of the parties is that payments under this Award Agreement comply with, or be exempt from, Section 409A and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. |

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We look forward to your acceptance of this Award Agreement, which you can indicate by signing, dating and returning a copy of this Award Agreement via email to Kristen Agha at [\*\*\*].

Sincerely,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

[ ]

By virtue of my signature below, I acknowledge that (a) I have received and reviewed this Award Agreement, (b) I fully understand its contents, and (c) I accept and agree to the terms and conditions of my participation in this phantom equity program.

<u> </u>

Signature – [ ]

<u> </u>

Date

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**<u>Annex I</u>**

**Definitions** 

"<u>Affiliate</u>" with respect to any entity means (i) any other entity that directly or indirectly controls, is controlled by, or is under common control with such first entity and (ii) any other entity in which such first entity has a significant equity interest.

"<u>Bear</u>" means Baker Hughes Holdings LLC, a Delaware limited liability company.

"<u>Cause</u>" shall mean that you (i) have engaged in conduct that constitutes willful misconduct, dishonesty, or gross negligence in the performance of your duties; you breach your fiduciary duties to the Company Group; or your willful failure to carry out the lawful directions of the person(s) to whom you report; (ii) have engaged in conduct which is demonstrably and materially injurious to the Company Group, or that materially harms the reputation, good will, or business of the Company Group; (iii) have engaged in conduct which is reported in the general or trade press or otherwise achieves general notoriety and which is scandalous, immoral or illegal; (iv) have been convicted of, or entered a plea of guilty or nolo contendere (or similar plea) to, a crime that constitutes a felony, or a crime that constitutes a misdemeanor involving moral turpitude, dishonesty or fraud; (v) have been found liable in any Securities and Exchange Commission or other civil or criminal securities law action or any cease and desist order applicable to you is entered (regardless of whether or not you admit or deny liability); (vi) you have used or disclosed, without authorization, confidential or proprietary information of the Company Group; you have breached any written or electronic agreement with the Company Group not to disclose any information pertaining to the Company Group or their customers, suppliers and businesses; or you have breached any agreement relating to non-solicitation, non-competition, or the ownership or protection of the intellectual property of the Company Group; or (vii) have breached any Company Group policy applicable to you, whether currently in effect or adopted after the date hereof.

"<u>Change in Control</u>" means the first to occur of one or more of the following events: (i) the acquisition by a Person or "group" (as defined in the Exchange Act) (other than Bear, Titan or any of their respective Affiliates) of more than fifty percent (50%) of the outstanding equity interests in the Company in a single or a series of related transactions, (ii) Bear and Titan ceasing to hold, directly or indirectly, both (A) an equal number of the outstanding equity interests in the Company and (B) in the aggregate, at least fifty-one percent (51%) of the outstanding equity interests of the Company, or (iii) a sale of all or substantially all of the assets of the Company Group (other than to Bear, Titan or any of their respective Affiliates). If a Change in Control would give rise to a payment under this Award Agreement that constitutes "nonqualified deferred compensation," the transaction or event constituting the Change in Control must also constitute a "change in control event" within the meaning of Section 409A in order to give rise to the payment, to the extent required by Section 409A.

"<u>Company Group</u>" means, collectively, the Company and its Subsidiaries.

"<u>Confidential Information</u>" means information, observations and data concerning the business or affairs of the Company Group, including, without limitation, all business information (whether or not in written form) which relates to the Company Group, or its customers, suppliers or contractors or any other third parties in respect of which the Company Group has a business relationship or owes a duty of confidentiality, or their respective businesses or products, including but not limited to: technical information or reports; formulas; trade secrets; unwritten knowledge and "know-how"; operating instructions; training manuals; customer lists; customer buying records and habits; product sales records and documents, and product development, marketing and sales strategies; market surveys; marketing plans; profitability analyses; product cost; long-range plans; information relating to pricing, competitive strategies and new product development; information relating to any forms of compensation or other personnel-related information; contracts; and supplier lists. However, Confidential Information does not include any of the foregoing items which has been made generally available to the public or becomes publicly known through no wrongful act by you.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934.

"<u>IPO</u>" means (i) the first public offering of common Company securities, or of a newly formed entity that controls the Company, that results in such common Company securities, or such newly formed entity, being registered under the Exchange Act (or European equivalent) and publicly traded on a securities exchange or automated quotation system,

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or (ii) the acquisition of the Company (or any successor entity) via a merger, the sale of all or substantially all of the Company's assets, equity exchange or other business combination with a publicly traded special purpose acquisition company that is traded on a securities exchange or automated quotation system (a "<u>SPAC</u>") or the acquisition of one hundred percent (100%) of the equity securities of the Company by a SPAC, in each case, that results in the shareholders receiving common shares of the SPAC or Company securities exchangeable or convertible into common shares of the SPAC (as applicable, "<u>SPAC Securities</u>") or a combination of cash and SPAC Securities Date.

"<u>Person</u>" means any natural person, firm, corporation, partnership, limited liability company, trust, estate, joint venture, association, governmental entity, unincorporated entity or other entity.

"<u>Section 409A</u>" means Section 409A of the Internal Revenue Code of 1986, as amended and the regulations and guidance promulgated thereunder.

"<u>Subsidiary</u>" means, with respect to any specified Person, (i) any other Person of which such first Person owns (either directly or through one or more other Subsidiaries) a majority of the outstanding equity securities or securities carrying a majority of the voting power in the election of the board of directors or other governing body of such Person and with respect to which Person such first Person is not otherwise prohibited contractually or by other legally binding authority from exercising control or (ii) any other Person with respect to which such first Person acts as the sole general partner, manager, managing member or trustee (or Persons performing similar functions).

"<u>Titan</u>" means Akastor ASA, a Norwegian public limited liability company with registered number 986 529 551.

## Exhibit 10.24

**Exhibit 10.24** 

**Amendment and Restatement Agreement** 

**dated 18 December 2025** 

between

**HMH Holding B.V.** 

as Borrower and Company

with

**DNB Markets, a part of DNB Bank ASA and Nordea Bank Abp, filial i Norge** 

as Mandated Lead Arrangers and bookrunners

and

**DNB Bank ASA** 

acting as Agent

**relating to a revolving credit facility agreement originally dated 20 November 2023** 

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**Contents** 

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| | | |
|:---|:---|:---|
| 1. | BACKGROUND | 1 |
| 2. | DEFINITIONS AND INTERPRETATION | 1 |
| 3. | CONDITIONS PRECEDENT | 2 |
| 4. | REPRESENTATIONS | 2 |
| 5. | AMENDMENT AND RESTATEMENT | 2 |
| 6. | FEES, COSTS AND EXPENSES | 3 |
| 7. | ENFORCEMENT | 3 |
|  SCHEDULE 1 CONDITIONS PRECEDENT | SCHEDULE 1 CONDITIONS PRECEDENT | 4 |
|  SCHEDULE 2 FORM OF AMENDED AND RESTATED FACILITY AGREEMENT | SCHEDULE 2 FORM OF AMENDED AND RESTATED FACILITY AGREEMENT | 6 |

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This amendment and restatement agreement (the "**Agreement**") is made on 18 December 2025 between:

(1) **HMH HOLDING B.V.**, a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*) having its official seat (statutaire zetel) in Amsterdam, The Netherlands and its office at Weerdestein 97, 1083GG, Amsterdam, The Netherlands, registered with the Dutch Trade Register under number 82719322 as borrower (the
" **Borrower**" and the "**Company** ");

(2) **DNB MARKETS, A PART OF DNB BANK ASA AND NORDEA BANK ABP, FILIAL I NORGE** as mandated lead arrangers and
bookrunners and (whether acting individually or together, the "**Arranger** ");

(3) **THE FINANCIAL INSTITUTIONS** listed in Schedule 1 (*The Original Lenders*) to the Amended and
Restated Facility Agreement as lenders (the "**Original Lenders** "); and

(4) **DNB BANK ASA** as agent for the other Finance Parties,

together the "**Parties**" or individually a "**Party**".

**1.** **BACKGROUND** 

(A) Pursuant to a secured revolving credit facility agreement originally dated 20 November 2023 (as later
amended and supplemented, the "**Original Facility Agreement** "), the Original Lenders have made available to the Company revolving credit facility for the purposes set out therein.

(B) In connection with the refinancing of the Existing Bonds, the Parties have agreed to amend the terms of the
Original Facility Agreement to reflect the terms and conditions of the Bond Agreement, and this Agreement sets out the terms and conditions upon which the Original Facility Agreement is to be amended and restated to implement such amendments.

**2.** **DEFINITIONS AND INTERPRETATION** 

**2.1.** **Definitions** 

"**Agreement**" means this amendment and restatement agreement, including its Schedules.

"**Amended and Restated Facility Agreement**" means the Original Facility Agreement, as amended and restated by this Agreement in the form set out in Schedule 2 (*Form of Amended and Restated Facility Agreement*).

"**Amendment Effective Date**" means the date of the notification from the Agent under Clause 3 (*Conditions precedent*).

**2.2.** **Incorporation of defined terms** 

Unless a contrary indication appears:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a term defined in the Amended and Restated Facility Agreement has the same meaning when used in this Agreement;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the principles of construction set out in the Amended and Restated Facility Agreement shall have the same
effect as if set out in this Agreement.

**2.3.** **Designation** 

In accordance with the terms of the Original Facility Agreement, each Party designates this Agreement as a Finance Document.

**3.** **CONDITIONS PRECEDENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of Clause 5 (*Amendment and Restatement*) shall take effect only if the Agent has received
all of the documents and other evidence listed in Schedule 1 (*Conditions precedent*) in form and substance satisfactory to it. The Agent shall notify the Company promptly upon being so satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent
gives the notification described in paragraph (a) above, the Lenders authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such
notification.

**4.** **REPRESENTATIONS** 

The Company makes the representations and warranties set out in Clause 21 (*Representations*) of the Original Facility Agreement to the Finance Parties, by reference to the facts and circumstances then existing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the date of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on the Amendment Effective Date,

but as if references in Clause 21 (*Representations*) of the Original Facility Agreement were instead to this Agreement and, on the Amendment Effective Date, to the Amended and Restated Facility Agreement.

**5.** **AMENDMENT AND RESTATEMENT** 

With effect from the Amendment Effective Date, the Original Facility Agreement shall be amended and restated so that the rights and obligations of the parties to the Original Facility Agreement shall, on and from that date, be governed by and construed in accordance with the provisions of the Amended Facility Agreement.

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**6.** **FEES, COSTS AND EXPENSES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall pay to the Agent (for distribution to the Original Lenders) an arrangement fee in the amount
of USD 750,000, equal to 1.00% of the Total Commitment, to be due and payable no later than on the Amendment Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall on the signing of this Agreement pay to the Agent (on behalf of the Finance Parties), upon
demand, all fees, costs and expenses (including all legal fees and any VAT thereon) reasonably incurred by a Finance Party in connection with the negotiation, preparation and execution of this Agreement, and any other documents referred to in this
Agreement.

**7.** **ENFORCEMENT** 

**7.1.** **Incorporation of terms** 

The provisions of Clauses 33 (*Notices*), 41 (*Governing law*) and 42 (*Enforcement*) of the Original Facility Agreement shall be incorporated into this Agreement as if set out in full in this Agreement as if references in those clauses to "this Agreement" are references to this Agreement.

This Agreement has been entered into on the date stated on the first page hereof.

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**Schedule 1** 

**Conditions Precedent** 

**1.** **The Original Obligors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the constitutional documents (articles of association and certificate of registration, as applicable)
of each Original Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A copy of a resolution of the board of directors of each Original Obligor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and
resolving that it execute, deliver and perform the Finance Documents to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) authorising a specified person or persons to execute the Finance Documents to which it is a party on its
behalf; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices
(including, if relevant, any Utilisation Request) to be signed and/or despatched by it under or in connection with the Finance Documents to which it is a party.

**2.** **Finance Documents** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement (including the Amended and Restated Facility Agreement) executed by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A letter from the Agent to the Company regarding the effective annual interest in respect of the Facility
executed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Copies of any and all Transaction Security Documents required to be delivered as a condition precedent for
disbursement under the Bond Agreement, duly executed by the parties thereto, and evidence that the Security created thereunder has been duly perfected.

**3.** **Other documents and evidence** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the Bond Agreement, duly executed by the parties to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A copy of the Intercreditor Agreement, duly executed by the parties to it

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evidence that the fees, costs and expenses then due from the Company pursuant to Clause 6 (*Fees, costs and expenses*) of this Agreement have been paid or will be paid on the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A copy of any other Authorisation or other document, opinion or assurance which the Agent considers to be
necessary or desirable (if it has notified the Company accordingly) in connection with the entry into and performance of the transactions contemplated by any Finance Document or for the validity and enforceability of any Finance Document.

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**4.** **Legal Opinions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A legal opinion of Advokatfirmaet Wiersholm AS, legal advisers to the Original Lender as to Norwegian law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any legal opinion from external legal counsel to the Security Agent or the Finance Parties in relevant
jurisdictions as may be required by the Agent.

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**Schedule 2** 

**Form of Amended and Restated Facility Agreement** 

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**Amended and Restated Senior Facility Agreement** 

**USD 75,000,000** 

for

**HMH Holding B.V.** 

with

**DNB Markets, a part of DNB Bank ASA and Nordea Bank Abp, filial i Norge** 

as Mandated Lead Arrangers and bookrunners

and

**DNB Bank ASA** 

acting as Agent

**originally dated 20 November 2023 as later amended or amended and restated, most recently by an amendment and restatement agreement dated 18 December 2025** 

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**Contents** 

1. DEFINITIONS AND INTERPRETATION 10

2. THE FACILITY 49

3. PURPOSE 53

4. CONDITIONS OF UTILISATION 53

5. UTILISATION 54

6. OPTIONAL CURRENCIES 56

7. REPAYMENT 56

8. VOLUNTARY PREPAYMENT AND CANCELLATION 58

9. MANDATORY PREPAYMENT AND CANCELLATION 59

10. RESTRICTIONS 62

11. INTEREST 63

12. INTEREST PERIODS 66

13. CHANGES TO THE CALCULATION OF INTEREST 67

14. FEES 70

15. TAX GROSS UP AND INDEMNITIES 71

16. INCREASED COSTS 77

17. OTHER INDEMNITIES 79

18. MITIGATION BY THE LENDERS 81

19. COSTS AND EXPENSES 81

20. SECURITY 82

21. REPRESENTATIONS 82

22. INFORMATION UNDERTAKINGS 87

23. FINANCIAL COVENANTS 92

24. GENERAL UNDERTAKINGS 99

25. EVENTS OF DEFAULT 106

26. CHANGES TO THE LENDERS 111

27. CHANGES TO THE OBLIGORS 118

28. ROLE OF THE ADMINISTRATIVE PARTIES 119

29. CONDUCT OF BUSINESS BY THE FINANCE PARTIES 129

30. SHARING AMONG THE FINANCE PARTIES 130

31. PAYMENT MECHANICS 131

32. SET-OFF 136

33. NOTICES 137

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---

| | | |
|:---|:---|:---|
| 34. | CALCULATIONS AND CERTIFICATES | 139.0 |
| 35. | PARTIAL INVALIDITY | 140.0 |
| 36. | REMEDIES AND WAIVERS | 140.0 |
| 37. | AMENDMENTS AND WAIVERS | 140.0 |
| 38. | CONFIDENTIAL INFORMATION | 148.0 |
| 39. | CONFIDENTIALITY OF FUNDING RATES | 153.0 |
| 40. | COUNTERPARTS | 154.0 |
| 41. | GOVERNING LAW | 154.0 |
| 42. | ENFORCEMENT | 155.0 |
|  SCHEDULE 1 | THE ORIGINAL LENDERS | 156.0 |
|  SCHEDULE 2 | CONDITIONS PRECEDENT | 157.0 |
|  SCHEDULE 3 | FORM OF UTILISATION REQUEST | 161.0 |
|  SCHEDULE 4 | FORM OF TRANSFER CERTIFICATE | 162.0 |
|  SCHEDULE 5 | LIST OF MATERIAL SUBSIDIARIES | 165.0 |
|  SCHEDULE 6 | FORM OF RESIGNATION LETTER | 166.0 |
|  SCHEDULE 7 | FORM OF COMPLIANCE CERTIFICATE | 167.0 |
|  SCHEDULE 8 | TIME TABLES | 168.0 |
|  SCHEDULE 9 | FORM OF INCREASE CONFIRMATION | 170.0 |
|  SCHEDULE 10 | AGREED SECURITY PRINCIPLES | 172.0 |
|  SCHEDULE 11 | TRANSACTION SECURITY DOCUMENTS | 174.0 |
|  SCHEDULE 12 | REFERENCE RATE TERMS | 175.0 |
|  SCHEDULE 13 | DAILY NON- CUMULATIVE COMPOUNDED RFR RATE | 180.0 |
|  SCHEDULE 14 | CUMULATIVE COMPOUNDED RFR RATE | 182.0 |
|  SCHEDULE 15 | APPROVED LENDER LIST | 183.0 |

---

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**THIS AGREEMENT** is originally dated 20 November 2023 (the "**Original Signing Date**") as later amended or amended and restated, most recently by an amendment and restatement agreement dated 18 December 2025 (the "**Amendment and Restatement Agreement**") and made between:

(1) **HMH HOLDING B.V.**, a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*) having its official seat (statutaire zetel) in Amsterdam, The Netherlands and its office at Weerdestein 97, 1083GG, Amsterdam, The Netherlands, registered with the Dutch Trade Register under number 82719322 as borrower (the
" **Borrower**" and the "**Company** ");

(2) **DNB MARKETS, A PART OF DNB BANK ASA AND NORDEA BANK ABP, FILIAL I NORGE** as mandated lead arrangers and
bookrunners and (whether acting individually or together, the "**Arranger** ");

(3) **THE FINANCIAL INSTITUTIONS** listed in Schedule 1 (*The Original Parties*) as lenders (the
" **Original Lenders** "); and

(4) **DNB BANK ASA** as agent for the other Finance Parties (the "**Agent** ").

**IT IS AGREED** as follows:

**1.** **DEFINITIONS AND INTERPRETATION** 

**1.1.** **Definitions** 

In this Agreement:

"**Additional Bonds**" means the debt instruments issued under a tap issue under the Bond Issue.

"**Additional Business Day**" means any day specified as such in the applicable Reference Rate Terms.

"**Additional Guarantor**" means a company which becomes an Additional Guarantor in accordance with Clause 27.2 (*Additional Guarantors*).

"**Additional Secured Financing**" means any credit facility with reputable financial institutions or any capital market instrument secured on a pari passu basis with the Bonds in the Transaction Security provided that such financing shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) mature no earlier than six (6) months following the Bond Maturity Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) have no scheduled amortization prior to the Bond Maturity Date;

The agent, bond trustee or security trustee (or however described) to such financing shall accede (in their respective capacities) to the Intercreditor Agreement.

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"**Adjusted EBITDA**" has the meaning given to that term in Clause 23.1 (*Financial definitions*).

"**Administrative Party**" means the Agent or an Arranger.

"**Affiliate**" means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company.

"**Agent's Spot Rate of Exchange**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agent's spot rate of exchange; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (if the Agent does not have an available spot rate of exchange) any other publicly available spot rate of
exchange selected by the Agent (acting reasonably),

for the purchase of the relevant currency with the Base Currency in the London foreign exchange market at or about 11:00 a.m. on a particular day.

"**Agreed Security Principles**" means the agreed security principles set out in Schedule 10 (*Agreed Security Principles*).

"**Amendment Effective Date**" has the meaning ascribed to such term in the Amendment and Restatement Agreement.

"**Annual Financial Statements**" has the meaning given to that term in Clause 22 (*Information Undertakings*).

"**Approved Lender List**" means the list in Schedule 15 (*Approved Lender List*).

"**Authorisation**" means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration.

"**Availability Period**" means the period from and including the Original Signing Date of this Agreement to and including one (1) Month prior to the Termination Date.

"**Available Commitment**" means a Lender's Commitment minus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Base Currency Amount of its participation in any outstanding Loans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any proposed Utilisation, the Base Currency Amount of its participation in any Loans that are
due to be made on or before the proposed Utilisation Date,

other than that Lender's participation in any Loans under the Facility that are due to be repaid or prepaid on or before the proposed Utilisation Date.

"**Available Facility**" means the aggregate for the time being of each Lender's Available Commitment.

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"**Base Currency**" means USD.

"**Base Currency Amount**" means, in relation to a Loan, the amount specified in the Utilisation Request delivered by the Company for that Loan (or, if the amount requested is not denominated in the Base Currency, that amount converted into the Base Currency at the Agent's Spot Rate of Exchange on the date which is three (3) Business Days before the Utilisation Date or, if later, on the date the Agent receives the Utilisation Request in accordance with the terms of this Agreement).

"**Baseline CAS**" means, in relation to a Compounded Rate Loan in a Compounded Rate Currency, any rate which is specified in the applicable Reference Rate Terms.

"**Bond Agreement**" means the bond terms dated 15 December 2025 governing the terms of the Bond Issue.

"**Bond Issue**" means the USD 200,000,000 (but up to USD 325,000,000) bond issue of the Company with ISIN NO 0013700039 (temporary ISIN NO0013700047).

"**Bond Escrow Account**" means the "Escrow Account" and the "Bond Escrow Account" as defined in the Bond Agreement.

"**Bond Issue Date**" means the "Issue Date" as defined in the Bond Agreement.

"**Bond Maturity Date**" means 17 December 2028.

"**Bonds**" means bonds issued under the Bond Issue, including any Additional Bonds.

"**Blocking Law**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any provision of Council Regulation (EC) No 2271/1996 of 22 November 1996 (or any law or regulation
implementing such Regulation in any member state of the European Union);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any provision of Council Regulation (EC) No 2271/1996 of 22 November 1996, as it forms part of domestic
law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Section 7 of the AWW.

"**Break Costs**" means for any Term Rate Loan the amount (if any) by which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the interest (but excluding the applicable Margin) which a Lender should have received for the period from the
date of receipt of all or any part of its participation in a Loan or Unpaid Sum to the last day of the current Interest Period in respect of that Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that
Interest Period;

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exceeds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or
Unpaid Sum received by it on deposit with a leading bank in the Relevant Market for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period.

"**Bridge Financing**" means any debt financing of an acquisition of assets or entities by any Member of the Group, provided that (i) such financing shall only be secured by guarantees from and/or security over (as applicable) the relevant Target Collateral, and (ii) such financing shall not remain outstanding for more than 6 months following completion of the acquisition.

"**Business Day**" means a day (other than a Saturday or Sunday) on which banks are open for general business in Oslo and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (in relation to any date for payment or purchase of a currency other than euro) the principal financial centre
of the country of that currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (in relation to any date for payment or purchase of euro) any TARGET Day; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the fixing of an interest rate in relation to a Term Rate Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any date for payment or purchase of an amount relating to a Compounded Rate Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the determination of the first day or the last day of an Interest Period for a Compounded Rate Loan, or
otherwise in relation to the determination of the length of such an Interest Period),

which is an Additional Business Day relating to that Loan or Unpaid Sum.

"**BW**" means the Dutch Civil Code (Burgerlijk Wetboek).

"**Central Bank Rate**" has the meaning given to that term in the applicable Reference Rate Terms.

"**Central Bank Rate Adjustment**" has the meaning given to that term in the applicable Reference Rate Terms.

"**Code**" means the US Internal Revenue Code of 1986 (26 U.S.C. §§ 1 *et seq*.).

"**Commitment**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to an Original Lender, the amount in the Base Currency set opposite its name under the heading
"Commitment" in Schedule 1 (*The Original Parties*) and the amount of any other Commitment transferred to it under this Agreement or assumed by it in accordance with Clause 2.2 (*Increase due to cancellation*); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any other Lender, the amount in the Base Currency of any Commitment transferred to it under this
Agreement or assumed by it in accordance with Clause 2.2 (*Increase due to cancellation*) or Clause 2.3 (*Increase (accordion)*),

to the extent not cancelled, reduced or transferred by it under this Agreement.

"**Commodities Exchange Act**" means the Commodity Exchange Act (7 U.S.C. § 1 *et seq*.), as amended from time to time, and any successor statute.

"**Commodity Futures Trading Commission**" means the Commodity Futures Trading Commission established pursuant to the Commodity Exchange Act, as amended (7 U.S.C. § 1 *et seq*.).

"**Companies Act**" means the Norwegian Private Limited Companies Act of 13 June 1997 No. 44 (No. aksjeloven) and/or the Norwegian Public Limited Companies Act of 13 June 1997 No. 45 (No. allmennaksjeloven), as applicable.

"**Compliance Certificate**" means a certificate substantially in the form set out in Schedule 7 (*Form of Compliance Certificate*) in form and substance satisfactory to the Agent.

"**Compounded Rate Currency**" means any currency which is not a Term Rate Currency.

"**Compounded Rate Interest Payment**" means the aggregate amount of interest that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is, or is scheduled to become, payable under any Finance Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) relates to a Compounded Rate Loan.

"**Compounded Rate Loan**" means any Loan or, if applicable, Unpaid Sum which is not a Term Rate Loan.

"**Compounded Reference Rate**" means, in relation to any RFR Banking Day during the Interest Period of a Compounded Rate Loan, the percentage rate per annum which is the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Daily Non-Cumulative Compounded RFR Rate for that RFR Banking Day;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the applicable Baseline CAS (if any),

provided that if such rate (if any) is below zero, the Compounded Reference Rate shall be deemed to be zero.

"**Compounding Methodology Supplement**" means, in relation to the Daily Non-Cumulative Compounded RFR Rate or the Cumulative Compounded RFR Rate, a document which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is agreed in writing by the Company, the Agent (in its own capacity) and the Agent (acting on the instructions
of the Majority Lenders);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) specifies a calculation methodology for that rate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has been made available to the Company and each Finance Party.

"**Confidential Information**" means all information relating to the Company, any Obligor, the Group, the Finance Documents or the Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or the Facility from either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any member of the Group or any of its advisers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any
member of the Group or any of its advisers,

in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or copied from such information but excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) is or becomes public information other than as a direct or indirect result of any breach by that Finance Party
of 38 (*Confidential Information*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) is identified in writing at the time of delivery as non-confidential by
any member of the Group or any of its advisers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) is known by that Finance Party before the date the information is disclosed to it in accordance with paragraphs
(a) or (b) above or is lawfully obtained by that Finance Party after that date, from a source which is, as far as that Finance Party is aware, unconnected with the Group and which, in either case, as far as that Finance Party is aware, has not
been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Funding Rate.

"**Confidentiality Undertaking**" means a confidentiality undertaking substantially in a recommended form of the LMA or in any other form agreed between the Company and the Agent.

"**Consolidated Cash and Cash Equivalent Assets**" has the meaning given to that term in Clause 23.1 (*Financial definitions*).

"**Consolidated Finance Costs**" has the meaning given to that term in Clause 23.1 (*Financial definitions*).

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"**Consolidated Net Total Borrowings**" has the meaning given to that term in Clause 23.1 (*Financial definitions*).

"**Consolidated Total Borrowings**" has the meaning given to that term in Clause 23.1 (*Financial definitions*).

"**Consolidated Total Equity**" has the meaning given to that term in Clause 23.1 (*Financial definitions*).

"**Controlled Group**" means all persons (as defined in Section 3(9) of ERISA) which are under common control or treated as a single employer with an Obligor under Section 414 of the Internal Revenue Code. When any provision of this Agreement relates to a past event, the term "member of the Controlled Group" includes any person that was a member of the Controlled Group at the time of that past event.

"**Cumulative Compounded RFR Rate**" means, in relation to an Interest Period for a Compounded Rate Loan, the percentage rate per annum determined by the Agent (or by any other Finance Party which agrees to determine that rate in place of the Agent) in accordance with the methodology set out in Schedule 14 (*Cumulative Compounded RFR Rate*) or in any relevant Compounding Methodology Supplement.

"**Daily Non-Cumulative Compounded RFR Rate**" means, in relation to any RFR Banking Day during an Interest Period for a Compounded Rate Loan, the percentage rate per annum determined by the Agent (or by any other Finance Party which agrees to determine that rate in place of the Agent) in accordance with the methodology set out in Schedule 14 (*Daily Non-Cumulative Compounded RFR Rate*) or in any relevant Compounding Methodology Supplement.

"**Daily Rate**" means the rate specified as such in the applicable Reference Rate Terms.

"**Default**" means an Event of Default or any event or circumstance specified in Clause 25 (*Events of Default*) which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default.

"**Defaulting Lender**" means any Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) which has failed to make its participation in a Loan available (or has notified the Agent or the Company (which
has notified the Agent) that it will not make its participation in a Loan available) by the Utilisation Date of that Loan in accordance with Clause 5.4 (*Lenders' participation*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) which has otherwise rescinded or repudiated a Finance Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to which an Insolvency Event has occurred and is continuing,

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unless, in the case of paragraphs (a) and (c) above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its failure to pay is caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) administrative or technical error; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a Disruption Event, and

payment is made within five (5) Business Days of its due date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Lender is disputing in good faith whether it is contractually obliged to make the payment in question.

"**Disruption Event**" means either or both of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a material disruption to those payment or communications systems or to those financial markets which are, in
each case, required to operate in order for payments to be made in connection with the Facility (or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the
control of, any of the Parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to
the treasury or payments operations of a Party preventing that, or any other Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) from performing its payment obligations under the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) from communicating with other Parties in accordance with the terms of the Finance Documents,

and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted.

"**Disposal**" means a sale, lease, transfer or other disposal by a member of the Group of any asset, undertaking or business (whether by a voluntary or involuntary single transaction or series of transactions).

"**Disposal Proceeds**" has the meaning ascribed to such term in Clause 9.3 (*Disposals*).

"**Dutch Obligor**" means an Obligor incorporated under Dutch law.

"**EBITDA**" has the meaning given to that term in Clause 23.1 (*Financial definitions*).

"**Eligible Institution**" means any Lender or other bank, financial institution, trust, fund or other entity selected by the Company and which, in each case, is not a member of the Group, a Parent Entity or an Affiliate thereof.

"**Employee Plan**" means an "employee benefit plan" as defined in Section 3(3) of ERISA, whether or not subject to ERISA (other than a Multiemployer Plan), as to which any Obligor has any obligation or liability, contingent or otherwise.

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"**Environmental Approval**" means any authorisation and the filing of any notification, report or assessment required under any Environmental Law for the operation of the business of any member of the Group conducted on or from properties owned or used by any member of the Group.

"**Environmental Claim**" means any claim, proceeding, formal notice or investigation by any person in respect of any Environmental Law.

"**Environmental Law**" means any applicable law or regulation which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the pollution or protection of the environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the harm to or the protection of human health;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the conditions of the workplace; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any emission or substance capable of causing harm to any living organism or the environment.

"**ERISA**" means the US Employee Retirement Income Security Act of 1974 (or any successor legislation thereto).

"**ERISA Affiliate**" means each person (as defined in Section 3(9) of ERISA) that is a member of a Controlled Group.

"**ERISA Event**" means any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any reportable event, as defined in Section 4043(b)(2) or 4043(c) of ERISA, with respect to a Single
Employer Plan as to which the 30-day, post-event notice has not been waived by regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the filing of a notice of intent to terminate or the termination of any Single Employer Plan or Multiemployer
Plan under Section 4041(c) of ERISA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the institution of proceedings under Section 4042 of ERISA by the PBGC for the termination of, or the
appointment of a trustee to administer, any Single Employer Plan or Multiemployer Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the failure to make a statutorily required contribution to any Single Employer Plan or Multiemployer Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) engagement in a non-exempt prohibited transaction within the meaning of
Section 4975 of the Internal Revenue Code or Section 406 of ERISA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the failure of any Employee Plan intended to be qualified under Section 401(a) of the Internal Revenue
Code to be so qualified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a determination that any Single Employer Plan is, or is expected to be, in critical status (within the meaning
of Title IV of ERISA);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any partial or complete withdrawal from a Multiemployer Plan as to which any Obligor has any obligation or
liability, contingent or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any withdrawal from any Single Employer Plan to which any Obligor or ERISA Affiliate is or is treated as a
substantial employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the receipt by any Obligor or ERISA Affiliate of any notice that a Multiemployer Plan is, or is expected to be,
insolvent or in reorganization, within the meaning of Title IV of ERISA, or that a Multiemployer Plan is in endangered or critical status (within the meaning of Section 305 of ERISA); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any event has occurred or condition exists which could reasonably be expected to result in a termination of a
Single Employer Plan or Multiemployer Plan by the PBGC pursuant to Section 4042 of ERISA.

"**EURIBOR**" means, in relation to any Loan in euro:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the applicable Screen Rate as of the Specified Time for euro and for a period equal in length to the Interest
Period of that Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as otherwise determined pursuant to Clause 13.1 (*Interest calculation if no Primary Term Rate*),

and if, in either case, that rate is less than zero, EURIBOR shall be deemed to be zero.

"**Event of Default**" means any event or circumstance specified as such in Clause 25 (*Events of Default*).

"**Excluded Swap Obligation**" means, with respect to any Guarantor, 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 Security to secure, such Swap Obligation (or any Guarantee of that Swap Obligation) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission) 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 at the time the Guarantee of such Guarantor or the grant of such Security becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a Secured Hedging 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 is or becomes illegal.

"**Existing Bonds**" means the Company's senior secured callable USD 275,000,000 bond issue with ISIN NO 0013063495 in the aggregate principal amount of USD 200,000,000 pursuant to the bond terms dated 15 November 2023 (as amended) entered into between the Company as issuer and Nordic Trustee AS as bond trustee for the bondholders thereunder.

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"**FA Act**" means the Norwegian Financial Agreements Act of 18 December 2020 No. 146 (No. *finansavtaleloven*).

"**Facility**" means the revolving credit facility made available under this Agreement as described in Clause 2.1 (*The Facility*).

"**Facility Office**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of a Lender, the office or offices notified by that Lender to the Agent in writing on or before the
date it becomes a Lender (or, following that date, by not less than five (5) Business Days' written notice) as the office or offices through which it will perform its obligations under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of any other Finance Party, the office in the jurisdiction in which it is resident for tax purposes.

"**FATCA**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sections 1471 to 1474 of the Code or any associated regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between
the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in paragraph (a) above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs
(a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction.

"**FATCA Application Date**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a "withholdable payment" described in section 1473(1)(A)(i) of the Code (which
relates to payments of interest and certain other payments from sources within the US), 1 July 2014; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a "pass-thru payment" described in section 1471(d)(7) of the Code not falling within
paragraph (a) above, the first date from which such payment may become subject to a deduction or withholding required by FATCA,

"**FATCA Deduction**" means a deduction or withholding from a payment under a Finance Document required by FATCA.

"**FATCA Exempt Party**" means a Party that is entitled to receive payments free from any FATCA Deduction.

"**Federal Reserve Board**" means the Board of Governors of the Federal Reserve System of the United States (or any successor thereto).

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"**Fee Letter**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any letter or letters dated on or about the Original Signing Date between the Arranger and the Company (or the
Arranger and the Company or the Agent and/or the Security Agent and the Company) setting out any of the fees referred to in Clause 14 (*Fees*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any agreement setting out fees payable to a Finance Party referred to in paragraph (h) of Clause 2.2
(*Increase due to cancellation*) or under any other Finance Document.

"**Finance Document**" means this Agreement, the Amendment and Restatement Agreement, any Compliance Certificate, any Compounding Methodology Supplement, any Fee Letter, the Intercreditor Agreement, any Subordination Statement, the Transaction Security Documents, any Reference Rate Supplement any Resignation Letter, any Transfer Certificate, any Utilisation Request and any other document designated as such by the Agent and the Company.

"**Finance Party**" means a Lender and any Administrative Party.

"**Finance Lease**" has the meaning given to that term in Clause 23.1 (*Financial definitions*).

"**Financial Indebtedness**" means any indebtedness for or in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) moneys borrowed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any amount raised pursuant to any issue of bonds, notes, debentures, loan stock or any similar instrument
(other than any performance, bid, advance payment or similar bond issued by a member of the Group and which is not issued in respect of other Financial Indebtedness);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any redeemable preference share which is redeemable prior to the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the amount of any liability in respect of Finance Leases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the acquisition cost of any asset or service to the extent payable after its acquisition or possession by the
party liable where the advance or deferred payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is arranged primarily as a method of raising finance or financing the acquisition of that asset or the
construction of that asset; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) involves a period of more than six (6) Months before or after the date of acquisition or supply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any derivative transaction entered into in connection with protection against or benefit from fluctuation in
any rate or price (and, when calculating the value of any derivative transaction, only the marked to market value (or, if any actual amount is due as a result of the termination or close-out of that derivative
transaction, that amount) shall be taken into account);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any amount raised under any other transaction (including any forward sale or purchase agreement) of a type not
referred to in any other paragraph of this definition having the commercial effect of a borrowing and which is treated as a borrowing in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of
credit or any other instrument issued by a bank or financial institution, provided that where the underlying instrument is a performance, bid, advance payment or similar bond it will only constitute Financial Indebtedness for the purpose of Clause
25.7 (*Cross default*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the amount of any liability in respect of any guarantee, indemnity or similar assurance against financial loss
of any person in respect of any item referred to in paragraphs (a) to (j) above.

"**Financial Quarter**" has the meaning given to that term in Clause 23.1 (*Financial definitions*).

"**Financial Statements**" means the Annual Financial Statements or the Quarterly Financial Statements as the case may be.

"**Financial Year**" has the meaning given to that term in Clause 23.1 (*Financial definitions*).

"**Fraudulent Transfer Law**" means any applicable US Bankruptcy Law or any applicable US state fraudulent transfer or conveyance law.

"**Funding Rate**" means any individual rate notified by a Lender to the Agent pursuant to paragraph (a)(ii) of Clause 13.4 (*Cost of funds*).

"**GAAP**" means, subject to Clause 1.4 (*Dutch Terms*), IFRS.

"**Gearing Ratio**" has the meaning given to that term in Clause 23.1 (*Financial definitions*).

"**German Obligor**" means an Obligor incorporated or established in Germany.

"**Germany**" means the Federal Republic of Germany.

"**Group**" means the Company and its Subsidiaries at any time.

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"**Gross Revenue**" means, for any period, the consolidated revenues of the Company in accordance with GAAP.

"**Guarantee Agreement**" means a guarantee agreement entered into between member of the Group and the Security Agent whereby the member of the Group provides an unconditional and irrevocable Norwegian law guarantee (No. *selvskyldnergaranti*) for the Secured Obligations, in form and substance satisfactory to the Agent.

"**Guarantor**" means the Original Guarantor and or an Additional Guarantor, unless it has ceased to be a Guarantor in accordance with Clause 27 (*Changes to the Obligors*)

"**Hedge Counterparty**" has the meaning set out in the Intercreditor Agreement.

"**Highest Owner Tax Amount**" means, with respect to all direct or indirect owners of the Company and the payment of any Tax Distribution, an amount with respect to the direct or indirect owner receiving the greatest proportionate allocation of taxable income attributable to its direct or indirect ownership of the Company and/or any of its Subsidiaries in the applicable tax period (or portion thereof) to which such payment relates (as a result of the application of Section 704(c) of the Code or otherwise) (such owner, the "Reference Owner"), calculated by multiplying (x) the aggregate taxable income allocated to such owner (excluding the tax consequences resulting from any adjustment under Sections 743(b) and 734(b) of the Code in such applicable taxable period (or portion thereof)), by (y) the Hypothetical Tax Rate.

"**Historic Primary Term Rate**" means, in relation to any Term Rate Loan, the most recent applicable Primary Term Rate for a period equal in length to the Interest Period of that Loan and which is as of a day which is no more than two days before the Quotation Day.

"**Holding Company**" means, in relation to a person, any other person in respect of which it is a Subsidiary.

"**Hypothetical Tax Rate**" means the highest combined marginal U.S. federal, state and local tax rate for a corporation that conducts no activities other than the activities of the Company and its Subsidiaries, applicable to income and gain attributable to the Company and its Subsidiaries, taking into account (where relevant) the holding period of assets held by the Company and its Subsidiaries, the taxable year in which such income or gain is recognized by the Company and its Subsidiaries and the character of such income or gain, at the time for U.S. federal income tax purposes.

"**IFRS**" means the International Financial Reporting Standards and guidelines and interpretations issued by the International Accounting Standards Board (or any predecessor and successor thereof) in force from time to time and to the extent applicable to the relevant financial statement.

"**Impaired Agent**" means the Agent at any time when:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has failed to make (or has notified a Party that it will not make) a payment required to be made by it under
the Finance Documents by the due date for payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agent otherwise rescinds or repudiates a Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (if the Agent is also a Lender) it is a Defaulting Lender under paragraphs (a), (b) or (c) of the
definition of "Defaulting Lender"; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an Insolvency Event has occurred and is continuing with respect to the Agent;

unless, in the case of paragraph (a) above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its failure to pay is caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) administrative or technical error; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a Disruption Event; and

payment is made within five (5) Business Days of its due date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Agent is disputing in good faith whether it is contractually obliged to make the payment in question.

"**Increase Confirmation**" means a confirmation substantially in the form set out in Schedule 9 (*Form of Increase Confirmation*).

"**Increase Lender**" has the meaning given to that term in Clause 2.2 (*Increase due to cancellation*).

"**Incurrence Test**" means the incurrence test described in Clause 23.6 (*Incurrence Test*).

"**Insolvency Event**" in relation to an entity means that the entity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is dissolved (other than pursuant to a consolidation, amalgamation or merger);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay
its debts as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) makes a general assignment, arrangement or composition with or for the benefit of its creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) institutes or has instituted against it, by a regulator, supervisor or any similar official with primary
insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief
under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar
official;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under
any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition
instituted or presented against it, such proceeding or petition is instituted or presented by a person or entity not described in paragraph (d) above and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order
for its winding-up or liquidation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is not dismissed, discharged, stayed or restrained in each case within thirty (30) days of the institution
or presentation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) has a resolution passed for its winding-up, official management or
liquidation (other than pursuant to a consolidation, amalgamation or merger);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) seeks or becomes subject to the appointment of an administrator, judicial manager, provisional liquidator,
conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets (other than, for so long as it is required by law or regulation not to be publicly disclosed, any such appointment which is to be
made, or is made, by a person or entity described in paragraph (d) above);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) has a secured party take possession of all or substantially all its assets or has a distress, execution,
attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each
case within thirty (30) days thereafter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has
an analogous effect to any of the events specified in paragraphs (a) to (h) above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the
foregoing acts.

"**Intercreditor Agreement**" means the intercreditor agreement dated 18 December 2025 and made between, among others, the Finance Parties, the Company, the Security Agent and the Bond Trustee (as defined in the Bond Agreement).

"**Interest Period**" means, in relation to a Loan, each period determined in accordance with Clause 12 (*Interest Periods*) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 11.5 (*Default interest*).

"**Interest Cover Ratio**" has the meaning given to that term in Clause 23.1 (*Financial definitions*).

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"**Interpolated Primary Term Rate**" means, in relation to any Term Rate Loan, the rate which results from interpolating on a linear basis between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the applicable Primary Term Rate for the longest period (for which that Primary Term Rate is available) which
is less than the Interest Period of that Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the applicable Primary Term Rate for the shortest period (for which that Primary Term Rate is available) which
exceeds the Interest Period of that Loan,

each as of the Specified Time for the currency of that Loan.

"**Intra-Group Debt**" means any indebtedness owed by a member of the Group to another member of the Group (including, for the avoidance of doubt, any indebtedness arising as part of any cash pooling arrangement).

"**IPO**" means an initial public offering or other transactions leading to the shares in the Company or Listco (as direct or indirect parent company of the Company) being listed on an Exchange.

"**Intra-Group Disposal**" means any sale, lease, transfer or other disposal of an asset by a member of the Group to another member of the Group.

"**Ipso Facto Event**" means an Obligor is the subject of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any proceedings as defined in section 440 of the IRDA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any process which under any law with a similar purpose may give rise to a stay on, or prevention of, the
exercise of contractual rights.

"**IRDA**" means the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018) of Singapore.

"**IRS**" means the United States Internal Revenue Service (or any successor thereto).

"**Lender**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Original Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any bank, financial institution, trust, fund or other entity which has become a Party as a "Lender"
in accordance with Clause 2.2 (*Increase due to cancellation*), Clause 2.3 (*Increase (accordion)*) or Clause 26 (*Changes to the Lenders*),

which in each case has not ceased to be a Party as such in accordance with the terms of this Agreement.

"**Leverage Ratio**" has the meaning given to that term in Clause 23.1 (*Financial definitions*).

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"**Listco**" means HMH Holding Inc., a Delaware corporation, or any of its successors or any other holding company of the Issuer.

"**Local Law Arrangements**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of any member of the Group which is incorporated in Germany:

banks operating in Germany with whom any member of the Group which is incorporated in Germany maintains a banking relationship and not as a result of any default or omission by such member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Security and/or guarantee or indemnity created in connection with pension liabilities or partial retirement
liabilities (Altersteilzeitverpflichtungen) pursuant to Section 8a of the German Partial Retirement Act (Altersteilzeitgesetz) or pursuant to Sections 7b and 7e of the Fourth Book of the German Social Code (Sozialgesetzbuch IV);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Security required to be granted under mandatory law in favour of creditors as a consequence of a merger or
a conversion permitted under this Agreement due to Sections 22, 204 UmwG; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of any member of the Group which is incorporated in the Netherlands:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Security created pursuant to the general conditions of a bank operating in the Netherlands based on the
general conditions drawn up by the Netherlands Bankers' Association (Nederlandse Vereniging van Banken) or any other general conditions used by, or agreement or arrangement with, a bank operating in the Netherlands to substantially the same
effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any guarantee or indemnity arising under a declaration of joint and several liability by any the member of the
Group (other than an Obligor) used for the purpose of section 2:403 BW (and any residual liability under such declaration arising pursuant to section 2:404(2) BW); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any guarantee or indemnity arising as a result of two or more members of the Group (excluding any Obligor)
being part of a fiscal unity (fiscale eenheid) for Dutch Tax purposes.

"**Liquidity**" has the meaning given to that term in Clause 23.1 (*Financial definitions*).

"**LMA**" means the Loan Market Association.

"**Loan**" means a loan made or to be made under the Facility or the principal amount outstanding for the time being of that loan.

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"**Lookback Period**" means the number of days specified as such in the applicable Reference Rate Terms.

"**Majority Lenders**" means a Lender or Lenders whose Commitments aggregate more than 66 2/3 per cent. of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 66 2/3 per cent. of the Total Commitments immediately prior to the reduction).

"**Margin**" means four per cent. (4.00%) per annum, subject to adjustments in accordance with Clause 11.4 (*Margin adjustments*).

"**Margin Stock**" means "margin stock" as defined in Regulation U.

"**Market Disruption Rate**" means the rate (if any) specified as such in the applicable Reference Rate Terms.

"**Material Adverse Effect**" means, in the reasonable opinion of the Majority Lenders, a material adverse effect on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the business, operations, property, condition (financial or otherwise) of the Group taken as a whole and/or of
the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the ability of the Company to perform and comply with its obligations under the Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to any general principles of law limiting an Obligor or Security Providers obligations which are
referred to in any legal opinion delivered pursuant to the Original Facility Agreement, the Amendment and Restatement Agreement or Clause 27 (*Changes to the Obligors*), the validity or enforceability of the rights and remedies of any Finance
Party under any of the Finance Documents.

"**Material Group Member**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a Material Subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any two (2) or more Subsidiaries of the Company who are not Obligors or considered to be Material
Subsidiaries and who would, if consolidated together as a single entity, be a Material Subsidiary, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no dormant Subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no Subsidiary with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) assets of an aggregate book value of less than NOK 10,000,000; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) projected revenue and Adjusted EBITDA of less than NOK 10,000,000 for the upcoming period of twelve
(12) Months, provided that this is as a result of such Subsidiary having ceased its operations (such projections to be acceptable to the Agent (acting on behalf of the Majority Lenders)),

in each case as reasonably documented by the Company and to the extent not already being an Obligor, shall be deemed a "Material Group Member" pursuant to this paragraph (d).

"**Material Subsidiary**" means each company listed in Schedule 5 (*List of Material Subsidiaries*) and each other member of the Group qualifying as a Material Subsidiary pursuant to Clause 24.13 (*Material Subsidiaries*).

"**Month**" means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) other than where paragraph (b) below applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (subject to paragraph (iii) below) if the numerically corresponding day is not a Business Day, that period
shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if there is no numerically corresponding day in the calendar month in which that period is to end, that period
shall end on the last Business Day in that calendar month; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on
the last Business Day in the calendar month in which that Interest Period is to end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to an Interest Period for any Loan (or any other period for the accrual of commission or fees) in a
Compounded Rate Currency for which there are rules specified as "Business Day Conventions" in the Reference Rate Terms for that currency, those rules shall apply.

The above rules will only apply to the last Month of any period.

"**Multiemployer Plan**" means a multiemployer plan (as defined in Section 4001(a)(3) of ERISA) as to which any Obligor or ERISA Affiliate has any obligation or liability, contingent or otherwise.

"**Net Interest Expense**" has the meaning given to that term in Clause 23.1 (*Financial definitions*).

"**New Lender**" has the meaning given to that term in Clause 26 (*Changes to the Lenders*).

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"**NIBOR**" means, in relation to any Loan in NOK:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the applicable Screen Rate as of the Specified Time for NOK and for a period equal in length to the Interest
Period of that Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as otherwise determined pursuant to Clause 13.1 (*Interest calculation if no Primary Term Rate*),

and if, in either case, that rate is less than zero, NIBOR shall be deemed to be zero.

"**Obligor**" means the Borrower or a Guarantor.

"**Optional Currency**" means EUR and/or NOK, subject to the conditions set out in Clause 4.3 (*Conditions relating to Optional Currencies*).

"**Original Financial Statements**" means the consolidated balance sheet and income statement of the Group as of and for the Relevant Period ended 31 December 2022.

"**Original Facility Agreement**" means the revolving credit facility agreement originally dated on the Original Signing Date, entered into by, among others, the Company, the Arranger and the Original Lenders.

"**Original Guarantor**" means HMH Holding (Netherlands) B.V..

"**Original Obligor**" means the Company and the Original Guarantor.

"**Parent Entity**" means each of Baker Hughes Holdings LLC and Akastor ASA, and each of their direct and indirect parent and subsidiary entities that directly or indirectly holds shares in the issuer, and "**Parent Entities**" means all of them.

"**Participating Member State**" means any member state of the European Union that has the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union.

"**Party**" means a party to this Agreement, including any party that has subsequently acceded to this Agreement.

"**PBGC**" means the Pension Benefit Guaranty Corporation of the USA established pursuant to Section 4002 of ERISA (or any entity succeeding to all or any of its functions under ERISA).

"**Permitted Financial Indebtedness**" means any Financial Indebtedness:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) created under or as contemplated by the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to compliance with the Incurrence Test:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Additional Bonds;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Unsecured Financial Indebtedness issued by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Bridge Financing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Additional Secured Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) arising under or in connection with a Permitted Guarantee Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) existing, up until the first release of funds from the Bond Escrow Account, under the Existing Bond Issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Permitted Hedging Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) incurred under (i) any guarantee facility and/or (ii) overdraft facility, in each case entered into
with banks and financial institutions in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) in the form of Subordinated Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any Intra-Group Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) which constitutes Permitted Financial Support;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) incurred by any member of the Group in connection with banking and cash management services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) incurred (i) as lease liabilities if the Real Property Sale is carried out as a sale lease back
transaction or (ii) under any other Finance Leases, provided that such other Finance Leases in aggregate for the Group do not exceed an amount equal to USD 10,000,000 (or the equivalent in other currencies) at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) of any person acquired by a member of the Group after the Bond Issue Date which is incurred under arrangements
in existence at the date of acquisition, but not incurred or increased or having its maturity date extended in contemplation of, or since, that acquisition, and outstanding only for a period of six (6) months following the date of acquisition
(unless permitted under any other item listed herein, on or after the date of the acquisition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) which is incurred in exchange for, or the net proceeds of which are used to renew, refund, refinance, replace,
defease or discharge any Financial Indebtedness which was permitted to be incurred under paragraphs (a) and (c) to (l) above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) not otherwise permitted by the preceding paragraphs which does not exceed USD 30,000,000 (or the equivalent in
other currencies) in aggregate for the Group at any time

"**Permitted Financial Support**" means Financial Support:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) granted under or in connection with the Finance Documents;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to compliance with the Incurrence Test (where the principal amount of the guaranteed obligations shall
be regarded as debt for the purpose of the Incurrence Test) and in the form of a guarantee only, granted by the Company on an unsecured basis in respect of Permitted Financial Indebtedness in accordance with paragraph (m) of the definition of
"Permitted Financial Indebtedness";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) granted under or in connection with a Permitted Guarantee Facility provided that any Financial Support (in the
form of guarantees) in relation to a Permitted Guarantee Facility is extended to and shared between the Secured Parties to the extent required by and pursuant to and in accordance with the terms of the Intercreditor Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) granted by any Target Entity under or in connection with a Bridge Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) granted under or in connection with any Additional Secured Financing provided that any Financial Support (in
the form of guarantees) in relation to any Additional Secured Financing is extended to and shared between the Secured Parties to the extent required by and pursuant to and in accordance with the terms of the Intercreditor Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) up until the first release of funds from the Bond Escrow Account, granted under or in connection with the
Existing Bond Issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any guarantee or indemnity in respect of any Permitted Hedging Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) which constitutes Permitted Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) granted in the ordinary course of business of any member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) arising under any cash pooling or cash management arrangement, involving members of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a loan made by a member of the Group to any employee or director of such member of the Group provided that the
amount of such loans in aggregate do not exceed USD 2,000,000 (or the equivalent in other currencies) at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) in the form of a guarantee or indemnity granted by a member of the Group of an obligation of any other member
of the Group, if such obligation is otherwise permitted under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) in the form of any Intra-Group Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) provided by an entity acquired by a member of the Group after the Closing Date, provided that the Financial
Support is revoked, discharged or otherwise removed no later than six (6) months following the date of acquisition (unless permitted under any other item listed herein, on or after the date of the acquisition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) in the form of Local Law Arrangements;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) in the form of a loan, advance or other payment by the Issuer to or on behalf of Listco for Listco to pay its
corporate, administrative and other similar expenses; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) not otherwise permitted by the preceding paragraphs, which does not exceed USD 30,000,000 (or the equivalent in
other currencies) in aggregate for the Group at any time.

"**Permitted Hedging Obligations**" means any obligation of any member of the Group under a derivative transaction for the purpose of (i) hedging currency or interest rate fluctuations or (ii) hedging a member of the Group against actual or projected real exposure arising in the ordinary course of business, however in each case not for speculative purposes.

"**Permitted Guarantee Facility**" means one or more guarantee facilities in the maximum total commitment of USD 200,000,000.

"**Permitted Security**" means any Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) created under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) granted under or in connection with a Permitted Guarantee Facility, provided that the Security in relation to a
Permitted Guarantee Facility is extended to and shared between the Secured Parties to the extent required by and pursuant to and in accordance with the terms of the Intercreditor Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) granted under or in connection with a Bridge Financing, over Target Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) granted under or in connection with an Additional Secured Financing, provided that the Security in relation to
any Additional Secured Financing is extended to and shared between the Secured Parties to the extent required by and pursuant to and in accordance with the terms of the Intercreditor Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) up until the first release of funds from the Bond Escrow Account, granted under or in connection with the
Existing Bond Issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) granted in respect of any Permitted Hedging Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) by way of cash cover or deposits for any letter of credit or guarantee or any similar instrument issued on
behalf of any other member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) arising under any (i) retention of title, (ii) hire purchase or conditional sale arrangement,
(iii) contractual arrangements with customers, suppliers and service providers, and (iv) similar arrangements, in the ordinary course of business and not arising as a result of a default or omission by any member of the Group that is
continuing for a period of more than 60 calendar days;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) over cash deposits (or any other assets) created to secure lease arrangements (including real property) and the
repayment of advanced payments received for projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) arising under any cash pooling, cash management arrangement, netting arrangements, set-off arrangements or other arrangements, in connection with the Group's ordinary banking services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) incurred as a result of any member of the Group acquiring another entity and which is due to such entity having
provided Security, provided that the debt secured with such Security is Permitted Financial Indebtedness in accordance with paragraph (m) of the definition of "Permitted Financial Indebtedness" and that such Security is discharged
upon the refinancing of that debt where such refinancing is required) unless permitted under any other item listed herein, on or after the date of the acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) over the leased assets in respect of Finance Leases which constitute Permitted Financial Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) in the form of Local Law Arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) granted or arising by operation of law or in the ordinary course of business of a member of the Group, provided
that if such Security has arisen as a result of any default or omission by any member of the Group it shall not subsist for a period of more than 60 days unless being contested in good faith by appropriate proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) created in the form of a pledge over one or more escrow accounts (for cash or existing bonds) for the purpose
of settlement of the Bond Issue; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) not otherwise permitted by the preceding paragraphs, the amount of which does not exceed USD 15,000,000 (or the
equivalent in other currencies) in aggregate for the Group at any time.

"**Permitted Transaction**" has the meaning given to that term in Clause 25.1 (*General*).

"**Primary Term Rate**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a Term Rate Loan in EUR, EURIBOR; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a Term Rate Loan in NOK, NIBOR.

"**Quarter Date**" has the meaning given to that term in Clause 23.1 (*Financial definitions*).

"**Quarterly Financial Statements**" has the meaning given to that term in Clause 22 (*Information Undertakings*).

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"**Quotation Day**" means, in relation to any period for which an interest rate is to be determined:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (if the currency is euro) two (2) TARGET Days before the first day of that period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (for NOK and any other currency) two (2) Business Days before the first day of that period,

(unless

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) another day is specified as such in the applicable Reference Rate Terms; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) market practice differs in the Relevant Market for that currency, in which case the Quotation Day for that
currency will be determined by the Agent in accordance with market practice in the Relevant Market (and if quotations would normally be given by leading banks in the Relevant Market on more than one day, the Quotation Day will be the last of those
days)).

"**Quasi-Security**" has the meaning given to that term in Clause 24.5 (*Negative pledge*).

"**Quoted Tenor**" means, in relation to a Primary Term Rate, any period for which that rate is customarily displayed on the relevant page or screen of an information service.

"**Real Property Sale**" means the sale of real property located at 3300 N Sam Houston Pkwy E, Houston, TX 77032.

"**Relevant Period**" has the meaning given to that term in Clause 23.1 (*Financial definitions*).

"**Reference Rate Supplement**" means, in relation to any currency, a document which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is agreed in writing by the Company, the Agent (in its own capacity) and the Agent (acting on the instructions
of the Majority Lenders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) specifies for that currency the relevant terms which are expressed in this Agreement to be determined by
reference to Reference Rate Terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) specifies whether that currency is a Compounded Rate Currency or a Term Rate Currency; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) has been made available to the Company and each Finance Party.

"**Reference Rate Terms**" means, in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a Loan or an Unpaid Sum in that currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) an Interest Period for that Loan or Unpaid Sum (or other period for the accrual of commission or fees in a
currency); or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any term of this Agreement relating to the determination of a rate of interest in relation to such a Loan or
Unpaid Sum,

the terms set out for that currency, and (where such terms are set out for different categories of Loan, Unpaid Sum or accrual of commission or fees in that currency) for the category of that Loan, Unpaid Sum or accrual, in Schedule 12 (*Reference Rate Terms*) or in any Reference Rate Supplement.

"**Regulation T**", "**Regulation U**" or "**Regulation X**" means Regulation T, U or X, as the case may be, of the Federal Reserve Board, as from time to time in effect and all official rulings and interpretations thereunder or thereof.

"**Related Fund**" means in relation to a fund (the "**first fund**"), means a fund which is managed or advised by the same investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment adviser of the first fund.

"**Relevant Market**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to euro, the European interbank market,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to NOK, the Norwegian interbank market; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in relation to USD or any other currency, the London interbank market,

unless another market is specified in any Reference Rate Terms for such currency, in which case such market will be the "Relevant Market".

"**Relevant Period**" has the meaning given to that term in Clause 23.1 (*Financial definitions*).

"**Relevant Person**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company and each of its Subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each of their directors, officers, employees, agents and representatives.

"**Repeating Representations**" means each of the representations set out in Clause 21 (*Representations*) (other than those set out in Clause 21.3 (*Non-conflict with other obligations*), Clause 21.5 (*Validity and admissibility in evidence*), Clause 21.7 (*Deduction of Tax*), Clause 21.8 (*No filing or stamp taxes*), Clause 21.9 (*No default*), Clause 21.10 (*No misleading information*), Clause 21.11 (*Financial statements*), Clause 21.12 (*Pari passu*), Clause 21.14 (*Security and Indebtedness*), Clause 21.18 (*Anti-Money Laundering Laws*).

"**Reporting Day**" means the relevant day (if any) specified as such in the applicable Reference Rate Terms.

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"**Reporting Time**" means the relevant time (if any) specified as such in the applicable Reference Rate Terms.

"**Representative**" means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.

"**Resignation Letter**" means a letter substantially in the form set out in Schedule 6 (*Form of Resignation Letter*).

"**Restricted Party**" means a person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) listed on any Sanctions List or targeted by Sanctions (whether designated by name or by reason of being
included in a class of person); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) located in or incorporated under the laws of any country or territory that is the target of comprehensive,
country- or territory-wide Sanctions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) directly or indirectly owned or controlled by, or acting on behalf, at the direction, or for the benefit, of, a
person referred to in (a) and/or (to the extent relevant under Sanctions) (b) above.

"**Restricted Payment**" has the meaning given to that term in Clause 24.11 (*Restricted Payments*).

"**RFR**" means the rate specified as such in the applicable Reference Rate Terms.

"**RFR Banking Day**" means any day specified as such in the applicable Reference Rate Terms.

"**Rollover Loan**" means one or more Loans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) made or to be made on the same day that a maturing Loan is due to be repaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the aggregate amount of which is equal to or less than the amount of the maturing Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the same currency as the maturing Loan (unless it arose as a result of the operation of Clause 6.2
(*Unavailability of a currency*)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) made or to be made to the Company for the purpose of refinancing that maturing Loan.

"**Sanctions**" means any applicable (to any Relevant Person and/or Finance Party as the context provides) laws, regulations or orders concerning any trade, economic or financial sanctions or embargoes.

"**Sanctions Authority**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Norwegian State;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the United Kingdom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the European Union;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the member states of the European Union;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the United Nations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the United States of America,

and any of their respective legislative, executive, enforcement and/or regulatory authorities or bodies acting in connection with Sanctions.

"**Sanctions List**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the lists of Sanctions designations and/or targets maintained by any Sanctions Authority; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other Sanctions designation or target listed and/or adopted by a Sanctions Authority,

in all cases, as amended, supplemented or replaced from time to time.

"**Screen Rate**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to EURIBOR, the euro interbank offered rate administered by the European Money Markets Institute
(or any other person which takes over the administration of that rate) for the relevant period displayed on page EURIBOR01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to NIBOR, the Norwegian interbank offered rate administered by Norske Finansielle Referanser AS and
calculated in cooperation with Global Rate Set Systems (GRSS) acting as calculation agent (or any other person that takes over the administration and/or calculation of that rate) for the relevant period displayed on page NIBR of the Thomson Reuters
screen (or any replacement Thomson Reuters page which displays that rate),

or, in each case, on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters. If such page or service ceases to be available, the Agent may specify another page or service displaying the relevant rate after consultation with the Company.

"**Secured Obligations**" has the meaning given to that term in the Intercreditor Agreement.

"**Secured Parties**" has the meaning given to that term in the Intercreditor Agreement.

"**Security**" means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect.

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"**Security Agent**" means Nordic Trustee AS, acting in its capacity as joint security agent in accordance with the Intercreditor Agreement.

"**Security Period**" means the period commencing on the first Utilisation Date hereunder and ending the date on which the Agent notifies the Company and the other Finance Parties that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all amounts which have become due for payment by the Obligors or any other party under the Finance Documents
have been paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no amount is owing or has accrued (without yet having become due for payment) under any of the Finance
Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Obligor has any future or contingent liability under any provision of this Agreement or any of the other
Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Agent and the Majority Lenders do not consider that there is a significant risk that any payment or

Finance Document.

"**Security Provider**" means any entity providing Transaction Security not being an Obligor.

"**Separate Loan**" has the meaning given to that term in Clause 7.2 (*Cashless Rollover and Separate Loans*).

"**Single Employer Plan**" means any pension plan subject to Title IV of ERISA or Section 412 of the Internal Revenue Code as to which any Obligor or any ERISA Affiliate has any obligation or liability, contingent or otherwise.

"**Specified Time**" means a day or time determined in accordance with Schedule 8 (*Time tables*).

"**Subordinated Loan**" means unsecured debt financing provided to the Company with terms subject to the provisions set out in the Intercreditor Agreement or separate subordination statement on the basis that (i) such loan is fully subordinated to the Secured Obligations, and (ii) any repayment of, or payment of interest under, any such loan in cash is subject to all present and future obligations and liabilities under the Secured Obligations having been discharged in full (unless as otherwise expressly permitted by this Agreement), always subject to delivery to the Agent of a fully executed subordination statement (unless subordination is provided for under the Intercreditor Agreement).

"**Subordination Statement**" means any subordination statement for the subordination of a Subordinated Loan.

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"**Subsidiary**" means in relation to any company, corporation or other legal entity (a "**holding company**"), a company, corporation or other legal entity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) which is controlled, directly or indirectly, by the holding company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in which a majority of the voting rights are held by the holding company, either alone or pursuant to an
agreement with others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) more than half the issued share capital of which is beneficially owned, directly or indirectly, by the holding
company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) which is a Subsidiary of another Subsidiary of the holding company,

and, for this purpose, a company, corporation or other legal entity shall be treated as being controlled by another if that other company, corporation or other legal entity is able to determine the composition of the majority of its board of directors or equivalent body.

"**Swap**" has the meaning given to that term in section 1a(47) of the Commodity Exchange Act.

"**Swap Obligation**" means, with respect to any Guarantor, any obligation to pay or perform under any agreement contract or transaction that constitutes a Swap.

"**Target Asset**" means any asset acquired by a member of the Group where the acquisition is financed, in whole or in part, with a Bridge Financing.

"**Target Collateral**" means any (i) Target Entity and any asset of or claim against such entity, and (ii) Target Asset.

"**Target Entity**" means any entity or entities acquired by a member of the Group after the Bond Issue Date and financed, in whole or in part, with a Bridge Financing.

"**T2**" means the real time gross settlement system operated by the Eurosystem, or any successor system.

"**TARGET Day**" means any day on which T2 is open for the settlement of payments in euro.

"**Tax**" means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).

"**Tax Amount**" means the Highest Owner Tax Amount divided by such Reference Owner's proportionate direct or indirect economic ownership interest in the Company.

"**Tax Deduction**" has the meaning given to that term in Clause 15.1 (*Definitions*).

"**Tax Distribution**" has the meaning given to that term in sub-paragraph (i) of paragraph (b) in Clause 24.11 (*Restricted Payments*).

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"**Termination Date**" means 17 June 2028, being the date falling six (6) months prior to the Bond Maturity Date.

"**Term Rate Currency**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) NOK and EUR; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any currency specified as such in a Reference Rate Supplement relating to that currency,

to the extent, in any case, not specified otherwise in a subsequent Reference Rate Supplement.

"**Term Rate Loan**" means any Loan or, if applicable, Unpaid Sum in a Term Rate Currency.

"**Term Reference Rate**" means, in relation to a Term Rate Loan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the applicable Primary Term Rate for a period equal in length to the Interest Period of that Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as otherwise determined pursuant to Clause 15.1 (*Interest calculation if no Primary Term Rate*),

and if, in either case, that rate is less than zero, the Term Reference Rate shall be deemed to be zero.

"**Test Date**" means, for the purpose of a Compliance Certificate, each Quarter Date.

"**Third Party Disposal**" has the meaning ascribed to such term in Clause 27.3 (*Resignation of an Obligor*).

"**Total Commitments**" means the aggregate of the Commitments, being USD 75,000,000 at the Amendment Effective Date.

"**Transaction Security**" means the Security created or expressed to be created in favour of the Security Agent (on behalf of the Secured Parties) pursuant to the Transaction Security Documents.

"**Transaction Security Documents**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Guarantee Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each of the documents listed as being a Transaction Security Document in Schedule 11 (*Transaction Security Documents*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) and any other document entered into by an Obligor, a Security Provider, or any other person creating or
expressed to create any Security over all or any part of its assets in respect of the Secured Obligations.

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"**Transfer Certificate**" means a certificate substantially in the form set out in Schedule 4 (*Form of Transfer Certificate*) or any other form agreed between the Agent and the Company.

"**Transfer Date**" means, in relation to a transfer, the later of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the proposed Transfer Date specified in the relevant Transfer Certificate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which the Agent executes the relevant Transfer Certificate.

"**UAE**" means the United Arab Emirates.

"**Unpaid Sum**" means any sum due and payable but unpaid by an Obligor under the Finance Documents.

"**Unsecured Financial Indebtedness**" means unsecured capital market debt at the Company-level and maturing no earlier than six (6) months after the Bond Maturity Date and with no instalments prior to such date.

"**US**" and "**United States**" means the United States of America, its territories and possessions.

"**USA Patriot Act**" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 of the United States.

"**US Bankruptcy Law**" means the United States Bankruptcy Code of 1978 (Title 11 of the United States Code), any other United States federal or state bankruptcy, insolvency or similar law.

"**US Borrower**" means a borrower that is organized, incorporated or formed under the laws of the United States or any State thereof (including the District of Columbia).

"**US Guarantor**" means a Guarantor that is organized, incorporated or formed under the laws of the United States or any State thereof (including the District of Columbia).

"**US Obligor**" means a US Borrower or a US Guarantor.

"**US Tax Obligor**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a borrower which is resident for tax purposes in the US; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an Obligor some or all of whose payments under the Finance Documents are from sources within the US for US
federal income tax purposes.

"**Utilisation**" means a utilisation of the Facility.

"**Utilisation Date**" means the date of a Utilisation, being the date on which a Loan is to be made.

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"**Utilisation Request**" means a notice substantially in the form set out in Schedule 3 (*Form of Utilisation Request*).

"**VAT**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) value added tax as provided for in the Value Added Tax Act of 19 June 2009 no. 58 (No. *merverdiavgiftsloven*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value
added tax (EC Directive 2006/112); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other tax of a similar nature, whether imposed in a member state of the European Union or in the United
Kingdom in substitution for, or levied in addition to, such tax referred to in paragraph (a) above, or imposed elsewhere.

**1.2.** **Construction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless a contrary indication appears and subject to Clause 1.4 (*Dutch Terms*) and Clause 1.5 (*German Terms*), any reference in this Agreement to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an "**Administrative Party** ", the "**Agent** ", the
" **Arranger** ", any "**Finance Party** ", any "**Lender** ", any "**Obligor** ", any "**Party**" or any other person shall be construed so as to include its successors in title,
permitted assigns and permitted transferees to, or of, its rights and/or obligations under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an "**amendment**" includes a supplement, novation, extension (whether of maturity or
otherwise), restatement, re-enactment or replacement (however fundamental and whether or not more onerous) and "amended" will be construed accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**assets**" includes present and future properties, revenues and rights of every description;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a "**Finance Document**" or any other agreement or instrument is a reference to that Finance
Document or other agreement or instrument as amended, novated, supplemented, extended or restated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a "**group of Lenders**" includes all the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) "**guarantee**" means any guarantee, letter of credit, bond, indemnity or similar assurance
against loss, or any obligation, direct or indirect, actual or contingent, to purchase or assume any indebtedness of any person or to make an investment in or loan to any person or to purchase assets of any person where, in each case, such
obligation is assumed in order to maintain or assist the ability of such person to meet its indebtedness;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) "**indebtedness**" includes any obligation (whether incurred as principal or as surety) for the
payment or repayment of money, whether present or future, actual or contingent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) a "**person**" includes any individual, firm, company, corporation, government, state or agency
of a state or any association, trust, joint venture, consortium, partnership or other entity (whether or not having separate legal personality);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) a "**regulation**" includes any regulation, rule, official directive, request or guideline
(whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or of any regulatory, self-regulatory or other authority or organisation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) a provision of law is a reference to that provision as amended or re-enacted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) a time of day is a reference to Stockholm time unless specified otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The determination of the extent to which a rate is "**for a period equal in length**" to an
Interest Period shall disregard any inconsistency arising from the last day of that Interest Period being determined pursuant to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Section, Clause and Schedule headings are for ease of reference only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or
in connection with any Finance Document has the same meaning in that Finance Document or notice as in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A Default (other than an Event of Default) is "**continuing**" if it has not been remedied or
waived and an Event of Default is "**continuing**" if it has not been remedied or waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The representations and warranties and covenants given in Clauses 21.16 (*Sanctions*) and 24.2
(*Sanctions*) respectively shall not apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for the benefit of a Finance Party who notifies the Agent to this effect if an to the extent that it is our
would be unenforceable by or in respect of that Finance Party by reason of any violation of, conflict with or liability of Section 7 of the AWV (in conjunction with Sections 12 and 4 of the AWG), any provision of Council Regulation (EC)
2271/1996 (in conjunction with Commission Delegated Regulation (EU) 2018/1100) or any similar anti-boycott laws or regulation by that Finance Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to or in favour of any person if and to the extent that it would result in a breach, by or in respect of that
person, of any applicable Blocking Law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) A reference in this Agreement to a page or screen of an information service displaying a rate shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any replacement page of that information service which displays that rate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the appropriate page of such other information service which displays that rate from time to time in place of
that information service,

and, if such page or service ceases to be available, shall include any other page or service displaying that rate specified by the Agent after consultation with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) A reference in this Agreement to a Central Bank Rate shall include any successor rate to, or replacement rate
for, that rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Reference Rate Supplement relating to a currency overrides anything relating to that currency in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Schedule 12 (*Reference Rate Terms*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any earlier Reference Rate Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) A Compounding Methodology Supplement relating to the Daily Non-Cumulative Compounded RFR Rate or the Cumulative Compounded RFR Rate overrides anything relating to that rate in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Schedule 13 (*Daily Non-Cumulative Compounded RFR Rate*) or
Schedule 14 (*Cumulative Compounded RFR Rate*), as the case may be; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any earlier Compounding Methodology Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The determination of the extent to which a rate is "for a period equal in length" to an Interest
Period shall disregard any inconsistency arising from the last day of that Interest Period being determined pursuant to the terms of this Agreement.

**1.3.** **Currency symbols and definitions** 

"**NOK**" or "**kroner**" denote the lawful currency of Norway, "**$**", "**USD**" and "**dollars**" denote the lawful currency of the United States of America and "**€**", "**EUR**" and "**euro**" denote the single currency of the Participating Member States.

**1.4.** **Dutch Terms** 

In this Agreement, where it relates to a Dutch Obligor or any security in the Netherlands, a reference to:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) unless a contrary indication appears, a "**director**" means a managing director
(*bestuurder*) of that person and "**board of directors**" means the managing board (*bestuur*) of such person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a "**necessary action to authorise**" where applicable, includes without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any action (if any) required to comply with the Dutch Works Councils Act (*Wet op de ondernemingsraden*);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) obtaining an unconditional positive or neutral advice (*advies*) from the competent works council(s) (if
any), provided such advise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) is unconditional; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) is conditional, but only contains conditions which do not materially and adversely affect the interest of the
Lenders and are not likely to cause a breach of any term of any Finance Document, as approved by the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**GAAP**" means generally accepted accounting principles in the Netherlands, including IFRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Security**" includes a retention of title arrangement (*eigendomsvoorbehoud*), any
mortgage (*hypotheek*), pledge (*pandrecht*), right of retention (*recht van retentie*), a right to reclaim goods (*recht van reclame*) and, in general, any right in rem (*beperkt recht*), created for the purpose of granting
security (*goederenrechtelijk zekerheidsrecht*);

(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a "**winding-up** ", "**administration** "
or "**dissolution**" includes a Dutch entity being declared bankrupt (*failliet verklaard*) or dissolved (*ontbonden*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a "**moratorium**" includes *surseance van betaling* and "**a moratorium is declared**" or "**occurs**" includes *surseance verleend*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any "**step**" or "**procedure**" taken in connection with insolvency proceedings
or "**admitting an inability to pay its debts as they fall due**" includes a Dutch entity having filed a notice under Section 36 of the Dutch 1990 Tax Collection Act (*Invorderingswet 1990*) (whether or not pursuant to
section 60 of the Act on the Financing of Social Insurances (*Wet financiering sociale verzekeringen*));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a "**trustee in bankruptcy**" includes a *curator*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an "**administrator**" includes a *bewindvoerder*; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) an "**attachment**" includes a *beslag*.

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**1.5.** **German Terms** 

In this Agreement, where it relates to an entity incorporated or established in Germany or an entity having its centre of main interest (as defined in Article 3(1) of Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast)) in Germany (a "**German Company**") and unless the contrary intention appears, a reference to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**AktG**" means the German Stock Corporation Act (*Aktiengesetz*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**AWG**" means the German Foreign Trade Act
(*Au ß enwirtschaftsgesetz*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**AWV**" means the German Foreign Trade Ordinance "*Verordnung zur Durchführung des Au ß enwirtschaftsgesetzes (Au ß enwirtschaftsverordnung)* "

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**BGB**" means the German Civil Code (*Bürgerliches Gesetzbuch*)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**director**" includes any statutory legal representative(s) (*organschaftlicher Vertreter*), a managing director (*Geschäftsführer*) or member of the board of directors (*Vorstand*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**gross negligence**" means *grobe Fahrlässigkeit* and "**wilful misconduct**" means *Vorsatz*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**InsO**" means the German Insolvency Code (*Insolvenzordnung*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**insolvency proceedings**" includes any insolvency proceedings (*Insolvenzverfahren*)
pursuant to the German Insolvency Code (*Insolvenzordnung*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a person being "**insolvent**" or "**bankrupt**" includes that person being in
the state of *Zahlungsunfähigkeit* pursuant to Section 17 InsO or in the state of *Überschuldung* pursuant to Section 19 InsO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Ipso Facto Event**" shall be construed in accordance with Section 119 InsO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**merger**" includes any corporate measure contemplated by the mG as well as any other
corporate act by which several entities are consolidated with the result of one entity becoming the universal legal successor (*Gesamtrechtsnachfolger*) of the other;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) a person being "**over-indebted**" includes that person being in the state of *Überschuldung* pursuant to Section 19 InsO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) a "**receiver** ", "**liquidator** ", "**administrator** ",
" **administrative receiver**" includes any of (i) (preliminary) insolvency administrator (*(vorläufiger) Insolvenzverwalter*), a *Zwangsverwalter*, a (*preliminary*) custodian or creditor's trustee
(*(vorläufiger) Sachwalter*) in each case to the extent appointed or ordered

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in accordance with the InsO, as amended and restated from time to time, and (ii) Liquidator appointed in accordance with relevant German corporate laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Security**" includes any land charge (*Grundschuld*); assignment (*Zession*) or
transfer (*Übereignung*) for security purposes and (extended) retention of title arrangement (*(verlängerter) Eigentumsvorbehalt*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Subsidiary**" includes a subsidiary within the meaning of Section 17 AktG;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**UmwG**" means the German Transformation Act (*Umwandlungsgesetz*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) a person being "**unable to pay its debts**" includes that person being in a state of *Zahlungsunfähigkeit* pursuant to Section 17 InsO; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**winding-up** ", "**administration**" or
" **dissolution**" (and each of these terms) includes any action taken by a competent court set out in Section 21 InsO or where a competent court institutes or rejects (for reason of insufficiency of its funds to implement such
proceedings (*Abweisung mangels Masse*)) insolvency proceedings over the respective debtor's assets (*Eröffnung des Insolvenzverfahrens*), including, includes, without limitation, "*Insolvenzverfahren* ",
" *vorläufiges Insolvenzverfahren* ", "*Eigenverwaltungsverfahren* ", "*vorläufiges Eigenverwaltungsverfahren*" and "*Liquidationsverfahren* ".

**1.6.** **English language** 

This Agreement is made in the English language. For the avoidance of doubt, the English language version of this Agreement shall prevail over any translation of this Agreement. However, where a German or Dutch translation of a word or phrase appears in the text of this Agreement, the German or Dutch translation of such word or phrase shall prevail.

**1.7.** **Divisions** 

For all purposes under the Finance Documents, in connection with any division or plan of division under the law of the State of Delaware, in the US (or any comparable event under a different jurisdiction's laws):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if any new person comes into existence, such new person shall be deemed to have been organized on the first
date of its existence by the holders of its equity interests at such time.

**1.8.** **FA Act** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company hereby confirms that it has received and noted the following information in accordance with the FA
Act:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) DNB Bank ASA, with registered address Dronning Eufemias gate 30, 0191 OSLO and registered in the Norwegian
register of business enterprises with company registration number 984 851 006, is a Norwegian financial enterprise that operates as a bank with authorisation from and under supervision by the Financial Supervisory Authority of Norway (No.:
Finanstilsynet, P.O. Box 1187 Sentrum, 0107 Oslo, Norway);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as the Facility is available in multiple currencies, changes in the currency exchange rates may constitute a
currency risk for the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any information provided by an Obligor to a Finance Party in accordance with this Agreement to comply with
section 13 (1) of the Anti-Money Laundering Act, cf. section 3-12 (2) of the FA Act shall be deemed to form part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without prejudice to paragraph (a) above, the Company hereby agrees and accepts, to the extent permitted
by law, that this paragraph (b) shall constitute a waiver of the provisions of the FA Act, and further agrees and accepts, to the extent permitted by law, that the provisions of the FA Act that are not mandatory shall not apply to this
Agreement or to the relationship between the Finance Parties and the Company.

**2.** **THE FACILITY** 

**2.1.** **The Facility** 

Subject to the terms of this Agreement, the Lenders make available to the Company a multicurrency revolving credit facility in an aggregate amount equal to the Total Commitments; and

**2.2.** **Increase due to cancellation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may by giving prior notice to the Agent by no later than the date falling five (5) Business
Days after the effective date of a cancellation of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Available Commitments of a Defaulting Lender in accordance with Clause 8.4 (*Right of cancellation in relation to a Defaulting Lender*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Commitments of a Lender in accordance with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Clause 9.2 (*Illegality*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) paragraph (a) of Clause 8.3 (*Right of cancellation and repayment in relation to a single Lender*),

request that the Commitments relating to the Facility be increased (and the Commitments relating to the Facility shall be so increased) in an aggregate amount in the Base Currency of up to the amount of the Commitments relating to the Facility so cancelled as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the increased Commitments will be assumed by one or more Eligible Institutions (each an "**Increase Lender**") each of which is acceptable to the Agent (acting reasonably) and which confirms in writing (whether in the relevant Increase Confirmation or otherwise) its willingness to assume and does assume all the obligations of a Lender
corresponding to that part of the increased Commitments which it is to assume, as if it had been an Original Lender in respect of those Commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) each of the Obligors and any Increase Lender shall assume obligations towards one another and/or acquire rights
against one another as the Obligors and the Increase Lender would have assumed and/or acquired had the Increase Lender been an Original Lender in respect of that part of the increased Commitments which it is to assume;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) each Increase Lender shall become a Party as a "**Lender**" and any Increase Lender and each of
the other Finance Parties shall assume obligations towards one another and acquire rights against one another as that Increase Lender and those Finance Parties would have assumed and/or acquired had the Increase Lender been an Original Lender in
respect of that part of the increased Commitments which it is to assume;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Commitments of the other Lenders shall continue in full force and effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any increase in the Commitments relating to the Facility shall take effect on the date specified by the Company
in the notice referred to above or any later date on which the Agent executes an otherwise duly completed Increase Confirmation delivered to it by the relevant Increase Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall, subject to paragraph (c) below, as soon as reasonably practicable after receipt by it of
a duly completed Increase Confirmation appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Increase Confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent shall only be obliged to execute an Increase Confirmation delivered to it by an Increase Lender once
it is satisfied it has complied with all necessary "know your customer" or other similar checks under applicable anti-money laundering laws or other similar applicable laws and regulations in relation to the assumption of the increased
Commitments by that Increase Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Increase Lender, by executing the Increase Confirmation, confirms (for the avoidance of doubt) that the
Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the increase becomes effective in
accordance with this Agreement and that it is bound by that decision to the same extent as it would have been had it been an Original Lender.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company shall promptly on demand pay the Agent the amount of all costs and expenses (including legal fees)
reasonably incurred by it in connection with any increase in Commitments under this Clause 2.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Increase Lender shall, on the date upon which the increase takes effect, pay to the Agent (for its own
account) a fee in an amount equal to the fee which would be payable under Clause 26.4 (*Assignment or transfer fee*) if the increase was a transfer pursuant to Clause 26.6 (*Procedure for transfer*) and if the Increase Lender was a New
Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company may pay to the Increase Lender a fee in the amount and at the times agreed between the Company and
the Increase Lender in a letter between the Company and the Increase Lender setting out that fee. A reference in this Agreement to a Fee Letter shall include any letter referred to in this paragraph (h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Neither the Agent nor any Lender shall have any obligation to find an Increase Lender and in no event shall any
Lender whose Commitment is replaced by an Increase Lender be required to pay or surrender any of the fees received by such Lender pursuant to the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Clause 26.5 (*Limitation of responsibility of Existing Lenders*) shall apply mutatis mutandis in this
Clause 2.2 in relation to an Increase Lender as if references in that Clause to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an "**Existing Lender**" were references to all the Lenders immediately prior to the relevant
increase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the "**New Lender**" were references to that "**Increase Lender** "; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a "**re-transfer**" and "**re-assignment**" were references to respectively a "**transfer**" and "**assignment** ".

**2.3.** **Increase (accordion)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may by written notice to the Agent at any time, request that the Commitments relating to the
Facility be increased (and the Commitments relating to the Facility shall be so increased) in accordance with and subject to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no existing Lender is committed to provide any increased commitments and no consent of any existing Lender will
be required to implement the increase (including any amendment of the Agreement relating thereto), and the Agent shall be authorised by the Lenders to enter into any required amendments to the Agreement to implement the increase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Total Commitments following such increase:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) may not exceed an amount equal to 40% of the principal amount of the outstanding Bonds (less any amount of
Bonds held by a member of the Group); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) must be within the maximum permitted under the Bond Issue so that the Total Commitments following such increase
have super senior ranking in accordance with the Intercreditor Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the additional commitment may only be assumed by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) an existing Lender or any of HSBC, JP Morgan or Skandinaviska Enskilda Banken AB (publ); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any other bank or financial institution if each existing Lender has confirmed to the Agent that it is satisfied
it has complied with all necessary "know your customer" or other similar checks under applicable anti-money laundering laws or other similar applicable laws and regulations in relation to the assumption of the increased Commitments by
such bank or financial institution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an increase in the Commitments shall be subject to each of the Agent and the Security Agent having received all
documents and other evidence in form and substance satisfactory to it evidencing that the guarantees and security provided pursuant to the Transaction Security Documents extend to and secure the additional commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon satisfaction of the conditions referred to in paragraph (a) above, the Agent shall execute an
Increase Confirmation from the relevant increase lender, whereupon the increase shall be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The provisions of Clause 2.2 (*Increase due to cancellation*) in paragraphs (a) (iv) to (vi) and
(d) to (i) shall apply mutatis mutandis to any increase and increase lender referred to in this Clause 2.3.

**2.4.** **Finance Parties' rights and obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party to
perform its obligations under the Finance Documents does not affect the obligations of any other Party under the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The rights of each Finance Party under or in connection with the Finance Documents are separate and independent
rights and any debt arising under the Finance Documents to a Finance Party from an Obligor is a separate and independent debt in respect of which a Finance Party shall be entitled to enforce its rights in accordance with paragraph (c) below.
The rights of each Finance Party include any debt owing to that Finance Party under the Finance Documents and, for

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the avoidance of doubt, any part of a Loan or any other amount owed by an Obligor which relates to a Finance Party's participation in the Facility or its role under a Finance Document (including any such amount payable to the Agent on its behalf) is a debt owing to that Finance Party by that Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Finance Party may, except as specifically provided in the Finance Documents, separately enforce its rights
under or in connection with the Finance Documents.

**3.** **PURPOSE** 

**3.1.** **Purpose** 

The Company shall apply all amounts borrowed by it under the Facility towards financing the general corporate purposes of the Group.

**3.2.** **Monitoring** 

No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement.

**4.** **CONDITIONS OF UTILISATION** 

**4.1.** **Initial conditions precedent** 

The initial conditions precedent have been delivered pursuant to the Original Facility Agreement. No further initial conditions precedent to utilisation of the Facility are required to be delivered under this Agreement following the Amendment Effective.

**4.2.** **Further conditions precedent** 

Subject to Clause 4.1 (*Initial conditions precedent*), the Lenders will only be obliged to comply with Clause 5.4 (*Lenders' participation*) if on the date of the Utilisation Request and on the proposed Utilisation Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a Rollover Loan, no Event of Default is continuing or would result from the proposed Loan and,
in the case of any other Loan, no Default is continuing or would result from the proposed Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Repeating Representations to be made by the Company are true in all material respects.

**4.3.** **Conditions relating to Optional Currencies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A currency will constitute an Optional Currency in relation to a Loan if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is readily available in the amount required and freely convertible into the Base Currency in the Relevant
Market on the Quotation Day and the Utilisation Date for that Loan; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it is EUR, NOK or such other currency which has been approved by the Agent (acting on the instructions of all
the Lenders) on or prior to receipt by the Agent of the relevant Utilisation Request for that Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Agent has received a written request from the Company for a currency to be approved under paragraph
(a)(ii) above, the Agent will confirm to the Company by the Specified Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether or not the Lenders have granted their approval; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if approval has been granted, the minimum amount (and, if required, integral multiples) for any subsequent
Utilisation in that currency.

**4.4.** **Maximum number of Utilisations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may not deliver a Utilisation Request if as a result of the proposed Utilisation more than six
(6) Loans would be outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Loan made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by a single Lender under Clause 6.2 (*Unavailability of a currency*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as a Separate Loan under Clause 7.2 (*Cashless Rollover and Separate Loans*),

shall not be taken into account in this Clause 4.4.

**5.** **UTILISATION** 

**5.1.** **Delivery of a Utilisation Request** 

The Company may utilise the Facility by delivery to the Agent of a duly completed Utilisation Request not later than the Specified Time.

**5.2.** **Completion of a Utilisation Request for Loans** 

Each Utilisation Request for a Loan is irrevocable and will not be regarded as having been duly completed unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the proposed Utilisation Date is a Business Day within the Availability Period applicable to the Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the currency and amount of the Utilisation comply with Clause 5.3 (*Currency and amount*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the proposed Interest Period complies with Clause 12 (*Interest Periods*).

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**5.3.** **Currency and amount** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The currency specified in a Utilisation Request must be the Base Currency or an Optional Currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The amount of the proposed Loan must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the currency selected is the Base Currency, a minimum of USD 5,000,000 (and, if higher, in integral
multiples of USD 1,000,000) or, if less, the Available Facility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the currency selected is an Optional Currency, the minimum amount (and, if required, integral multiple)
specified by the Agent pursuant to paragraph b)(ii) of Clause 4.3 (*Conditions relating to Optional Currencies*) or, if less, the Available Facility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any event such that its Base Currency Amount is less than or equal to the Available Facility.

**5.4.** **Lenders' participation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the conditions set out in this Agreement have been met, and subject to Clause 7.2 (*Cashless Rollover and Separate Loans*), each Lender shall make its participation in each Loan available by the Utilisation Date through its Facility Office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The amount of each Lender's participation in each Loan will be equal to the proportion borne by its
Available Commitment to the Available Facility immediately prior to making the Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent shall determine the Base Currency Amount of each Loan which is to be made in an Optional Currency and
shall notify each Lender of the amount, currency and the Base Currency Amount of each Loan, the amount of its participation in that Loan and, if different, the amount of that participation to be made available in accordance with Clause 31.1
(*Payments to the Agent*), in each case by the Specified Time.

**5.5.** **Cancellation of Commitments** 

The Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the Availability Period.

**5.6.** **Clean down** 

The Company shall ensure that the aggregate of the Base Currency Amounts of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Loans; LESS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount of Consolidated Cash and Cash Equivalent Assets,

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as confirmed in a certificate signed by a director or the chief financial officer of the Company provided to the Agent within shall not exceed zero for a period of not less than two successive days in any twelve-month period. Not less than three months shall elapse between two such periods.

**6.** **OPTIONAL CURRENCIES** 

**6.1.** **Selection of currency** 

The Company shall select the currency of a Loan in a Utilisation Request.

**6.2.** **Unavailability of a currency** 

If before the Specified Time on any Quotation Day:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Lender notifies the Agent that the Optional Currency requested is not readily available to it in the Relevant
Market in the amount and for the period required; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Lender notifies the Agent that compliance with its obligation to participate in a Loan in the proposed
Optional Currency would contravene a law or regulation applicable to it,

the Agent will give notice to the Company to that effect by the Specified Time on that day. In this event, any Lender that gives notice pursuant to this Clause 6.2 will be required to participate in the Loan in the Base Currency (in an amount equal to that Lender's proportion of the Base Currency Amount or, in respect of a Rollover Loan, an amount equal to that Lender's proportion of the Base Currency Amount of the Rollover Loan that is due to be made) and its participation will be treated as a separate Loan denominated in the Base Currency during that Interest Period.

**6.3.** **Agent's calculations** 

Each Lender's participation in a Loan will be determined in accordance with paragraph b) of Clause 5.4 (*Lenders' participation*).

**7.** **REPAYMENT** 

**7.1.** **Repayment of Loans** 

Subject to Clause 7.2 (*Cashless Rollover and Separate Loans*), the Company shall repay each Loan on the last day of its Interest Period.

**7.2.** **Cashless Rollover and Separate Loans** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without prejudice to the Company's obligation under Clause 7.1 (*Repayment of Loans*) above, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) one or more Loans are to be made available to the Company:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) on the same day that a maturing Loan is due to be repaid by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in the same currency as the maturing Loan (unless it arose as a result of the operation of Clause 6.2
(*Unavailability of a currency*)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) in whole or in part for the purpose of refinancing the maturing Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the proportion borne by each Lender's participation in the maturing Loan to the amount of that maturing
Loan is the same as the proportion borne by that Lender's participation in the new Loan to the aggregate amount of those new Loan,

the aggregate amount of the new Loan shall, unless the Company notifies the Agent to the contrary in the relevant Utilisation Request, be treated as if applied in or towards repayment of the maturing Loan so that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if the amount of the maturing Loan exceeds the aggregate amount of the new Loan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Company will only be required to make a payment under Clause 31.1 (*Payments to the Agent*) in an
amount in the relevant currency equal to that excess; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) each Lender's participation in the new Loan shall be treated as having been made available and applied by
the Company in or towards repayment of that Lender's participation in the maturing Loan and that Lender will not be required to make a payment under Clause 31.1 (*Payments to the Agent*) in respect of its participation in the new Loan;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if the amount of the maturing Loan is equal to or less than the aggregate amount of the new Loan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Company will not be required to make a payment under Clause 31.1 (*Payments to the Agent*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) each Lender will be required to make a payment under Clause 31.1 (*Payments to the Agent*) in respect of
its participation in the new Loan only to the extent that its participation in the new Loan exceeds that Lender's participation in the maturing Loan and the remainder of that Lender's participation in the new Loan shall be treated as
having been made available and applied by the Company in or towards repayment of that Lender's participation in the maturing Loan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time when a Lender becomes a Defaulting Lender, the maturity date of each of the participations of that
Lender in the Loans then outstanding will be automatically extended to the relevant Termination Date and will be treated as separate Loans (the "**Separate Loans**") denominated in the currency in which the relevant participations are
outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company to whom a Separate Loan is outstanding may prepay that Separate Loan by giving not less than five
(5) Business Days' prior notice to the Agent. The Agent will forward a copy of a prepayment notice received in accordance with this paragraph (c) to the Defaulting Lender concerned as soon as practicable on receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Interest in respect of a Separate Loan will accrue for successive Interest Periods selected by the Company by
the time and date specified by the Agent (acting reasonably) and will be payable by the Company to the Agent (for the account of that Defaulting Lender) on the last day of each Interest Period of that Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The terms of this Agreement relating to Loans generally shall continue to apply to Separate Loans other than to
the extent inconsistent with paragraphs (a) to (d) above, in which case those paragraphs shall prevail in respect of any Separate Loan.

**7.3.** **Repayment on the Termination Date** 

On the Termination Date, the Company must repay all Loans together with all other sums due and outstanding under the Finance Documents.

**8.** **VOLUNTARY PREPAYMENT AND CANCELLATION** 

**8.1.** **Voluntary cancellation** 

The Company may, if it gives the Agent not less than three (3) Business Days' (or such shorter period as the Majority Lenders may agree) prior written notice, cancel the whole or any part (being a minimum amount of USD 5,000,000) of the Available Facility. Any cancellation under this Clause 8.1 shall reduce the Commitments of the Lenders rateably under the Facility.

**8.2.** **Voluntary prepayment of Loans** 

The Company may, if it gives the Agent not less than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a Loan which is a Term Rate Loan, three (3) Business Days' (or such shorter period as
the Majority Lenders may agree) prior written notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a Loan which is a Compounded Rate Loan, ten (10) RFR Banking Days' (or such shorter
period as the Majority Lenders and the Agent may agree) prior notice,

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prepay the whole or any part of a Loan under the Facility. In the case of partial prepayment of the Facility, such prepayment must be made in an amount that reduces the Base Currency Amount of the Loan by a minimum amount of USD 5,000,000.

**8.3.** **Right of cancellation and repayment in relation to a single Lender** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 15.2
(*Tax gross-up*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Lender claims indemnification from the Company under Clause 15.3 (*Tax indemnity*) or Clause 16.1
(*Increased costs*),

the Company may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent notice of cancellation of the Commitment(s) of that Lender and its intention to procure the repayment of that Lender's participation in the Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On receipt of a notice referred to in paragraph (a) above in relation to a Lender, the Commitment(s) of
that Lender shall immediately be reduced to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On the last day of each Interest Period which ends after the Company has given notice of cancellation under
paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Company in that notice), the Company to which a Loan is outstanding shall repay that Lender's participation in that Loan together with all interest and
other amounts accrued under the Finance Documents.

**8.4.** **Right of cancellation in relation to a Defaulting Lender** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Lender becomes a Defaulting Lender, the Company may, at any time whilst the Lender continues to be a
Defaulting Lender, give the Agent three (3) Business Days' notice of cancellation of each Available Commitment of that Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the notice referred to in paragraph (a) above becoming effective, each Available Commitment of the
Defaulting Lender shall immediately be reduced to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent shall as soon as practicable after receipt of a notice referred to in paragraph (a) above,
notify all the Lenders.

**9.** **MANDATORY PREPAYMENT AND CANCELLATION** 

**9.1.** **Change of Control** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the purposes of this Clause 9.1:

a "**Change of Control**" means:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prior to an IPO, if the Parent Entities either collectively or individually cease to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) have the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) cast, or control the casting of, more than 66.67% of the maximum number of votes that might be cast at a
general meeting of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) appoint or remove all, or the majority, of the directors or other equivalent officers of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) hold beneficially more than 66.67% of the issued share capital of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) following an IPO:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if any person or group of persons (other than the Parent Entities) acting in concert owns or controls (directly
or indirectly), beneficially or of record, more than 33.33% of the shares or the voting rights in Listco; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Listco ceases to own all of the voting rights in the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company ceases to own all shares in HMH (Netherlands) B.V.

"**acting in concert**" means, a group of persons who, pursuant to an agreement or understanding (whether formal or informal), actively co-operate, through the acquisition directly or indirectly of shares in the Company by any of them, either directly or indirectly, to obtain or consolidate control of the Company.

"**De-Listing Event**" means, after the completion of an IPO, if the shares of the Company or Listco cease to be listed on an Exchange.

"**Exchange**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any regulated market as such term is understood in accordance with the Markets in Financial Instruments
Directive 2014/65/EU (MiFID II) and Regulation (EU) No. 600/2014 on markets in financial instruments (MiFIR); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Nasdaq Stock Market (including the Nasdaq Global Select Market, the Nasdaq Global Market and the Nasdaq
Capital Market), the New York Stock Exchange or any other national securities exchange under the U.S. Securities Exchange Act of 1934, as amended.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company must promptly inform the Agent if it becomes aware of any Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After the Change of Control has occurred, the Company will enter into negotiations with the Agent for a period
of up to sixty (60) days to seek to determine a basis satisfactory to all of the Lenders on which the Facility may be continued. Following such period, if no agreement is reached, the Agent must, if so required by a Lender, by ten
(10) days' written notice to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) cancel the Commitment of that Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) declare the participation of that Lender in all outstanding Loans, together with accrued interest and all other
amounts accrued under the Finance Documents, to be immediately due and payable, whereupon the Commitments of that Lender will be cancelled and all such Loans and amounts will become immediately due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any such notice from the Agent to the Company made in accordance with paragraph (c) above will take effect
at the end of the ten (10) day period.

**9.2.** **Illegality** 

If, in any applicable jurisdiction, it becomes unlawful for any Lender (or for any Affiliate of a Lender for that Lender) to perform any of its obligations as contemplated by this Agreement or to fund, issue or maintain its participation in any Loan or it becomes unlawful for any Affiliate of a Lender for that Lender to do so or any act or omission of the Company (or another Relevant Person) causes a breach of Sanctions by a Finance Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that Lender shall promptly notify the Agent upon becoming aware of that event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon the Agent notifying the Company, each Available Commitment of that Lender will be immediately cancelled;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the extent that the Lender's participation has not been transferred pursuant to Clause 37.5
(*Replacement or repayment of a Lender*), the Company shall repay that Lender's participation in the Loans made to the Company on the last day of the Interest Period for each Loan occurring after the Agent has notified the Company or, if
earlier, the date specified by the Lender in the notice delivered to the Agent (being no earlier than the last day of any applicable grace period permitted by law) and that Lender's corresponding Commitment(s) shall be cancelled in the amount
of the participations repaid.

**9.3.** **Disposals** 

Upon the occurrence of the sale of all or substantially all of the assets of the Group (excluding for the voidance of doubt the Real Property Sale) whether in a single transaction or a series of related transactions, the Facility will be immediately cancelled and shall immediately cease to be available for further utilisation and all Loans, accrued interest and other amounts under the Finance Documents, shall become immediately due and payable.

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**9.4.** **Bond Issue headroom** 

If at any time the Total Commitments exceed 40% of the principal amount of the outstanding Bonds (less any amount of Bonds held by a member of the Group), then the Company shall immediately, and in any event prior to or simultaneously with the completion of any call or put option or redemption or buy back of Bonds (however described) that would otherwise result in such event, cancel Commitments (for each Lender, pro rata for such Lender's share of the Commitments) in the amounts required to ensure that the Total Commitments does not exceed such amount and (if relevant) prepay Loans in excess of the Commitments after such cancellation.

**10.** **RESTRICTIONS** 

**10.1.** **Notices of cancellation or prepayment** 

Any notice of cancellation or prepayment given by any Party under Clause 8 (*Voluntary prepayment and cancellation*) or Clause 9 (*Mandatory prepayment and cancellation*) shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment.

**10.2.** **Interests and other amounts** 

Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to any Break Costs, without premium or penalty.

**10.3.** **Reborrowing** 

Unless a contrary indication appears in this Agreement, any part of the Facility which is repaid or prepaid (other than any amount being prepaid under Clause 9 (*Mandatory prepayment and cancellation*)) may be reborrowed in accordance with the terms of this Agreement.

**10.4.** **Prepayment in accordance with Agreement** 

The Company may not repay or prepay all or any part of the Loans or cancel all or any part of the Commitments except at the times and in the manner expressly provided for in this Agreement.

**10.5.** **No reinstatement of Commitments** 

Subject to Clause 2.2 (*Increase due to cancellation*), no amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated.

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**10.6.** **Agent's receipt of Notices** 

If the Agent receives a notice under Clause 8 (*Voluntary prepayment and cancellation*) and Clause 9 (*Mandatory prepayment and cancellation*), it shall promptly forward a copy of that notice to either the Company or the affected Lender, as appropriate

**10.7.** **Effect of repayment and prepayment on Commitments** 

If all or a part of any Lender's participation in a Loan is repaid or prepaid and is not available for redrawing pursuant to the terms of this Agreement (other than by operation of Clause 4.2 (*Further conditions precedent*)), an amount of that Lender's Commitment (equal to the Base Currency Amount of the amount of the participation which is repaid or prepaid) will be deemed to be cancelled on the date of repayment or prepayment.

**10.8.** **Application of prepayments** 

Any prepayment of a Loan other than a prepayment pursuant to Clause 8.3 (*Right of cancellation and repayment in relation to a single Lender*) or 9.2 (*Illegality*) shall be applied pro rata to each Lender's participation in that Loan.

**11.** **INTEREST** 

**11.1.** **Calculation of interest – Term Rate Loans** 

The rate of interest on each Term Rate Loan for each Interest Period is the percentage rate per annum which is the aggregate of the applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Margin; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Term Reference Rate.

**11.2.** **Calculation of interest – Compounded Rate Loans** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The rate of interest on each Compounded Rate Loan for any day during an Interest Period is the percentage rate
per annum which is the aggregate of the applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Margin; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Compounded Reference Rate for that day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any day during an Interest Period for a Compounded Rate Loan is not an RFR Banking Day, the rate of interest
on that Compounded Rate Loan for that day will be the rate applicable to the immediately preceding RFR Banking Day.

**11.3.** **Payment of interest** 

The Company shall pay accrued interest on that Loan on the last day of each relevant Interest Period (and, if the Interest Period is longer than six (6) Months, on the dates falling at six-monthly intervals after the first day of the Interest Period).

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**11.4.** **Margin adjustments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Margin in relation to each Loan shall be reset as set out in this Clause 11.4 on the date falling five
(5) Business Days after the date on which the Agent receives the Company's consolidated financial statements for the last quarter and relevant compliance certificate in accordance with Clause 22.1 (*Financial Statements*) and 22.2
(*Compliance Certificate*) respectively (for the purposes of this Clause 11.4, such date a "**Margin Reset Date** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Margin in relation to each Loan shall be as follows depending on the applicable Leverage Ratio:

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| | |
|:---|:---|
| **Leverage Ratio** | **Margin** |
|  **Greater than 2.5x** | 4.00% |
|  **Greater than 1.75x but less than or equal to 2.5x** | 3.50% |
|  **Greater than 1.0x but less than or equal to 1.75x** | 3.25% |
|  **Less than or equal to 1.0x** | 3.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If an Event of Default has occurred and for so long as it is continuing, the Margin shall be the highest rate
set out above for each Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the compliance certificate relating to the relevant annual audited financial statements of the Group shows
that a higher rate of Margin should have applied during a certain period, then the Company shall pay to the Agent (for further distribution to the Lenders) the amount necessary to put the Lender(s) in the position they would have been in had the
appropriate Margin applied during such period.

**11.5.** **Default interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Company fails to pay any amount payable by it under a Finance Document on its due date, interest shall
accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph b) below, is one point fifty per cent. (1.50%) per annum higher than the rate which would have
been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent
(acting reasonably). Any interest accruing under this Clause 11.5 shall be immediately payable by the Company on demand by the Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any overdue amount consists of all or part of a Term Rate Loan which became due on a day which was not the
last day of an Interest Period relating to that Term Rate Loan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the
current Interest Period relating to that Term Rate Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one point fifty
per cent. (1.50%) per annum higher than the rate which would have applied if the overdue amount had not become due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end
of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

**11.6.** **Notifications** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent shall promptly notify the relevant Lenders and the Company of the determination of a rate of interest
relating to a Term Rate Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall promptly upon a Compounded Rate Interest Payment being determinable notify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the relevant Borrower of that Compounded Rate Interest Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each relevant Lender of the proportion of that Compounded Rate Interest Payment which relates to that
Lender's participation in the relevant Compounded Rate Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the relevant Lenders and the Company of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) each applicable rate of interest relating to the determination of that Compounded Rate Interest Payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) to the extent it is then determinable, the Market Disruption Rate (if any) relating to the relevant Compounded
Rate Loan.

This paragraph (b) shall not apply to any Compounded Rate Interest Payment determined pursuant to Clause 13.4 (*Cost of funds*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent shall promptly notify the Company of each Funding Rate relating to a Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Agent shall promptly notify the relevant Lenders and the Company of the determination of a rate of interest
relating to a Compounded Rate Loan to which Clause 13.4 (*Cost of funds*) applies.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Clause 11.6 shall not require the Agent to make any notification to any Party on a day which is not a
Business Day.

**11.7.** **Interest Rate Limitation** 

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 which are treated as interest on such Loan under applicable law (collectively the "**Charges**"), shall exceed the maximum lawful rate (the "**Maximum Rate**") which 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, 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 Clause 11.7 shall be cumulated and the interest and Charges payable to such Lender in respect of other Loan or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Maximum Rate (to the extent permitted by applicable law) to the date of repayment, shall have been received by such Lender.

**12.** **INTEREST PERIODS** 

**12.1.** **Selection of Interest Periods** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may select an Interest Period for a Loan in the Utilisation Request for that Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to this Clause 12, with respect to any Term Rate Loan, the Company may select an Interest Period of one
(1), two (2), three (3) or six (6) Months or any other period agreed between the Company and the Agent (acting on the instructions of all the Lenders) in relation to the relevant Loan, provided that no more than two (2) Loans with
Interest Periods of one (1) month may be elected during any period of twelve (12) months; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to this Clause 12, with respect to any Compounded Rate Loan, a Borrower (or the Company) may select an
Interest Period of one (1), three (3) or six (6) Months or any other period agreed between the Company and the Agent (acting on the instruction of the Majority Lenders) in relation to the relevant Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If no Interest Period has been selected in respect of a Loan, the Interest Period for such Loan will be three
(3) Months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Interest Period for a Loan shall start on the applicable Utilisation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Interest Period shall, subject to paragraph (g) below and any adjustments in accordance with Clause
12.2 (*Non-Business Days*), end on the last Quarter Date in the applicable Interest Period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) An Interest Period for a Loan shall not extend beyond the Termination Date applicable to the Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) A Loan has one (1) Interest Period only.

**12.2.** **Non-Business Days** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will
instead end on the next Business Day in that calendar Month (if there is one) or the preceding Business Day (if there is not).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding paragraph (a) above, any rules specified as "Business Day Conventions" in the
applicable Reference Rate Terms for a Loan or Unpaid Sum shall apply to each Interest Period for that Loan or Unpaid Sum.

**13.** **CHANGES TO THE CALCULATION OF INTEREST** 

**13.1.** **Interest calculation if no Primary Term Rate** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Interpolated Primary Term Rate*: If no Primary Term Rate is available for the Interest Period of a Term
Rate Loan, the applicable Term Reference Rate shall be the Interpolated Primary Term Rate for a period equal in length to the Interest Period of that Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Historic Primary Term Rate*: If paragraph (a) above applies but no Primary Term Rate is available
for the Interest Period of that Loan and it is not possible to calculate the Interpolated Primary Term Rate, the applicable Term Reference Rate shall be the Historic Primary Term Rate for that Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Compounded Reference Rate or cost of funds*: If paragraph (b) above applies but no Historic Primary
Term Rate is available for the Interest Period of the Loan then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if there are no Reference Rate Terms for the currency of that Loan, Clause 13.4 (*Cost of funds*) shall
apply to that Loan for that Interest Period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if "  ***Compounded Reference Rate will apply as a fallback***" is specified in the Reference
Rate Terms for that Loan and there are Reference Rate Terms applicable to Compounded Rate Loans in the relevant currency:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) there shall be no Term Reference Rate for that Loan for that Interest Period and Clause 11.1 (*Calculation of interest—Term Rate Loans*) will not apply to that Loan for that Interest Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) that Loan shall be a "Compounded Rate Loan" for that Interest Period and Clause 11.2
(*Calculation of interest—Compounded Rate Loans*) shall apply to that Loan for that Interest Period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) "  ***Compounded Reference Rate will not apply as a fallback***" and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) "  ***Cost of funds will apply as a fallback*** ",

are specified in the Reference Rate Terms for that Loan, Clause 13.4 (*Cost of funds*) shall apply to that Loan for that Interest Period.

**13.2.** **Interest calculation if no RFR or Central Bank Rate** 

If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) there is no applicable RFR or Central Bank Rate for the purposes of calculating the Daily Non-Cumulative Compounded RFR Rate for an RFR Banking Day during an Interest Period for a Compounded Rate Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "  ***Cost of funds will apply as a fallback***" is specified in the Reference Rate Terms for
that Loan,

Clause 13.4 (*Cost of funds*) shall apply to that Loan for the relevant Interest Period.

**13.3.** **Market disruption** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If, for any Term Rate Loan before close of business in Oslo on the Quotation Day for the relevant Interest
Period, the Agent receives notifications from a Lender or Lenders (whose participations in a Loan exceed thirty per cent. (30.00%) of that Loan) that the cost to it of funding its participation in that Loan from the wholesale market for the relevant
currency would be in excess of the applicable Screen Rate, then Clause 13.4 (*Cost of funds*) shall apply to that Loan for the relevant Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, for any Compounded Rate Loan, before the Reporting Time for that Loan the Agent receives notifications from
a Lender or Lenders (whose participations in that Loan exceed thirty per cent. (30%) of that Loan) that its cost of funds relating to its participation in that Loan would be in excess of that Market Disruption Rate, then Clause 13.4 (*Cost of funds*) shall apply to that Loan for the relevant Interest Period.

**13.4.** **Cost of funds** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If this Clause 13.4 applies to a Loan for an Interest Period neither Clause 11.1 (*Calculation of interest – Term Rate Loans*) nor Clause 11.2 (*Calculation of interest – Compounded Rate Loans*) shall apply to that Loan for that Interest Period and, the rate of interest on each Lender's share of that Loan for that relevant
Interest Period shall be the percentage rate per annum which is the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the applicable Margin; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the weighted average of the rates notified to the Agent by each Lender as soon as practicable and in any event
by close of business in London on the

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date falling two (2) Business Days after the Quotation Day for any Term Rate Loan or the Reporting Time for any Compounded Rate Loan, to be that which expresses as a percentage rate per annum the cost to the relevant Lender of funding its participation in that Loan from whatever source it may reasonably select.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If this Clause 13.4 (*Cost of funds*) applies and the Agent or the Company so requires, the Agent and the
Company shall enter into negotiations (for a period of not more than thirty (30) days) with a view to agreeing a substitute basis for determining the rate of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any alternative basis agreed pursuant to paragraph (b) above shall, with the prior consent of all the
Lenders and the Company, be binding on all Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If this Clause 13.4 applies pursuant to Clause 13.3 (*Market disruption*) and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in relation to a Term Rate Loan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a Lender's Funding Rate is less than NIBOR or EURIBOR (as applicable); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a Lender does not notify a rate to the Agent by the time specified in paragraph (a)(ii) above,

that Lender's cost of funds relating to its participation in that Loan for that Interest Period shall be deemed, for the purposes of paragraph (a) above, to be NIBOR or EURIBOR (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in relation to a Compounded Rate Loan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a Lender's Funding Rate is less than the relevant Market Disruption Rate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a Lender does not notify a rate to the Agent by the relevant Reporting Time,

that Lender's cost of funds relating to its participation in that Loan for that Interest Period shall be deemed, for the purposes of paragraph (a) above, to be the Market Disruption Rate for that Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to paragraph (d) above if this Clause 13.4 (*Cost of funds*) applies but any Lender does not
notify a rate to the Agent by time period specified in paragraph (a)(ii) above the relevant Loan the rate of interest shall be calculated on the basis of the rates notified by the remaining Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If Clause 13.4 (*Cost of funds*) applies the Agent shall, as soon as possible, notify the Company.

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**13.5.** **Break Costs and prepayment fee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall, within three (3) Business Days of demand by a Finance Party, pay to that Finance Party
its Break Costs attributable to all or any part of a Term Rate Loan or Unpaid Sum being paid by the Company on a day other than the last day of an Interest Period for that Term Rate Loan or Unpaid Sum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate
confirming the amount of its Break Costs for any Interest Period in which they accrue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a Compounded Rate Loan is repaid or prepaid prior to the last day of its Interest Period (other than as a
result of a mandatory prepayment) (a "**Breakage Event** "), the Company shall pay to the Agent (for the account of the Agent) a prepayment fee of EUR 3,000 in respect of each Breakage Event. Such prepayment fee shall be payable within
three (3) Business Days of demand by the Agent and no prepayment fee shall be payable for the two first Breakage Events under this Agreement.

**14.** **FEES** 

**14.1.** **Commitment fee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall pay to the Agent (for the account of each Lender) a fee in USD computed at the rate per annum
of forty per cent. (40.00%) of the applicable Margin on that Lender's Available Commitment under the Facility during the Availability Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The accrued commitment fee is payable on the last day of each successive Quarter Date which ends during the
relevant Availability Period, on the last day of the relevant Availability Period and, if cancelled in full, on the cancelled amount of the relevant Lender's Commitment at the time the cancellation is effective.

**14.2.** **Agency fee** 

The Company shall pay to the Agent (for its own account) an agency fee in the amount and at the times agreed in a Fee Letter.

**14.3.** **Arrangement fee** 

The Company shall pay to the Agent (for distribution to the Arranger) an arrangement fee in the amount and at the times agreed in a Fee Letter.

**14.4.** **No fees to a Defaulting Lender** 

No fees are payable to the Agent (for the account of a Lender) under this Clause 14 for any day on which that Lender is a Defaulting Lender.

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**15.** **TAX GROSS UP AND INDEMNITIES** 

**15.1.** **Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In this Agreement:

"**Protected Party**" means a Finance Party which is or will be subject to any liability, or required to make any payment, for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance Document.

"**Tax Credit**" means a credit against, relief or remission for, or repayment of any Tax.

"**Tax Deduction**" means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction.

"**Tax Payment**" means either the increase in a payment made by an Obligor to a Finance Party under Clause 15.2 (*Tax gross-up*) or a payment under Clause 15.3 (*Tax indemnity*).

"**US Withholding Tax Form**" means whichever of the following is relevant (including in each case any successor form):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) IRS Form W-8BEN or W-8BEN-E

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) IRS Form W-8IMY (with appropriate attachments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) IRS Form W-8ECI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) IRS Form W-8EXP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) IRS Form W-9;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) in the case of a Lender relying on the so-called "portfolio
interest exemption," IRS Form W-8BEN or W-8BEN-E and a certificate to the effect that such Lender is not (1) a
"bank" described in section 881(c)(3)(A) of the Code, (2) a "10 percent shareholder" of the relevant Obligor within the meaning of section 881(c)(3)(B) of the Code, or (3) a "controlled foreign
corporation" described in section 881(c)(3)(C) of the Code, or;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any other IRS form by which a person may claim complete exemption from, or reduction in the rate of,
withholding (including backup withholding) of US federal income tax on interest and other payments to that person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless a contrary indication appears, in this Clause 15 a reference to "**determines**" or
" **determined**" means a determination made in the absolute discretion of the person making the determination.

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**15.2.** **Tax gross-up** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is
required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall promptly upon becoming aware that an it must make a Tax Deduction (or that there is any
change in the rate or the basis of a Tax Deduction) notify the Agent accordingly. Similarly, a Lender shall notify the Agent on becoming so aware in respect of a payment payable to that Lender. If the Agent receives such notification from a Lender
it shall notify the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a Tax Deduction is required by law to be made by the Company, the amount of the payment due from the Company
shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required other than to the extent such Tax Deduction is attributable to or results
from a Lender's failure to provide the form, withholding statement or other document, authorisation or waiver required pursuant to Clause 15.9 (*US Withholding Tax Forms*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Company is required to make a Tax Deduction, the Company shall make that Tax Deduction and any payment
required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Within thirty (30) days of making either a Tax Deduction or any payment required in connection with that
Tax Deduction, the Company shall deliver to the Agent for the Finance Party entitled to the payment evidence reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the
relevant taxing authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A Lender and the Company shall co-operate in completing any procedural
formalities necessary for the Company to obtain authorisation to make that payment without a Tax Deduction.

**15.3.** **Tax indemnity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall (within three (3) Business Days of demand by the Agent) pay to a Protected Party an
amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly or indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph (a) above shall not apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to any Tax assessed on a Finance Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the
jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) under the law of the jurisdiction in which that Finance Party's Facility Office is located in respect of
amounts received or receivable in that jurisdiction,

if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by that Finance Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the extent a loss, liability or cost:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) is compensated for by an increased payment under Clause 15.2 (*Tax gross-up*) (or would have been compensated for under Clause 15.2 (Tax gross-up) but was not so compensated solely because any of the exclusions in such clause); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) relates to a FATCA Deduction required to be made by a Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Protected Party making, or intending to make, a claim under paragraph (a) above shall promptly notify
the Agent of the event which will give, or has given, rise to the claim, following which the Agent shall notify the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A Protected Party shall, on receiving a payment from the Company under this Clause 15.3, notify the Agent.

**15.4.** **Tax Credit** 

If the Company makes a Tax Payment and the relevant Finance Party determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax Payment
or to a Tax Deduction in consequence of which that Tax Payment was required; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that Finance Party has obtained and utilised that Tax Credit,

the Finance Party shall pay an amount to the Company which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by the Company.

**15.5.** **Stamp taxes** 

The Company shall pay and, within three (3) Business Days of demand, indemnify each Finance Party against any cost, loss or liability that Finance Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document.

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**15.6.** **VAT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All amounts expressed to be payable under a Finance Document by any Party to a Finance Party which (in whole or
in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply, and accordingly, subject to paragraph b) below, if VAT is or becomes chargeable on any supply made by any
Finance Party to any Party under a Finance Document and such Finance Party is required to account to the relevant tax authority for the VAT, that Party must pay to such Finance Party (in addition to and at the same time as paying any other
consideration for such supply) an amount equal to the amount of the VAT (and such Finance Party must promptly provide an appropriate VAT invoice to that Party).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If VAT is or becomes chargeable on any supply made by any Finance Party (the "**Supplier**") to
any other Finance Party (the "**Recipient**") under a Finance Document, and any Party other than the Recipient (the "**Relevant Party**") is required by the terms of any Finance Document to pay an amount equal to the
consideration for that supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (where the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant
Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the amount of the VAT. The Recipient must (where this sub-paragraph (i) applies) promptly pay to
the Relevant Party an amount equal to any credit or repayment the Recipient receives from the relevant tax authority which the Recipient reasonably determines relates to the VAT chargeable on that supply; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (where the Recipient is the person required to account to the relevant tax authority for the VAT) the Relevant
Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT chargeable on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from
the relevant tax authority in respect of that VAT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost or expense,
that Party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that such Finance Party reasonably determines that it is
entitled to credit or repayment in respect of such VAT from the relevant tax authority.

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**15.7.** **FATCA information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraph (c) below, each Party shall, within ten (10) Business Days of a reasonable
request by another Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) confirm to that other Party whether it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a FATCA Exempt Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) not a FATCA Exempt Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) supply to that other Party such forms, documentation and other information relating to its status under FATCA
as that other Party reasonably requests for the purposes of that other Party's compliance with FATCA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) supply to that other Party such forms, documentation and other information relating to its status as that other
Party reasonably requests for the purposes of that other Party's compliance with any other law, regulation, or exchange of information regime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA Exempt Party and it
subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Paragraph (a) above shall not oblige any Finance Party to do anything, and paragraph (a)(iii) above shall
not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a breach of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any fiduciary duty; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any duty of confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or
other information requested in accordance with paragraph (a)(i) or (a)(ii) above (including, for the avoidance of doubt, where paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and
payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Company is a US Tax Obligor or the Agent reasonably believes that its obligations under FATCA or any
other applicable law or regulation require it, each Lender shall, within ten (10) Business Days of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where the Company is a US Tax Obligor and the relevant Lender is an Original Lender, a request from the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on a date on which any other Lender becomes a Party as a Lender, that date;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) where the Company is not a US Tax Obligor, the date of a request from the Agent,

supply to the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a withholding certificate on IRS Form W-8, IRS Form W-9 or any other relevant form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any withholding statement or other document, authorisation or waiver as the Agent may require to certify or
establish the status of such Lender under FATCA or that other law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Agent shall provide any withholding certificate, withholding statement, document, authorisation or waiver
it receives from a Lender pursuant to paragraph (e) above to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If any withholding certificate, withholding statement, document, authorisation or waiver provided to the Agent
by a Lender pursuant to paragraph e) above is or becomes materially inaccurate or incomplete, that Lender shall promptly update it and provide such updated withholding certificate, withholding statement, document, authorisation or waiver to the
Agent unless it is unlawful for the Lender to do so (in which case the Lender shall promptly notify the Agent). The Agent shall provide any such updated withholding certificate, withholding statement, document, authorisation or waiver to the
Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Agent may rely on any withholding certificate, withholding statement, document, authorisation or waiver it
receives from a Lender pursuant to paragraph (e) or (g) above without further verification. The Agent shall not be liable for any action taken by it under or in connection with paragraphs (e), (f) or (g) above.

**15.8.** **FATCA Deduction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection
with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change
in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the payment and, in addition, shall notify the Company and the Agent and the Agent shall notify the other Finance Parties.

**15.9.** **US Withholding Tax Forms** 

On or prior to the date on which a Lender or Agent becomes a Party to this Agreement (and from time to time thereafter upon the request of such Borrower or the Agent, as applicable,

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or on or before a change in facts that causes the contents of any previously delivered US Withholding Tax Form to become inaccurate), such Lender or Agent shall provide to each such Borrower and Agent, as applicable, two (2) copies of properly completed US Withholding Tax Forms. However, no Lender or Agent shall be required to submit any US Withholding Tax Form if that Lender or Agent is not legally entitled to do so.

**16.** **INCREASED COSTS** 

**16.1.** **Increased costs** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Clause 16.3 (*Exceptions*) the Company shall, within three (3) Business Days of a demand
by the Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of its Affiliates as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the introduction of or any change in (or in the interpretation, administration or application of) any law or
regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) compliance with any law or regulation made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any change in the implementation or application of, or compliance with, Basel III or CRD IV; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the implementation or application of or compliance with the Dodd-Frank Wall Street Reform and Consumer
Protection Act (the "**Dodd-Frank Act**") and any requests, rules, guidelines or directives made under, or issued in connection with, the Dodd-Frank Act,

in each case, after the Original Signing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In this Agreement:

"**Basel III**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The agreements on capital requirements, a leverage ratio and liquidity standards contained in "Basel III:
A global regulatory framework for more resilient banks and banking systems", "Basel III: International framework for liquidity risk measurement, standards and monitoring" and "Guidance for national authorities operating the
countercyclical capital buffer" published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or restated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the rules for global systemically important banks contained in "Global systemically important banks:
assessment methodology and the additional loss absorbency requirement – Rules text" published by the Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any further guidance or standards published by the Basel Committee on Banking Supervision relating to
"Basel III".

"**CRD IV**" means EU CRD IV and UK CRD IV.

"**EU CRD IV**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential
requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the
activity of credit institutions and the prudential supervision of credit institutions and investment firms amending Directive 2002/87/EC and repealing Directive 2006/48/EC and 2006/49/EC.

"**Increased Costs**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a reduction in the rate of return from the Facility or on a Finance Party's (or its Affiliate's)
overall capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an additional or increased cost; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a reduction of any amount due and payable under any Finance Document,

which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitment or funding or performing its obligations under any Finance Document.

"**UK CRD IV**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) CRR as it forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act
2018 (the "**Withdrawal Act** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the law of the United Kingdom or any part of it, which immediately before IP completion day (as defined in the
European Union (Withdrawal Agreement) Act 2020 ()"**WAA** ")) implemented CRD and its implementing measures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) direct EU legislation (as defined in the Withdrawal Act), which immediately before IP completion day (as
defined in the WAA) implemented EU CRD IV as it forms part of domestic law of the United Kingdom by virtue of the Withdrawal Act; and

any law or regulation of the United Kingdom which introduces into domestic law of the United Kingdom a provision which is equivalent to a provision set out in CRR or CRD and/or implements Basel III standards.

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**16.2.** **Increased cost claims** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Finance Party intending to make a claim pursuant to Clause 16.1 (*Increased costs*) shall notify the
Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming
the amount of its Increased Costs.

**16.3.** **Exceptions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Clause 16.1 (*Increased costs*) does not apply to the extent any Increased Cost is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) attributable to a Tax Deduction required by law to be made by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) attributable to a FATCA Deduction required to be made by a Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) compensated for by Clause 15.3 (*Tax indemnity*) (or would have been compensated for under Clause 15.3
(*Tax indemnity*) but was not so compensated solely because any of the exclusions in paragraph (b) of Clause 15.3 (*Tax indemnity*) applied);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) attributable to the implementation or application of or compliance with the "International Convergence of
Capital Measurement and Capital Standards, a Revised Framework" published by the Basel Committee on Banking Supervision in June 2004 in the form existing on the Original Signing Date ()"**Basel II**") or any other law or
regulation which implements Basel II (whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates). For the avoidance of doubt, the definition of Basel II shall not be construed to
include any Increased Cost attributable to the implementation or application of or compliance with Basel III or CRD IV (each as defined in paragraph (b) of Clause 16.1 (*Increased Costs*)); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In this Clause 16.3, a reference to a "**Tax Deduction**" has the same meaning given to that
term in Clause 15.1 (*Definitions*).

**17.** **OTHER INDEMNITIES** 

**17.1.** **Currency indemnity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any sum due from an Obligor under the Finance Documents (a "**Sum** "), or any order, judgment
or award given or made in relation to a Sum, has to be converted from the currency (the "**First Currency**") in which that Sum is payable into another currency (the "**Second Currency**") for the purpose of:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) making or filing a claim or proof against that Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,

the Company shall as an independent obligation, within three (3) Business Days of demand, indemnify each Finance Party to whom that Sum is due against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available to that person at the time of its receipt of that Sum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a
currency or currency unit other than that in which it is expressed to be payable.

**17.2.** **Other indemnities** 

The Company shall, within three (3) Business Days of demand, indemnify each Finance Party against any cost, loss or liability incurred by that Finance Party as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the occurrence of any Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without
limitation, any cost, loss or liability arising as a result of Clause 30 (*Sharing among the Finance Parties*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) funding, or making arrangements to fund, its participation in a Loan requested by the Company in a Utilisation
Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other than by reason of default or negligence by that Finance Party alone);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment given by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any complaint, claim, proceeding, formal notice, investigation or other action by any regulatory authority or
enforcement authority or third party concerning any actual or alleged breach of Sanctions by any Finance Party in connection with (directly or indirectly) the Loan.

**17.3.** **Indemnity to the Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall promptly indemnify the Agent against any cost, loss or liability incurred by the Agent
(acting reasonably) as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) investigating any event which it reasonably believes is a Default;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and
appropriately authorised; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as
permitted under this Agreement.

**18.** **MITIGATION BY THE LENDERS** 

**18.1.** **Mitigation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Finance Party shall, in consultation with the Company, take all reasonable steps to mitigate any
circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 9.2 (*Illegality*), Clause 15 (*Tax gross-up and indemnities*) or Clause 16 (*Increased costs*), including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph (a) above does not in any way limit the obligations of the Company under the Finance Documents.

**18.2.** **Limitation of liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall promptly indemnify each Finance Party for all costs and expenses reasonably incurred by that
Finance Party as a result of steps taken by it under Clause 18.1 (*Mitigation*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Finance Party is not obliged to take any steps under Clause 18.1 (*Mitigation*) if, in the opinion of
that Finance Party (acting reasonably), to do so might be prejudicial to it.

**19.** **COSTS AND EXPENSES** 

**19.1.** **Transaction expenses** 

The Company shall promptly on demand pay to each Administrative Party the amount of all costs and expenses (including legal fees) reasonably incurred by any of them in connection with the negotiation, preparation, printing, execution and syndication of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this Agreement and any other documents referred to in this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other Finance Documents executed after the Original Signing Date.

**19.2.** **Amendment costs** 

If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company requests an amendment, waiver or consent; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an amendment is required pursuant to Clause 31.10 (*Change of currency*) or induced by operation of Clause
13 (*Changes to the calculation of interest*),

the Company shall, within three (3) Business Days of demand, reimburse the Agent for the amount of all costs and expenses (including legal fees) reasonably incurred by the Agent in responding to, evaluating, negotiating or complying with that request or requirement.

**19.3.** **Enforcement costs** 

The Company shall, within three (3) Business Days of demand, pay to each Finance Party the amount of all costs and expenses (including legal fees) incurred by that Finance Party in connection with the enforcement of, or the preservation of any rights under, any Finance Document.

**20.** **SECURITY** 

**20.1.** **Transaction Security** 

The Secured Obligations shall at all times be secured by the Transaction Security set out below, to be established in accordance with the Agreed Security Principles, Clause 24.21 (Conditions subsequent) and Clause 24.13 (*Material Subsidiaries*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) guarantees from each Material Subsidiary granted in the form of Guarantee Agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) first priority share charges or pledges over all the shares issued in any Material Subsidiary.

**20.2.** **Ranking and sharing of Transaction Security** 

**21.** **REPRESENTATIONS** 

The Company makes the representations and warranties set out in this Clause 21 to each Finance Party on the Amendment and Effective Date in respect of itself and each Obligor.

**21.1.** **Status** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor is a limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Obligor and each of the Material Subsidiaries are duly incorporated and validly existing under the law of
its jurisdiction of incorporation and has the power to own its assets and carry on its business as it is being conducted.

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**21.2.** **Binding obligations** 

Subject to any general principles of law limiting its obligations which are referred to in any legal opinion delivered pursuant to Clause 4 (*Conditions of Utilisation*), or Clause 27 (*Changes to the Obligors*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the obligations expressed to be assumed by an Obligor in each Finance Document are, legal, valid, binding and
enforceable obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Finance Document to which it an Obligor a party is in the proper form for its effective enforcement in the
jurisdiction of its incorporation.

**21.3.** **Non-conflict with other obligations** 

The entry into and performance by each Obligor of, and the transactions contemplated by, the Finance Documents do not conflict with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any law or regulation applicable to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) its or any of its Subsidiaries' constitutional documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any agreement or instrument binding upon it or any of its Subsidiaries or any of its or any of its
Subsidiaries' assets to the extent a conflict with it has or is reasonably likely to have a Material Adverse Effect.

**21.4.** **Power and authority** 

Each Obligor has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of, the Finance Documents to which it is a party and the transactions contemplated by those Finance Documents.

**21.5.** **Validity and admissibility in evidence** 

All Authorisations required by an Obligor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to enable it lawfully to enter into, exercise its rights and comply with its obligations in, and the
transactions contemplated by, the Finance Documents to which it is a party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to make the Finance Documents to which it is a party admissible in evidence in its jurisdiction of
incorporation,

have been obtained or effected (as appropriate) and are in full force and effect.

**21.6.** **Governing law and enforcement** 

Subject to any general principles of law limiting its obligations which are referred to in any legal opinion delivered pursuant to Clause 4 (*Conditions of Utilisation*) or Clause 27 (*Changes to the Obligors*):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the choice of governing law of the Finance Documents will be recognised and enforced in the jurisdiction of
incorporation of each Obligor, any jurisdiction where any asset subject to or intended to be subject to the Transaction Security Documents is located and any jurisdiction where an Obligor conducts any material part of its business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any judgment obtained in relation to a Finance Document in the jurisdiction of the governing law of that
Finance Document will be recognised and enforced in the jurisdiction of incorporation of each relevant Obligor, any jurisdiction where any asset subject to or intended to be subject to the Security Documents is located and any jurisdiction where an
Obligor conducts any material part of its business.

**21.7.** **Deduction of Tax** 

The Company is not required to make any Tax Deduction from any payment it may make under any Finance Document.

**21.8.** **No filing or stamp taxes** 

Under the law of the jurisdiction of incorporation of each Obligor it is not necessary that the Finance Documents be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration or similar tax be paid on or in relation to the Finance Documents or the transactions contemplated by the Finance Documents, other than statutory stamp duty, registration and notarial fees required in order to perfect the Transaction Security and make the Finance Documents admissible before any public agencies and courts in any relevant jurisdiction.

**21.9.** **No default** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Default is continuing or will result from the entry into of, or the performance of any transactions
contemplated by, any Finance Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No other event or circumstance is outstanding which constitutes a default under any other agreement or
instrument which is binding on an Obligor or any of its Subsidiaries or to which an Obligor (or any of its Subsidiaries') assets are subject which has or is reasonably likely to have a Material Adverse Effect.

**21.10.** **No misleading information** 

Save as disclosed in writing to the Agent, the Arrangers and/or the Lenders prior to the Original Signing Date, as at the Original Signing Date, the factual information contained in any written information provided by or on behalf of the Company to the Agent, the Arrangers and/or the Lenders for the purposes of this Agreement was true and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated (except to the extent updated prior to the Original Signing Date), opinions expressed about the Group were honestly held and all projections were based on assumptions considered to be reasonable as at their date and all such information, opinions and assumptions were provided in good faith and after due enquiry.

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**21.11.** **Financial statements** 

The audited financial statements most recently delivered to the Agent (which, in the case of the Company at the Original Signing Date, are the Original Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) have been prepared in accordance with GAAP, consistently applied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fairly represent its financial condition (consolidated, if applicable) as at the date to which they were drawn
up,

except, in each case, as disclosed to the contrary in those financial statements.

**21.12.** **Pari passu ranking** 

The payment obligations of the Obligors under the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally.

**21.13.** **No proceedings pending or threatened** 

No litigation, arbitration or administrative proceedings (other than frivolous or vexatious claims) of or before any court, arbitral body or agency which, if adversely determined, have or is reasonably likely to have a Material Adverse Effect have (to its knowledge) been started or threatened against it or any of its Subsidiaries.

**21.14.** **Security and Indebtedness** 

There is no Security over any of its or its Subsidiaries' assets other than as permitted under Clause 24.5 (*Negative pledge*) and no member of the Group has any Financial Indebtedness outstanding other than as permitted by this Agreement.

**21.15.** **Immunity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The entry into by each Obligor of each Finance Document constitutes, and the exercise by them of their rights
and performance of its obligations under each Finance Document will constitute, private and commercial acts performed for private and commercial purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Obligor will be entitled to claim immunity from suit, execution, attachment or other legal process in any
proceedings taken it its jurisdiction of incorporation in relation to any Finance Document.

**21.16.** **Sanctions** 

No Relevant Person is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Restricted Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in breach of Sanctions;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) engaged in any trade, business or other activities with or for the benefit of any Restricted Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject to or involved in any complaint, claim, proceeding, formal notice, investigation or other action by any
regulatory or enforcement authority or third party concerning any Sanctions.

**21.17.** **Anti-corruption laws** 

Each member of the Group has conducted and shall conduct its business with the aim of complying with all applicable anti-corruption laws and has instituted and maintained adequate policies and procedures designed to promote and achieve compliance with such laws.

**21.18.** **Anti-Money Laundering Laws** 

The Company, its Subsidiaries and their respective officers and directors and, to the knowledge of the Company and its employees, are in compliance in all respects with anti-money laundering laws and have conducted their businesses in compliance with applicable anti-corruption laws and have instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.

**21.19.** **Margin Regulations** 

No part of the proceeds of any Loan is being used for "buying" or "carrying" (within the meaning of Regulation T, U or X) any Margin Stock or for any purpose which violates the provisions of the regulations of the Federal Reserve Board; additionally, following the application of the proceeds of each Loan, not more than 25 percent of the value of the assets of the Obligors (on a consolidated basis) is to be invested in Margin Stock.

**21.20.** **Investment Company Act** 

No Obligor is an "investment company" as defined in, or subject to regulation under, the United States Investment Company Act of 1940 (15 USC. §§ 80a-1 et seq.) or subject to regulation under any United States federal or state law or regulation that limits its ability to incur or guarantee indebtedness.

**21.21.** **Interpretation applicable to any German Obligor** 

This Clause 21 shall not be interpreted or applied to any Obligor resident (Inländer) in Germany within the meaning of Section 2 paragraph 15 of the AWG, respectively, to the extent that the representation under this Clause 21 would violate or expose such Obligor or any director, officer or employee thereof to any liability under any anti-boycott or blocking law, regulation or statute that is in force from time to time in the European Union or Germany, respectively, and applicable to such Obligor (including without limitation Council Regulation 2271/96 and Section 7 of the AWV in connection with Sections 12 and 4 of the AWG). This shall apply mutatis mutandis to any Obligor which is subject to similar anti-boycott laws.

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**21.22.** **Repetition** 

The Repeating Representations are deemed to be made by the Company in respect of each Obligor by reference to the facts and circumstances then existing on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date of each Utilisation Request and on the first day of each Interest Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of an Additional Guarantor and the Company, the day on which the company becomes (or it is proposed
that the company becomes) an Additional Guarantor.

**22.** **INFORMATION UNDERTAKINGS** 

The undertakings in this Clause 22 remain in force from the Original Signing Date for so long as any amount is outstanding under the Finance Documents or any Commitment is in force.

In this Clause 22:

"**Annual Financial Statements**" means the financial statements delivered pursuant to paragraph (a) of Clause 22.1 (Financial statements).

"**Quarterly Financial Statements**" means the financial statements delivered pursuant to paragraph (b) of Clause 22.1 (Financial statements).

**22.1.** **Financial statements** 

The Company shall supply to the Agent (for further distribution to the Lenders):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as soon as the same become available, but in any event within one hundred and fifty (150) days after the
end of each of its Financial Years, its audited consolidated financial statements for that Financial Year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as soon as the same become available, but in any event within sixty (60) days after the end of each
consecutive three (3) Months period ending on a Quarter Date, its unaudited consolidated financial statements for that Financial Quarter.

**22.2.** **Compliance Certificate** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall supply to the Agent, with each set of Financial Statements delivered by it pursuant to
paragraph (a) or (b) of Clause 22.1 (*Financial statements*), a Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause 23 (*Financial Covenants*) as at the date as at which those Financial
Statements were drawn up, and an updated list of Material Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall include with each Compliance Certificate, an overview showing the maximum aggregate
commitments in respect of revolving credit

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facilities and/or Permitted Guarantee Facilities for the Group with super senior ranking in accordance with the Intercreditor Agreement. If any such commitments have been utilised to issue guarantees, the Company shall include the currency and maximum liability of any issued guarantee and, if denominated in a currency other than USD, the amount of such liability converted into USD as at the relevant Quarter Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Compliance Certificate shall be signed by a director or the chief financial officer (or an equivalent
officer) of the Company.

**22.3.** **Requirements as to Financial Statements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall procure that each set of Financial Statements delivered by it pursuant to Clause 22.1
(*Financial statements*) shall be certified by a director of the relevant company to (if audited) give a true and fair view of, or (if unaudited) fairly presents, its financial condition and operations as at the date as at which those Financial
Statements were drawn up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall procure that each set of Financial Statements delivered pursuant to Clause 22.1 (*Financial statements*) is prepared using GAAP, accounting practices and financial reference periods consistent with those applied in the preparation of the Original Financial Statements for the Company unless, in relation to any set of Financial
Statements, it notifies the Agent that there has been a change in GAAP, the accounting practices or reference periods and its auditors deliver to the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a description of any change necessary for those Financial Statements to reflect the GAAP, accounting practices
and reference periods upon which the Original Financial Statements were prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sufficient information, in form and substance as may be reasonably required by the Agent, to enable the Lenders
to determine whether Clause 23 (*Financial covenants*) has been complied with and to make an accurate comparison between the financial position indicated in those Financial Statements and the Original Financial Statement.

Any reference in this Agreement to those financial statements shall be construed as a reference to those financial statements as adjusted to reflect the basis upon which the Original Financial Statement was prepared.

**22.4.** **Information: miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall supply to the Agent (for further distribution to the Lenders):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) copies of all documents dispatched by the Company to its creditors generally at the same time as they are
dispatched;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings
which are current, threatened or pending (other than frivolous or vexatious claims) against any member of the Group, and which have or might, if adversely determined, reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) promptly on request, such further information regarding the financial condition, business and operations of the
Company or any other member of the Group as any Finance Party (through the Agent) may reasonably request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) promptly upon becoming aware of them, the details of any material Environmental Claim.

**22.5.** **Information related to Sanctions** 

The Company shall notify the Agent (in writing) promptly upon becoming aware of the relevant event and giving full details, if it or any other Relevant Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) becomes, or is reasonably likely to become, a Restricted Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) has any direct or indirect dealing with any Restricted Party which gives rise or is likely to give rise to a
material adverse effect on the reputation of any Finance Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is subject to, involved in or threatened with any complaint, claim, proceeding, formal notice, investigation or
other action by any regulatory or enforcement authority or third party concerning any Sanctions and shall notify the Agent of the steps, if any, being taken to address it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is in breach of any of the provisions in Clauses 21.16 (*Sanctions*) or 24.2 (*Use of proceeds Sanctions*) of this Agreement.

**22.6.** **Notification of default** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly
upon becoming aware of its occurrence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Promptly upon a request by the Agent, the Company shall supply to the Agent a certificate signed by two
(2) of its directors on its behalf certifying that no Default is continuing (or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it).

**22.7.** **Use of websites** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may satisfy its obligation under this Agreement to deliver any information in relation to those
Lenders (the "Website Lenders") who accept this method of communication by posting this information onto an electronic website designated by the Company and the Agent (the "**Designated Website**") if:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Agent expressly agrees (after consultation with each of the Lenders) that it will accept communication of
the information by this method;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) both the Company and the Agent are aware of the address of and any relevant password specifications for the
Designated Website; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the information is in a format previously agreed between the Company and the Agent.

If any Lender (a "**Paper Form Lender**") does not agree to the delivery of information electronically then the Agent shall notify the Company accordingly and the Company shall supply the information to the Agent (in sufficient copies for each Paper Form Lender) in paper form. In any event the Company shall supply the Agent with at least one copy in paper form of any information required to be provided by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall supply each Website Lender with the address of and any relevant password specifications for the
Designated Website following designation of that website by the Company and the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall promptly upon becoming aware of its occurrence notify the Agent if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Designated Website cannot be accessed due to technical failure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the password specifications for the Designated Website change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any new information which is required to be provided under this Agreement is posted onto the Designated
Website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any existing information which has been provided under this Agreement and posted onto the Designated Website is
amended; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Company becomes aware that the Designated Website or any information posted onto the Designated Website is
or has been infected by any electronic virus or similar software.

If the Company notifies the Agent under paragraph (c)(i) or paragraph (c)(v) above, all information to be provided by the Company under this Agreement after the date of that notice shall be supplied in paper form unless and until the Agent and each Website Lender is satisfied that the circumstances giving rise to the notification are no longer continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Website Lender may request, through the Agent, one paper copy of any information required to be provided
under this Agreement which is posted onto the Designated Website. The Company shall comply with any such request within ten (10) Business Days.

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**22.8.** **"Know your customer" checks** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the introduction of or any change in (or in the interpretation, administration or application of) any law or
regulation made after the Original Signing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any change in the status of an Obligor (or of a Holding Company of an Obligor) after the Original Signing Date;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement to a
party that is not a Lender prior to such assignment or transfer,

obliges the Agent or any Lender (or, in the case of paragraph (iii) above, any prospective new Lender) to comply with "know your customer" or similar identification procedures in circumstances where the necessary information is not already available to it, the Company shall procure that each Obligor shall promptly upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in paragraph (iii) above, on behalf of any prospective new Lender) in order for the Agent, such Lender or, in the case of the event described in paragraph (iii) above, any prospective new Lender to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under applicable anti-money laundering laws or other similar applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender shall promptly upon the request of the Agent supply, or procure the supply of, such documentation
and other evidence as is reasonably requested by the Agent (for itself) in order for the Agent to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under applicable anti-money
laundering laws or other similar applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall, by not less than ten (10) Business Days' prior written notice to the Agent,
notify the Agent (which shall promptly notify the Lenders) of its intention to request that one of its Subsidiaries becomes an Additional Guarantor pursuant to Clause 27 (*Changes to the Obligors*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Following the giving of any notice pursuant to paragraph (c) above, if the accession of such Additional
Guarantor obliges the Agent or any Lender to comply with "know your customer" or similar identification procedures in circumstances where the necessary information is not already available to it, the Company shall promptly upon the
request of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any

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prospective new Lender) in order for the Agent or such Lender or any prospective new Lender to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under applicable anti-money laundering laws or other similar applicable laws and regulations pursuant to the accession of such Subsidiary to this Agreement as an Additional Guarantor.

**22.9.** **ERISA** 

The Company shall procure that each Obligor shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) promptly upon a request by the Agent or a Lender, deliver to the Agent copies of the Annual Report (IRS Form
5500 Series) including all Schedules SB with respect to each Single Employer Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) within seven days after any Obligor becomes aware that any ERISA Event has occurred with respect to an Obligor
or an ERISA Affiliate or, in the case of any ERISA Event which requires advance notice under Section 4043(b)(3) of ERISA, will occur, deliver to the Agent a statement signed by a director or other authorized signatory of an Obligor or ERISA
Affiliate describing that ERISA Event and the action, if any, taken or proposed to be taken with respect to that ERISA Event.

**23.** **FINANCIAL COVENANTS** 

**23.1.** **Financial definitions** 

In this Agreement:

"**Adjusted EBITDA**" means, in relation to a Relevant Period, EBITDA for that Relevant Period adjusted by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) including the operating profit before interest, tax, depreciation, amortisation and impairment charges
(calculated on the same basis as EBITDA) of a member of the Group (or attributable to a business or assets acquired by a member of the Group during such period) for the Relevant Period prior to it becoming a member of the Group or (as the case may
be) prior to the acquisition of the business or assets: and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) excluding the operating profit before interest, tax, depreciation, amortisation and impairment charges
(calculated on the same basis as EBITDA) for the Relevant Period of any member of the Group (or, as the case may be, any business or assets) sold or disposed of by a member of the Group during such period.

"**Consolidated Cash and Cash Equivalent Assets**" means, at the date of calculation (on a consolidated basis for the Group), the aggregate amount of the Group's:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) cash in hand or on deposit held by any member of the Group with any bank or financial institution; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) cash equivalents of any member of the Group (as such assets would be reported in the financial statements of
the Company drawn up in accordance with GAAP),

that, in each case, is unencumbered by any Security or Quasi-Security (as defined in Clause 24.5 (*Negative pledge*)) (other than (i) arising pursuant to any netting, set-off, cash management, cash pooling or consolidation or combination of accounts in accordance with the Group's banking arrangements or any Local Law Arrangement and (ii) any cash deposited as Security for any Consolidated Total Borrowings).

"**Consolidated Finance Costs**" means, in relation to a Relevant Period, all finance costs (whether paid, payable or added to principal) incurred by the Group during that period calculated on a consolidated basis, however excluding any PIK Interest under any Subordinated Loan.

"**Consolidated Net Total Borrowings**" means Consolidated Total Borrowings less the amount of Consolidated Cash and Cash Equivalent Assets.

"**Consolidated Total Borrowings**" means, in respect of the Group, at any time, the aggregate of the following liabilities calculated at the nominal, principal or other amount at which the liabilities would be carried in a consolidated balance sheet of the Company drawn up at that time under GAAP (and without double counting):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any moneys borrowed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any bond, note, debenture, loan stock or other similar instrument but only to the extent that this constitutes
Financial Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Finance Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any moneys owing in connection with the sale or discounting of receivables (except to the extent on non-recourse terms); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any indebtedness of any person of a type referred to in the above paragraphs which is the subject of a
guarantee, indemnity or similar assurance against financial loss given by a member of the Group,

provided that any amount outstanding under any Subordinated Loan shall not constitute or be included in the calculation of Consolidated Total Borrowings.

"**Consolidated Total Equity**" means, in respect of the Group and at any time, the sum of (i) aggregate amount of the Group's equity and (ii) the aggregate outstanding principal amount of Subordinated Loans.

"**EBITDA**" means, in respect of any Relevant Period, the operating profit of the Group (on a consolidated basis) from ordinary activities (i.e. excluding the results from discontinued operations):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) before deducting (i) any amount of tax on profits, gains or income whether paid, payable or capitalised by
any member of the Group (calculated on a consolidated basis) in respect of that Relevant Period, or (ii) any amounts distributed in respect thereof pursuant to Clause 24.11 (*Restricted Payments*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) before deducting any finance charges or amounts accrued in the nature of non-cash interest accrued or payable in respect of any Subordinated Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) before adding any interest receivable by or accruing in favour of any member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) after adding back any amount attributable to the amortisation, depreciation or impairment of assets (including,
without limitation, amortisation or impairment of any goodwill or intangible assets);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) before deducting any interest, commission, fees, discounts, prepayment fees, premiums or charges and other
finance payments whether paid, payable or capitalised by any member of the Group (calculated on a consolidated basis) in respect of that Relevant Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) before taking into account any items of an exceptional or non-recurring nature which provided that items excluded in accordance with this paragraph have not already been adjusted for on a "pro forma basis" and will in aggregate not exceed, for any Relevant Period thereafter, 10 per cent. of EBITDA for
the applicable Relevant Period (prior to giving effect to such exclusions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) before taking into account any unrealised gains or losses on any derivative instrument (other than any
derivative which is accounted for on a hedge accounting basis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) after adding back (or deducting), as the case may be, the amount of any loss or gain against book value arising
on a Disposal of any assets (other than in the ordinary course of trading), any loss or gain arising from an upward or downward revaluation of any asset, including without limitation impairment charges, asset write-offs, inventory revaluations,
obsolescence charges, amortization of intangibles and other fair value adjustments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) after deducting the amount of any profit (or adding back the amount of any loss) of any member of the Group
which is attributable to minority interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) before taking into account any cost of or income from retirement benefit plans other than any cost of benefit
entitlements earned in the relevant accounting period (i.e. none of any cost recognized in respect of any prior period); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) plus or minus the Group's share of the profit or losses (after finance costs and tax) of non-members of the Group (i.e. who are not consolidated in when preparing the relevant financial statements);

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in each case, to the extent added, deducted or taken into account, as the case may be, for the purposes of determining operating profits of the Group before taxation.

"**Finance Lease**" means any lease or hire purchase contract, a liability under which would, in accordance with GAAP as in force at the Original Signing Date, be treated as a balance sheet liability (other than a lease or hire purchase contract which would, in accordance with Accounting Standard in force prior to 1 January 2019 (IAS 17), have been treated as an operating lease).

"**Financial Quarter**" means the period commencing on the day after one Quarter Date and ending on the next Quarter Date.

"**Financial Year**" means the annual accounting period of the Group ending on or about 31 December in each year.

"**Gearing Ratio**" means the ratio of Consolidated Net Total Borrowings to Consolidated Total Equity.

"**Interest Cover Ratio**" means the ratio of Adjusted EBITDA to Net Interest Expenses in respect of any Relevant Period.

"**Leverage Ratio**" means the ratio of Consolidated Net Total Borrowings to Adjusted EBITDA in respect of any Relevant Period.

"**Liquidity**" means the aggregate amount of Consolidated Cash and Cash Equivalent Assets and any undrawn committed credit facilities of the Group which are available for immediate (subject to any customary drawdown period) drawing for general corporate purposes.

"**Net Interest Expenses**" means the Consolidated Finance Costs less the amount of interest income received by or accrued in favour of the Group during a Relevant Period (and provided that income accrued in one period may not be accounted for a second time as income received when actually received).

"**Quarter Date**" means each of 31 March, 30 June, 30 September and 31 December in a Financial Year.

"**Relevant Period**" means a period of four (4) Financial Quarters of the Company ending on a Quarter Date.

**23.2.** **Interpretation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided to the contrary in this Agreement, an accounting term used in this Clause 23 is to be
construed and the accounting items are to be treated/recognised in accordance with GAAP and the accounting principles applied in connection with the Original Financial Statements, adjusted, if necessary, to reflect IAS 17 and exclude effects of
equal treatment of financial and operational leasing (consistent with the definition of "Finance Lease").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amounts will be specified in USD, and, if to be converted from another currency, will be calculated on the
basis of the relevant rates of exchange used by the Company in or in connection with its most recent financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No item must be credited or deducted more than once in any calculation under this Clause 23.

**23.3.** **Financial condition** 

The Company shall ensure that at all times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Liquidity*: Liquidity shall not be less than USD 30,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Gearing Ratio*: The Gearing Ratio shall not exceed 1.00:1.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Interest Cover Ratio*: The Interest Cover Ratio is not less than 2.50:1.00.

**23.4.** **Financial testing** 

The financial covenants set out in Clause 23.2 (*Financial condition*) shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be tested first time with reference to the Quarter Date immediately following the Bond Issue Date, and
thereafter on each Quarter Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be tested by reference to each of the financial statements delivered pursuant to paragraphs (a) and (b) of
Clause 22.1 (*Financial statements*) and/or each Compliance Certificate delivered pursuant to Clause 22.2 (*Compliance Certificate*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for the purpose of testing the financial covenants in paragraph (c) (*Interest Cover Ratio*) of Clause
23.2 (*Financial condition*) for each of the Relevant Periods ending on a Quarter Date which is less than 12 months after the Bond Issue Date, actual Net Interest Expense since the Bond Issue Date shall be annualised.

**23.5.** **Equity Cure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Company is in breach of any financial covenant set out in Clause 23.2 (*Financial condition*), the
Company may remedy such breach by contribution of new share capital or Subordinated Loans to the Company (the amount thereof being the "Cure Amount" and such cure of breach of financial covenants, an "Equity Cure" provided
that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Cure Amount has been paid to the Company within 20 Business Days after the date that the Compliance
Certificate was delivered or should have been delivered (the "**Equity Cure End Date** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Cure Amount is sufficient to ensure that a recalculation of the relevant financial covenant in accordance
with paragraph 23.5(b) below as at the

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relevant calculation date would not show a breach of the relevant financial covenant on such calculation date if the Cure Amount had at such time been taken into consideration in such calculations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Company, no later than on the Equity Cure End Date, provides to the Agent a Compliance Certificate
evidencing compliance with the financial covenants as at the relevant calculation date by recalculating the financial covenants with the adjustments set out in paragraph (b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Cure Amount shall be applied towards:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Consolidated Cash and Cash Equivalent Assets in the case of a breach of Gearing Ratio or Liquidity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Consolidated Finance Cost (as though the underlying debt on which the Consolidated Finance Cost accrued had
been reduced by that amount on the first day of the Relevant Period) in the case of a breach of Interest Cover Ratio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No more than two Equity Cures may be effected during the term of this Agreement.

**23.6.** **Incurrence Test** 

If, in accordance with this Agreement, the Company is required to perform an Incurrence Test for the incurrence of Financial Indebtedness or the making of a Restricted Payment, the Company shall submit to the Agent a Compliance Certificate (in form and substance satisfactory to the Agent) signed by the chief executive officer or the chief financial officer of the Company in respect of each Incurrence Test to be made pursuant to the terms of this Agreement, promptly upon the making of that Incurrence Test (which shall contain figures and calculations evidencing (in reasonable detail) compliance with the relevant Incurrence Test) with the relevant transaction included pro forma.

The Incurrence test is met if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In respect of incurrence of new Financial Indebtedness:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Leverage Ratio is equal to or less than 2.50:1.00; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Interest Cover Ratio is equal to or greater than 2.75:1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of any Restricted Payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prior to or in connection with an IPO, the Leverage Ratio is equal to or less than 1.75:1.00; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) after an IPO, the Leverage Ratio is equal to or less than 1.25:1.00; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (in either case) no Event of Default has occurred and is continuing or would result from the making of such
transaction,

and provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) when calculating the Leverage Ratio for the purpose of the Incurrence Test:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the calculation shall be made as per a testing date determined by the Company, falling no earlier than 30 days
prior to the event relevant for the application of the Incurrence Test;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Consolidated Net Total Borrowings shall be measured on the relevant testing date so determined, shall on a
pro forma basis include the full principal amount of the Financial Indebtedness in respect of which the Incurrence Test is applied and shall exclude any Financial Indebtedness which shall be refinanced with the new Financial Indebtedness (however,
any cash balance resulting from the incurrence of such Financial Indebtedness shall not reduce the Consolidated Net Total Borrowings);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any cash balance resulting from a Real Property Sale held in a separate account held by an Obligor shall be
excluded for the purpose of calculating Consolidated Cash and Cash Equivalent Assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the figures for Adjusted EBITDA for the Relevant Period (or a later Relevant Period if applicable) immediately
prior to the testing date (unless the testing date is a financial quarter end) shall be used for the Incurrence Test, but adjusted so that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the operating profit before interest, tax, depreciation, amortisation and impairment changes (calculated on the
same basis as EBITDA) of any member of the Group (or attributable to a business or assets acquired by a member of the Group) acquired or disposed of or in respect of any discontinued operations after the end of the Relevant Period but before the
relevant testing date, shall be included or excluded (as applicable), pro forma, for the entire Relevant Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any company, business, undertaking or assets to be acquired with the proceeds from new Financial Indebtedness
in respect of which the Incurrence Test is applied shall be included, pro forma, for the entire Relevant Period.

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**23.7.** **Changes to GAAP** 

If, after the Original Signing Date, any changes are being introduced (including, without limitation, changes to or elimination of any term used in this Agreement) to or under GAAP, the Company and the Agent shall jointly conduct a review of the impact of such changes for the Group (including, without limitation, whether such changes would have any impact on the financial covenants set out in Clause 23.2 (*Financial condition*) or any of the general undertakings set out in Clause 24 (*General undertakings*)), and (if relevant) the Parties shall enter into such amendments to this Agreement as may be required to arrive at the same financial covenants and/or general undertakings as if no such changes to GAAP had been introduced (any such amendments shall take effect as of the time when the introduced change(s) is/are making an impact on calculations based upon the consolidated financial statements of the Company).

**24.** **GENERAL UNDERTAKINGS** 

The undertakings in this Clause 24 remain in force from the Original Signing Date for so long as any amount is outstanding under the Finance Documents or any Commitment is in force.

**24.1.** **Authorisations** 

The Company shall procure that each Obligor shall promptly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) obtain, comply with and do all that is necessary to maintain in full force and effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if and when requested by the Agent, supply certified copies to the Agent of,

any Authorisation required under any law or regulation of its jurisdiction of incorporation to enable it to perform its obligations under the Finance Documents and to ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation of any Finance Document to which it is party.

**24.2.** **Sanctions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall ensure that no Relevant Person will take any action, make any omission or use (directly or
indirectly) any proceeds of the Loan, in a manner that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is a breach of Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) causes (or will cause) a breach of Sanctions by any Relevant Person or Finance Party; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) causes any Finance Party to be involved in any complaint, claim, proceeding, formal notice, investigation or
other action by any regulatory or enforcement authority or third party concerning any Sanctions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall ensure that no Relevant Person will take any action or make any omission that results, or is
likely to result, in it or any Finance Party becoming a Restricted Party or otherwise a target of sanctions ()"**target of sanctions**" signifying an entity or person ()"**Target**") that is a target of laws, regulations
or orders concerning any trade, economic or financial sanctions or embargoes by virtue of prohibitions and/or restrictions being imposed on any US person or other legal or natural person subject to the jurisdiction or authority of a US Sanctions
Authority which prohibit or restrict them from them engaging in trade, business or other activities with such Target without all appropriate licenses or exemptions issued by all applicable US Sanctions Authorities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall ensure that each member of the Group will maintain appropriate policies and procedures to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) identify any risks to its business as a result of Sanctions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) promote and achieve compliance with its obligations under paragraphs (a) and (b) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The undertakings in this Clause 24.2 shall not be interpreted or applied to any Obligor resident
(Inländer) in Germany within the meaning of Section 2 paragraph 15 of the AWG, respectively, to the extent that the obligations under this Clause 24.2 would violate or expose such Obligor or any director, officer or employee thereof to any
liability under any anti-boycott or blocking law, regulation or statute that is in force from time to time in the European Union or Germany, respectively, and applicable to such Obligor (including without limitation Council Regulation 2271/96 and
Section 7 of the AWV in connection with Sections 12 and 4 of the AWG). This shall apply mutatis mutandis to any Obligor which is subject to similar anti-boycott laws.

**24.3.** **Compliance with laws** 

The Company shall ensure that each member of the Group will comply in all respects with all laws to which it is or may be subject, if failure so to comply has or is reasonably likely to have a Material Adverse Effect.

**24.4.** **Pari passu ranking** 

The Company shall procure that each Obligor ensures that its payment obligations under the Finance Documents at all times rank at least pari passu with all its other present and future unsecured payment obligations, except for obligations mandatorily preferred by law applying to companies generally.

**24.5.** **Negative pledge** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In this Clause 24.5, "**Quasi-Security**" means an arrangement or transaction described in
paragraph (c) below.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall ensure that no member of the Group will create or permit to subsist any Security over any of
its assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall ensure that no member of the Group will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by an Obligor or any other member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sell, transfer or otherwise dispose of any of its receivables on recourse terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) enter into any other preferential arrangement having a similar effect,

in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Paragraphs (b) and (c) above do not apply to any Security or (as the case may be) Quasi-Security which is
Permitted Security.

**24.6.** **Continuation of business** 

The Company shall procure that no substantial change is made to the general nature of the business of the Group from that carried on at the Original Signing Date.

**24.7.** **Insurance** 

The Company must (and must ensure that each other member of the Group will) maintain customary insurances on or in relation to their business and assets with reputable independent insurance companies and underwriters (which shall be deemed to include, for the avoidance of doubt, Aker Insurance AS and any Group Company which is an insurance company) against those risks and to the extent as is usual for companies carrying on the same or substantially similar business.

**24.8.** **Environmental matters** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company must ensure that each member of the Group will comply with all Environmental Law and Environmental
Approvals applicable to it, where failure to do so has or is reasonably likely to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company must, promptly upon becoming aware, notify the Agent of:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Environmental Claim which is current, or to its knowledge, pending or threatened against it or an Obligor;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any circumstances reasonably likely to result in an Environmental Claim against it or an Obligor,

in each case, which has or, if substantiated, is reasonably likely to have a Material Adverse Effect.

**24.9.** **Financial Indebtedness restrictions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No member of the Group may incur any Financial Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph (a) above does not apply to any Permitted Financial Indebtedness:

**24.10.** **Merger** 

The Company shall ensure that no member of the Group will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) carry out any merger or other business combination or corporate reorganisation, involving the consolidation of
assets and obligations of the Company or a member of the Group with any other person other than with another member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any demerger or other corporate reorganisation having the same or equivalent effect as a demerger involving the
Company and any member of the Group,

if such merger, demerger, combination or reorganisation would have a Material Adverse Effect and provided that (1) the Company shall always be the surviving entity in a merger involving the Company, and (2) in the case of any merger involving an Obligor, the combined entity shall, subject to the Agreed Security Principles and to the extent it remains a Group Company post-merger, ensure that any guarantee and Transaction Security provided by it or in respect of it shall continue in full force and effect.

**24.11.** **Restricted Payments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) declare, make or pay any dividend or other distribution (or interest on any unpaid dividend or other
distribution) (whether in cash or in kind) on or in respect of its share capital (or any class of its share capital) or make any kind of value transfer including repayment or servicing of Subordinated Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) repay or distribute any of its share premium reserve; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) redeem, repurchase, defease, retire or repay any of its share capital

(collectively, "**Restricted Payments**").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph (a) above does not apply to any such Restricted Payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in respect of any taxable period for which the Company is a disregarded entity or a partnership for U.S.
federal income tax purposes (except in the case in which the Company is wholly-owned (directly or indirectly) by a corporation for U.S. federal income tax purposes), which is made to any direct or indirect owners of the Company in an amount, with
respect to each owner and each taxable period, not to exceed such owner's proportionate share of the Tax Amount for such taxable period (collectively, "**Tax Distributions** ");

(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) being a repayment of Subordinated Loans; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) not being a repayment of Subordinated Loans, provided that if such Distribution is made prior to an IPO, the
Distribution is limited to an amount of up to 50 per cent. of the consolidated net profit (or loss) after tax in accordance with GAAP according to the consolidated Annual Financial Statements of the Company for the relevant calendar year (with
a right to carry forward any unused amounts),

in each case subject to compliance with the Incurrence Test (calculated on a *pro forma* basis as if such Restricted Payment has been made at the time of calculation); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) following an IPO of Listco, which is made to Listco for Listco to pay its corporate, administrative and other
similar expenses.

**24.12.** **Arm's length transactions** 

The Company shall not, and shall not permit any other member of the Group to, without the prior written consent of the Majority Lenders, engage in, or permit any of its Subsidiaries to engage in, directly or indirectly, any transaction (including, without limitation, the purchase, sale or exchange of assets or the rendering of any service) with any Affiliate which is not a member of the Group where the terms are less favourable to the Company or such Subsidiary, as the case may be, than those that could be obtained by the Company or such Subsidiary, as the case may be, in an arm's length transaction at the time from persons which are not an Affiliate of the Company.

**24.13.** **Material Subsidiaries** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall together with delivery of each of its Annual Financial Statements nominate as new Material
Subsidiaries any member of the Group being directly or indirectly wholly owned by the Company and representing more than twenty (20) per cent. of the Gross Revenue the Gross Revenue of the Group (measured annually based on the most recent
Financial Statements).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the Agreed Security Principles, the Company shall ensure that any new Material Subsidiary accedes as
an Additional Guarantor and that Transaction Security is granted in respect of such Material Subsidiary, by delivering to the Agent such documents and other evidence as are required under paragraph (a) of Clause 27.2 (*Additional Guarantors*) in each case no later than thirty (30) days after its nomination pursuant to this Clause 24.13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company may pursuant to the terms of the Intercreditor Agreement re-designate any entity being the subject of a planned Disposal, merger or demerger permitted under this Agreement, ten (10) Business Days prior to such Disposal, merger or demerger, and in each case
request the release of any guarantee obligations and Transaction Security provided by or in respect of such entity.

**24.14.** **Anti-corruption laws** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall ensure that no member of the Group will use the proceeds of the Facilities for any purpose
which would breach the UK Bribery Act 2010, the United States Foreign Corrupt Practices Act of 1977, any other anti-corruption laws or other similar legislation in other jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall ensure that each member of the Group will, in connection with this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) aim to conduct its business in compliance with all applicable anti-corruption laws and anti-money laundering
laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) maintain adequate policies and procedures designed to promote and achieve compliance with such laws.

**24.15.** **Financial Support (loans, credit, guarantees)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as permitted under paragraph (b) below, the Company shall ensure that no member of the Group will)
grant or permit to subsist any Financial Support to or for the benefit of any person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph (a) above does not apply to Permitted Financial Support.

**24.16.** **Ownership of the Group** 

The Company shall at all times be the direct or indirect holder of all ownership interests in all the members of the Group.

**24.17.** **Amendments to the Bond Agreement** 

The Company shall not without the prior written consent of the Agent (acting on the instructions of the Lenders) amend, vary, novate, supplement, supersede, waive or terminate any term of the Bond Agreement if such amendment, variation, novation, supplement, supersession, waiver or termination would result in the occurrence of the Bond Maturity Date falling before the date falling six months after the Termination Date.

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**24.18.** **Hedging arrangements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender (or its Affiliates in capacity as Hedge Counterparty) shall have a first right of refusal in
relation to interest and/or currency hedging relating to the Facility on competitive terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall notify each of the Lenders of its intention to enter into any interest and/or currency
hedging agreements and the key terms obtained, as mentioned under paragraph (a) above, allowing each Lender (in its or an Affiliate's capacity as Hedge Counterparty) to exercise their right of first refusal within a period of ten
(10) Business Days following such notice.

**24.19.** **Margin Regulations** 

No part of the proceeds of any Loan will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately, for "buying" or "carrying" any Margin Stock or to extend credit to others for the purpose of "buying" or "carrying" any Margin Stock (in each case within the meaning of Regulation T, U or X) or for any purpose which violates the provisions of the regulations of the Federal Reserve Board.

**24.20.** **Margin Regulations** 

The Company shall ensure that it no Obligor has, or could not reasonably be expected to have, any material amount of liability, contingent or otherwise, with respect to an employee benefit plan which is subject to Title IV of Employee Retirement Income Security Act of 1974 or Section 412 of the Internal Revenue Code.

**24.21.** **Conditions subsequent** 

The Company shall ensure that, by the date falling thirty (30) Business Days after disbursement of the proceeds from the Bond Issue to the Company from the Bond Escrow Account, each of the Material Subsidiaries listed in Schedule 5 (*List of Material Subsidiaries*) to this Agreement (other than the Original Obligors) accedes as an Additional Guarantor in accordance with Clause 27.2 (*Additional Guarantors*), that a first priority share charge or pledge is established over all of the shares issued by any Material Subsidiary and that the Agent receives all of the other documents and other evidence listed in Schedule 2 (*Conditions precedent*) in relation to such Material Subsidiaries, each in form and substance satisfactory to the Agent.

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**24.22.** **People with significant control regime** 

The Company shall ensure that each member of the Group will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within the relevant timeframe, comply with any notice it receives pursuant to Part 21A of the Companies Act
2006 from any company incorporated in the United Kingdom whose shares are the subject of the Transaction Security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly provide the Security Agent with a copy of that notice.

**24.23.** **Centre of main interests and establishments** 

The Company shall procure that, for the purposes of Regulation (EU) 2015/848 of 20 May 2015 by the European Parliament and of the Council on Insolvency Proceedings (recast) (the "**Regulation**"), its centre of main interest (as that term is used in Article 3(1) of the Regulation) is situated in its jurisdiction of incorporation and it has no "establishment" as that term is used in article 2(10) of the Regulation in any other jurisdiction.

**25.** **EVENTS OF DEFAULT** 

**25.1.** **General** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the events or circumstances set out in Clause 25 is an Event of Default (save for this Clause 25.1 and
Clause 25.15 (*Acceleration*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In this Clause 25:

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| | |
|:---|:---|
| "**Permitted** | **Transaction**" means:  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an intra-Group re-organisation of one or more Subsidiaries on a solvent
basis (which may include the winding-up or dissolution of a Subsidiary, or, to the extent permitted under Clause 24.10, any amalgamation, demerger, merger, or corporate reconstruction involving any two or more
Subsidiaries);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any other transaction agreed in writing by the Majority Lenders.

**25.2.** **Non-payment** 

An Obligor does not pay on the due date any amount payable pursuant to a Finance Document at the place and in the currency in which it is expressed to be payable unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its failure to pay is caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) administrative or technical error; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Disruption Event; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) payment is made within three (3) Business Days of its due date.

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**25.3.** **Financial covenants** 

Subject to Clause 23.5 (*Equity Cure*), any requirement of Clause 23 (*Financial covenants*) is not satisfied.

**25.4.** **Sanctions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Relevant Person becomes a Restricted Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An act or omission of a Relevant Person causes a breach of Sanctions by any Finance Party.

**25.5.** **Other obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An Obligor does not comply with any provision of the Finance Documents (other than those referred to in Clause
25.2 (*Non-payment*), Clause 25.3 (*Financial covenants*) and Clause 25.4 (*Sanctions*)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy and
is remedied within twenty (20) Business Days of the earlier of the Agent giving notice of the breach to the Company or any Obligor becoming aware of the failure to comply.

**25.6.** **Misrepresentation** 

Any representation or warranty made or deemed to be repeated by an Obligor in the Finance Documents or any other document delivered by or on behalf of any Obligor under or in connection with any Finance Document is incorrect or misleading in any material respect when made or deemed to be repeated, unless the circumstances giving rise to the misrepresentation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) are capable of remedy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) are remedied within twenty (20) Business Days of the earlier of the Agent giving notice or the Obligor
becoming aware of the misrepresentation.

**25.7.** **Cross default** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Financial Indebtedness of a Material Group Member is not paid when due nor within any originally applicable
grace period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Financial Indebtedness of a Material Group Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) becomes due and payable prior to its specified maturity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is placed on demand; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is capable of being declared by or on behalf of a creditor to be prematurely due and payable or of being placed
on demand, in each case, as a result of an event of default or any provision having a similar effect (however described).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any commitment for any Financial Indebtedness of a Material Group Member is cancelled or suspended by a
creditor as a result of an event of default or any provision having a similar effect (however described) provided that this shall not apply in respect of any wholly unutilised facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Event of Default will occur under this Clause 25.7 if the aggregate amount of Financial Indebtedness or
commitment for Financial Indebtedness falling within paragraphs (a) to (c) above is less than USD 10,000,000 (or its equivalent in any other currency or currencies) at any time.

**25.8.** **Insolvency** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Material Group Member or a Security Provider is unable to pay its debts as they fall due or is insolvent or
(in case of a Material Group Member being a German Company) (i) is unable to pay its debts as they fall due (zahlungsunfähig) within the meaning of Section 17 InsO or (ii) is over-indebted (überschuldet) within the meaning
of Section 19 InsO).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Material Group Member or a Security Provider suspends making payments on any of its debts or announces an
intention to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Material Group Member or a Security Provider by reason of actual or anticipated financial difficulties,
commences negotiations with one or more of any class of its creditors (excluding the Finance Parties in such capacity) with a view to rescheduling or restructuring any of its indebtedness (in case of a Material Group Member being a German Company
with a view to rescheduling or otherwise re-negotiates its indebtedness for any of the reasons set out in Sections 17 or 19 InsO).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The value of the assets of a Material Group Member or a Security Provider is less than its liabilities (taking
into account contingent and prospective liabilities) and where such situation requires the relevant Material Group Member or Security Provider to take some corporate action to remedy the situation, which action it cannot take or does not diligently
pursue and in any event which it has not taken within the minimum period required by law (including, with respect to a German Company pursuant to Section 19 InSO).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A moratorium takes effect by operation of law or is declared in respect of any indebtedness of a Material Group
Member or a Security Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If a moratorium occurs or is declared or an Ipso Facto Event occurs in respect of any member of the Group, the
ending of the moratorium or the Ipso Facto Event will not remedy any Event of Default caused by that moratorium or Ipso Facto Event.

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**25.9.** **Insolvency proceedings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided below, any of the following occurs in respect of a Material Group Member or Security
Provider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any step is taken with a view to a moratorium or a composition, assignment or similar arrangement with any of
its creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a meeting of its shareholders, directors or other officers is convened for the purpose of considering any
resolution for, to petition for or to file documents with a court or any registrar for, its winding-up, administration, judicial management or dissolution or any such resolution is passed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any person presents a petition, or files documents with a court or any registrar, for its winding-up, bankruptcy, administration, dissolution or reorganisation, preventative composition (by way of voluntary arrangement, scheme of arrangement or otherwise)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Security is enforced over any of its assets in respect of indebtedness having an aggregate value of at
least USD 10,000,000 (or its equivalent in any other currency or currencies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an order for its winding-up, administration or dissolution is made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrative
receiver, judicial manager, administrator or similar officer is appointed in respect of it or any of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) its shareholders, directors or other officers request the appointment of, or give notice of their intention to
appoint, a liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrative receiver, administrator or similar officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the filing of an involuntary proceeding in a court of competent jurisdiction in the United States seeking
relief under US Bankruptcy Law in respect of any Material Group Member and either such proceeding shall continue undismissed for 21 days or an order or decree approving or ordering any of the foregoing shall be entered or any Material Group Member
shall consent to the institution of, or fail to contest in a timely and appropriate manner, any such involuntary proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the filing of a voluntary petition by any Material Group Member under US Bankruptcy Law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any other analogous step or procedure to any of the foregoing is taken in any jurisdiction (in each case,
subject to paragraph (b) below, whether or not such action, proceedings, procedure or step is terminated or dismissed).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph (a) above does not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any step or procedure which is part of a Permitted Transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a petition for winding-up presented by a creditor which is being
contested in good faith and with due diligence and is discharged or struck out within twenty-one (21) days.

**25.10.** **Creditors' process** 

Any attachment, sequestration, distress, execution (including by way of executory attachment (*executoriaal beslag*) or interlocutory attachment (*conservatoir beslag*)) or analogous event affects any asset or assets of a Material Group Member or Security Provider in respect of indebtedness having an aggregate value of at least USD 10,000,000 (or its equivalent in any other currency or currencies), and is not discharged within twenty-one (21) Business Days.

**25.11.** **Repudiation** 

An Obligor repudiates a Finance Document or evidences an intention to repudiate a Finance Document.

**25.12.** **Unlawfulness** 

It is or becomes unlawful for an Obligor to perform any of its material obligations under the Finance Documents.

**25.13.** **Intercreditor Agreement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any party to the Intercreditor Agreement or Subordination Statement (other than a Finance Party or an Obligor)
fails to comply with the provisions of, or does not perform its obligations under, the Intercreditor Agreement or Subordination Statement or a representation or warranty given by that party in the Intercreditor Agreement or Subordination Statement
is incorrect in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Event of Default under paragraph (a) above will occur if the non-compliance or circumstances giving rise to the misrepresentation are capable of remedy and are remedied within ten Business Days of the earlier of the Agent giving notice to that party or that party
becoming aware of the non-compliance or misrepresentation.

**25.14.** **Material adverse change** 

Any event or circumstance occurs which has or is reasonably likely to have a Material Adverse Effect.

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**25.15.** **Acceleration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On and at any time after the occurrence of an Event of Default which is continuing, other than Event of Default
referred to in paragraph (b) below, the Agent may, and shall if so directed by the Majority Lenders, by notice to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) cancel all or any part of the Total Commitments whereupon they shall immediately be cancelled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or
outstanding under the Finance Documents be immediately due and payable, whereupon they shall become immediately due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) declare that all or part of the Loans be payable on demand, whereupon they shall immediately become payable on
demand by the Agent on the instructions of the Majority Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) exercise or direct the Security Agent to exercise any or all of its rights, remedies, powers or discretions
under the Finance Documents; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any notice given under this Clause 25.15 will take effect in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if an Event of Default occurs under sub-paragraph (viii) or (ix)
of paragraph (a) in Clause 25.9 (*Insolvency proceedings*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Total Commitments shall immediately be cancelled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all of the Loans, together with accrued interest and all other amounts accrued under the Finance Documents,
shall be immediately due and payable;

in each case automatically and without any direction, notice, declaration or other act.

**26.** **CHANGES TO THE LENDERS** 

**26.1.** **Assignments and transfers by the Lenders** 

Subject to this Clause 26, a Lender (the "**Existing Lender**") may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) assign any of its rights; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) transfer any of its rights and obligations,

to another bank or financial institution (the "**New Lender**").

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**26.2.** **Company consent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The consent of the Company is required for an assignment or transfer by an Existing Lender, unless the
assignment or transfer is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to another Lender or an Affiliate of a Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to a Related Fund of the Existing Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to a person on the Approved Lender List; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) made at a time when a breach of Sanctions has occurred or an Event of Default is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The consent of the Company (if needed) to an assignment or transfer must not be unreasonably withheld or
delayed. The Company will be deemed to have given its consent five (5) Business Days after the Existing Lender has requested it unless consent is expressly refused by the Company within that time.

**26.3.** **Other conditions of assignment or transfer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An assignment will only be effective on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) receipt by the Agent of written confirmation from the New Lender (in form and substance satisfactory to the
Agent) that the New Lender will assume the same obligations to the other Finance Parties as it would have been under if it had been an Original Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) performance by the Agent of all necessary "know your customer" or other similar checks under
applicable anti-money laundering laws or other similar applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the Agent shall promptly notify to the Existing Lender and the New Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the recording of the assignment in the Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A transfer will only be effective if the procedure set out in Clause 26.6 (*Procedure for transfer*) is
complied with and the transfer is recorded in the Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its
Facility Office; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as a result of circumstances existing at the date the assignment, transfer or change occurs, the Company would
be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 15 (*Tax gross-up and indemnities*) or Clause 16.1 (*Increased Costs*),

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then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred. This paragraph (d) shall not apply in respect of an assignment or transfer made in the ordinary course of the primary syndication of the Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each New Lender, by executing the relevant Transfer Certificate, confirms, for the avoidance of doubt, that the
Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer or assignment becomes
effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If at the time of assignment or transfer by a Lender:

(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the European Commission has not yet published a delegated act clarifying the definition of credit institution
and the term < > (as referred to in article 4.1(1) of the Capital Requirements Regulation (EU/575/2013)); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) no interpretation is available yet from a competent authority of the term < > (as referred
to in article 4.1(1) of the Capital Requirements Regulation (EU/575/2013)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the assignment or transfer does not include an amount outstanding from the Company of at least EUR100,000 (or
its equivalent in other currencies) (or such amount as may be required from time to time under the Dutch Financial Markets Supervision Act (*Wet op het financieel toezicht*)),

the New Lender shall confirm that it is a professional market party (*professionele marktpartij*) within the meaning of that act; or

(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the European Commission has published a delegated act clarifying the definition of credit institution and the
term "public" (as referred to in article 4.1(1) of the Capital Requirements Regulation (EU/575/2013));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) an interpretation is available from a competent authority of the term "public" (as referred to in
article 4.1(1) of the Capital Requirements Regulation (EU/575/2013)),

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the New Lender shall confirm that it is not to be considered part of the public on the basis of the delegated act or interpretation.

**26.4.** **Assignment or transfer fee** 

The New Lender shall, on the date upon which an assignment or transfer takes effect, pay to the Agent (for its own account) a fee of NOK 50,000.

**26.5.** **Limitation of responsibility of Existing Lenders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no
responsibility to a New Lender for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other
documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the financial condition of any Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the performance and observance by any Obligor of its obligations under the Finance Documents or any other
documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or
any other document,

and any representations or warranties implied by law are excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each New Lender confirms to the Existing Lender and the other Finance Parties that it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has made (and shall continue to make) its own independent investigation and assessment of the financial
condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related
entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in any Finance Document obliges an Existing Lender to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned or transferred under this Clause 26; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance Documents or otherwise.

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**26.6.** **Procedure for transfer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the conditions set out in Clause 26.2 (*Company consent*) and Clause 26.3 (*Other conditions of assignment or transfer*) a transfer is effected in accordance with paragraph (c) below when the Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Agent shall,
subject to paragraph b) below, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this
Agreement, execute that Transfer Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and
the New Lender once it is satisfied it has complied with all necessary "know your customer" or other similar checks under applicable anti-money laundering laws or other similar applicable laws and regulations in relation to the transfer
to such New Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On the Transfer Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent that in the Transfer Certificate the Existing Lender seeks to transfer its rights and obligations
under the Finance Documents each of the Company and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be
cancelled (being the "**Discharged Rights and Obligations** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each of the Company and the New Lender shall assume obligations towards one another and/or acquire rights
against one another which differ from the Discharged Rights and Obligations only insofar as the Company and the New Lender have assumed and/or acquired the same in place of the Company and the Existing Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Administrative Party, the New Lender and other Lenders shall acquire the same rights and assume the same
obligations between themselves as they would have acquired and assumed had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Administrative Parties
and the Existing Lender shall each be released from further obligations to each other under the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the New Lender shall become a Party as a "Lender".

**26.7.** **Copy of Transfer Certificate or Increase Confirmation to Company** 

The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate or an Increase Confirmation, send to the Company a copy of that Transfer Certificate or Increase Confirmation.

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**26.8.** **Security over Lenders' rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In addition to the other rights provided to Lenders under this Clause 26, each Lender may, with the
Company's prior consent (which shall not be unreasonably withheld or delayed), at any time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document
to secure obligations of that Lender including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any charge, assignment or other Security to secure obligations to a federal reserve or central bank; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any charge, assignment or other Security granted to any holders (or trustee, agent or representatives of
holders) of obligations owed, or securities issued, by that Lender as security for those obligations or securities,

except that no such charge, assignment or Security under this paragraph (a) shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the
relevant charge, assignment or Security for the Lender as a party to any of the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) require any payments to be made by Company other than or in excess of, or grant to any person any more
extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The limitations on assignments or transfers by a Lender set out in any Finance Document, in particular in
Clauses 26.1 (*Assignment and transfers by Lenders*) to 26.3 (*Other conditions of assignments and transfers*) and Clause 26.4 (*Assignment or transfer fee*), and the provisions set out in Clause 38 (*Confidential Information*),
shall not apply to the creation of Security pursuant to paragraph (a)(i) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The limitations and provisions referred to in paragraph b) above shall further not apply to any assignment or
transfer of rights under the Finance Documents made by a federal reserve or central bank (including, for the avoidance of doubt, the European Central Bank) to a third party in connection with the enforcement of Security created pursuant to paragraph
(a)(i) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Lender may disclose such Confidential Information as that Lender shall consider appropriate to a federal
reserve or central bank (including, for the avoidance of doubt, the European Central Bank) to (or through) whom it creates Security pursuant to paragraph (a)(i) above, and any federal reserve or central bank (including, for the avoidance of doubt,
the European Central Bank) may disclose such Confidential Information to a third party to whom it assigns or transfers (or may potentially assign or transfer) rights under the Finance Documents in connection with the enforcement of such Security.

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**26.9.** **Pro rata interest settlement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Agent has notified the Lenders that it is able to distribute interest payments on a "pro rata
basis" to Existing Lenders and New Lenders then (in respect of any transfer pursuant to Clause 26.6 (*Procedure for transfer*) the Transfer Date of which, in each case, is after the date of such notification and is not on the last day of
an Interest Period):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any interest or fees in respect of the relevant participation which are expressed to accrue by reference to the
lapse of time shall continue to accrue in favour of the Existing Lender up to but excluding the Transfer Date ()"**Accrued Amounts**") and shall become due and payable to the Existing Lender (without further interest accruing on them)
on the last day of the current Interest Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the rights assigned or transferred by the Existing Lender will not include the right to the Accrued Amounts, so
that, for the avoidance of doubt:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) when the Accrued Amounts become payable, those Accrued Amounts will be payable to the Existing Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the amount payable to the New Lender on that date will be the amount which would, but for the application of
this Clause 26.9, have been payable to it on that date, but after deduction of the Accrued Amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In this Clause 26.9 references to "Interest Period" shall be construed to include a reference to
any other period for accrual of fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An Existing Lender which retains the right to the Accrued Amounts pursuant to this Clause 26.9 but which does
not have a Commitment shall be deemed not to be a Lender for the purposes of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve any request for a consent, waiver, amendment or other vote of Lenders
under the Finance Documents.

**26.10.** **The Register** 

The Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain a copy of each assignment or transfer delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Facility owing to each Lender pursuant to the terms hereof from time to time (the Register). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Agent and the Lenders shall treat each person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

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**27.** **CHANGES TO THE OBLIGORS** 

**27.1.** **Assignments and transfer by Obligors** 

No Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents.

**27.2.** **Additional Guarantors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to compliance with the provisions of paragraphs (c) and (d) of Clause 22.8 (*"Know your customer" checks*), the Company may request that any of its wholly-owned Subsidiaries become an Additional Guarantor or shall if required by, and subject to, the terms of this Agreement, ensure that its Subsidiaries become Additional
Guarantors. The relevant Subsidiary shall become an Additional Guarantor if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company and the proposed Additional Guarantor deliver to the Security Agent a duly completed and executed
Guarantee Agreement (or accedes to an existing Guarantee Agreement) and accedes to the Intercreditor Agreement as a Debtor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Agent has received all of the documents and other evidence listed in Schedule 2 (*Conditions precedent*) in relation to that Additional Guarantor, each in form and substance satisfactory to the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall notify the Company and the Lenders promptly upon being satisfied that it has received (in form
and substance satisfactory to it) all the documents and other evidence listed in Schedule 2 (*Conditions precedent*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent
gives the notification described in paragraph (b) above, the Lenders authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such
notification.

**27.3.** **Resignation of a Guarantor** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may request that a Guarantor ceases to be a Guarantor by delivering to the Agent a Resignation
Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall accept a Resignation Letter and notify the Company and the Lenders of its acceptance if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that Guarantor is being re-designated as not being a Material
Subsidiary in accordance with Clause 24.13 (*Material Subsidiaries*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no payment is due from that Guarantor under any Guarantee Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Company has confirmed that no Default is continuing or would result from the acceptance of the Resignation
Letter; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all the Lenders have consented to the resignation of that Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the case of a Third Party Disposal, the resignation of that Guarantor shall not be effective until the date
of the relevant Third Party Disposal at which time that company shall cease to be a Guarantor and shall have no further rights or obligations under the Finance Documents as a Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In this Clause 27.3, a "**Third Party Disposal**" means the disposal of a Guarantor to a person
which is not a member of the Group where that disposal is not prohibited under this Agreement.

**28.** **ROLE OF THE ADMINISTRATIVE PARTIES** 

**28.1.** **Appointment of the Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each other Finance Party appoints the Agent to act as its agent under and in connection with the Finance
Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each other Finance Party authorises the Agent to perform the duties, obligations and responsibilities and to
exercise the rights, powers, authorities and discretions specifically given to the Agent under or in connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each other Finance Party hereby grants a power of attorney to the Agent to be exercised for the purposes
described in this Clause 28. The Agent shall be released from the restrictions of Section 181 of the BGB (and any equivalent restriction under other applicable laws). At the request of the Agent, each other Finance Party shall grant special
powers of attorney to the Agent to enter into any Finance Document, or any amendments thereof, on their behalf. Any Finance Party which cannot exempt the Agent shall promptly inform the Agent accordingly.

**28.2.** **Instructions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right,
power, authority or discretion vested in it as Agent in accordance with any instructions given to it by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in all other cases, the Majority Lenders; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph
(i) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority
Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Lender or group of Lenders, from that Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from exercising any
right, power, authority or discretion. The Agent may refrain from acting unless and until it receives any such instructions or clarification that it has requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders under the
relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to the Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all
Finance Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Agent may refrain from acting in accordance with any instructions of any Lender or group of Lenders until
it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability which it
may incur in complying with those instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the absence of instructions, the Agent may act (or refrain from acting) as it considers to be in the best
interest of the Finance Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender's consent)
in any legal or arbitration proceedings relating to any Finance Document.

**28.3.** **Duties of the Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The duties of the Agent under the Finance Documents are solely mechanical and administrative in nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to paragraph (c) below, the Agent shall promptly forward to a Party the original or a copy of any
document which is delivered to the Agent for that Party by any other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without prejudice to Clause 26.7 (*Copy of Transfer Certificate or Increase Confirmation to Company*),
paragraph b) above shall not apply to any Transfer Certificate or any Increase Confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except where a Finance Document specifically provides otherwise the Agent is not obliged to review or check the
adequacy, accuracy or completeness of any document it forwards to another Party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that
the circumstance described is a Default, it shall promptly notify the other Finance Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the Agent is aware of the non-payment of any principal, interest,
commitment fee or other fee payable to a Finance Party (other than the Agent or the Arranger) under this Agreement, it shall promptly notify the other Finance Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance
Documents to which it is expressed to be a party (and no others shall be implied).

**28.4.** **Role of the Arranger** 

Except as specifically provided in the Finance Documents, no Arranger has any obligations of any kind to any other Party under or in connection with any Finance Document.

**28.5.** **No fiduciary duties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Nothing in any Finance Document constitutes an Administrative Party as a trustee or fiduciary of any other
person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Administrative Party shall be bound to account to any Lender for any sum or the profit element of any sum
received by it for its own account.

**28.6.** **Individual position of an Administrative Party - business with the Group** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If it is also a Lender, each Administrative Party has the same rights and powers under the Finance Documents as
any other Lender and may exercise those rights and powers as though it were not an Administrative Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Administrative Party may accept deposits from, lend money to and generally engage in any kind of banking
or other business with any member of the Group.

**28.7.** **Rights and discretions of the Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) rely on any representation, communication, notice or document believed by it to be genuine, correct and
appropriately authorised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) assume that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any instructions received by it from the Majority Lenders, any Lenders or any group of Lenders are duly given
in accordance with the terms of the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) unless it has received notice of revocation, that those instructions have not been revoked; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) rely on a certificate from any person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that
person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) to the effect that such person approves of any particular dealing, transaction, step, action or thing,

as sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume the truth and accuracy of that certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders)
that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Default has occurred (unless it has actual knowledge of a Default arising under Clause 25.2 (*Non-payment*));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any right, power, authority or discretion vested in any Party or any group of Lenders has not been exercised;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any notice or request made by the Company (other than a Utilisation Request) is made on behalf of and with the
consent and knowledge of all the Obligors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or
other professional advisers or experts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without prejudice to the generality of paragraph c) above or paragraph e) below, the Agent may at any time
engage and pay for the services of any lawyers to act as independent counsel to the Agent (and so separate from any lawyers instructed by the Lenders) if the Agent in its reasonable opinion deems this to be necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other
professional advisers or experts (whether obtained by the Agent or by any other Party) and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Agent may act in relation to the Finance Documents through its officers, employees and agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Unless a Finance Document expressly provides otherwise the Agent may disclose to any other Party any
information it reasonably believes it has received as agent under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Without prejudice to the generality of paragraph g) above, the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) may disclose; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on the written request of the Company or the Majority Lenders shall, as soon as reasonably practicable,
disclose,

the identity of a Defaulting Lender to the Company and to the other Finance Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding any other provision of any Finance Document to the contrary, none of the Agent or the Arranger
is obliged to do or omit to do anything if it would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Notwithstanding any provision of any Finance Document to the contrary, the Agent is not obliged to expend or
risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds
or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it.

**28.8.** **Responsibility for documentation** 

No Administrative Party is responsible or liable for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the adequacy, accuracy or completeness of any information (whether oral or written) supplied by an
Administrative Party, an Obligor or any other person in or in connection with any Finance Document or the transactions contemplated in the Finance Documents or any other agreement, arrangement or document entered into, made or executed in
anticipation of, under or in connection with any Finance Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any other
agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any determination as to whether any information provided or to be provided to any Finance Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing or otherwise.

**28.9.** **No duty to monitor** 

The Agent shall not be bound to enquire:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) whether or not any Default has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as to the performance, default or any breach by any Party of its obligations under any Finance Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) whether any other event specified in any Finance Document has occurred.

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**28.10.** **Exclusion of liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without limiting paragraph b) below (and without prejudice to any other provision of any Finance Document
excluding or limiting the liability of the Agent, the Agent will not be liable for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a
result of taking or not taking any action under or in connection with any Finance Document, unless directly caused by its gross negligence or wilful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with,
any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Finance Document, other than by reason of its gross negligence or wilful misconduct; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) without prejudice to the generality of sub-paragraphs (i) and (ii)
above, any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any act, event or circumstance not reasonably within its control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the general risks of investment in, or the holding of assets in, any jurisdiction,

including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Party (other than the relevant Administrative Party) may take any proceedings against any officer, employee
or agent of another Administrative Party in respect of any claim it might have against that Administrative Party or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document and any officer,
employee or agent of an Administrative Party may rely on this Clause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount
required under the Finance Documents to be paid by the Agent if the Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by
the Agent for that purpose.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing in this Agreement shall oblige the Agent or the Arranger to carry out:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any "know your customer" or other checks in relation to any person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any
Lender,

on behalf of any Lender and each Lender confirms to the Agent and the Arranger that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent or the Arranger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Without prejudice to any provision of any Finance Document excluding or limiting the Agent's liability,
any liability of the Agent arising under or in connection with any Finance Document shall be limited to the amount of actual loss which has been suffered (as determined by reference to the date of default of the Agent or, if later, the date on which
the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Agent at any time which increase the amount of that loss. In no event shall the Agent be liable for any loss of profits,
goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Agent has been advised of the possibility of such loss or damages.

**28.11.** **Lenders' indemnity to the Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then
zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Agent within three (3) Business Days of demand, against any cost, loss or liability (including, without limitation, for negligence or any
other category of liability whatsoever) incurred by the Agent (otherwise than by reason of the Agent's or gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant to Clause 31.11 (*Disruption to payment systems etc.*), notwithstanding the Agent's negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) in acting as Agent under the Finance Documents (unless the
Agent has been reimbursed by an Obligor pursuant to a Finance Document).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to paragraph (c) below, the Company shall immediately on demand reimburse any Lender for any
payment that Lender makes to the Agent pursuant to paragraph (a) above, provided that the Agent was entitled to have such costs, loss or liability reimbursed or covered by the Company pursuant to the other provisions (excluding this Clause) of
this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Paragraph (b) above shall not apply to the extent that the indemnity payment in respect of which the
Lender claims reimbursement relates to a liability of the Agent to an Obligor.

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**28.12.** **Resignation of the Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent may resign and appoint one of its Affiliates acting through an office in the European Union or Norway
as successor by giving notice to the Lenders and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Alternatively, the Agent may resign by giving thirty (30) days' notice to the Lenders and the
Company, in which case the Majority Lenders (after consultation with the Company) may appoint a successor Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Majority Lenders have not appointed a successor Agent in accordance with paragraph b) above within
twenty (20) days after notice of resignation was given, the retiring Agent (after consultation with the Company) may appoint a successor Agent (acting through an office in the European Union or Norway).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The retiring Agent shall, at its own cost, make available to the successor Agent such documents and records and
provide such assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Agent's resignation notice shall only take effect upon the appointment of a successor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation in
respect of the Finance Documents (other than its obligations under paragraph (e) above) but shall remain entitled to the benefit of Clause 17.3 (*Indemnity to the Agent*) and this Clause 28 (and any agency fees for the account of the
retiring Agent shall cease to accrue from (and shall be payable on) that date). Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original
Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) After consultation with the Company, the Majority Lenders may, by notice to the Agent, require it to resign in
accordance with paragraph b) above. In this event, the Agent shall resign in accordance with paragraph b) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Agent shall resign in accordance with paragraph b) above (and, to the extent applicable, shall use
reasonable endeavours to appoint a successor Agent pursuant to paragraph (c) above) if on or after the date which is three (3) Months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance
Documents, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Agent fails to respond to a request under Clause 15.7 (*FATCA information*) and the Company or a
Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information supplied by the Agent pursuant to Clause 15.7 (*FATCA information*) indicates that the
Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Agent notifies the Company and the Lenders that the Agent will not be (or will have ceased to be) a FATCA
Exempt Party on or after that FATCA Application Date;

and (in each case) the Company or a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the Agent were a FATCA Exempt Party, and the Company or that Lender, by notice to the Agent, requires it to resign.

**28.13.** **Replacement of the Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) After consultation with the Company, the Majority Lenders may, by giving thirty (30) days' notice to
the Agent or, at any time the Agent is an Impaired Agent, by giving any shorter notice determined by the Majority Lenders replace the Agent by appointing a successor Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The retiring Agent shall (at the expense of the Lenders) make available to the successor Agent such documents
and records and provide such assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The appointment of the successor Agent shall take effect on the date specified in the notice from the Majority
Lenders to the retiring Agent. As from such date, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under paragraph (b) above) but shall remain entitled to the
benefit of Clause 17.3 (*Indemnity to the Agent*) and this Clause 28 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date).

**28.14.** **Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its agency division
which shall be treated as a separate entity from any other of its divisions or departments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If information is received by another division or department of the Agent, it may be treated as confidential to
that division or department and the Agent shall not be deemed to have notice of it.

**28.15.** **Compliance** 

Notwithstanding any other provision of any Finance Document to the contrary, each Administrative Party may refrain from doing anything (including disclosing any information) which might, in its opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality, and may do anything which, in its opinion, is necessary to comply with any law or regulation.

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**28.16.** **Relationship with the Lenders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Clause 26.9 (*Pro rata interest settlement*), the Agent may treat the person shown in its
records as Lender at the opening of business (in the place of the Agent's principal office as notified to the Finance Parties from time to time) as the Lender acting through its Facility Office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) entitled to or liable for any payment due under any Finance Document on that day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) entitled to receive and act upon any notice, request, document or communication or make any decision or
determination under any Finance Document made or delivered on that day,

unless it has received not less than five (5) Business Days' prior notice from that Lender to the contrary in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices, communications,
information and documents to be made or despatched to that Lender under the Finance Documents. Such notice shall contain the address and e-mail address and/or any other information required to enable the
transmission of information by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated as a notification of a substitute address, e-mail address (or such other information), department and officer by that Lender for the purposes of Clause 33.2 (*Addresses*) and the Agent shall be entitled to treat such person as the person entitled
to receive all such notices, communications, information and documents as though that person were that Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Finance Party shall supply the Agent with any information that it may reasonably specify as being
necessary or desirable to enable the Agent to perform its functions under the Finance Documents.

**28.17.** **Credit appraisal by the Lenders** 

Without affecting the responsibility of the Company for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms to each Administrative Party that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the financial condition, status and nature of each member of the Group;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any other
agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) whether that Lender has recourse, and the nature and extent of that recourse, against any Party or any of its
respective assets under or in connection with any Finance Document, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Finance Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the adequacy, accuracy or completeness of any information provided by the Agent, any Party or by any other
person under or in connection with any Finance Document, the transactions contemplated by any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance
Document.

**28.18.** **Agent's management time** 

Any amount payable to the Agent under Clause 17.3 (*Indemnity to the Agent*), Clause 19 (*Costs and expenses*) and Clause 28.11 (*Lenders' indemnity to the Agent*) may, if requested and specified by the Agent, include the cost of utilising the Agent's management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as the Agent may notify to the Company and the Lenders, and is in addition to any fee paid or payable to the Agent under Clause 14 (*Fees*).

**28.19.** **Deduction from amounts payable by the Agent** 

If any Party owes an amount to the Agent under the Finance Documents the Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted.

**28.20.** **Information from the Finance Parties** 

Each Finance Party shall promptly supply the Agent with any information that it may reasonably specify as being necessary or desirable to enable it to perform its functions as Agent.

**29.** **CONDUCT OF BUSINESS BY THE FINANCE PARTIES** 

No provision of this Agreement will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it
thinks fit;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or
the extent, order and manner of any claim; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any
computations in respect of Tax.

**30.** **SHARING AMONG THE FINANCE PARTIES** 

**30.1.** **Payments to Finance Parties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraph b) below, if a Finance Party (a "**Recovering Finance Party**") receives or
recovers any amount from the Company other than in accordance with Clause 31 (*Payment mechanics*) (a "**Recovered Amount**") and applies that amount to a payment due under the Finance Documents then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Recovering Finance Party shall, within three (3) Business Days, notify details of the receipt or
recovery to the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance
Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in accordance with Clause 31 (*Payment mechanics*), without taking account of any Tax which would be imposed on the Agent in relation to
the receipt, recovery or distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Recovering Finance Party shall, within three (3) Business Days of demand by the Agent, pay to the
Agent an amount (the "Sharing Payment") equal to such receipt or recovery less any amount which the Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 31.6
(*Partial payments*).

**30.2.** **Redistribution of payments** 

The Agent shall treat the Sharing Payment as if it had been paid by the Company and distribute it between the Finance Parties (other than the Recovering Finance Party) (the "Sharing Finance Parties") in accordance with Clause 31.6 (*Partial payments*) towards the obligations of the Company to the Sharing Finance Parties.

**30.3.** **Recovering Finance Party's rights** 

On a distribution by the Agent under Clause 30.2 (*Redistribution of payments*), of a payment received by a Recovering Finance Party from the Company, as between the Company and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by the Company.

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**30.4.** **Reversal of redistribution** 

If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of that
Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which
that Recovering Finance Party is required to pay) (the "Redistributed Amount"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as between the Company and each relevant Sharing Finance Party, an amount equal to the relevant Redistributed
Amount will be treated as not having been paid by the Company.

**30.5.** **Exceptions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Clause 30 shall not apply to the extent that the Recovering Finance Party would not, after making any
payment pursuant to this Clause, have a valid and enforceable claim against the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering
Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it notified that other Finance Party of the legal or arbitration proceedings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did
not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings.

**31.** **PAYMENT MECHANICS** 

**31.1.** **Payments to the Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On each date on which the Company or a Lender is required to make a payment under a Finance Document, the
Company or Lender shall make the same available to the Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of
transactions in the relevant currency in the place of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Payment shall be made to such account in the principal financial centre of the country of that currency (or, in
relation to euro, in a principal financial centre in such Participating Member State or London, as specified by the Agent) and with such bank as the Agent, in each case, specifies.

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**31.2.** **Distributions by the Agent** 

Each payment received by the Agent under the Finance Documents for another Party shall, subject to Clause 31.3 (*Distributions to the Company*) and Clause 31.4 (*Clawback and pre-funding*) be made available by the Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Agent by not less than five (5) Business Days' notice with a bank specified by that Party in the principal financial centre of the country of that currency (or, in relation to euro, in the principal financial centre of a Participating Member State or London, as specified by that Party).

**31.3.** **Distributions to the Company** 

The Agent may (with the consent of the Company or in accordance with Clause 32 (*Set-off*)) apply any amount received by it for the Company in or towards payment (on the date and in the currency and funds of receipt) of any amount due from the Company under the Finance Documents or in or towards purchase of any amount of any currency to be so applied.

**31.4.** **Clawback and pre-funding** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not obliged
to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless paragraph (c) below applies, if the Agent pays an amount to another Party and it proves to be the
case that the Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Agent shall on demand refund the same to the Agent together with interest on that amount
from the date of payment to the date of receipt by the Agent, calculated by the Agent to reflect its cost of funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Agent has notified the Lenders that it is willing to make available amounts for the account of the
Company before receiving funds from the Lenders then if and to the extent that the Agent does so but it proves to be the case that it does not then receive funds from a Lender in respect of a sum which it paid to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Agent shall notify the Company of that Lender's identity and the Company to whom that sum was made
available shall on demand refund it to the Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Lender by whom those funds should have been made available or, if that Lender fails to do so, the Company
to whom that sum was made available,

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shall on demand pay to the Agent the amount (as certified by the Agent) which will indemnify the Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds from that Lender.

**31.5.** **Impaired Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In this Clause:

"**Acceptable Bank**" means a bank or a financial institution which has a rating for its long-term unsecured and non-credit enhanced debt obligations of A+ or higher by Standard & Poor's Rating Services or Fitch Ratings Ltd or A1 or higher by Moody's Investor Service Limited or a comparable rating from an internationally recognised credit rating agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, at any time, the Agent becomes an Impaired Agent, the Company or a Lender which is required to make a
payment under the Finance Documents to the Agent in accordance with Clause 31.1(*Payments to the Agent*) may instead either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pay that amount direct to the required recipient(s); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to
the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Company or the
Lender making the payment (the "Paying Party") and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the "Recipient Party" or
" **Recipient Parties** ").

In each case such payments must be made on the due date for payment under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the
Recipient Party or the Recipient Parties pro rata to their respective entitlements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A Party which has made a payment in accordance with this Clause 31.5 shall be discharged of the relevant
payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Promptly upon the appointment of a successor Agent in accordance with Clause 28.13 (*Replacement of the Agent*), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to paragraph (f) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount
(together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 31.2 (*Distributions by the Agent*).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that it has not given an instruction pursuant to paragraph (d) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that it has been provided with the necessary information by that Recipient Party,

give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.

**31.6.** **Partial payments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Agent receives a payment for application against amounts due in respect of any Finance Documents that is
insufficient to discharge all the amounts then due and payable by the Company under those Finance Documents, the Agent shall apply that payment towards the obligations of the Company under the Finance Documents in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **first**, in or towards payment pro rata of any unpaid amount owing to the Agent under the Finance
Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **secondly**, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under
those Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **thirdly**, in or towards payment pro rata of any principal due but unpaid under those Finance Documents;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **fourthly**, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall, if so directed by the Majority Lenders, vary the order set out in paragraphs (a)(ii) to
(a)(iv) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Paragraphs (a) and (b) above will override any appropriation made by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the order of application set out in paragraph (a), the Finance Parties accept and agree that
any Finance Party in its capacity as account bank or overdraft lender, or a combination of those, shall be entitled to reduce or recover outstanding amounts under an overdraft facility relating to a cash pool arrangement by way of netting any amount
credited on the cash pool arrangement and applying such amount against any amount owed and due by the Company under such overdraft facility firstly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding the foregoing or any other provision of a Finance Document, amounts received from any Guarantor
shall not be applied to any obligation that is an Excluded Swap Obligation of such Guarantor.

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**31.7.** **No set-off by the Company** 

All payments to be made by the Company under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.

**31.8.** **Business Days** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any payment under the Finance Documents which is due to be made on a day that is not a Business Day shall be
made on the next Business Day in the same calendar Month (if there is one) or the preceding Business Day (if there is not).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest
is payable on the principal or Unpaid Sum at the rate payable on the original due date.

**31.9.** **Currency of account** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraphs (b) to (e) below, the Base Currency is the currency of account and payment for any
sum due from the Company under any Finance Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A repayment of a Loan or Unpaid Sum or a part of a Loan or Unpaid Sum shall be made in the currency in which
that Loan or Unpaid Sum is denominated, pursuant to this Agreement, on its due date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each payment of interest shall be made in the currency in which the sum in respect of which the interest is
payable was denominated, pursuant to this Agreement, when that interest accrued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses
or Taxes are incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any amount expressed to be payable in a currency other than the Base Currency shall be paid in that other
currency.

**31.10.** **Change of currency** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised
by the central bank of any country as the lawful currency of that country, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the
currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated by the Agent (after consultation with the Company); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any translation from one currency or currency unit to another shall be at the official rate of exchange
recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or down by the Agent (acting reasonably).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting
reasonably and after consultation with the Company) specifies to be necessary, be amended to comply with any generally accepted conventions and market practice in the Relevant Market and otherwise to reflect the change in currency.

**31.11.** **Disruption to payment systems etc.** 

If either the Agent determines (in its discretion) that a Disruption Event has occurred or the Agent is notified by the Company that a Disruption Event has occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agent may, and shall if requested to do so by the Company, consult with the Company with a view to agreeing
with the Company such changes to the operation or administration of the Facility as the Agent may deem necessary in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agent shall not be obliged to consult with the Company in relation to any changes mentioned in paragraph
(a) above if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation to agree to such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a) above
but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any such changes agreed upon by the Agent and the Company shall (whether or not it is finally determined that a
Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of Clause 37 (*Amendments and Waivers*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Agent shall not be liable for any damages, costs or losses to any person, any diminution in value or any
liability whatsoever (including, without limitation for negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) arising as a result of its taking, or failing to take,
any actions pursuant to or in connection with this Clause 31.11; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above.

**32.** **SET-OFF** 

A Finance Party may set off any matured obligation due from the Company under the Finance Documents (to the extent beneficially owned by that Finance Party) against any

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obligation owed by that Finance Party to the Company, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off.

**33.** **NOTICES** 

**33.1.** **Communications in writing** 

Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by letter or e-mail or letter.

**33.2.** **Addresses** 

The address and e-mail address (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of the Company:

Attention: Dan-Erik Nilsen

E-mail: [\*\*\*]

Visiting Address: Butangen 20, NO-4639 Kristiansand, Norway

Postal Address: PO Box 413, Lundsiden, NO-4604 Kristiansand, Norway

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of each Lender, that notified in writing to the Agent on or prior to the date on which it becomes a
Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of the Agent:

If by mail:

DNB Bank ASA

Postboks 1600, Sentrum, V5N

0021 Oslo, Norway

Att: Agency Syndicated Loans

If by courier:

DNB Bank ASA

Dronning Eufemias gate 30, V5N

0191 Oslo, Norway

Att: Agency Syndicated Loans

For agency matters:

Attention: Agency – Syndicated Loans

E-mail: [\*\*\*]

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For loan administration matters:

Attention: Loan Administration Large Corporates

Email: loanadmin.corporate@dnb.no

or any substitute address or e-mail address or department or officer as the Party may notify to the Agent (or the Agent may notify to the other Parties, if a change is made by the Agent) by not less than five (5) Business Days' notice.

**33.3.** **Delivery** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any communication or document made or delivered by one person to another under or in connection with the
Finance Documents will only be effective:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if by way of e-mail, when received in legible form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if by way of letter, when it has been left at the relevant address or five (5) Business Days after being
deposited in the post postage prepaid in an envelope addressed to it at that address;

and, if a particular department or officer is specified as part of its address details provided under Clause 33.2 (*Addresses*), if addressed to that department or officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any communication or document to be made or delivered to the Agent will be effective only when actually
received by the Agent and then only if it is expressly marked for the attention of the department or officer identified with the Agent's signature below (or any substitute department or officer as the Agent shall specify for this purpose).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All notices from or to the Company shall be sent through the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any communication or document which becomes effective, in accordance with paragraphs (a) to (d) above,
after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.

**33.4.** **Notification of address** 

Promptly upon changing its own address or e-mail address, the Agent shall notify the other Parties.

**33.5.** **Communication when Agent is Impaired Agent** 

If the Agent is an Impaired Agent the Parties may, instead of communicating with each other through the Agent, communicate with each other directly and (while the Agent is an Impaired Agent) all the provisions of the Finance Documents which require communications to be made or notices to be given to or by the Agent shall be varied so that communications may be made and notices given to or by the relevant Parties directly. This provision shall not operate after a replacement Agent has been appointed.

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**33.6.** **English language** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice given under or in connection with any Finance Document must be in English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All other documents provided under or in connection with any Finance Document must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in English; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if not in English, and if so required by a Lender, accompanied by a certified English translation and, in this
case, the English translation will prevail unless the document is a constitutional, statutory or other official document.

**33.7.** **USA Patriot Act** 

Each Lender that is subject to the requirements of the USA Patriot Act hereby notifies the Company that, pursuant to the requirements of the USA Patriot Act, such Lender is required to obtain, verify and record information that identifies the Company, which information includes the name and address of the Company and other information that will allow such Lender to identify the Company in accordance with the USA Patriot Act.

**34.** **CALCULATIONS AND CERTIFICATES** 

**34.1.** **Accounts** 

In any litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party are prima facie evidence of the matters to which they relate.

**34.2.** **Certificates and determinations** 

Any certification or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates.

**34.3.** **Day count convention** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any interest, commission or fee accruing under a Finance Document will accrue from day to day and is
calculated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on the basis of the actual number of days elapsed and a year of 360 days or, in any case where the practice in
the Relevant Market differs, in accordance with that market practice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to paragraph (b) below, without rounding.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate amount of any accrued interest, commission or fee which is, or becomes, payable by the Company
under a Finance Document shall be rounded to 2 decimal places.

**35.** **PARTIAL INVALIDITY** 

If, at any time, any provision of a Finance Document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

**36.** **REMEDIES AND WAIVERS** 

No failure to exercise, nor any delay in exercising, on the part of any Finance Party, any right or remedy under a Finance Document shall operate as a waiver, of any such right or remedy or constitute an election to affirm any of the Finance Documents. No election to affirm any Finance Document on the part of any Finance Party shall be effective unless it is in writing. No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in each Finance Document are cumulative and not exclusive of any rights or remedies provided by law.

**37.** **AMENDMENTS AND WAIVERS** 

Required consents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Clause 37.2 (*All Lender matters*) and Clause 37.3 (*Other exceptions*) any term of the
Finance Documents may be amended or waived only with the consent of the Majority Lenders and the Company and any such amendment or waiver will be binding on all Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause 37.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Paragraph (c) of Clause 26.9 (*Pro rata interest settlement*) shall apply to this Clause 37.

**37.2.** **All Lender matters** 

Subject to Clause 37.4 (*Changes to Reference Rates*), an amendment or waiver of any term of any Finance Document that has the effect of changing or which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the definitions of "Majority Lenders", "Restricted Party", "Sanctions",
"Sanctions Authority" or "Sanctions List" in Clause 1.1 (*Definitions*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an extension to the date of payment of any amount under the Finance Documents;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a reduction in the Margin (other than as set out in Clause 11.4 (*Margin adjustments*)) or a reduction in
the amount of any payment of principal, interest, fees or commission payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an increase in any Commitment or an extension of any Availability Period or any requirement that a cancellation
of Commitments reduces the Commitments of the Lenders rateably under the Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a change to the Obligors other than in accordance with Clause 27 (*Changes to the Obligors*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any provision which expressly requires the consent of all the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Clause 2.3 (*Finance Parties' rights and obligations*), Clause 9.1 (*Change of Control*)
(including the definitions included and used in that Clause), Clause 21.16 (*Sanctions*), Clause 24.2 (*Sanctions*), Clause 26 (*Changes to the Lenders*), Clause 27 (*Changes to the Obligors*), Clause 30 (*Sharing among the Finance Parties*) or this Clause 37, Clause 41 (*Governing law*) or Clause 42.1 (*Jurisdiction*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) other than as permitted by the provisions of any Finance Document) the nature or scope of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Transaction Security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the manner in which the proceeds of enforcement of the Transaction Security are distributed

(except in the case of paragraphs (i) and (ii) above, insofar as it relates to a sale or disposal of an asset which is the subject of the Transaction Security where such sale or disposal is permitted under this Agreement or any other Finance Document);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the release of any Obligor under a Guarantee Agreement or of any Transaction Security unless permitted under
this Agreement or any other Finance Document or relating to a sale or disposal of an asset which is the subject of the Transaction Security where such sale or disposal is permitted under this Agreement or any other Finance Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any amendment to the order of priority or subordination under the Intercreditor Agreement,

shall not be made without the prior consent of all the Lenders.

**37.3.** **Other exceptions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An amendment or waiver which relates to the rights or obligations of the Administrative Party (in its capacity
as such) may not be effected without the consent of the Administrative Party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Fee Letter may be amended or waived with the agreement of the Administrative Party that is party to that Fee
Letter and the Company.

**37.4.** **Changes to Reference Rates** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraph (a) of Clause 37.3 (*Other exceptions*), if a Published Rate Replacement Event
has occurred in relation to any Published Rate for a currency which can be selected for a Loan, any amendment or waiver which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) providing for the use of a Replacement Reference Rate in relation to that currency in place of that Published
Rate; and

(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) aligning any provision of any Finance Document to the use of that Replacement Reference Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) enabling that Replacement Reference Rate to be used for the calculation of interest under this Agreement
(including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) implementing market conventions applicable to that Replacement Reference Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic
value from one Party to another as a result of the application of that Replacement Reference Rate (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body,
the adjustment shall be determined on the basis of that designation, nomination or recommendation),

may be made with the consent of the Majority Lenders and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An amendment or waiver that relates to, or has the effect of, aligning the means of calculation of interest on
a Compounded Rate Loan in any currency under this Agreement to any recommendation of a Relevant Nominating Body which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) relates to the use of a risk-free reference rate on a compounded basis in the international or any relevant
domestic syndicated loan markets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is issued after the Original Signing Date,

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may be made with the consent of the Agent (acting on the instructions of the Majority Lenders) and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Lender fails to respond to a request for an amendment or waiver described in paragraph (a) or
paragraph (b) above within ten (10) Business Days (or such longer time period in relation to any request which the Company and the Agent may agree) of that request being made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its Commitment(s) shall not be included for the purpose of calculating the Total Commitments under the relevant
Facility/ies when ascertaining whether any relevant percentage of Total Commitments has been obtained to approve that request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any
specified group of Lenders has been obtained to approve that request.

In this Clause 37.4:

"**Published Rate**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Primary Term Rate for any Quoted Tenor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an RFR.

"**Published Rate Replacement Event**" means, in relation to a Published Rate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the methodology, formula or other means of determining that Published Rate has, in the opinion of the Majority
Lenders and the Borrower, materially changed;

(b) (i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the administrator of that Published Rate or its supervisor publicly announces that such administrator is
insolvent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) information is published in any order, decree, notice, petition or filing, however described, of or filed with
a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably confirms that the administrator of that Published Rate is insolvent,

provided that, in each case, at that time, there is no successor administrator to continue to provide that Published Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the administrator of that Published Rate publicly announces that it has ceased or will cease to provide that
Published Rate permanently or indefinitely and, at that time, there is no successor administrator to continue to provide that Published Rate;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the supervisor of the administrator of that Published Rate publicly announces that such Published Rate has been
or will be permanently or indefinitely discontinued for any Quoted Tenor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the administrator of that Published Rate or its supervisor announces that that Published Rate may no longer be
used; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in relation to the Primary Term Rate for EUR or USD, the supervisor of the administrator of that Primary Term
Rate publicly announces or publishes information (A) stating that that Primary Term Rate for any Quoted Tenor is no longer, or as of a specified future date will no longer be, representative of the underlying market and the economic reality
that it is intended to measure and that such representativeness will not be restored (as determined by such supervisor) and (B) with awareness that any such announcement or publication will engage certain triggers for fallback provisions in
contracts which may be activated by any such pre-cessation announcement or publication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the administrator of that Published Rate (or the administrator of an interest rate which is a constituent
element of that Published Rate) determines that that Published Rate should be calculated in accordance with its reduced submissions or other contingency or fallback policies or arrangements and either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the circumstance(s) or event(s) leading to such determination are not (in the opinion of the Agent (acting on
the instructions of the Majority Lenders) and the Company) temporary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that Published Rate is calculated in accordance with any such policy or arrangement for a period no less than
the period specified as the "Published Rate Contingency Period" in the Reference Rate Terms relating to that Published Rate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the opinion of the Agent (acting on the instructions of the Majority Lenders) and the Company, that
Published Rate is otherwise no longer appropriate for the purposes of calculating interest under this Agreement,

"**Relevant Nominating Body**" means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board.

"**Replacement Reference Rate**" means a reference rate which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) formally designated, nominated or recommended as the replacement for a Published Rate by:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the administrator of that Published Rate (provided that the market or economic reality that such reference rate
measures is the same as that measured by that Published Rate); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Relevant Nominating Body,

and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the "Replacement Reference Rate" will be the replacement under paragraph (ii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the opinion of the Agent (acting on the instructions of the Majority Lenders) and the Company, generally
accepted in the international or any relevant domestic syndicated loan markets as the appropriate successor to a Published Rate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the opinion of the Agent (acting on the instructions of the Majority Lenders) and the Company, an
appropriate successor to a Published Rate.

**37.5.** **Replacement or repayment of a Lender** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Lender suspends its Commitment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company becomes obliged to pay any amount in accordance with Clause 9.2 (*Illegality*) or to pay
additional amounts pursuant to Clause 16.1 (*Increased costs*), Clause 15.2 (*Tax gross-up*) or Clause 15.3 (*Tax indemnity*) to any Lender,

the Company may, on five (5) Business Days' prior written notice to the Agent and such Lender, replace that Lender by requiring such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to Clause 26 (*Changes to the Lenders*) all (and not part only) of its rights and obligations under this Agreement to an Eligible Institution (a "**Replacement Lender**") which is acceptable to the Agent (acting reasonably) and which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with Clause 26 (*Changes to the Lenders*) for a purchase price in cash payable at the time of the transfer in an amount equal to the outstanding principal amount of such Lender's participation in the outstanding Loans and all accrued interest and/or Instrument fees, Break Costs and other amounts payable in relation thereto under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The replacement of a Lender pursuant to this Clause 37.6 shall be subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company shall have no right to replace the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither the Agent nor the Lender shall have any obligation to find a Replacement Lender;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in no event shall the Lender replaced under this Clause 37.5 be required to pay or surrender such Replacement
Lender any of the fees received by such Lender pursuant to the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph a) above once it
is satisfied that it has complied with all necessary "know your customer" or other similar checks under applicable anti-money laundering laws or other similar applicable laws and regulations in relation to that transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Lender shall perform the checks described in paragraph (b)(iv) above as soon as reasonably practicable
following delivery of a notice referred to in paragraph (a) above and shall notify the Agent and the Company when it is satisfied that it has complied with those checks.

**37.6.** **Disenfranchisement of Defaulting Lenders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For so long as a Defaulting Lender has any Available Commitment, in ascertaining

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Majority Lenders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) whether:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments under the
Facility/ies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the agreement of any specified group of Lenders,

has been obtained to approve any request for consent, waiver, amendment or other vote of Lenders under the Finance Documents,

that Defaulting Lender's Commitments under the Facility will be reduced by the amount of its Available Commitments under the Facility and, to the extent that that reduction results in that Defaulting Lender's Total Commitments being zero, that Defaulting Lender shall be deemed not to be a Lender for the purposes of sub-paragraphs (i) and (ii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purposes of this Clause 37.6, the Agent may assume that the following Lenders are Defaulting Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Lender which has notified the Agent that it has become a Defaulting Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Lender in relation to which it is aware that any of the events or circumstances referred to in paragraphs
(a), (b) or (c) of the definition of "Defaulting Lender" has occurred,

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unless it has received notice to the contrary from the Lender concerned (together with any supporting evidence reasonably requested by the Agent) or the Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender.

**37.7.** **Replacement of a Defaulting Lender** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may, at any time a Lender has become and continues to be a Defaulting Lender, by giving five
(5) Business Days' prior written notice to the Agent and such Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) replace such Lender by requiring such Lender to (and, to the extent permitted by law, such Lender shall)
transfer pursuant to Clause 26 (*Changes to the Lenders*) all (and not part only) of its rights and obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) require such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to Clause 26
(*Changes to the Lenders*) all (and not part only) of the undrawn Commitment of the Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) require such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to Clause 26
(*Changes to the Lenders*) all (and not part only) of its rights and obligations in respect of the Facility,

to an Eligible Institution (a "**Replacement Lender**") which is acceptable to the Agent (acting reasonably) and which confirms its willingness to assume and does assume all the obligations, or all the relevant obligations, of the transferring Lender in accordance with Clause 26 (*Changes to the Lenders*) for a purchase price in cash payable at the time of transfer which is either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in an amount equal to the outstanding principal amount of such Lender's participation in the outstanding
Loans and all accrued interest and/or fees, Break Costs and other amounts payable in relation thereto under the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in an amount agreed between that Defaulting Lender, the Replacement Lender and the Company and which does not
exceed the amount described in sub-paragraph (i) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any transfer of rights and obligations of a Defaulting Lender pursuant to this Clause 37.7 shall be subject to
the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company shall have no right to replace the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither the Agent nor the Defaulting Lender shall have any obligation to the Company to find a Replacement
Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the transfer must take place no later than ten (10) Business Days after the notice referred to in
paragraph (a) above;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in no event shall the Defaulting Lender be required to pay or surrender to the Replacement Lender any of the
fees received by the Defaulting Lender pursuant to the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Defaulting Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph
(a) above once it is satisfied that it has complied with all necessary "know your customer" or other similar checks under applicable anti-money laundering laws or other similar applicable laws and regulations in relation to that
transfer to the Replacement Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Defaulting Lender shall perform the checks described in paragraph (b)(v) above as soon as reasonably
practicable following delivery of a notice referred to in paragraph (a) above and shall notify the Agent and the Company when it is satisfied that it has complied with those checks.

**38.** **CONFIDENTIAL INFORMATION** 

**38.1.** **Confidentiality** 

Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 38.2 (*Disclosure of Confidential Information*) and Clause 38.3 (*Disclosure to numbering service providers*), and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information.

**38.2.** **Disclosure of Confidential Information** 

Any Finance Party may disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional
advisers, auditors, partners and Representatives such Confidential Information as that Finance Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in
writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to
maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights
and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed) it as Agent and, in each case, to any of that person's Affiliates, Related Funds, Representatives and professional advisers;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Obligors and to any of that
person's Affiliates, Related Funds, Representatives and professional advisers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) appointed by any Finance Party or by a person to whom paragraph b)(i) or (ii) above applies to receive
communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf (including, without limitation, any person appointed under paragraph (c) of Clause 28.16 (*Relationship with the Lenders*));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or
indirectly, any transaction referred to in paragraph (b)(i) or (b)(ii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to whom information is required or requested to be disclosed by any court of competent jurisdiction or any
governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to whom information is required to be disclosed in connection with, and for the purposes of, any litigation,
arbitration, administrative or other investigations, proceedings or disputes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so)
pursuant to Clause 26.8 (*Security over Lenders' rights*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) who is a Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) with the consent of the Company;

in each case, such Confidential Information as that Finance Party shall consider appropriate if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in relation to paragraphs (b)(i), (b)(ii) and (b)(iii) above, the person to whom the Confidential Information
is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the
confidentiality of the Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in relation to paragraph (b)(iv) above, the person to whom the Confidential Information is to be given has
entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive
information;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) in relation to paragraphs (b)(v), (b)(vi) and (b)(vii) above, the person to whom the Confidential Information
is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not
practicable so to do in the circumstances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to any person appointed by that Finance Party or by a person to whom paragraph (b)(i) or (b)(ii) above applies
to provide administration or settlement services in respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may
be required to be disclosed to enable such service provider to provide any of the services referred to in this paragraph (c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality
agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Company and the relevant Finance Party;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to any rating agency (including its professional advisers) such Confidential Information as may be required to
be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents and/or the Obligors if the rating agency to whom the Confidential Information is to be given is informed of its confidential
nature and that some or all of such Confidential Information may be price-sensitive information.

**38.3.** **Disclosure to numbering service providers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Finance Party may disclose to any national or international numbering service provider appointed by that
Finance Party to provide identification numbering services in respect of this Agreement, the Facility and/or one or more Obligors the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) names of Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) country of domicile of Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) place of incorporation of Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Clause 41 (*Governing law*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the names of the Agent and the Arranger;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) date of each amendment and restatement of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) amount of, and name of, the Facility (and any tranches);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) amount of Total Commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) currencies of the Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) type of Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) ranking of the Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Termination Date for the Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) changes to any of the information previously supplied pursuant to paragraphs (i) to (xiii) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) such other information agreed between such Finance Party and the Company,

to enable such numbering service provider to provide its usual syndicated loan numbering identification services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facility
and/or one or more Obligors by a numbering service provider and the information associated with each such number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company represents that none of the information set out in paragraphs (i) to (xv) of paragraph
(a) above is, nor will at any time be, unpublished price-sensitive information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Agent shall notify the Company and the other Finance Parties of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the name of any numbering service provider appointed by the Agent in respect of this Agreement, the Facility
and/or one or more Obligors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number or, as the case may be, numbers assigned to this Agreement, the Facility and/or one or more Obligors
by such numbering service provider.

**38.4.** **Personal Data Protection Act** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Obligor provides the Finance Parties with personal data of any individual as required by or pursuant to
the Finance Documents, the Company represents and warrants to the Finance Parties that it has, to the extent required by law (i) notified the relevant individual of the purposes for which data will be collected, processed, used or disclosed;
and (ii) has the lawful right to, or has obtained such individual's consent for, and hereby consents on behalf of such individual to, the collection, processing, use and disclosure of his/her personal data by the Finance Parties, in each
case, in accordance with or for the purposes of the Finance Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company agrees and undertakes to notify the Agent promptly upon its becoming aware of the withdrawal by the
relevant individual of his/her consent to the collection, processing, use and/or disclosure by any Finance Party of any personal data provided by an Obligor to any Finance Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any consent given pursuant to this agreement in relation to personal data shall, subject to all applicable laws
and regulations, survive death, incapacity, bankruptcy or insolvency of any such individual and the termination or expiration of this agreement.

**38.5.** **Entire agreement** 

This Clause 38 constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents or any applicable law or regulation regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.

**38.6.** **Inside information** 

Each of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any unlawful purpose.

**38.7.** **Notification of disclosure** 

Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of the circumstances of any disclosure of Confidential Information made pursuant to paragraph 38.2(b)(v) of
Clause 38.2 (*Disclosure of Confidential Information*), except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon becoming aware that Confidential Information has been disclosed in breach of this Clause 38.

**38.8.** **Continuing obligations** 

The obligations in this Clause 38 are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of twelve (12) Months from the earlier of:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date on which all amounts payable by the Company under or in connection with this Agreement have been paid
in full and all Commitments have been cancelled or otherwise cease to be available; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which such Finance Party otherwise ceases to be a Finance Party.

**39.** **CONFIDENTIALITY OF FUNDING RATES** 

**39.1.** **Confidentiality and disclosure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent and the Company agree to keep each Funding Rate confidential and not to disclose it to anyone, save
to the extent permitted by paragraphs (b) and (c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent may disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Funding Rate to the Company pursuant to Clause 11.6 (*Notifications*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Funding Rate to any person appointed by it to provide administration services in respect of one or more of
the Finance Documents to the extent necessary to enable such service provider to provide those services if the service provider to whom that information is to be given has entered into a confidentiality agreement substantially in the form of the LMA
Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Agent and the relevant Lender, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent may disclose any Funding Rate and the Company may disclose any Funding Rate, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors,
partners and Representatives if any person to whom that Funding Rate is to be given pursuant to this sub-paragraph (i) is informed in writing of its confidential nature and that it may be price-sensitive
information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of that Funding Rate or is otherwise bound by requirements of confidentiality in relation
to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any person to whom information is required or requested to be disclosed by any court of competent jurisdiction
or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate is to be given is informed in
writing of its confidential nature and that it may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of the Agent or the Company, as the case may be, it is not practicable to do so in the
circumstances;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any person to whom information is required to be disclosed in connection with, and for the purposes of, any
litigation, arbitration, administrative or other investigations, proceedings or disputes if the person to whom that Funding Rate is to be given is informed in writing of its confidential nature and that it may be price-sensitive information except
that there shall be no requirement to so inform if, in the opinion of the Agent or the Company, as the case may be, it is not practicable to do so in the circumstances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any person with the consent of the relevant Lender, as the case may be.

**39.2.** **Related obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent and the Company acknowledge that each Funding Rate is or may be price-sensitive information and that
its use may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and the Agent and the Company undertake not to use any Funding Rate for any unlawful purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent and the Company agree (to the extent permitted by law and regulation) to inform the relevant Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) of the circumstances of any disclosure made pursuant to paragraph (c)(ii) of Clause 39.1 (*Confidentiality and disclosure*) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon becoming aware that any information has been disclosed in breach of this Clause 39.

**39.3.** **No Event of Default** 

No Event of Default will occur under Clause 25.5 (*Other obligations*) by reason only of the Company's failure to comply with this Clause 39.

**40.** **COUNTERPARTS** 

Each Finance Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document.

**41.** **GOVERNING LAW** 

This Agreement (including Clause 42 (*Enforcement*) and any non-contractual obligations arising out of or in connection with it) is governed by Norwegian law.

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**42.** **ENFORCEMENT** 

**42.1.** **Jurisdiction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The courts of Norway have exclusive jurisdiction to settle any dispute arising out of or in connection with
this Agreement (including a dispute relating to the existence, validity or termination of this Agreement) (a "**Dispute** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties agree that the courts of Norway are the most appropriate and convenient courts to settle Disputes
and accordingly no Party will argue to the contrary. The District Court of Oslo (No. Oslo tingrett) shall be the court of first instance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding paragraphs (a) and (b) above, no Finance Party shall be prevented from taking proceedings
relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions.

**42.2.** **Service of process** 

Without prejudice to any other mode of service allowed under any relevant law, the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) irrevocably appoints MHWirth AS as its agent for service of process in relation to any proceedings before the
Norwegian courts in connection with any Finance Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) agrees that failure by a process agent to notify the Company of the process will not invalidate the proceedings
concerned.

This Agreement has been entered into on the date stated at the beginning of this Agreement.

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**Schedule 1** 

**The Original Lenders** 

---

| | |
|:---|:---|
| **Name of Original Lender** | **Commitment** |
|  DNB Bank ASA | USD 37,500,000 |
|  Nordea Bank Abp, filial i Norge | USD 37,500,000 |
|  **Total** | **USD 75,000,000** |

---

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**Schedule 2** 

**Conditions precedent** 

**Conditions precedent required to be delivered by an Additional Guarantor and any Security Provider** 

1. Either i) a Guarantee Agreement, duly executed by the Additional Guarantor and the Security Agent, or ii) an
accession letter to an existing Guarantee Agreement, and an accession agreement for the Intercreditor Agreement, duly executed by the Additional Guarantor and the Security Agent (all such documents, the "**Accession Documents** ").

2. A copy of the constitutional documents of the Additional Guarantor and any Security Provider (together with an
English translation (if applicable)).

3. The relevant Transaction Security Documents, duly signed and perfected by the parties to it.

4. A copy of a resolution of the board of directors (or equivalent governing body or entity having the power to
direct the management) of the Additional Guarantor and any Security Provider (together with an English translation (if applicable)):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) approving the terms of, and the transactions contemplated by, the Accession Documents and the other Finance
Documents to which it is a party and resolving that it execute, deliver and perform the Accession Documents and the other Finance Documents to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) authorising a specified person or persons to execute the Accession Documents and the other Finance Documents to
which it is a party on its behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) authorising a specified person or persons, on its behalf, to sign and/or despatch all other documents and
notices to be signed and/or despatched by it under or in connection with the Accession Documents or the Finance Documents to which it is a party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) authorising the Company to act as its agent in connection with the Finance Documents.

5. IF APPLICABLE: A copy of a resolution signed by all the holders of the issued shares of the Additional
Guarantor (together with an English translation (if applicable)), approving the terms of, and the transactions contemplated by, the Accession Documents and the Finance Documents to which the Additional Guarantor is a party.

6. In respect of any Additional Guarantor or Security Provider incorporated in Norway and to the extent
applicable, evidence that the Additional Guarantor or Security Provider has completed the procedures set out in section 8-10 of the Norwegian Limited Liability Companies Act to be an Additional Guarantor
and/or to provide the Transaction Security required to be provided by it, including board resolution, board statement and confirmation, resolution by extraordinary general meeting of shareholders and a filing to the Norwegian Register of Business
Enterprises.

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7. In respect of any Additional Guarantor or Security Provider incorporated in the US, a copy of a Certificate of
Good Standing for such Security Provider

8. In respect of an Additional Guarantor or Security Provider incorporated in the Netherlands:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an up-to-date extract from the
Dutch trade register (*handelsregister*) relating to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if required by law or its constitutional documents a copy of a resolution of its board of supervisory directors
(if any) approving its execution and the terms of, and the transactions contemplated by, the Accession Documents and the Finance Documents to which it is a party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if it is required by law to obtain works council advice in respect of its or any other person's entry
into the Accession Documents and the Finance Documents, a copy of a positive advice from its (central) works council (and, if such advice is not unconditional, confirmation from the Company that (i) the conditions set by the works council are
and will be complied with and (ii) such compliance does and will not have a Material Adverse Effect).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In respect of each company incorporated in the United Kingdom whose shares are the subject of the Transaction
Security (a "**Charged Company** "), a copy of the constitutional documents and register of members and either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a certificate of an authorised signatory of the Company certifying that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) each member of the Group has complied within the relevant timeframe with any notice it has received pursuant to
Part 21A of the Companies Act 2006 from that Charged Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) no "warning notice" or "restrictions notice" (in each case as defined in Schedule 1B of
the Companies Act 2006) has been issued in respect of those shares,

together with a copy of the "PSC register" (within the meaning of section 790C(10) of the Companies Act 2006) of that Charged Company which, in the case of a Charged Company that is a member of the Group, is certified by an authorised signatory of the Company to be correct, complete and not amended or suspended as at a date no earlier than the Original Signing Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a certificate of an authorised signatory of the Company certifying that such Charged Company is not required to
comply with Part 21A of the Companies Act 2006

------

In respect of an Additional Guarantor incorporated in Germany:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the constitutional documents referred to under paragraph 2 above shall consist in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an online excerpt from the internet-based companies register (Unternehmensregister, gemeinsames Registerportal
der Länder) as of a recent date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for each such Obligor incorporated as a limited liability company (Gesellschaft mit beschränkter Haftung),
its articles of association (Gesellschaftsvertrag) and its list of shareholders (Gesellschafterliste);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for each such Obligor established as a limited partnership (Kommanditgesellschaft), its partnership agreement
(Gesellschaftsvertrag);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in addition to the items listed in this Schedule 2, as applicable, a copy of a resolution (Beschluss) of the
shareholders' meeting (Gesellschafterversammlung), a supervisory board (Aufsichtsrat) and/or advisory board (Beirat) of the Obligor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) approving the terms of, and the transactions contemplated by, the Accession Documents and the Finance Documents
to which it is a party and resolving that it execute, deliver and perform its obligations under the Accession Documents and any other Finance Documents to which it is or will become a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) authorising and/or confirming authorisation of a specified person or persons to execute the Accession Documents
and any other Finance Documents to which it is or will become a party on its behalf; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) authorising and/or confirming authorisation of a specified person or persons, on its behalf, to sign and/or
dispatch all documents and notices to be signed and/or dispatched by it under or in connection with the Accession Documents and the Finance Documents to which it is a party.

9. In respect of any Additional Guarantor being a US Obligor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) certificate as to the existence and good standing (including verification of tax status, if generally
available) of such US Obligor from the appropriate governmental authorities in such US Obligor's jurisdiction of organisation, in form and substance satisfactory to the Agent and its counsel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a solvency certificate signed by the chief financial officer or chief accounting officer of such Obligor in
form and substance satisfactory to the Agent and its counsel.

10. In respect of any Additional Guarantor incorporated in the UAE:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a copy of a certificate of good standing issued by the relevant authority dated no earlier than the date of the
relevant Guarantee Agreement; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a copy (together with an English translation) of the commercial licence relating to the relevant Additional
Guarantor issued by the Government of Dubai, Department of Economic Development.

11. In respect of an Additional Guarantor incorporated in Brazil, a duly executed promissory note, governed by
Brazilian law, in terms satisfactory to the Lender, in a total amount to be agreed between the Company and the Agent.

12. In respect of any share charge to be established over any Additional Guarantor incorporated Brazil:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evidence that the signatures by any non-Brazilian parties to such share
charge have been duly notarised by a notary public licensed as such under the laws of the place of signing with the signature of such notary public being authenticated by a Hague Apostille, pursuant to the Hague Convention of October 05, 1961 (if
the country where signatures were made is a party to such convention), or by a consular official of Brazil having jurisdiction over the place of signing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a copy of the Finance Document governing such share charge translated into the Portuguese language by a sworn
translator (*tradutor juramentado*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evidence that the Finance Document governing such share charge, together with the sworn translation into the
Portuguese language (if executed in a language other than Portuguese), have been registered with the appropriate Registry of Titles and Deeds in Brazil (*Cartório de Títulos e Documentos*).

13. In respect of any share charge to be established over any Additional Guarantor incorporated in Singapore:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a copy of the letter of authorisation and confirmation addressed to Linklaters Singapore Pte. Ltd. duly signed
by the relevant Additional Guarantor;

with the Accounting and Corporate Regulatory Authority of Singapore; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evidence that stamp duty on the Singapore share charge has been paid.

14. A copy of any other Authorisation or other document, opinion or assurance which the Agent considers to be
necessary or desirable in connection with the entry into and performance of the transactions contemplated by the Accession Documents or for the validity and enforceability of any Finance Document.

15. A legal opinion of Advokatfirmaet Wiersholm AS, legal advisers to the Arranger and the Agent in Norway and/or,
if required by the Agent a legal opinion from the legal advisers to the Security Agent. If the Additional Guarantor is incorporated in a jurisdiction other than Norway or Transaction Security is governed by a jurisdiction other than Norway, a legal
opinion from relevant legal advisers as customary in such jurisdictions, as requested by the Agent.

------

**Schedule 8** 

**Time Tables** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Loans in USD** | **Loans in NOK** | **Loans in other<br>currencies** |
| Request for approval as an Optional Currency, if required (Clause 4.3 (*Conditions relating to Optional Currencies*)) |  |  | U-5<br> 10:00 a.m. |
| Agent notifies the Lenders of the request (Clause 4.3 (*Conditions relating to Optional Currencies*)) |  |  | U-5<br> 10:00 a.m. |
| Responses by the Lenders to the request (Clause 4.3 (*Conditions relating to Optional Currencies*)) |  |  | U-4<br> 1:00 p.m. |
| Agent notifies the Company if a currency is approved as an Optional Currency in accordance with Clause 4.3 (*Conditions relating to Optional Currencies*) |  |  | U-4<br> 5:00 p.m. |
| Delivery of a duly completed Utilisation Request (Clause 5.1 (*Delivery of a Utilisation Request*)) | U-3<br> 10:00 a.m. | U-3<br> 10:00 a.m. | U-3<br> 10:00 a.m. |
| Agent determines (in relation to a Utilisation) the Base Currency Amount of the Loan, if required under Clause 5.4 (*Lenders' participation*) and notifies the Lenders of the Loan in accordance with Clause 5.4 (*Lenders' participation*) | U-3<br> 11:00 a.m. | U-3<br> 11:00 a.m. | U-3<br> 11:00 a.m. |
| Agent receives a notification from a Lender under Clause 9.2 (*Unavailability of<br>a currency*) | Quotation Day<br> 3:00 p.m. | Quotation Day<br> 3:00 p.m. | Quotation Day<br> 3:00 p.m. |
| Agent gives notice in accordance with Clause 9.2 (*Unavailability of a<br>currency*) | Quotation Day<br> 5:00 p.m. | Quotation Day<br> 5:00 p.m. | Quotation Day<br> 5:00 p.m. |
| EURIBOR or NIBOR is fixed |  | Quotation Day<br> 11:00 a.m.<br> (Oslo time) in | Quotation Day<br> 11:00 a.m. |

---

------

---

| | | |
|:---|:---|:---|
| **Loans in USD** | **Loans in NOK** | **Loans in other<br>currencies** |
|  | respect of<br> NIBOR | (Brussels time)<br> in respect of<br> EURIBOR |

---

"U" = Date of utilisation

"U – X" = X Business Days prior to the date of utilisation

------

**Schedule 10** 

**Agreed Security Principles** 

The Transaction Security and Guarantees shall be granted subject to the following principles:

1. general statutory and customary limitations (e.g. financial assistance or corporate benefit limitations) may
limit the ability of an Obligor or Security Provider to guarantee or provide Security or require that such guarantee or Security is limited by an amount or otherwise;

2. only entities wholly owned (directly or indirectly) by the Company or jointly wholly owned (directly or
indirectly) by the Company and any Parent Entity (in each case, a "**Relevant Entity** "), shall be required to provide Guarantees and/or Security, provided (a) that the Company shall use its best efforts to get consent from any
other shareholder in a partly owned entity (other than a Relevant Entity) for such partly owned entity to provide a Guarantee, and if obtained, shall grant a Guarantee subject to the other Agreed Security Principles, and (b) if such consent is
not obtained, procure that a Guarantee is provided by the nearest Relevant Entity of such partly owned entity and that security over the shares in the nearest Relevant Entity is granted.

3. Security over shares in any partly owned entity (other than a Relevant Entity) shall (a) only extend to
shares owned by a Relevant Entity and be subject to any contractual limitations in respect of such Security, provided that the Company shall make reasonable efforts to remove any such contractual limitations, and (b) if Security over such
shares cannot be created and or perfected due to contractual limitations, be granted over the shares in the nearest Relevant Entity being a direct or indirect parent entity of such partly owned entity. If such restriction ceases to apply, such
member of the Group shall promptly thereafter become a Guarantor and grant the relevant Security.

4. Material Subsidiaries and Security Providers will not be required to give guarantees or enter into Transaction
Security Documents if it would conflict with the fiduciary duties of their directors or contravene any legal prohibition or result in a material risk of personal or criminal liability on the part of any officer provided that the relevant Material
Subsidiary or Security Provider shall use reasonable endeavours to overcome any such obstacle (taking into account e.g. the cost and resources required to overcome any such obstacle);

5. any Security or any Guarantee, and the extent of its perfection and scope, shall take into account the cost,
work and time of providing the same which must not be disproportionate to the benefit accruing to the Secured Parties;

6. no Obligor or Security Provider shall be under an obligation to grant any Security over any assets or guarantee
which would impose a stamp duty, registration fee or similar on it unless such stamp duty or registration fee is negligible;

7. the Company may elect to provide share Security over the direct holding company of any Material Subsidiary
(rather than the Material Subsidiary itself) if it deems this advisable in light of any limitations or costs listed above; and

------

8. the Transaction Security Documents and Guarantees shall operate to create Security or guarantees rather than to
impose any new commercial obligations and shall, accordingly, not contain additional or duplicate representations or undertakings to those contained in the Bond Agreement unless required for the creation, perfection or preservation of the Security
or guarantee and shall not be unduly burdensome on the Obligor or Security Provider or interfere unreasonably with the operation of its business.

------

**Schedule 11** 

**Transaction Security Documents** 

---

| | |
|:---|:---|
|  **Security provider** | **Security agreement/ security asset(s)** |
| HMH Holding (Netherlands) B.V. | Share pledge over all the shares in MHWirth AS on first priority. |
| HMH Holding (Netherlands) B.V. | Share pledge over all the shares in Hydril USA Distribution LLC on first priority. |
| MHWirth (Singapore) Pte Ltd. | Share pledge over all the shares in HMH Drilling Asia Pte. Ltd.on first priority. |
| MHWirth Holdco AS | Share pledge over all the shares in MHWirth GmbH on first priority. |
| HMH Holding (Netherlands) B.V., HWirth AS, Hydril USA Distribution LLC, HMH Drilling Asia Pte. Ltd., MHWith GmbH | Guarantee Agreement |

---

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**Schedule 12** 

**Reference Rate Terms** 

**US DOLLARS** 

---

| | |
|:---|:---|
|  **CURRENCY:** | USD. |
|  ***Cost of funds as a fallback*** |  |
|  Cost of funds will apply as a fallback. |  |
|  ***Definitions*** |  |
|  **Additional Business Days:** | An RFR Banking Day. |
|  **Business Day Conventions (definition of "Month" and Clause 12.2 (*Non-Business Days*)):** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any period is expressed to accrue by reference to a Month or any number of Months then, in respect of the last Month of that period:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to paragraph (iii) below, if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which that Interest Period is to end. |

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not). |
|  **Central Bank Rate:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The short-term interest rate target set by the US Federal Open Market Committee as published by the Federal Reserve Bank of New York from time to time; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If that target is not a single figure, the arithmetic mean of:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the upper bound of the short-term interest rate target range set by the US Federal Open Market Committee and published by the Federal Reserve Bank of New York; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the lower bound of that target range. |
|  **Central Bank Rate Adjustment:** | In relation to the Central Bank Rate prevailing at close of business on any RFR Banking Day, the 20 per cent trimmed arithmetic mean (calculated by the Agent, or by any other Finance Party which agrees with the Company to do so in place of the Agent) of the Central Bank Rate Spreads for the five most immediately preceding RFR Banking Days for which the RFR is available. |
|  **Central Bank Rate Spreads:** | In relation to any RFR Banking Day, the difference (expressed as a percentage rate per annum) calculated by the Agent (or by any other Finance Party which agrees with the Company to do so in place of the Agent) of: |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the RFR for that RFR Banking Day; and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Central Bank Rate prevailing at close of business on that RFR Banking Day.

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| | | |
|:---|:---|:---|
| **Baseline CAS:** | **Length of Interest<br>Period Credit<br>Adjustment Spread for**<br> **USD** | **Length of Interest<br>Period Credit<br>Adjustment Spread for<br>USD** |
|  | Does not exceed 1 month | 0.11448% |
|  | Does not exceed 2 months | 0.18456% |
|  | Does not exceed 3 months | 0.26161% |
|  | Does not exceed 6 months | 0.42826% |
|  | Does not exceed 12 months | 0.71513% |

---

---

| | |
|:---|:---|
|  **Daily Rate:** | The "**Daily Rate**" for any RFR Banking Day is:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the RFR for that RFR Banking Day; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the RFR is not available for that RFR Banking Day, the percentage rate per annum which is the aggregate of:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Central Bank Rate for that that RFR Banking Day; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the applicable Central Bank Rate Adjustment; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if paragraph (b) above applies but the Central Bank Rate for that RFR Banking Day is not available, the percentage rate per annum which is the aggregate 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;(i) the most recent Central Bank Rate for a day which is no more than five RFR Banking Days before that RFR Banking Day; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the applicable Central Bank Rate Adjustment,<br>rounded, in each case, to five decimal places, and if, in<br>either case, if that rate is less than zero, the Daily Rate shall be deemed to be zero. |
|  **Lookback Period:** | Five RFR Banking Days. |
|  **Market Disruption Rate:** | The percentage rate per annum which is the aggregate of:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Cumulative Compounded RFR Rate for the Interest Period of the relevant Loan; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the applicable Baseline CAS (if any). |
|  **Relevant Market:** | The market for overnight cash borrowing collateralised by US Government securities. |
|  **Reporting Day:** | The day which is the Lookback Period prior to the last day of the Interest Period or, if that day is not a Business Day, the immediately following Business Day. |
|  **RFR:** | The secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York (or any other person which takes over the administration of that rate) published by the Federal Reserve Bank of New York (or any other person which takes over the publication of that rate). |
|  **RFR Banking Day:** | Any day other than:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Saturday or Sunday; and |

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---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a day on which the Securities Industry and Financial Markets Association (or any successor organisation) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in US Government securities. |
|  **Published Rate Contingency Period** | 30 days. |
|  ***Reporting Times*** |  |
|  ***Deadline for Lenders to report market disruption in accordance with Clause 13.3 (Market disruption)*** | Close of business in Oslo on the Reporting Day for the relevant Loan. |
|  ***Deadline for Lenders to report their cost of funds in accordance with Clause 13.4 (Cost of funds)*** | Close of business on the date falling five Business Days after the Reporting Day for the relevant Loan (or, if earlier, on the date falling five Business Days before the date on which interest is due to be paid in respect of the Interest Period for that Loan). |

---

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**Schedule 13** 

**Daily Non- Cumulative Compounded RFR Rate** 

The "**Daily Non-Cumulative Compounded RFR Rate**" for any RFR Banking Day "i" during an Interest Period for a Compounded Rate Loan is the percentage rate per annum (without rounding, to the extent reasonably practicable for the Finance Party performing the calculation, taking into account the capabilities of any software used for that purpose) calculated as set out below:

![LOGO](g75409g22s23.jpg)

where:

"**UCCDR<sub>i</sub>**" means the Unannualised Cumulative Compounded Daily Rate for that RFR Banking Day "**i**";

"**UCCDR<sub>i-1</sub>**" means, in relation to that RFR Banking Day "**i**", the Unannualised Cumulative Compounded Daily Rate for the immediately preceding RFR Banking Day (if any) during that Interest Period;

"**dcc**" means 360 or, in any case where market practice in the Relevant Market is to use a different number for quoting the number of days in a year, that number;

"**n<sub>i</sub>**" means the number of calendar days from, and including, that RFR Banking Day "**i**" up to, but excluding, the following RFR Banking Day; and

the "**Unannualised Cumulative Compounded Daily Rate**" for any RFR Banking Day (the "**Cumulated RFR Banking Day**") during that Interest Period is the result of the below calculation (without rounding, to the extent reasonably practicable for the Finance Party performing the calculation, taking into account the capabilities of any software used for that purpose):

![LOGO](g75409g45f23.jpg)

where:

"**ACCDR**" means the Annualised Cumulative Compounded Daily Rate for that Cumulated RFR Banking Day;

"**tn<sub>i</sub>**" means the number of calendar days from, and including, the first day of the Cumulation Period to, but excluding, the RFR Banking Day which immediately follows the last day of the Cumulation Period;

"**Cumulation Period**" means the period from, and including, the first RFR Banking Day of that Interest Period to, and including, that Cumulated RFR Banking Day;

"**dcc**" has the meaning given to that term above; and

------

the "**Annualised Cumulative Compounded Daily Rate**" for that Cumulated RFR Banking Day is the percentage rate per annum (rounded to four (for SONIA) or five (for SOFR) decimal places) calculated as set out below:

![LOGO](g75409g53n84.jpg)

where:

"**d<sub>0</sub>**" means the number of RFR Banking Days in the Cumulation Period;

"**Cumulation Period**" has the meaning given to that term above;

"**i**" means a series of whole numbers from one to d0, each representing the relevant RFR Banking Day in chronological order in the Cumulation Period;

"**DailyRate<sub>i-LP</sub>**" means, for any RFR Banking Day "**i**" in the Cumulation Period, the Daily Rate for the RFR Banking Day which is the applicable Lookback Period prior to that RFR Banking Day "**i**";

"**n<sub>i</sub>**" means, for any RFR Banking Day "**i**" in the Cumulation Period, the number of calendar days from, and including, that RFR Banking Day "**i**" up to, but excluding, the following RFR Banking Day;

"**dcc**" has the meaning given to that term above; and

"**tn<sub>i</sub>**" has the meaning given to that term above.

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**Schedule 14** 

**Cumulative Compounded RFR Rate** 

The "**Cumulative Compounded RFR Rate**" for any Interest Period for a Compounded Rate Loan is the percentage rate per annum (rounded to the same number of decimal places as is specified in the definition of "**Annualised Cumulative Compounded Daily Rate**" in Schedule 13 (*Daily Non-Cumulative Compounded RFR Rate*)) calculated as set out below:

![LOGO](g75409g10x50.jpg)

where:

"**d<sub>0</sub>**" means the number of RFR Banking Days during the Interest Period;

"**i**" means a series of whole numbers from one to d<sub>0</sub>, each representing the relevant RFR Banking Day in chronological order during the Interest Period;

"**DailyRate<sub>i-LP</sub>**" means for any RFR Banking Day "**i**" during the Interest Period, the Daily Rate for the RFR Banking Day which is the applicable Lookback Period prior to that RFR Banking Day "**i**";

"**n<sub>i</sub>**" means, for any RFR Banking Day "**i**", the number of calendar days from, and including, that RFR Banking Day "**i**" up to, but excluding, the following RFR Banking Day;

"**dcc**" means 360 or, in any case where market practice in the Relevant Market is to use a different number for quoting the number of days in a year, that number; and

"**d**" means the number of calendar days during that Interest Period.

------

**Schedule 15** 

**Approved Lender List** 

Approved banks shall include the banks and bank groups listed below as well as all their local branches, affiliates and respective captive CLO/ CDO businesses.

---

| | |
|:---|:---|
| ABN AMRO | Mizuho |
| Allied Irish Banks (AIB) | Helaba |
| ANZ Bank | HSBC |
| Banco Bilbao Vizcaya Argentaria (BBVA) | Morgan Stanley |
| Banco Santander | Natixis |
| Bank of America | NatWest |
| Bank of China | NIB Capital / NIBC Bank N |
| Bank of Ireland | Nomura |
| Bank of Tokyo Mitsubishi (BOTM) | Nordea Bank |
| Barclays Capital (BarCap) / Barclays Bank | Nykredit |
| BayernLB | Rabobank |
| BNP Paribas | Raiffeisen Group |
| CIBC | Royal Bank of Canada (RBC) |
| Citigroup/Citibank | Royal Bank of Scotland (RBS) |
| Commerzbank (incl Dresdner KW) | Scotia Bank |
| Credit Agricole Group | SEB |
| Credit du Nord | SMBC |
| Credit Industrial et Commercial (CIC) | Societe Generale Group |
| Credit Suisse | Sparebank1 SMN |
| Danske Bank | Sparebank 1 SR-Bank |
| Deutsche Bank | Sparebank Sør |

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------

---

| | |
|:---|:---|
| DNB Bank | Sparebanken Møre |
| European Bank for Reconstruction and Development (EBRD) | Sparebanken Nord-Norge |
| Goldman Sachs | Sparebanken Vest |
| Helaba | Standard Chartered Bank |
| HSBC | Swedbank |
| ING | Sydbank |
| Intesa Sanpaolo | UBS |
| JP Morgan / JP Morgan Chase / Chase | UniCredit |
| Jyske Bank | Wells Fargo |
| KFW | Northern Trust |
| Lloyds Banking Group | Standard Bank |
| Lloyds TSB | First Abu Dhabi |

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*Signature page - Amendment and Restatement Agreement – HMH Holding B.V.* 

**SIGNATORIES** 

**The Company** 

For and on behalf of

**HMH HOLDING B.V.** 

By: /s/ Dan-Erik Nilsen

Name: Dan-Erik Nilsen

Title: Authorised signatory

------

*Signature page - Amendment and Restatement Agreement – HMH Holding B.V.* 

**The Arrangers** 

For and on behalf of

**DNB BANK ASA** 

By: /s/ Andreas Rabe

Name: Andreas Rabe

Title: Attorney-in-fact

For and on behalf of

**NORDEA BANK ABP, FILIAL I NORGE** 

By: /s/ Andreas Rabe

Name: Andreas Rabe

Title: Attorney-in-fact

------

*Signature page - Amendment and Restatement Agreement – HMH Holding B.V.* 

**The Original Lenders** 

For and on behalf of

**DNB BANK ASA** 

By: /s/ Andreas Rabe

Name: Andreas Rabe

Title: Attorney-in-fact

For and on behalf of

**NORDEA BANK ABP, FILIAL I NORGE** 

By: /s/ Andreas Rabe

Name: Andreas Rabe

Title: Attorney-in-fact

## Exhibit 10.25

**Exhibit 10.25** 

**HMH HOLDING INC.** 

**2026 LONG-TERM INCENTIVE PLAN** 

**SECTION 1. ESTABLISHMENT, OBJECTIVES AND DURATION** 

(a) <u>ESTABLISHMENT</u>. HMH Holding Inc., a Delaware corporation, (together with any successor thereto, the
" **Company**") establishes the HMH Holding Inc. 2026 Long-Term Incentive Plan (the "**Plan** "), to reward certain service providers of the Company and its Subsidiaries (as defined below) by enabling them to acquire
shares of common stock of the Company and to receive other compensation based on common stock of the Company or certain performance measures. The Plan shall be effective as of immediately prior to the time at which the registration statement
covering the initial public offering of the Shares is declared effective by the Securities Exchange Commission (the date on which the Plan becomes effective, the "**Effective Date**") and shall remain in effect as provided in
Section 10.

(b) <u>OBJECTIVES</u>. The purposes of the Plan are to encourage selected service providers of the Company and its
Subsidiaries to acquire a proprietary interest in the growth and performance of the Company, to generate an increased incentive to contribute to the Company's future success and prosperity, thus enhancing the value of the Company for the
benefit of its stockholders, and to enhance the ability of the Company and its Subsidiaries to attract and retain exceptionally qualified individuals upon whom, in large measure, the sustained progress, growth and profitability of the Company
depend.

**SECTION 2. DEFINITIONS** 

As used in the Plan, the following terms shall have the meanings set forth below:

(a) "**Affiliate**" means any entity which is a member of (i) the same controlled group of
corporations within the meaning of section 414(b) of the Code with the Company, or (ii) a trade or business (whether or not incorporated) which is under common control (within the meaning of section 414(c) of the Code) with the Company.

(b) "**Assets**" means assets of any kind owned by the Company, including securities of the
Company's direct and indirect subsidiaries and Affiliates.

(c) "**Auto-Exercise Eligible Option**" shall have the meaning specified in Section 6(a)(v).

(d) "**Award**" shall mean any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock
Unit, Performance Award, Dividend Equivalent, or Other Stock-Based Award granted under the Plan.

(e) "**Award Agreement**" shall mean any written agreement, contract, or other instrument or
document, including an electronic communication, as may from time to time be designated by the Company as evidencing any Award granted under the Plan.

(f) "**Beneficial Owner**" or "Beneficial Ownership" shall have the meaning ascribed to
those terms in Rule 13d-3 of the General Rules and Regulations under the Exchange Act.

(g) "**Board**" shall mean the Board of Directors of the Company, as constituted from time to time.

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(h) "**Cash Award**" means any cash award granted under Section 6(g) of the Plan.

(i) "**Cause**" shall mean (except as specified otherwise in the Award Agreement):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If the Participant is a party to an agreement with the Company or an Affiliate or a Subsidiary and such agreement provides for a definition of Cause (or similar term), the definition contained therein; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If no such definition applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Participant's material failure to perform his or her employment duties for the Company or an Affiliate or a Subsidiary (other than any such failure resulting from incapacity due to physical or mental illness);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Participant's willful engagement in dishonesty, illegal conduct or gross misconduct, which is, in each case, materially injurious to the Company or the Affiliates or the Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Participant's embezzlement, misappropriation or fraud, whether or not related to the Participant's employment with the Company or the Affiliates or the Subsidiaries; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Participant's conviction of or plea of guilty or nolo contendere to a crime that constitutes a felony (or state law equivalent) or a crime that constitutes a misdemeanor involving moral turpitude, if such felony or other crime is work related, materially impairs the Participant's ability to perform services for the Company or the Affiliates or Subsidiaries or results in material harm to the Company or the Affiliates or Subsidiaries.

(j) "**Change in Control**" shall mean (except as specified otherwise in the Award Agreement) the
occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the individuals who are Incumbent Directors cease for any reason to constitute a majority of the members of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the consummation of a Merger of the Company or an Affiliate of the Company with another Entity, unless the individuals and Entities who were the Beneficial Owners of the Voting Securities of the Company outstanding immediately prior to such Merger own, directly or indirectly, at least 50 percent (50%) of the combined voting power of the Voting Securities of any of the Company, the surviving Entity or the parent of the surviving Entity outstanding immediately after such Merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any Person, other than a Specified Owner, becomes a Beneficial Owner, directly or indirectly, of securities of the Company representing thirty percent (30%) or more of the combined voting power of the Company's then outstanding Voting Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a sale, transfer, lease or other disposition of all or substantially all of the Company's Assets is consummated (an "**Asset Sale**"), unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the individuals and Entities who were the Beneficial Owners of the Voting Securities of the Company immediately prior to such Asset Sale own, directly or indirectly, 50 percent (50%) or more of the combined voting power of the Voting Securities of the Entity that acquires such Assets in such Asset Sale or its parent immediately after such Asset Sale in substantially the same proportions as their ownership of the Company's Voting Securities immediately prior to such Asset Sale; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the individuals who comprise the Board immediately prior to such Asset Sale constitute a majority of the board of directors or other governing body of either the Entity that acquired such Assets in such Asset Sale or its parent (or a majority plus one member where such board or other governing body is comprised of an odd number of directors); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the stockholders of the Company approve a plan of complete liquidation and dissolution of the Company.

With respect to an Award that is subject to Section 409A and for which payment or settlement of the Award will accelerate upon a Change in Control, no event set forth herein will constitute a Change in Control for purposes of the Plan unless such event also constitutes a "change in ownership," "change in effective control," or "change in the ownership of a substantial portion of the Company's assets" as defined under Section 409A. For the avoidance of doubt, the foregoing shall apply only to the acceleration of payment or settlement and not to the acceleration of any vesting conditions associated with an Award; to the extent a Change in Control accelerates the vesting of an Award, the Award shall nonetheless become vested and the foregoing shall apply only to the extent necessary to establish a time or form of payment that complies with Section 409A.

(k) "**Code**" shall mean the Internal Revenue Code of 1986, as amended from time to time.

(l) "**Committee**" shall mean a committee of the Board acting in accordance with the provisions of
Section 3, designated by the Board to administer the Plan. To the extent necessary to comply with applicable regulatory regimes, any action by the Committee will require the approval of Committee members who are "non-employee directors" as defined in Rule 16b-3 of the Exchange Act. The Compensation Committee is responsible for administering the Plan as it relates to
any Award provided to a Director. For purposes of the Plan, reference to the Committee shall be deemed to refer to any subcommittee, subcommittees, or other persons or groups of persons to whom the Committee delegates authority pursuant to
Section 3(b).

(m) "**Consultant**" means an individual, including consultants and independent contractors,
providing services to the Company or any Affiliate, other than an Employee or Director.

(n) "**Director**" shall mean any member of the Board who is not an Employee at the time of
receiving an Award under the Plan.

(o) "**Dividend Equivalent**" shall mean any right granted under Section 6(e) of the Plan.

(p) "**Effective Date**" shall have the meaning specified in Section 1(a).

(q) "**Employee**" shall mean any employee of the Company or of any Affiliate.

(r) "**Entity**" means any corporation, partnership, association, joint-stock company, limited
liability company, trust, unincorporated organization or other business entity.

(s) "**Exchange Act**" means the Securities Exchange Act of 1934, as amended, or any successor act.

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(t) "**Fair Market Value**" of a Share on any day means (i) for the purpose of determining the
tax withholding and the related purpose of valuing shares withheld to satisfy tax withholding obligations, the closing price for a Share on the trading day next preceding the day that an Award vests, settles or is exercised, as applicable, as
reported on the consolidated transaction reporting system for the principal national securities exchange on which Shares are listed on such day or if such shares are not then listed on a national securities exchange, then as quoted by OTC Markets
Group Inc., or (ii) for all other purposes under the Plan, the closing price of a Share on such day (or if such day is not a trading day, on the next preceding trading day) all as reported on the consolidated transaction reporting system for
the principal national securities exchange on which Shares are listed on such day or if such Shares are not then listed on a national securities exchange, then as quoted by OTC Markets Group Inc. If for any day the Fair Market Value of a Share is
not determinable by any of the foregoing means, then the Fair Market Value for such day shall be determined in good faith by the Committee.

(u) "**Good Reason**" shall mean (except as specified otherwise in the Award Agreement):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If the Participant is a party to an agreement with the Company or an Affiliate or a Subsidiary and such agreement provides for a definition of Good Reason (or similar term), the definition contained therein; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If no such definition applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a diminution in the Participant's position, authority, duties or responsibilities, or the assignment to the Participant of any duties that are inconsistent in any respect with the Participant's position, authority, duties or responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a diminution in the Participant's base salary, except for a proportionate reduction that applies as part of a reduction to substantially all similarly situated employees of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a requirement by the Company that the Participant be based in an office or location greater than fifty (50) miles from the Participant's principal office.

(v) "**Incentive Stock Option**" shall mean an option granted under Section 6(a) of the Plan
that is intended to meet the requirements of Section 422 of the Code, or any successor provision thereto.

(w) "**Incumbent Director**" means–

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a member of the Board on the Effective Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) an individual–

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) who becomes a member of the Board after the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) whose appointment or election by the Board or nomination for election by the Company's stockholders is approved or recommended by a vote of at least two-thirds of the then serving Incumbent Directors (as defined herein); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) whose initial assumption of service on the Board is not in connection with an actual or threatened election contest.

(x) "**LTI Award**" means a long-term incentive award outstanding as of the Effective Date and
granted by HMH Holding B.V.

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(y) "**LTI Award Share Reserve**" shall have the meaning specified in Section 4(b) of the Plan.

(z) "**Merger**" means a merger, consolidation or similar transaction.

(aa) "**Non-Qualified Stock Option**" shall mean an option
granted under Section 6(a) of the Plan that is not intended to be an Incentive Stock Option.

(bb) "**Option**" shall mean an Incentive Stock Option or a Non-Qualified Stock Option.

(cc) "**Other Stock-Based Award**" shall mean any right, including a Deferred Stock Unit, granted
under Section 6(f) of the Plan.

(dd) "**Participant**" shall mean an Employee, Director or Consultant designated to be granted an
Award under the Plan.

(ee) "**Performance Award**" shall mean any right granted under Section 6(d) of the Plan.

(ff) "**Performance Criteria**" shall mean any quantitative and/or qualitative measures, as
determined by the Committee, which may be used to measure the level of performance of the Company or any individual Participant during a Performance Period, including any Qualifying Performance Criteria.

(gg) "**Performance Period**" shall mean any period over which Performance Criteria are measured, as
determined by the Committee in its sole discretion.

(hh) "**Person**" shall have the meaning ascribed to the term in Section 3(a)(9) of the Exchange
Act and used in Sections 13(d) and 14(d) thereof, including a "group" as defined in Section 13(d) thereof, except that the term shall not include (a) the Company or any of the Affiliates, (b) a trustee or other fiduciary
holding Company securities under an employee benefit plan of the Company or any of the Affiliates, (c) an underwriter temporarily holding securities pursuant to an offering of those securities or (d) a corporation owned, directly or
indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

(ii) "**Qualifying Performance Criteria**" shall mean one or more of the following performance
criteria, either individually, alternatively or in any combination, applied to either the Company as a whole or to a business unit or related company, and measured either annually or cumulatively over a period of years, on an absolute basis or
relative to a pre-established target, to a previous year's results or to a designated comparison group, in each case as specified by the Committee in the Award: net earnings; earnings per share; net
income (before or after taxes); stock price (including growth measures and total shareholder return); return measures (including return on net capital employed, return on assets, return on equity, or sales return); earnings before or after interest,
taxes, depreciation and/or amortization; dividend payments; gross revenues; gross margins; expense targets; cash flow return on investments, which equals net cash flows divided by owner's equity; internal rate of return or increase in net
present value; working capital targets relating to inventory or accounts receivable; planning accuracy (as measured by comparing planned results to actual results); net sales growth; net operating profit; cash flow (including operating cash flow and
free cash flow); operating margin; and any other financial, business, strategic or other measure of performance as determined and approved by the Committee, which may be adjusted by the Committee or may exclude the impact of an event or occurrence
which the Committee determines should be appropriately excluded, including without limitation, to remove the effect of charges for restructurings, discontinued operations and all items of gain, loss or expense determined to be unusual in nature or
infrequent in occurrence, related to the disposal of a segment or a business, or related to a change in accounting principle or otherwise.

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(jj) "**Restricted Stock**" shall mean any award of Shares granted under Section 6(c) of the
Plan.

(kk) "**Restricted Stock Unit**" shall mean any right granted under Section 6(c) of the Plan
that is denominated in Shares.

(ll) "**Shares**" shall mean the Class A common stock, of the Company, $0.01 par value, and such
other securities as may become the subject of Awards, or become subject to Awards, pursuant to an adjustment made under Section 4(c) of the Plan.

(mm) "**Specified Owner**" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) an Affiliate of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Baker Hughes Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Akastor ASA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) an employee benefit plan (or related trust) sponsored or maintained by the Company or any of the Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) a Person to the extent the Person becomes a Beneficial Owner of the Company's outstanding Voting Securities representing thirty percent (30%) or more of the combined voting power of the Company's then outstanding Voting Securities as a result of the acquisition of securities directly from the Company and/or any Person which, directly or indirectly, controls, or is controlled by, or is under common control with, the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) a Person that becomes a Beneficial Owner of the Company's outstanding Voting Securities representing thirty percent (30%) or more of the combined voting power of the Company's then outstanding Voting Securities as a result of a Merger if the individuals and Entities who were the Beneficial Owners of the Voting Securities of the Company outstanding immediately prior to such Merger own, directly or indirectly, at least fifty percent (50%) of the combined voting power of the Voting Securities of any of the Company, the surviving Entity or the parent of the surviving Entity outstanding immediately after such Merger in substantially the same proportions as their ownership of the Voting Securities of the Company's outstanding immediately prior to such Merger.

(nn) "**Stock Appreciation Right**" shall mean any right granted under Section 6(b) of the Plan.

(oo) "**Subsidiary**" shall mean (i) any entity that, directly or through one or more
intermediaries, is controlled by the Company, and (ii) any entity in which the Company has a significant equity interest, as determined by the Committee.

(pp) "**Substitute Award**" shall mean Awards granted under this Plan in substitution for or in
conversion of, or in connection with the assumption of, stock options, stock appreciation rights, restricted shares, restricted stock units or other share or share-based awards held by awardees of an Entity engaging in a corporate acquisition or
Merger with the Company or any Subsidiary.

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(qq) "**Voting Securities**" means the outstanding securities entitled to vote generally in the
election of directors or other governing body.

**SECTION 3. ADMINISTRATION** 

Except as otherwise provided herein, the Plan shall be administered by the Committee, which shall have the power to interpret the Plan and to adopt such rules and guidelines for implementing the terms of the Plan as it may deem appropriate. The Committee shall have the ability to modify the Plan provisions, to the extent necessary, or delegate such authority, to accommodate any law or regulation in jurisdictions in which Participants will receive Awards.

(a) Subject to the terms of the Plan and applicable law, and in addition to other express powers and authorization
conferred by the Plan, the Committee shall have full power and authority to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. designate Participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. determine the type or types of Awards to be granted to each Participant under the Plan and grant Awards to such
Participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. determine the number of Shares to be covered by (or with respect to which payments, rights, or other matters
are to be calculated in connection with) Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. determine the terms and conditions of any Award and of Award Agreements, and verify the extent of satisfaction
of any performance goals or other conditions applicable to the grant, issuance, exercisability, vesting and/or ability to retain any Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. determine whether, to what extent, and under what circumstances Awards may be settled or exercised in cash,
Shares, other securities, or other Awards, or canceled, forfeited, suspended, or accelerated, and the method or methods by which Awards may be settled, exercised, canceled, forfeited, suspended, or accelerated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. determine whether, to what extent, and under what circumstances cash, Shares, other securities, other Awards,
and other amounts payable with respect to an Award under the Plan shall be deferred either automatically or at the election of the holder thereof or of the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. interpret and administer the Plan and any instrument or agreement relating to, or Award made under, the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. establish, amend, suspend, or waive such rules and guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. appoint such agents as it shall deem appropriate for the proper administration of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. make any other determination and take any other action that the Committee deems necessary or desirable for the
administration of the Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xi. correct any defect, supply any omission, or reconcile any inconsistency in the Plan or any Award in the manner
and to the extent it shall deem desirable to carry the Plan into effect.

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(b) Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other
decisions under or with respect to the Plan or any Award shall be within the sole discretion of the Committee, may be made at any time, and shall be final, conclusive, and binding upon all persons, including the Company, any Affiliate, any
Participant, any holder or beneficiary of any Award, any stockholder, and any employee of the Company or of any Affiliate.

(c) To the extent permitted by applicable law, the Committee may delegate to one or more officers of the Company
such administrative duties or powers as it may deem advisable, and the Committee or any officer of the Company to whom duties or powers have been delegated as aforesaid, may employ one or more persons to render advice with respect to any
responsibility the Committee or such officer may have under this Plan. The Committee may, by resolution, authorize one or more officers of the Company to do one or both of the following on the same basis as the Committee: (i) designate
employees to be recipients of awards under this Plan; and (ii) determine the size of any such awards; provided, however, that (A) the Committee will not delegate such responsibilities to any such officer for awards granted to an employee
who is an officer (for purposes of Section 16 of the Exchange Act), Director, or more than 10% "beneficial owner" (as such term is defined in Rule 13d-3 promulgated under the Exchange Act) of
any class of the Company's equity securities that is registered pursuant to Section 12 of the Exchange Act, as determined by the Committee in accordance with Section 16 of the Exchange Act; (B) the resolution providing for such
authorization shall set forth the total number of Shares such officer(s) may grant; and (C) the officer(s) will report periodically to the Committee regarding the nature and scope of the awards granted pursuant to the authority delegated.

**SECTION 4. SHARES AVAILABLE FOR AWARDS** 

(a) <u>SHARES AVAILABLE</u>. Subject to adjustment as provided in Section 4(c) and below in this
Section 4(a):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The aggregate number of Shares reserved and available for delivery for Awards granted under the Plan shall be [
]<sup>1</sup> Shares. The number of Shares reserved and available for delivery for Awards granted under the Plan will be increased on the first day of each fiscal year beginning with the 2027 fiscal year, in
an amount equal to the lesser of (A) a number of Shares such that the total number of Shares that remain available for additional grants under the Plan equals five percent (5%) of the outstanding shares of all classes of common stock of the
Company on the last day of the immediately preceding fiscal year or (B) such number of Shares determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. If (A) any Shares subject to an Award are forfeited, (B) an Award expires or otherwise terminates
without issuance of Shares, or (C) an Award is settled for cash (in whole or in part) or otherwise does not result in the issuance of all or a portion of the Shares subject to such Award, then, in each case the Shares subject to the Award
shall, to the extent of such forfeiture, expiration, termination, cash settlement or non-issuance, be added to the Shares available for grant under the Plan on a one-for-one basis.

<sup>1</sup> To be an amount equal to 5% of the number of shares of common stock (i.e., including both Class A and Class B) outstanding immediately following the IPO. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. In the event that withholding tax liabilities arising from an Award other than an Option or Stock Appreciation
Right are satisfied by the tendering of Shares (either actually or by attestation) or by the withholding of Shares by the Company, the Shares so tendered or withheld shall be added to the Shares available for Awards under the Plan on a one-for-one basis. Notwithstanding anything to the contrary contained herein, the following Shares shall not be added to the Shares authorized for grant under paragraph
(a) of this Section: (A) Shares tendered by the Participant or withheld by the Company in payment of the purchase price of an Option, (B) Shares tendered by the Participant or withheld by the Company to satisfy any tax withholding
obligation with respect to Options or Stock Appreciation Rights, (C) Shares subject to a Stock Appreciation Right that are not issued in connection with its stock settlement on exercise thereof, and (D) Shares reacquired by the Company on
the open market or otherwise using cash proceeds from the exercise of Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Substitute Awards shall not reduce the Shares authorized for grant under the Plan, nor shall Shares subject to
a Substitute Award be added to the Shares available for Awards under the Plan as provided in paragraphs (a)(i), (a)(ii) and (a)(iii) above. Additionally, in the event that a company acquired by the Company or any Subsidiary or with which the Company
or any Subsidiary combines has shares available under a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant
to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine
the consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized for grant under the Plan (and Shares subject to such
Awards shall not be added to the Shares available for Awards under the Plan as provided in paragraphs (a)(i), (a)(ii) and (a)(iii) above); provided that Awards using such available shares shall not be made after the date awards or grants could have
been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not Employees, Directors or Consultants immediately prior to such
acquisition or combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. The aggregate number of Shares available under the Plan shall be available for delivery pursuant to the
exercise of Incentive Stock Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. <u>ACCOUNTING FOR AWARDS</u>. For purposes of this Section 4:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. If an Award (other than a Dividend Equivalent) is denominated in Shares, the number of Shares covered by such
Award, or to which such Award relates, shall be counted on the date of grant of such Award against the aggregate number of Shares available for granting Awards under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Dividend Equivalents denominated in Shares and Awards not denominated, but potentially payable, in Shares shall
be counted against the aggregate number of Shares available for granting Awards under the Plan in such amount and at such time as the Dividend Equivalents and such Awards are settled in Shares, provided, however, that Awards that operate in tandem
with (whether granted simultaneously with or at a different time from), or that are substituted for, other Awards may only be counted once against the aggregate number of Shares available, and the Committee shall adopt procedures, as it deems
appropriate, in order to avoid double counting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. <u>SOURCES OF SHARES DELIVERABLE UNDER AWARDS</u>. Any Shares delivered pursuant to an Award may consist, in
whole or in part, of authorized and unissued Shares, treasury Shares or Shares purchased on the open market or otherwise.

(b) <u>LTI AWARD SHARE RESERVE</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Subject to adjustment as provided in Section 4(c), an additional [   ]<sup>2</sup> Shares shall be reserved and available to be used exclusively to satisfy the obligations under the LTI Awards (the "**LTI Award Share Reserve** "). The LTI Award Share Reserve shall be
in addition to and shall not reduce the Share reserve set forth in Section 4(a), provided that any Shares issued pursuant to this Section 4(b) shall constitute Awards under this Plan for all other relevant purposes. Shares issued pursuant
to this Section 4(b) that are subject to (i) an LTI Award that is forfeited, (ii) an LTI Award that expires or otherwise terminates without issuance of Shares, or (iii) an LTI Award that is settled for cash (in whole or in part)
or otherwise does not result in the issuance of all or a portion of the Shares subject to such LTI Award, in each case, shall not be added to the LTI Award Share Reserve or otherwise be made available for grant under the Plan. Additionally, in the
event that withholding tax liabilities arising from an LTI Award are satisfied by the tendering of Shares (either actually or by attestation) or by the withholding of Shares by the Company, the Shares so tendered or withheld shall not be added to
the Shares in the LTI Award Share Reserve or otherwise be made available for Awards under the Plan. In no circumstances shall Shares in the LTI Award Share Reserve be added to the Share reserve set forth in Section 4(a).

(c) <u>ADJUSTMENTS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. In the event that the Committee shall determine that any dividend or other distribution (whether in the form of
cash, Shares, or other securities), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination,
repurchase, or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares or other securities of the Company, or other similar corporate transaction or event constitutes an equity restructuring
transaction, as that term is defined in Accounting Standards Codification Topic 718 (or any successor thereto) or otherwise affects the Shares, then the Committee shall adjust the following in a manner that is determined by the Committee to be
appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. the number and type of Shares or other securities which thereafter may be made the subject of Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. the number and type of Shares or other securities subject to outstanding Awards;

<sup>2</sup> To be determined once number of RSUs and PSUs to be granted in satisfaction of LTI Awards is determined.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. the grant, purchase, or exercise price with respect to any Award, or, if deemed appropriate, make provision for
a cash payment to the holder of an outstanding Award; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. other value determinations applicable to outstanding awards.

Provided, however, in each case, that with respect to Awards of Incentive Stock Options no such adjustment shall be authorized to the extent that such adjustment would cause the Plan to violate Section 422(b)(1) of the Code or any successor provision thereto; and provided further, however, that the number of Shares subject to any Award denominated in Shares shall always be a whole number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>ADJUSTMENTS OF AWARDS UPON CERTAIN ACQUISITIONS</u>. In the event the Company or any Subsidiary shall assume
outstanding employee awards or the right or obligation to make future such awards in connection with the acquisition of another business or another corporation or business entity, the Committee may make such adjustments, not inconsistent with the
terms of the Plan, in the terms of Awards as it shall deem appropriate in order to achieve reasonable comparability or other equitable relationship between the assumed awards and the Awards granted under the Plan as so adjusted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>ADJUSTMENTS OF AWARDS UPON THE OCCURRENCE OF CERTAIN UNUSUAL OR NONRECURRING EVENTS</u>. The Committee shall
be authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events affecting the Company, any Subsidiary, or the financial statements of the Company or any
Subsidiary, or of changes in applicable laws, regulations, or accounting principles, whenever the Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits to be made
available under the Plan.

**SECTION 5. ELIGIBILITY** 

Any Employee, including any officer or employee-director of the Company or of any Subsidiary, Director, or Consultant shall be eligible to be designated a Participant.

**SECTION 6. AWARDS** 

(a) <u>OPTIONS</u>. The Committee is hereby authorized to grant Options to Participants with the following terms
and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>EXERCISE PRICE</u>. The purchase price per Share purchasable under an Option shall be determined by the
Committee; provided, however, and except as provided in Section 4(c), that such purchase price shall not be less than 100% of the Fair Market Value of a Share on the date of grant of such Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>OPTION TERM</u>. The term of each Option shall not exceed ten (10) years from the date of grant.
However, if the term of an Option expires when trading in the Shares is prohibited by applicable law or the Company's insider trading policy, then the term of such Option shall expire on the
30<sup>th</sup> day after the expiration of such prohibition.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>TIME AND METHOD OF EXERCISE</u>. The Committee shall establish in the applicable Award Agreement the time or
times at which an Option may be exercised in whole or in part, and the method or methods by which, and the form or forms, including cash, Shares, or other Awards, or any combination thereof, having a Fair Market Value on the exercise date equal to
the relevant exercise price, in which, payment of the exercise price with respect thereto may be made or deemed to have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>INCENTIVE STOCK OPTIONS</u>. The terms of any Incentive Stock Option granted under the Plan shall be
designed to comply in all respects with the provisions of Section 422 of the Code, or any successor provision thereto, and any regulations promulgated thereunder. For the avoidance of doubt, Incentive Stock Options may only be granted to
eligible Employees. Notwithstanding anything in this Section 6(a) to the contrary, Options designated as Incentive Stock Options shall not be eligible for treatment under the Code as Incentive Stock Options (and will be deemed to be Non-Qualified Stock Options) to the extent that either (A) the aggregate Fair Market Value of Shares (determined as of the time of grant) with respect to which such Options are exercisable for the first time by
the Participant during any calendar year (under all plans of the Company and any subsidiary) exceeds $100,000, taking Options into account in the order in which they were granted, or (B) such Options otherwise remain exercisable but are not
exercised within three (3) months of termination of employment (or such other period of time provided in Section 422 of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>AUTOMATIC EXERCISE OF CERTAIN EXPIRING OPTIONS</u>. Notwithstanding any other provision of the Plan (other
than this clause v.), on the last trading day on which all or a portion of the Option may be exercised, if the per Share purchase price of the Option exceeds the then Fair Market Value of the Share by at least $0.01 (such expiring portion of the
Option that is so in-the-money, an "**Auto-Exercise Eligible Option** "), the Participant shall be deemed to have automatically exercised the Auto-Exercise
Eligible Option (to the extent the Option has not previously been exercised or forfeited) in accordance with the provisions of this paragraph v. In the event of an automatic exercise pursuant to this paragraph v., the Company shall reduce the number
of Shares issued to the Participant upon the Participant's automatic exercise of the Auto-Exercise Eligible Option to satisfy the Participant's purchase price obligation for the Auto-Exercise Eligible Option. Further, the Company shall
reduce the number of Shares issued to the Participant to satisfy the applicable minimum tax withholding obligation arising upon the automatic exercise unless the Committee deems that a different method of satisfying the tax withholding obligations
is practicable and advisable. In accordance with procedures established by the Committee, the Participant may notify the Company in advance that the Participant does not wish for the Auto-Exercise Eligible Option to be exercised. In its discretion,
the Company may determine to cease automatically exercising Options at any time.

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(b) <u>STOCK APPRECIATION RIGHTS</u>. The Committee is hereby authorized to grant Stock Appreciation Rights to
Participants. Subject to the terms of the Plan and any applicable Award Agreement, a Stock Appreciation Right granted under the Plan shall confer on the holder thereof a right to receive, upon exercise thereof, the excess of (i) the Fair Market
Value of one Share on the date of exercise over (ii) the grant price of the right as specified by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>GRANT PRICE</u>. The grant price per share of each Stock Appreciation Right shall be determined by the
Committee, provided, however, and except as provided in Section 4(c), that such price shall not be less than 100% of the Fair Market Value of one Share on the date of grant of the Stock Appreciation Right, except that if a Stock Appreciation
Right is at any time granted in tandem to an Option, the grant price of the Stock Appreciation Right shall not be less than the exercise price of such Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>TERM</u>. The term of each Stock Appreciation Right shall not exceed ten (10) years from the date of
grant. However, if the term of a Stock Appreciation Right expires when trading in the Shares is prohibited by applicable law or the Company's insider trading policy, then the term of such Stock Appreciation Right shall expire on the 30<sup>th</sup> day after the expiration of such prohibition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>TIME AND METHOD OF EXERCISE</u>. The Committee shall establish in the applicable Award Agreement the time or
times at which a Stock Appreciation Right may be exercised in whole or in part.

(c) <u>RESTRICTED STOCK AND RESTRICTED STOCK UNITS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>ISSUANCE</u>. The Committee is hereby authorized to grant Awards of Restricted Stock and Restricted Stock
Units to Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>RESTRICTIONS</u>. Awards of Restricted Stock and Restricted Stock Units shall be subject to such
restrictions as the Committee may establish in the applicable Award Agreement (including any limitation on the right to vote a Share of Restricted Stock or the right to receive any dividend or other right), which restrictions may lapse separately or
in combination at such time or times, in such installments or otherwise, as the Committee may deem appropriate. Unrestricted Shares, evidenced in such manner as the Committee shall deem appropriate, shall be delivered to the holder of Restricted
Stock promptly after such restrictions have lapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>REGISTRATION</u>. Any Restricted Stock or Restricted Stock Units granted under the Plan may be evidenced in
such manner as the Committee may deem appropriate, including book-entry registration or issuance of a stock certificate or certificates. In the event any stock certificate is issued in respect of Shares of Restricted Stock granted under the Plan,
such certificate shall be registered in the name of the Participant and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>FORFEITURE</u>. Upon termination of employment during the applicable restriction period, except as
determined otherwise by the Committee or specified in an applicable Award Agreement, all Shares of Restricted Stock and all Restricted Stock Units still, in either case, subject to restriction shall be forfeited and reacquired by the Company.

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(d) <u>PERFORMANCE AWARDS</u>. The Committee is hereby authorized to grant Performance Awards to Participants.
Performance Awards include arrangements under which the grant, issuance, retention, exercisability, vesting and/or transferability of any Award is subject to such Performance Criteria and such additional conditions or terms as the Committee may
designate. Subject to the terms of the Plan and any applicable Award Agreement, a Performance Award granted under the Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. may be denominated or payable in cash, Shares (including Restricted Stock), other securities, or other Awards;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. shall confer on the holder thereof rights valued as determined by the Committee and payable to, or exercisable
by, the holder of the Performance Award, in whole or in part, upon the achievement of such performance goals during such Performance Periods as the Committee shall establish; provided, however, that the Committee may increase or, prior to the
occurrence of a Change in Control, decrease the amount payable pursuant to a Performance Award or adjust the payout or performance criteria, as determined appropriate in the sole discretion of the Committee.

(e) <u>DIVIDENDS; DIVIDEND EQUIVALENTS</u>. The Committee is hereby authorized to grant to Participants Awards
(other than Options and Stock Appreciation Rights) under which the holders thereof shall be entitled to receive payments equivalent to dividends or interest with respect to a number of Shares determined by the Committee, and the Committee may
provide that such amounts (if any) shall be deemed to have been reinvested in additional Shares. Notwithstanding anything to the contrary herein the Plan, any dividends or dividend equivalents payable in connection with an Award under the Plan shall
be subject to the same terms and risks of forfeiture as the underlying Award and shall be paid out only when the underlying Shares actually vest, are earned or are received under such Awards. Subject to the terms of the Plan and any applicable Award
Agreement, such Awards may have such terms and conditions as the Committee shall determine.

(f) <u>OTHER STOCK-BASED AWARDS</u>. The Committee is hereby authorized to grant to Participants such other Awards,
including Deferred Stock Units, that are denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Shares (including securities convertible into Shares), as are deemed by the Committee to be
consistent with the purposes of the Plan, provided, however, that such grants must comply with applicable law. Subject to the terms of the Plan and any applicable Award Agreement, the Committee shall determine the terms and conditions of such
Awards. Shares or other securities delivered pursuant to a purchase right granted under this Section 6(f) shall be purchased for such consideration, which may be paid by such method or methods and in such form or forms, including cash, Shares,
other securities, or other Awards, or any combination thereof, as the Committee shall determine, the value of which consideration, as established by the Committee, and except as provided in Section 4(c), shall not be less than the Fair Market
Value of such Shares or other securities as of the date such purchase right is granted.

(g) <u>CASH AWARDS</u>. Cash awards may granted under the Plan, including as an element of or supplemental to any
other Award granted under this Plan.

(h) <u>CHANGE IN CONTROL</u>. In the event of a Change in Control, except as specified otherwise in an Award
Agreement, the Committee, in its sole discretion, may take such actions, if any, as it deems necessary or desirable with respect to any Award that is outstanding provided that the action substantially preserves the value, rights and benefits of the
affected Award. Such actions may include, without limitation: (i) the acceleration of the vesting, settlement and/or exercisability of

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an Award; (ii) the payment of a cash amount in exchange for the cancellation of an Award; (iii) the cancellation of Options and/or Stock Appreciation Rights without the payment of consideration therefor if the exercise price of such Options and/or Stock Appreciation Rights equals or exceeds the price paid for a Share in connection with the Change in Control; and/or (iv) the issuance of substitute Awards that substantially preserve the value, rights and benefits of any affected Awards.

(i) <u>GENERAL</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>NO CASH CONSIDERATION FOR AWARDS</u>. Awards shall be granted for no cash consideration or for such minimal
cash consideration as may be required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>AWARDS MAY BE GRANTED SEPARATELY OR TOGETHER</u>. Awards may, in the discretion of the Committee, be granted
either alone or in addition to, in tandem with, or in substitution for any other Award or any award granted under any other plan of the Company or any Subsidiary. Awards granted in addition to or in tandem with other Awards, or in addition to or in
tandem with awards granted under any other plan of the Company or any Subsidiary, may be granted either at the same time as or at a different time from the grant of such other Awards or awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>FORMS OF PAYMENT UNDER AWARDS</u>. Subject to the terms of the Plan and of any applicable Award Agreement,
payments or transfers to be made by the Company or a Subsidiary upon the grant, exercise, or payment of an Award may be made in such form or forms as the Committee shall determine, including cash, Shares, rights in or to Shares issuable under the
Award or other Awards, other securities, or other Awards, or any combination thereof, and may be made in a single payment or transfer, in installments, or on a deferred basis, in each case in accordance with rules and procedures established by the
Committee. Such rules and procedures may include, without limitation, provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of Dividend Equivalents in respect of installment or
deferred payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>LIMITS ON TRANSFER OF AWARDS</u>. Except as provided by the Committee, no Award and no right under any such
Award, shall be assignable, alienable, saleable, or transferable by a Participant otherwise than by will or by the laws of descent and distribution provided, however, that, if so determined by the Committee, a Participant may, in the manner
established by the Committee, designate a beneficiary or beneficiaries to exercise the rights of the Participant with respect to any Award upon the death of the Participant. Each Award, and each right under any Award, shall be exercisable, during
the Participant's lifetime, only by the Participant or, if permissible under applicable law, by the Participant's guardian or legal representative. No Award and no right under any such Award, may be pledged, alienated, attached, or
otherwise encumbered, and any purported pledge, alienation, attachment, or encumbrance thereof shall be void and unenforceable against the Company or any Affiliate. In no event may an Award be transferred to a third-party financial institution for
value.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>PER-PERSON LIMITATION ON DIRECTOR AWARDS</u>. With respect to any
Director, the aggregate dollar value of (A) any Awards granted under the Plan (based on the grant date fair value of Awards as determined for financial reporting purposes) during a single fiscal year and (B) any cash or other compensation
that is not equity-based and that is paid by the Company with respect to the Director's service as a Director for such fiscal year may not exceed $1,000,000. The Committee may make exceptions to the foregoing limit for a Director or committee
of Directors, as it may determine in its discretion, provided that (C) the aggregate dollar value of any such additional compensation may not exceed $750,000 for the fiscal year and (D) the Director receiving such additional compensation
does not participate in the decision to award such compensation. For the avoidance of doubt, any compensation that is deferred shall be counted toward this limit for the year in which it was first earned, and not when paid or settled if later.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. <u>CONDITIONS AND RESTRICTIONS UPON SECURITIES SUBJECT TO AWARDS</u>. The Committee may provide that the Shares
issued upon exercise of an Option or Stock Appreciation Right or otherwise subject to or issued under an Award shall be subject to such further agreements, restrictions, conditions or limitations as the Committee in its discretion may specify prior
to the exercise of such Option or Stock Appreciation Right or the grant, vesting or settlement of such Award, including conditions on vesting or transferability and forfeiture or repurchase provisions or provisions on payment of taxes arising in
connection with an Award. Without limiting the foregoing, such restrictions may address the timing and manner of any resales by the Participant or other subsequent transfers by the Participant of any Shares issued under an Award, including:
(A) restrictions under an insider trading policy or pursuant to applicable law, (B) restrictions designed to delay and/or coordinate the timing and manner of sales by Participant and holders of other Company equity compensation
arrangements, (C) restrictions as to the use of a specified brokerage firm for such resales or other transfers and (D) provisions requiring Shares to be sold on the open market or to the Company in order to satisfy tax withholding or other
obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. <u>SHARE CERTIFICATES</u>. All Shares or other securities delivered under the Plan pursuant to any Award or the
exercise thereof shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange
upon which such Shares or other securities are then listed, and any applicable Federal, state, or local securities laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such
restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. <u>NO REPRICING</u>. Except in connection with a corporate transaction or adjustment described in
Section 4(c) of the Plan, the terms of outstanding Options, Stock Appreciation Rights or other Stock-Based Awards encompassing rights to purchase Shares that have an exercise or purchase price in excess of the Fair Market Value of a Share may
not be amended to reduce the exercise or purchase price of such Awards, and any such outstanding Options, Stock Appreciation Rights or other Stock-Based Awards encompassing rights to purchase Shares may not be exchanged for cash or property, other
Awards, or Options, Stock Appreciation Rights or other Stock-Based Awards encompassing rights to purchase Shares with an exercise or purchase price that is less than the exercise or purchase price of the original Awards, in each case unless approved
by stockholders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. <u>RECOUPMENT</u>. The Plan will be administered in compliance with Section 10D of the Exchange Act, any
applicable rules or regulations promulgated by the Securities and Exchange Commission or any national securities exchange or national securities association on which the Shares may be traded, and any Company policy adopted with respect to
compensation recoupment. This Section 6(i)(ix) will not be the Company's exclusive remedy with respect to such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. <u>AWARDS IN LIEU OF OBLIGATIONS</u>. Awards may, in the discretion of the Committee, be granted in lieu of
obligations to pay cash or deliver other property under this Plan or under other plans or compensatory arrangements, subject to such terms as will be determined by the Committee in a manner that complies with Section 409A of the Code. Awards
granted hereunder may also be available as a payment form in settlement of compensation due or accrued to which a Participant is otherwise entitled.

**SECTION 7. AMENDMENT AND TERMINATION** 

Except to the extent prohibited by applicable law and unless otherwise expressly provided in an Award Agreement or in the Plan:

(a) <u>AMENDMENTS TO THE PLAN</u>. The Board may amend, alter, suspend, discontinue, or terminate the Plan, in
whole or in part; provided, however, that without the prior approval of the Company's stockholders, no material amendment shall be made if stockholder approval is required by law, regulation, or stock exchange, and; provided, further, that,
notwithstanding any other provision of the Plan or any Award Agreement, no such amendment, alteration, suspension, discontinuation, or termination shall be made without the approval of the stockholders of the Company that would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. increase the total number of Shares available for Awards under the Plan, except as provided in Section 4
hereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. amend Section 6(i)(viii) or, except as provided in Section 4(c), permit Options, Stock Appreciation
Rights, or other Stock-Based Awards encompassing rights to purchase Shares to be repriced, replaced, or exchanged as described in Section 6(i)(viii).

(b) <u>AMENDMENTS TO AWARDS</u>. Subject to Section 6(i)(viii), the Committee may waive any conditions or
rights under, amend any terms of, or amend, alter, suspend, discontinue, or terminate, any Awards theretofore granted, prospectively or retroactively. No such amendment or alteration shall be made which would impair the rights of any Participant,
without such Participant's consent, under any Award theretofore granted, provided that no such consent shall be required with respect to any amendment or alteration if the Committee determines in its sole discretion that such amendment or
alteration either (i) is required or advisable in order for the Company, the Plan or the Award to satisfy or conform to any law or regulation or to meet the requirements of any accounting standard, or (ii) is not reasonably likely to
significantly diminish the benefits provided under such Award.

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**SECTION 8. GENERAL PROVISIONS** 

(a) <u>NO RIGHTS TO AWARDS</u>. No Employee, Participant or other person shall have any claim to be granted any
Award under the Plan, or, having been selected to receive an Award under the Plan, to be selected to receive a future Award, and further there is no obligation for uniformity of treatment of Employees, Participants, or holders or beneficiaries of
Awards under the Plan. The terms and conditions of Awards need not be the same with respect to each recipient.

(b) <u>WITHHOLDING</u>. The Company or any Subsidiary shall be authorized to withhold from any Award granted or any
payment due or transfer made under any Award or under the Plan the amount (in cash, Shares, other securities, or other Awards) of taxes required to be withheld in the relevant jurisdiction in respect of an Award, its exercise, or any payment or
transfer under such Award or under the Plan and to take such other action as may be necessary or appropriate in the opinion of the Company or Subsidiary to satisfy withholding taxes.

(c) <u>NO LIMIT ON OTHER COMPENSATION ARRANGEMENTS</u>. Nothing contained in the Plan shall prevent the Company or
any Subsidiary from adopting or continuing in effect other or additional compensation arrangements, and such arrangements may be either generally applicable or applicable only in specific cases.

(d) <u>NO RIGHT TO EMPLOYMENT</u>. The grant of an Award shall not constitute an employment contract nor be
construed as giving a Participant the right to be retained in the employ of the Company or any Affiliate. Further, the Company or an Affiliate may at any time dismiss a Participant from employment, free from any liability, or any claim under the
Plan, unless otherwise expressly provided in the Plan or in any Award Agreement.

(e) <u>GOVERNING LAW</u>. The validity, construction, and effect of the Plan and any rules and regulations relating
to the Plan shall be determined in accordance with the laws of the State of Delaware and applicable Federal law without regard to conflict of law.

(f) <u>SEVERABILITY</u>. If any provision of the Plan or any Award is or becomes or is deemed to be invalid,
illegal, or unenforceable in any jurisdiction, or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable
laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, person, or Award, and the
remainder of the Plan and any such Award shall remain in full force and effect.

(g) <u>NO TRUST OR FUND CREATED</u>. Neither the Plan nor any Award shall create or be construed to create a trust
or separate fund of any kind or a fiduciary relationship between the Company or any Affiliate and a Participant or any other person. To the extent that any person acquires a right to receive payments from the Company or any Affiliate pursuant to an
Award, such right shall be no greater than the right of any unsecured general creditor of the Company or any Affiliate.

(h) <u>NO FRACTIONAL SHARES</u>. No fractional Shares shall be issued or delivered pursuant to the Plan or any
Award, and the Committee shall determine whether cash, or other securities shall be paid or transferred in lieu of any fractional Shares, or whether such fractional Shares or any rights thereto shall be canceled, terminated, or otherwise eliminated.

(i) <u>HEADINGS</u>. Headings are given to the Sections and subsections of the Plan solely as a convenience to
facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof.

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(j) <u>INDEMNIFICATION</u>. Subject to requirements of Delaware State law, each individual who is or shall have
been a member of the Board, or a Committee appointed by the Board, or an officer or manager of the Company to whom authority was delegated in accordance with Section 3, shall be indemnified and held harmless by the Company against and from any
loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by
reason of any action taken or failure to act under the Plan and against and from any and all amounts paid by him or her in settlement thereof, with the Company's approval, or paid by him or her in satisfaction of any judgment in any such
action, suit, or proceeding against him or her, provided he or she shall give the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his/her own behalf, unless such loss,
cost, liability, or expense is a result of his/her own willful misconduct or except as expressly provided by statute. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such individuals may
be entitled under the Company's Certificate of Incorporation or Bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless.

(k) <u>COMPLIANCE WITH SECTION 409A OF THE CODE</u>. Except to the extent specifically provided otherwise by the
Committee, Awards under the Plan are intended to be exempt from or satisfy the requirements of Section 409A of the Code (and the Treasury Department guidance and regulations issued thereunder) so as to avoid the imposition of any additional
taxes or penalties under Section 409A of the Code. If the Committee determines that an Award, Award Agreement, payment, distribution, deferral election, transaction or any other action or arrangement contemplated by the provisions of the Plan
would, if undertaken, cause a Participant to become subject to any additional taxes or other penalties under Section 409A of the Code, then unless the Committee specifically provides otherwise, such Award, Award Agreement, payment,
distribution, deferral election, transaction or other action or arrangement shall not be given effect to the extent it causes such result and the related provisions of the Plan and/or Award Agreement will be deemed modified, or, if necessary,
suspended in order to comply with the requirements of Section 409A of the Code to the extent determined appropriate by the Committee, in each case without the consent of or notice to the Participant. Should any payments made in accordance with
the Plan to a "specified employee" (within the meaning of Section 409A of the Code) be determined to be payments from a nonqualified deferred compensation plan and are payable upon a Participant's "separation from
service" (within the meaning of Section 409A of the Code), that are not exempt from Section 409A of the Code as a short-term deferral or otherwise, these payments, to the extent otherwise payable within six (6) months after the
Participant's separation from service, and to the extent necessary to avoid the imposition of taxes under Section 409A of the Code, will be paid in a lump sum on the earlier of (i) the date that is six (6) months after the date
of the Participant's separation from service or (ii) the date of the Participant's death. For purposes of Section 409A of the Code, the payments to be made to a Participant in accordance with the Plan shall be treated as a
right to a series of separate payments.

(l) <u>NO REPRESENTATIONS OR COVENANTS WITH RESPECT TO TAX QUALIFICATION</u>. Although the Company may endeavor to
(i) qualify an Award for favorable U.S. or foreign tax treatment (e.g., incentive stock options under Section 422 of the Code or French qualified stock options) or (ii) avoid adverse tax treatment (e.g., under Section 409A of the
Code), the Company makes no representation to that effect and expressly disavows any covenant to maintain favorable or avoid unfavorable tax treatment. The Company shall be unconstrained in its corporate activities without regard to the potential
negative tax impact on holders of Awards under the Plan.

(m) <u>AWARDS TO NON-U.S. EMPLOYEES</u>. The Committee shall have the power
and authority to determine which Subsidiaries shall be covered by the Plan and which employees outside the U.S. shall be eligible to participate in the Plan. The Committee may adopt, amend or rescind rules, procedures or sub-plans relating to the operation and administration of the Plan to accommodate the specific

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requirements of local laws, procedures, and practices. Without limiting the generality of the foregoing, the Committee is specifically authorized to adopt rules, procedures and sub-plans with provisions that limit or modify rights on death, disability or retirement or on termination of employment; available methods of exercise or settlement of an award; payment of income, social insurance contributions and payroll taxes; the withholding procedures and handling of any stock certificates or other indicia of ownership which vary with local requirements. The Committee may also adopt rules, procedures or sub-plans applicable to particular Subsidiaries or locations.

(n) <u>COMPLIANCE WITH LAWS</u>. The granting of Awards and the issuance of Shares under the Plan shall be subject
to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or stock exchanges on which the Company's securities are listed as may be required. The Company shall have no obligation to issue or deliver
evidence of title for Shares issued under the Plan prior to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. obtaining any approvals from governmental agencies that the Company determines are necessary or advisable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. completion of any registration or other qualification of the Shares under any applicable national or foreign
law or ruling of any governmental body that the Company determines to be necessary or advisable or at a time when any such registration or qualification is not current, has been suspended or otherwise has ceased to be effective.

The inability or impracticability of the Company to obtain or maintain authority from any regulatory body having jurisdiction, which authority is deemed by the Company's counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained.

(o) <u>INTERPRETATIONS</u>. The words "include," "includes" and "including"
when used herein shall be deemed in each case to be followed by the words "without limitation." The definitions contained in the Plan are applicable to the singular as well as the plural forms of such terms and to the masculine as well
as to the feminine and neuter genders of such term. Any statute defined or referred to herein means such statute as from time to time amended, modified or supplemented, including by succession of comparable successor statutes.

**SECTION 9. EFFECTIVE DATE OF THE PLAN.** 

The Plan is effective as of the Effective Date. The Plan shall not become effective unless the stockholders of the Company approve of the Plan.

**SECTION 10. TERM OF THE PLAN** 

No Award shall be granted under the Plan after the tenth (10<sup>th</sup>) anniversary of the Effective Date. No ISO shall be granted under the Plan after the tenth (10<sup>th</sup>) anniversary of the date the Board approves of the Plan. However, unless otherwise expressly provided in the Plan or in an applicable Award Agreement, any Award theretofore granted may extend beyond such date, and the authority of the Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award, or to waive any conditions or rights under any such Award, and the authority of the Board to amend the Plan, shall extend beyond such date.

## Exhibit 10.26

**Exhibit 10.26** 

**HMH HOLDING INC. 2026 LONG-TERM INCENTIVE PLAN** 

**Restricted Stock Unit Award Agreement For [ ]** 

(this "**Award Agreement**")

**RECITALS** 

WHEREAS, HMH Holding B.V. ("**HMH B.V.**"), a wholly owned Subsidiary of HMH Holding Inc., (the "**Company**") previously granted the individual named in this Award Agreement (the "**Participant**") a phantom award pursuant to which, upon an "**IPO**" (as defined in the letter agreement governing such award (the "**Phantom Award Letter**")), the Participant would become entitled to receive a number of shares of the resulting public entity, subject to the terms of the Phantom Award Letter;

WHEREAS, the effectiveness of the registration statement covering the initial public offering of the Class A common stock (the "**Offering**") of the Company will constitute an "IPO" under the Phantom Award Letter; and

WHEREAS, this Award Agreement is hereby granted in replacement of the Phantom Award Letter in satisfaction of the Participant's rights thereunder; *provided*, *however*, that certain terms of the Phantom Award Letter, which is attached hereto as <u>Exhibit A</u>, shall survive, continue to apply and form part of this Award Agreement, in accordance with the terms hereof.

**AGREEMENT** 

NOW, THEREFORE, in consideration of the premises, the mutual agreements, covenants and promises set forth herein and the mutual benefits to be gained by the performance of the terms hereof, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

1. **<u>Terms Used Herein; Acceptance and Acknowledgements; Restrictive Covenants</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each capitalized term used but not defined herein shall have the meaning ascribed to such term in the HMH Holding Inc. 2026 Long-Term Incentive Plan (the "**Plan**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Notwithstanding the foregoing, if any of the following defined terms from Annex I of the Phantom Award Letter have a corresponding definition in the Plan, the definition as set forth in Annex I of the Phantom Award Letter (and not the definition in the Plan) shall continue to apply with respect to this Award: "Affiliate," "Company Group," "Confidential Information," "Person" and "Subsidiary"; *provided*, *however*, that references to "Company" in any such defined terms shall now refer to HMH Holding Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Participant acknowledges and agrees that the RSUs granted herein fully satisfy any and all obligations of the Company and HMH B.V. to the Participant arising under or in connection with the Phantom Award Letter, including any rights to the phantom awards granted thereunder. The Participant further acknowledges that the Restrictive Covenants set forth in the Phantom Award Letter attached hereto as <u>Exhibit A</u> shall survive and continue to apply and form part of this Award Agreement and the Participant agrees that the Participant shall comply with such Restrictive Covenants. By accepting this Award, the Participant acknowledges that the RSUs granted herein are subject to the terms of this Award, whether such terms are identical to, or vary from, the terms contained in the Phantom Award Letter.

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2. **<u>Grant</u>**. In satisfaction of the Participant's rights under the Phantom Award Letter, the Committee of the Board of Directors of the Company has granted Restricted Stock Units (the "**RSUs**" or this "**Award**") to the individual named in this Award Agreement (the "**Participant**") on [ ] (the "**Grant Date**"). Each RSU entitles the Participant to receive from the Company one share of Class A common stock of the Company, par value $0.01 per share (a "**Share**"), for which the restrictions set forth in paragraph 3 lapse in accordance with their terms, in accordance with the terms of this Award, the Plan, any country specific addendums and any rules and procedures adopted by the Committee. Shares may be adjusted or converted into other property or cash pursuant to the provisions of the Plan.

3. **<u>Lapse of Restrictions</u>**. The RSUs [reflected in the Participant's Plan account maintained by [*insert stock plan administrator reference*]] shall be immediately vested as of the Grant Date.

4. **<u>Issuance and Withholding Tax</u>**. As soon as practicable, but in no event more than thirty (30) days, following the Grant Date, the Company shall issue to the Participant such Shares with respect to the RSUs. No later than the date as of which an amount with respect to the RSUs first becomes includable in the gross income of the Participant for applicable income tax purposes, the Participant shall pay to the Company or make arrangements satisfactory to the Company regarding payment of any federal, state, local or foreign taxes of any kind required or permitted to be withheld with respect to such amount, which may include (i) the Participant's forfeiture or surrender of the right to require the Company to allot and issue, transfer or deliver Shares subject to such RSUs or (ii) otherwise reducing the number of Shares to be issued and/or reacquiring a portion of such Shares.

5. **<u>Alteration/Termination</u>**. The Company shall have the right at any time in its sole discretion to amend, alter, or terminate the RSUs without the consent of the Participant; provided, however, that no such amendment, alteration or termination shall occur if reasonably likely to significantly diminish the rights of the Participant without the Participant's consent; and provided further that no such consent shall be required with respect to any amendment, alteration or termination of the RSUs if the Committee determines in its sole discretion that such amendment, alteration, or termination either (i) is required or advisable to satisfy or conform to any applicable law, regulation or accounting standard or (ii) is in accordance with paragraph 6. Notwithstanding the foregoing, no amendment of the RSUs may be made that would cause the Participant to become subject to additional taxes under Section 409A of the Code ("**Section 409A**"). Also, the RSUs shall be null and void to the extent the grant of RSUs or the lapse of restrictions thereon is prohibited under the laws of the country of residence of the Participant.

6. **<u>Recoupment</u>**. Notwithstanding any other provision of this Award to the contrary, the RSUs, any Shares issued in settlement of the RSUs, and any amount received with respect to any sale of any such Shares, shall be subject to potential cancellation, recoupment, rescission, payback or other action in accordance with any recoupment policy that the Company may adopt from time to time.

7. **<u>Plan Terms</u>**. All terms used in this Award have the same meaning as given such terms in the Plan, a copy of which will be furnished upon request. This Award is subject to the terms of the Plan, which terms are incorporated by reference.

8. **<u>Data Privacy</u>**. The Company, the stock brokerage or other financial or administrative services firm designated by the Company (the "**Stock Plan Administrator**"), or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan will administer and maintain the data regarding the Plan, the participants and the awards granted to Participant. Participant authorizes the Company, the Stock Plan Administrator and any other possible recipients that may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer Employee Personal Data (as defined below), in electronic or other form, for the sole purpose of implementing, administering and managing Participant's participation in the Plan. The data administered and maintained by the Company, the Stock Plan Administrator and any other possible

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recipients that may assist the Company (presently or in the future) with implementing, administering and managing the Plan includes information that may be considered personal data, including *Participant's name, home address, email address and telephone number, date of birth, social security or insurance number, passport number or other identification number, salary, nationality, and any Shares or directorships held in the Company, and details of this Award or any other entitlement to Shares, canceled, exercised, vested, unvested or outstanding in Participant's favor* ("**Employee Personal Data**"). Participant further acknowledges that Participant understands that the countries to which Participant's Employee Personal Data may be transferred may have data protection standards that are different than those in Participant's home country and that offer a level of data protection that is less than that in Participant's home country. Further, Participant understands that Participant is providing the consents herein on a purely voluntary basis. If Participant does not consent, or if Participant later seeks to revoke Participant's consent, Participant's service status and career will not be affected; the only consequence of refusing or withdrawing Participant's consent is that the Company would not be able to grant Participant the RSUs or other equity awards or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing Participant's consent may affect Participant's ability to participate in the Plan.

9. **<u>Repatriation; Compliance with Law</u>**. Participant agrees to repatriate all payments attributable to the Shares acquired under the Plan in accordance with applicable foreign exchange rules and regulations in Participant's country of employment (and country of residence, if different). In addition, Participant agrees to take any and all actions, and consent to any and all actions taken by the Company and any of its Subsidiaries and affiliated companies, as may be required to allow the Company and any of its Subsidiaries and affiliated companies to comply with local laws, rules and/or regulations in Participant's country of employment (and country of residence, if different). Finally, Participant agrees to take any and all actions as may be required to comply with Participant's personal obligations under local laws, rules and/or regulations in Participant's country of employment and country of residence, if different).

10. **<u>Electronic Delivery</u>**. Participant agrees, to the fullest extent permitted by law, in lieu of receiving documents in paper format, to accept electronic delivery of any documents that the Company and its Subsidiaries or affiliated companies may deliver in connection with this grant and any other grants offered by the Company, including prospectuses, grant notifications, account statements, annual or quarterly reports, and other communications. Electronic delivery of a document may be made via the Company's email system or by reference to a location on the Company's intranet or website or a website of the Company's agent administering the Plan. By accepting this Award, Participant also hereby consents to participate in the Plan through such system, intranet, or website, including but not limited to the use of electronic signatures or click-through electronic acceptance of terms and conditions.

11. **<u>Nontransferability</u>**. Except as specified in this Award Agreement, this Award and this Award Agreement are not transferable or assignable by Participant other than by will or the laws of descent and distribution or pursuant to a "qualified domestic relations order" as defined by the Code or Title I of the U.S. Employee Retirement Income Security Act of 1974, as amended, or similar order.

12. **<u>Section 409A</u>**. This Award is intended to be exempt from or, to the extent not exempt from, compliant with Section 409A. To the extent applicable, the Plan and any award document governing an Award granted under the Plan ("**Award Document**") shall be interpreted in accordance with Section 409A and interpretive guidance issued thereunder. Notwithstanding any contrary provision in the Plan or an Award Document, if the Committee determines that any provision of the Plan or an Award Document contravenes any regulations or guidance promulgated under Section 409A or would cause an Award to be subject to additional taxes, accelerated taxation, interest and/or penalties under Section 409A, the Committee may modify or amend such provision of the Plan or Award Document without consent of the Participant in any manner the Committee deems reasonable or necessary. In making such modifications the Committee shall attempt, but shall not be obligated, to maintain, to the maximum extent practicable, the original intent of the applicable provision without contravening the provisions of Section 409A. Moreover, any discretionary authority that the Committee may have pursuant to the Plan shall not be applicable to an Award that is subject to Section 409A to the extent such discretionary authority would contravene Section 409A.

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13. **<u>Adjustments to Award</u>**. This Award is subject to adjustments pursuant to Section 4c of the Plan. In the event of any conflict or inconsistency between the Plan and any Award Document, the Award Document shall govern and the Plan shall be interpreted to minimize or eliminate any such conflict or inconsistency.

14. **<u>Entire Agreement</u>**. This Award, the Plan, country specific addendums and the rules and procedures adopted by the Committee contain all of the provisions applicable to the RSUs and no other statements, documents or practices may modify, waive or alter such provisions unless expressly set forth in writing, signed by an authorized officer of the Company and delivered to the Participant. Except as expressly incorporated herein, the terms of the Phantom Award Letter shall no longer apply.

[*Signature Page Follows*]

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IN WITNESS WHEREOF, the parties have executed this Award Agreement as of the date set forth above.

---

| | |
|:---|:---|
| **HMH Holding Inc.** | **PARTICIPANT** |
| By: |  |
| Name: | Name: |
| Title: |  |

---

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**<u>Exhibit A</u>**

**Phantom Award Letter** 

See attached.

## Exhibit 10.27

**Exhibit 10.27** 

**HMH HOLDING INC. 2026 LONG-TERM INCENTIVE PLAN** 

**Restricted Stock Unit Award Agreement For [ ]** 

(this "**Award Agreement**")

**RECITALS** 

WHEREAS, HMH Holding B.V. ("**HMH B.V.**"), a wholly owned Subsidiary of HMH Holding Inc., (the "**Company**") previously granted the individual named in this Award Agreement (the "**Participant**") a phantom award pursuant to which, upon an "**IPO**" (as defined in the letter agreement governing such award (the "**Phantom Award Letter**")), the Participant would become entitled to receive a number of shares of the resulting public entity, subject to the terms of the Phantom Award Letter;

WHEREAS, the effectiveness of the registration statement covering the initial public offering of the Class A common stock (the "**Offering**") of the Company will constitute an "IPO" under the Phantom Award Letter; and

WHEREAS, this Award Agreement is hereby granted in replacement of the Phantom Award Letter in satisfaction of the Participant's rights thereunder; *provided*, *however*, that certain terms of the Phantom Award Letter, which is attached hereto as <u>Exhibit A</u>, shall survive, continue to apply and form part of this Award Agreement, in accordance with the terms hereof.

**AGREEMENT** 

NOW, THEREFORE, in consideration of the premises, the mutual agreements, covenants and promises set forth herein and the mutual benefits to be gained by the performance of the terms hereof, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

1. **<u>Terms Used Herein; Acceptance and Acknowledgements; Restrictive Covenants</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each capitalized term used but not defined herein (including Appendix A) shall have the meaning ascribed to such term in the HMH Holding Inc. 2026 Long-Term Incentive Plan (the "**Plan**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Notwithstanding the foregoing, if any of the following defined terms from Annex I of the Phantom Award Letter have a corresponding definition in the Plan, the definition as set forth in Annex I of the Phantom Award Letter (and not the definition in the Plan) shall continue to apply with respect to this Award: "Affiliate," "Bear," "Change in Control," "Company Group," "Confidential Information," "Person," "Subsidiary" and "Titan;" *provided*, *however*, that references to "Company" in any such defined terms shall now refer to HMH Holding Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Participant acknowledges and agrees that the RSUs and PSUs granted herein fully satisfy any and all obligations of the Company and HMH B.V. to the Participant arising under or in connection with the Phantom Award Letter, including any rights to the phantom awards granted thereunder. The Participant further acknowledges that the Restrictive Covenants set forth in the Phantom Award Letter attached hereto as <u>Exhibit A</u> shall survive and continue to apply and form part of this Award Agreement and the Participant agrees that the Participant shall comply with such Restrictive Covenants. By accepting this Award, the Participant acknowledges that the RSUs and PSUs granted herein are subject to the terms of this Award, whether such terms are identical to, or vary from, the terms contained in the Phantom Award Letter.

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2. **<u>Grant</u>**. In satisfaction of the Participant's rights under the Phantom Award Letter, the Committee of the Board of Directors of the Company has granted Restricted Stock Units, with Dividend Equivalents as described in paragraph 3, to the individual named in this Award Agreement (the "**Participant**") on [ ] (the "**Grant Date**"). Fifty percent (50%) of the Restricted Stock Units [reflected in the Participant's Plan account maintained by [*insert stock plan administrator reference*]] will be subject to time-based vesting requirements (the "**RSUs**") and fifty percent (50%) of the Restricted Stock Units will be subject to performance-based vesting requirements (the "**PSUs**," and together with the RSUs, the "**Award**"). Each RSU entitles the Participant to receive, and each PSU entitles the Participant an opportunity to earn and receive, from the Company one share of Class A common stock of the Company, par value $0.01 per share (a "**Share**"), for which the restrictions set forth in paragraph 4 lapse in accordance with the terms of this Award, the Plan, any country specific addendums and any rules and procedures adopted by the Committee. The target number of PSUs [reflected in the Participant's Plan account maintained by [*insert stock plan administrator reference*]] (the "**Target PSUs**") is the number of PSUs that the Participant may earn if the Performance Condition is satisfied at the target level. The actual number of PSUs that the Participant may earn may be less than or more than the Target PSUs, depending upon actual performance and the service of the Participant, as specified in paragraph 4. The maximum number of Shares the Participant may earn with respect to the PSUs is equal to 200% of the Target PSUs. Shares may be adjusted or converted into other property or cash pursuant to the provisions of the Plan.

3. **<u>Dividend Equivalents</u>**. Beginning on the Grant Date and until such time as the restrictions lapse or the RSUs or PSUs, as applicable, are cancelled, whichever occurs first, the Company shall establish an amount to be paid to the Participant equal to the number of RSUs and maximum PSUs that can be earned subject to restriction times the per Share dividend payments, if any, made to stockholders of the Company's Shares during such period (such amounts, "**Dividend Equivalents**"). The Company shall accumulate Dividend Equivalents and will pay the Participant an amount equal to the Dividend Equivalents accumulated and unpaid as of the date that restrictions lapse (without interest) upon the date the RSUs or PSUs, as applicable, are settled in accordance with paragraph 6. Notwithstanding the foregoing, any accumulated and unpaid Dividend Equivalents attributable to RSUs or PSUs that are cancelled will not be paid and are immediately forfeited upon cancellation of the RSUs or the PSUs, as applicable. Dividend Equivalents will be paid in cash or in Shares, or in a combination of cash and Shares, as determined by the Committee in its discretion.

4. **<u>Lapse of Restrictions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **<u>RSUs</u>**. [Two-thirds of the RSUs shall be immediately vested as of the Grant Date and, except as specified in paragraph 5, restrictions on one-third of the RSUs will lapse on September 1, 2026 (each of the Grant Date and September 1, 2026, a "**Normal Restriction Lapse Date**") / One-third of the RSUs shall be immediately vested as of the Grant Date and, except as specified in paragraph 5, restrictions on one-third of the RSUs will lapse on each of September 1, 2026 and September 1, 2027 (each of the Grant Date, September 1, 2026 and September 1, 2027, a "**Normal Restriction Lapse Date**") / Except as specified in paragraph 5, restrictions on one-third of the RSUs will lapse on each of September 1, 2026, September 1, 2027 and September 1, 2028 (each, a "**Normal Restriction Lapse Date**")]<sup>1</sup>, in each case, subject to the Participant remaining continuously employed by the Company or one of its Subsidiaries through such date. Any RSUs for which the restrictions have not lapsed as of the date the Participant ceases to be employed by the Company or one of its Subsidiaries, or that do not lapse in connection with the Participant ceasing to be employed by the Company or one of its Subsidiaries, shall be immediately cancelled upon the date the Participant ceases to be employed by the Company or one of its Subsidiaries.

<sup>1</sup> First alternative for 2023 LTI Award; second alternative for 2024 LTI Award; third alternative for 2025 LTI Award.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **<u>PSUs</u>**. Except as specified in paragraph 5, restrictions on the PSUs will lapse to the extent that both the Service Condition has been satisfied and the Committee has certified that the Performance Condition has been satisfied (the date that the Committee certifies the level at which the Performance Condition has been satisfied, the "**Certification Date**"). The Certification Date shall occur as soon as practicable, but not later than sixty (60) days, following the end of the Performance Period (as defined in <u>Exhibit B</u> hereto). Subject to paragraph 5, the "**Service Condition**" will be satisfied with respect to the PSUs only if the Participant has been continuously employed by the Company or one of its Subsidiaries through [August 31, 2026 / August 31, 2027 / August 31, 2028]<sup>2</sup>, and the "**Performance Condition**" will be satisfied with respect to between 0% and 200% of the Target PSUs based on the attainment of the Performance Condition, in accordance with <u>Exhibit B</u>. Prior to the issuance of any Shares pursuant to paragraph 6, except as specified in this Award Agreement, the Committee shall certify the extent, if any, to which the Performance Condition was achieved. Any Target PSUs for which the Service Condition has not been satisfied as of the date the Participant ceases to be employed by the Company or one of its Subsidiaries, or that do not become satisfied in connection with the Participant ceasing to be employed by the Company or one of its Subsidiaries, shall be immediately cancelled upon the date the Participant ceases to be employed by the Company or one of its Subsidiaries. Any Target PSUs for which the Service Condition has been satisfied, or that become satisfied in connection with the Participant ceasing to be employed by the Company or one of its Subsidiaries, shall remain outstanding and eligible to vest based on the extent, if any, to which the Performance Condition are achieved or deemed satisfied, as appliable. Any PSUs that remain outstanding following the Participant ceasing to be employed by the Company or one of its Subsidiaries but that do not vest due to the Performance Condition failing to be achieved or deemed satisfied shall be immediately cancelled.

5. **<u>Change in Control of the Company</u>**. In the event of a Change in Control, (a) restrictions on the RSUs that have not theretofore been forfeited shall lapse and (b) the Service Condition shall be deemed fully satisfied and the Performance Condition shall be deemed satisfied at the target level of performance, in each case, with respect to the PSUs that have not theretofore been forfeited. The Award shall be settled in connection with the Change in Control.

6. **<u>Issuance and Withholding Tax</u>**. As soon as practicable, but in no event more than fifteen (15) days, following, with respect to the RSUs, the Normal Restriction Lapse Date, or such earlier date the restrictions lapse, and with respect to the PSUs, the Certification Date, or such earlier date both the Service Condition and the Performance Condition are satisfied or deemed satisfied, the Company shall issue to the Participant such Shares with respect to the portion, if any, of the RSUs for which the restrictions lapse or the PSUs for which both the Service Condition and the Performance Condition are satisfied or deemed satisfied, in each case, in accordance with this Award Agreement. No later than the date as of which an amount with respect to the RSUs or PSUs, as applicable first becomes includable in the gross income of the Participant for applicable income tax purposes, the Participant shall pay to the Company or make arrangements satisfactory to the Company regarding payment of any federal, state, local or foreign taxes of any kind required or permitted to be withheld with respect to such amount, which may include (i) the Participant's forfeiture or surrender of the right to require the Company to allot and issue, transfer or deliver Shares subject to such RSUs or PSUs, as applicable, or (ii) otherwise reducing the number of Shares to be issued and/or reacquiring a portion of such Shares.

7. **<u>Alteration/Termination</u>**. The Company shall have the right at any time in its sole discretion to amend, alter, or terminate the RSUs or PSUs without the consent of the Participant; provided, however, that no such amendment, alteration or termination shall occur if reasonably likely to significantly diminish the rights of the Participant without the Participant's consent; and provided further that no such consent

<sup>2</sup> First alternative for 2023 LTI Award; second alternative for 2024 LTI Award; third alternative for 2025 LTI Award.

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shall be required with respect to any amendment, alteration or termination of the RSUs or PSUs if the Committee determines in its sole discretion that such amendment, alteration, or termination either (i) is required or advisable to satisfy or conform to any applicable law, regulation or accounting standard or (ii) is in accordance with paragraph 8. Notwithstanding the foregoing, no amendment of the RSUs or PSUs may be made that would cause the Participant to become subject to additional taxes under Section 409A of the Code ("**Section 409A**"). Also, the RSUs and PSUs shall be null and void to the extent the grant of RSUs or PSUs, as applicable, or the lapse of restrictions thereon is prohibited under the laws of the country of residence of the Participant.

8. **<u>Recoupment</u>**. Notwithstanding any other provision of this Award to the contrary, the RSUs and PSUs, any Shares issued in settlement of the RSUs and PSUs, and any amount received with respect to any sale of any such Shares, shall be subject to potential cancellation, recoupment, rescission, payback or other action in accordance with any recoupment policy that the Company may adopt from time to time.

9. **<u>Plan Terms</u>**. All terms used in this Award have the same meaning as given such terms in the Plan, a copy of which will be furnished upon request. This Award is subject to the terms of the Plan, which terms are incorporated by reference.

10. **<u>Data Privacy</u>**. The Company, the stock brokerage or other financial or administrative services firm designated by the Company (the "**Stock Plan Administrator**"), or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan will administer and maintain the data regarding the Plan, the participants and the awards granted to Participant. Participant authorizes the Company, the Stock Plan Administrator and any other possible recipients that may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer Employee Personal Data (as defined below), in electronic or other form, for the sole purpose of implementing, administering and managing Participant's participation in the Plan. The data administered and maintained by the Company, the Stock Plan Administrator and any other possible recipients that may assist the Company (presently or in the future) with implementing, administering and managing the Plan includes information that may be considered personal data, including *Participant's name, home address, email address and telephone number, date of birth, social security or insurance number, passport number or other identification number, salary, nationality, and any Shares or directorships held in the Company, and details of this Award or any other entitlement to Shares, canceled, exercised, vested, unvested or outstanding in Participant's favor* ("**Employee Personal Data**"). Participant further acknowledges that Participant understands that the countries to which Participant's Employee Personal Data may be transferred may have data protection standards that are different than those in Participant's home country and that offer a level of data protection that is less than that in Participant's home country. Further, Participant understands that Participant is providing the consents herein on a purely voluntary basis. If Participant does not consent, or if Participant later seeks to revoke Participant's consent, Participant's service status and career will not be affected; the only consequence of refusing or withdrawing Participant's consent is that the Company would not be able to grant Participant the RSUs or PSUs or other equity awards or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing Participant's consent may affect Participant's ability to participate in the Plan.

11. **<u>Repatriation; Compliance with Law</u>**. Participant agrees to repatriate all payments attributable to the Shares acquired under the Plan in accordance with applicable foreign exchange rules and regulations in Participant's country of employment (and country of residence, if different). In addition, Participant agrees to take any and all actions, and consent to any and all actions taken by the Company and any of its Subsidiaries and affiliated companies, as may be required to allow the Company and any of its Subsidiaries and affiliated companies to comply with local laws, rules and/or regulations in Participant's country of employment (and country of residence, if different). Finally, Participant agrees to take any and all actions as may be required to comply with Participant's personal obligations under local laws, rules and/or regulations in Participant's country of employment and country of residence, if different).

------

12. **<u>Electronic Delivery</u>**. Participant agrees, to the fullest extent permitted by law, in lieu of receiving documents in paper format, to accept electronic delivery of any documents that the Company and its Subsidiaries or affiliated companies may deliver in connection with this grant and any other grants offered by the Company, including prospectuses, grant notifications, account statements, annual or quarterly reports, and other communications. Electronic delivery of a document may be made via the Company's email system or by reference to a location on the Company's intranet or website or a website of the Company's agent administering the Plan. By accepting this Award, Participant also hereby consents to participate in the Plan through such system, intranet, or website, including but not limited to the use of electronic signatures or click-through electronic acceptance of terms and conditions.

13. **<u>Nontransferability</u>**. Except as specified in this Award Agreement, this Award and this Award Agreement are not transferable or assignable by Participant other than by will or the laws of descent and distribution or pursuant to a "qualified domestic relations order" as defined by the Code or Title I of the U.S. Employee Retirement Income Security Act of 1974, as amended, or similar order.

14. **<u>Section 409A</u>**. This Award is intended to be exempt from or, to the extent not exempt from, compliant with Section 409A. To the extent applicable, the Plan and any award document governing an Award granted under the Plan ("**Award Document**") shall be interpreted in accordance with Section 409A and interpretive guidance issued thereunder. Notwithstanding any contrary provision in the Plan or an Award Document, if the Committee determines that any provision of the Plan or an Award Document contravenes any regulations or guidance promulgated under Section 409A or would cause an Award to be subject to additional taxes, accelerated taxation, interest and/or penalties under Section 409A, the Committee may modify or amend such provision of the Plan or Award Document without consent of the Participant in any manner the Committee deems reasonable or necessary. In making such modifications the Committee shall attempt, but shall not be obligated, to maintain, to the maximum extent practicable, the original intent of the applicable provision without contravening the provisions of Section 409A. Moreover, any discretionary authority that the Committee may have pursuant to the Plan shall not be applicable to an Award that is subject to Section 409A to the extent such discretionary authority would contravene Section 409A.

15. **<u>Adjustments to Award</u>**. This Award is subject to adjustments pursuant to Section 4c of the Plan. In the event of any conflict or inconsistency between the Plan and any Award Document, the Award Document shall govern and the Plan shall be interpreted to minimize or eliminate any such conflict or inconsistency.

16. **<u>Entire Agreement</u>**. This Award, the Plan, country specific addendums and the rules and procedures adopted by the Committee contain all of the provisions applicable to the RSUs and PSUs and no other statements, documents or practices may modify, waive or alter such provisions unless expressly set forth in writing, signed by an authorized officer of the Company and delivered to the Participant; *provided*, *however*, that, notwithstanding anything herein to the contrary, if the Participant is or becomes party to an employment, severance, change in control or similar agreement or arrangement with the Company or another member of the Company Group and such agreement contains terms applicable to equity awards of the type granted by this Agreement that are more favorable to the Participant than the terms set forth in this Agreement, such more favorable terms shall control. Except as expressly incorporated herein, the terms of the Phantom Award Letter shall no longer apply.

[*Signature Page Follows*]

------

IN WITNESS WHEREOF, the parties have executed this Award Agreement as of the date set forth above.

---

| | |
|:---|:---|
| **HMH Holding Inc.** | **PARTICIPANT** |
| By: |  |
| Name: | Name: |
| Title: |  |

---

------

**<u>Exhibit A</u>**

**Phantom Award Letter** 

See attached.

------

**<u>Exhibit B</u><sup>3</sup>** 

**Performance Condition** 

In accordance with the terms of the Phantom Award Letter, the PSUs may be earned based on the achievement of the Performance Condition, as described below.

The Performance Condition (the Company's EBITDA growth) will be measured over the three-year period beginning on September 1, 2023 and ending on August 31, 2026 against the EBITDA growth of the below peer companies (the "**Peer Group**"). In the event a member of the Peer Group ceases to be a reasonable comparable, a suitable replacement may be added at the Committee's discretion.

**Peer Group:** 

---

| | | |
|:---|:---|:---|
| Archrock, Inc. | Helmerich & Payne, Inc. | Oil States International, Inc. |
| Core Laboratories | Hunting Plc. | Patterson-UTI Energy, Inc. |
| Dril-Quip, Inc. | Newpark Resources, Inc. | ProPetro Holding Corp. |
| Forum Energy Technologies | NexTier Oilfield Solutions, Inc. | RPC, Inc. |
| Helix Energy Solutions Group, Inc. | Oceaneering International, Inc. | Valaris Ltd. |

---

The percentage of the Target PSUs that vest shall be determined as follows:

---

| | | |
|:---|:---|:---|
| **Payout Level** | **Company Ranking in Peer<br>Group** | **% of Target PSUs that<br>shall Vest** |
|  Threshold | Top 75% | 50% |
|  Target | Top 50% | 100% |
|  Maximum | Top 5% | 200% |

---

If the Performance Condition is achieved at an amount that is at a point between two adjacent performance levels, the level at which the Performance Condition shall be earned and the number of PSUs that are earned shall be determined by straight line interpolation between such points. No PSUs shall be earned if the Performance Condition is not met at a level at least equal to Threshold.

<sup>3</sup> Exhibit B for 2023 LTI Awards.

------

**<u>Exhibit B<sup>4</sup></u>**

**Performance Condition** 

In accordance with the terms of the Phantom Award Letter, the PSUs may be earned based on the achievement of the Performance Condition, as described below.

The Performance Condition (the Company's EBITDA growth) will be measured over the three-year period beginning on September 1, 2024 and ending on August 31, 2027 against the EBITDA growth of the below peer companies (the "**Peer Group**"). In the event a member of the Peer Group ceases to be a reasonable comparable, a suitable replacement may be added at the Committee's discretion.

**Peer Group:** 

---

| | | |
|:---|:---|:---|
| Archrock, Inc. | KLX Energy Services Holdings, Inc | ProPetro Holding Corp. |
| Cactus, Inc | Kodiak Gas Services, Inc. | Ranger Energy Services, Inc. |
| Core Laboratories | Newpark Resources, Inc. | RPC, Inc. |
| Dril-Quip, Inc. | Nine Energy, Service, Inc. | TETRA Technologies, Inc |
| Forum Energy Technologies | NOV | USA Compression Partners, LP |
| Helix Energy Solutions Group, Inc. | Oil States International, Inc. |  |

---

The percentage of the Target PSUs that vest shall be determined as follows:

---

| | | |
|:---|:---|:---|
| **Payout Level** | **Company Ranking in Peer<br>Group** | **% of Target PSUs that<br>shall Vest** |
|  Threshold | Top 75% | 50% |
|  Target | Top 50% | 100% |
|  Maximum | Top 5% | 200% |

---

If the Performance Condition is achieved at an amount that is at a point between two adjacent performance levels, the level at which the Performance Condition shall be earned and the number of PSUs that are earned shall be determined by straight line interpolation between such points. No PSUs shall be earned if the Performance Condition is not met at a level at least equal to Threshold.

<sup>4</sup> Exhibit B for 2024 LTI Awards.

------

**<u>Exhibit B</u><sup>5</sup>** 

**Performance Condition** 

In accordance with the terms of the Phantom Award Letter, the PSUs may be earned based on the achievement of the Performance Condition, as described below.

The Performance Condition (the Company's EBITDA growth) will be measured over the three-year period beginning on September 1, 2025 and ending on August 31, 2028 against the EBITDA growth of the below peer companies (the "**Peer Group**"). In the event a member of the Peer Group ceases to be a reasonable comparable, a suitable replacement may be added at the Committee's discretion.

**Peer Group:** 

---

| | | |
|:---|:---|:---|
| Archrock, Inc. | Oil States International, Inc. | TETRA Technologies, Inc |
| Cactus, Inc. | Core Laboratories | ProPetro Holding Corp |
| Helix Energy Solutions Group, Inc. | USA Compression Partners, LP | Innovex International, Inc. |
| NPK International, Inc. | Ranger Energy | Kodiak Gas |
| Forum Energy Technologies | Nine Energy Service, Inc. | RPC, Inc. |
| KLX Energy Services Holdings, Inc. | NOV |  |

---

The percentage of the Target PSUs that vest shall be determined as follows:

---

| | | |
|:---|:---|:---|
| **Payout Level** | **Company Ranking in Peer<br>Group** | **% of Target PSUs that<br>shall Vest** |
|  Threshold | Top 75% | 50% |
|  Target | Top 50% | 100% |
|  Maximum | Top 5% | 200% |

---

If the Performance Condition is achieved at an amount that is at a point between two adjacent performance levels, the level at which the Performance Condition shall be earned and the number of PSUs that are earned shall be determined by straight line interpolation between such points. No PSUs shall be earned if the Performance Condition is not met at a level at least equal to Threshold.

<sup>5</sup> Exhibit B for 2025 LTI Awards.

## Exhibit 10.28

**Exhibit 10.28** 

**HMH HOLDING INC. 2026 LONG-TERM INCENTIVE PLAN** 

**Restricted Stock Unit Award Agreement For [ ]** 

(this "**Award Agreement**")

**RECITALS** 

WHEREAS, HMH Holding B.V. ("**HMH B.V.**"), a wholly owned Subsidiary of HMH Holding Inc., (the "**Company**") previously granted the individual named in this Award Agreement (the "**Participant**") a phantom award pursuant to which, upon an "**IPO**" (as defined in the letter agreement governing such award (the "**Phantom Award Letter**")), the Participant would become entitled to receive a number of shares of the resulting public entity, subject to the terms of the Phantom Award Letter;

WHEREAS, the effectiveness of the registration statement covering the initial public offering of the Class A common stock (the "**Offering**") of the Company will constitute an "IPO" under the Phantom Award Letter; and

WHEREAS, this Award Agreement is hereby granted in replacement of the Phantom Award Letter in satisfaction of the Participant's rights thereunder; *provided*, *however*, that certain terms of the Phantom Award Letter, which is attached hereto as <u>Exhibit A</u>, shall survive, continue to apply and form part of this Award Agreement, in accordance with the terms hereof.

**AGREEMENT** 

NOW, THEREFORE, in consideration of the premises, the mutual agreements, covenants and promises set forth herein and the mutual benefits to be gained by the performance of the terms hereof, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

1. **<u>Terms Used Herein; Acceptance and Acknowledgements; Restrictive Covenants</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each capitalized term used but not defined herein (including Appendix A) shall have the meaning ascribed to such term in the HMH Holding Inc. 2026 Long-Term Incentive Plan (the "**Plan**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Notwithstanding the foregoing, if any of the following defined terms from Annex I of the Phantom Award Letter have a corresponding definition in the Plan, the definition as set forth in Annex I of the Phantom Award Letter (and not the definition in the Plan) shall continue to apply with respect to this Award: "Affiliate," "Bear," "Change in Control," "Company Group," "Confidential Information," "Person," "Subsidiary" and "Titan;" *provided*, *however*, that references to "Company" in any such defined terms shall now refer to HMH Holding Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Participant acknowledges and agrees that the RSUs and PSUs granted herein fully satisfy any and all obligations of the Company and HMH B.V. to the Participant arising under or in connection with the Phantom Award Letter, including any rights to the phantom awards granted thereunder. The Participant further acknowledges that the Restrictive Covenants set forth in the Phantom Award Letter attached hereto as <u>Exhibit A</u> shall survive and continue to apply and form part of this Award Agreement and the Participant agrees that the Participant shall comply with such Restrictive Covenants. By accepting this Award, the Participant acknowledges that the RSUs and PSUs granted herein are subject to the terms of this Award, whether such terms are identical to, or vary from, the terms contained in the Phantom Award Letter.

------

2. **<u>Grant</u>**. In satisfaction of the Participant's rights under the Phantom Award Letter, the Committee of the Board of Directors of the Company has granted Restricted Stock Units, with Dividend Equivalents as described in paragraph 3, to the individual named in this Award Agreement (the "**Participant**") on [ ] (the "**Grant Date**"). Fifty percent (50%) of the Restricted Stock Units [reflected in the Participant's Plan account maintained by [*insert stock plan administrator reference*]] will be subject to time-based vesting requirements (the "**RSUs**") and fifty percent (50%) of the Restricted Stock Units will be subject to performance-based vesting requirements (the "**PSUs**," and together with the RSUs, the "**Award**"). Each RSU entitles the Participant to receive, and each PSU entitles the Participant an opportunity to earn and receive, from the Company one share of Class A common stock of the Company, par value $0.01 per share (a "**Share**"), for which the restrictions set forth in paragraph 4 lapse in accordance with the terms of this Award, the Plan, any country specific addendums and any rules and procedures adopted by the Committee. The target number of PSUs [reflected in the Participant's Plan account maintained by [*insert stock plan administrator reference*]] (the "**Target PSUs**") is the number of PSUs that the Participant may earn if the Performance Condition is satisfied at the target level. The actual number of PSUs that the Participant may earn may be less than or more than the Target PSUs, depending upon actual performance as specified in paragraph 4. The maximum number of Shares the Participant may earn with respect to the PSUs is equal to 200% of the Target PSUs. Shares may be adjusted or converted into other property or cash pursuant to the provisions of the Plan.

3. **<u>Dividend Equivalents</u>**. Beginning on the Grant Date and until such time as the restrictions lapse or the RSUs or PSUs, as applicable, are cancelled, whichever occurs first, the Company shall establish an amount to be paid to the Participant equal to the number of RSUs and maximum PSUs that can be earned subject to restriction times the per Share dividend payments, if any, made to stockholders of the Company's Shares during such period (such amounts, "**Dividend Equivalents**"). The Company shall accumulate Dividend Equivalents and will pay the Participant an amount equal to the Dividend Equivalents accumulated and unpaid as of the date that restrictions lapse (without interest) upon the date the RSUs or PSUs, as applicable, are settled in accordance with paragraph 6. Notwithstanding the foregoing, any accumulated and unpaid Dividend Equivalents attributable to RSUs or PSUs that are cancelled will not be paid and are immediately forfeited upon cancellation of the RSUs or the PSUs, as applicable. Dividend Equivalents will be paid in cash or in Shares, or in a combination of cash and Shares, as determined by the Committee in its discretion.

4. **<u>Lapse of Restrictions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **<u>RSUs</u>**. Two-thirds of the RSUs shall be immediately vested as of the Grant Date and, except as specified in paragraph 5, restrictions on one-third of the RSUs will lapse on September 1, 2026 (each of the Grant Date and September 1, 2026, a "**Normal Restriction Lapse Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **<u>PSUs</u>**. Except as specified in paragraph 5, restrictions on the PSUs will lapse to the extent that the Committee has certified that the Performance Condition has been satisfied (the date that the Committee certifies the level at which the Performance Condition has been satisfied, the "**Certification Date**"). The Certification Date shall occur as soon as practicable, but not later than sixty (60) days, following the end of the Performance Period (as defined in <u>Exhibit B</u> hereto). Subject to paragraph 5, the "**Performance Condition**" will be satisfied with respect to between 0% and 200% of the Target PSUs based on the attainment of the Performance Condition, in accordance with <u>Exhibit B</u>. Prior to the issuance of any Shares pursuant to paragraph 6, except as specified in this Award Agreement, the Committee shall certify the extent, if any, to which the Performance Condition was achieved. Any PSUs that do not vest due to the Performance Condition failing to be achieved or deemed satisfied shall be immediately cancelled.

5. **<u>Change in Control of the Company</u>**. In the event of a Change in Control, (a) restrictions on the RSUs that have not theretofore been forfeited shall lapse and (b) the Performance Condition shall be deemed satisfied at the target level of performance with respect to the PSUs that have not theretofore been forfeited. The Award shall be settled in connection with the Change in Control.

------

6. **<u>Issuance and Withholding Tax</u>**. As soon as practicable, but in no event more than fifteen (15) days, following, with respect to the RSUs, the Normal Restriction Lapse Date, or such earlier date the restrictions lapse, and with respect to the PSUs, the Certification Date, or such earlier date the Performance Condition is deemed satisfied, the Company shall issue to the Participant such Shares with respect to the portion, if any, of the RSUs for which the restrictions lapse or the PSUs for which the Performance Condition is satisfied or deemed satisfied, in each case, in accordance with this Award Agreement. No later than the date as of which an amount with respect to the RSUs or PSUs, as applicable first becomes includable in the gross income of the Participant for applicable income tax purposes, the Participant shall pay to the Company or make arrangements satisfactory to the Company regarding payment of any federal, state, local or foreign taxes of any kind required or permitted to be withheld with respect to such amount, which may include (i) the Participant's forfeiture or surrender of the right to require the Company to allot and issue, transfer or deliver Shares subject to such RSUs or PSUs, as applicable, or (ii) otherwise reducing the number of Shares to be issued and/or reacquiring a portion of such Shares.

7. **<u>Alteration/Termination</u>**. The Company shall have the right at any time in its sole discretion to amend, alter, or terminate the RSUs or PSUs without the consent of the Participant; provided, however, that no such amendment, alteration or termination shall occur if reasonably likely to significantly diminish the rights of the Participant without the Participant's consent; and provided further that no such consent shall be required with respect to any amendment, alteration or termination of the RSUs or PSUs if the Committee determines in its sole discretion that such amendment, alteration, or termination either (i) is required or advisable to satisfy or conform to any applicable law, regulation or accounting standard or (ii) is in accordance with paragraph 8. Notwithstanding the foregoing, no amendment of the RSUs or PSUs may be made that would cause the Participant to become subject to additional taxes under Section 409A of the Code ("**Section 409A**"). Also, the RSUs and PSUs shall be null and void to the extent the grant of RSUs or PSUs, as applicable, or the lapse of restrictions thereon is prohibited under the laws of the country of residence of the Participant.

8. **<u>Recoupment</u>**. Notwithstanding any other provision of this Award to the contrary, the RSUs and PSUs, any Shares issued in settlement of the RSUs and PSUs, and any amount received with respect to any sale of any such Shares, shall be subject to potential cancellation, recoupment, rescission, payback or other action in accordance with any recoupment policy that the Company may adopt from time to time.

9. **<u>Plan Terms</u>**. All terms used in this Award have the same meaning as given such terms in the Plan, a copy of which will be furnished upon request. This Award is subject to the terms of the Plan, which terms are incorporated by reference.

10. **<u>Data Privacy</u>**. The Company, the stock brokerage or other financial or administrative services firm designated by the Company (the "**Stock Plan Administrator**"), or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan will administer and maintain the data regarding the Plan, the participants and the awards granted to Participant. Participant authorizes the Company, the Stock Plan Administrator and any other possible recipients that may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer Employee Personal Data (as defined below), in electronic or other form, for the sole purpose of implementing, administering and managing Participant's participation in the Plan. The data administered and maintained by the Company, the Stock Plan Administrator and any other possible recipients that may assist the Company (presently or in the future) with implementing, administering and managing the Plan includes information that may be considered personal data, including *Participant's* 

------

 *name, home address, email address and telephone number, date of birth, social security or insurance number, passport number or other identification number, salary, nationality, and any Shares or directorships held in the Company, and details of this Award or any other entitlement to Shares, canceled, exercised, vested, unvested or outstanding in Participant's favor* ("**Employee Personal Data**"). Participant further acknowledges that Participant understands that the countries to which Participant's Employee Personal Data may be transferred may have data protection standards that are different than those in Participant's home country and that offer a level of data protection that is less than that in Participant's home country. Further, Participant understands that Participant is providing the consents herein on a purely voluntary basis. If Participant does not consent, or if Participant later seeks to revoke Participant's consent, Participant's service status and career will not be affected; the only consequence of refusing or withdrawing Participant's consent is that the Company would not be able to grant Participant the RSUs or PSUs or other equity awards or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing Participant's consent may affect Participant's ability to participate in the Plan.

11. **<u>Repatriation; Compliance with Law</u>**. Participant agrees to repatriate all payments attributable to the Shares acquired under the Plan in accordance with applicable foreign exchange rules and regulations in Participant's country of employment (and country of residence, if different). In addition, Participant agrees to take any and all actions, and consent to any and all actions taken by the Company and any of its Subsidiaries and affiliated companies, as may be required to allow the Company and any of its Subsidiaries and affiliated companies to comply with local laws, rules and/or regulations in Participant's country of employment (and country of residence, if different). Finally, Participant agrees to take any and all actions as may be required to comply with Participant's personal obligations under local laws, rules and/or regulations in Participant's country of employment and country of residence, if different).

12. **<u>Electronic Delivery</u>**. Participant agrees, to the fullest extent permitted by law, in lieu of receiving documents in paper format, to accept electronic delivery of any documents that the Company and its Subsidiaries or affiliated companies may deliver in connection with this grant and any other grants offered by the Company, including prospectuses, grant notifications, account statements, annual or quarterly reports, and other communications. Electronic delivery of a document may be made via the Company's email system or by reference to a location on the Company's intranet or website or a website of the Company's agent administering the Plan. By accepting this Award, Participant also hereby consents to participate in the Plan through such system, intranet, or website, including but not limited to the use of electronic signatures or click-through electronic acceptance of terms and conditions.

13. **<u>Nontransferability</u>**. Except as specified in this Award Agreement, this Award and this Award Agreement are not transferable or assignable by Participant other than by will or the laws of descent and distribution or pursuant to a "qualified domestic relations order" as defined by the Code or Title I of the U.S. Employee Retirement Income Security Act of 1974, as amended, or similar order.

14. **<u>Section 409A</u>**. This Award is intended to be exempt from or, to the extent not exempt from, compliant with Section 409A. To the extent applicable, the Plan and any award document governing an Award granted under the Plan ("**Award Document**") shall be interpreted in accordance with Section 409A and interpretive guidance issued thereunder. Notwithstanding any contrary provision in the Plan or an Award Document, if the Committee determines that any provision of the Plan or an Award Document contravenes any regulations or guidance promulgated under Section 409A or would cause an Award to be subject to additional taxes, accelerated taxation, interest and/or penalties under Section 409A, the Committee may modify or amend such provision of the Plan or Award Document without consent of the Participant in any manner the Committee deems reasonable or necessary. In making such modifications the Committee shall attempt, but shall not be obligated, to maintain, to the maximum extent practicable, the original intent of the applicable provision without contravening the provisions of Section 409A. Moreover, any discretionary authority that the Committee may have pursuant to the Plan shall not be applicable to an Award that is subject to Section 409A to the extent such discretionary authority would contravene Section 409A.

------

15. **<u>Adjustments to Award</u>**. This Award is subject to adjustments pursuant to Section 4c of the Plan. In the event of any conflict or inconsistency between the Plan and any Award Document, the Award Document shall govern and the Plan shall be interpreted to minimize or eliminate any such conflict or inconsistency.

16. **<u>Entire Agreement</u>**. This Award, the Plan, country specific addendums and the rules and procedures adopted by the Committee contain all of the provisions applicable to the RSUs and PSUs and no other statements, documents or practices may modify, waive or alter such provisions unless expressly set forth in writing, signed by an authorized officer of the Company and delivered to the Participant. Except as expressly incorporated herein, the terms of the Phantom Award Letter shall no longer apply.

[*Signature Page Follows*]

------

IN WITNESS WHEREOF, the parties have executed this Award Agreement as of the date set forth above.

---

| | |
|:---|:---|
| **HMH Holding Inc.** | **PARTICIPANT** |
| By: |  |
| Name: | Name: |
| Title: |  |

---

------

**<u>Exhibit A</u>**

**Phantom Award Letter** 

See attached.

------

**<u>Exhibit B</u>**

**Performance Condition** 

In accordance with the terms of the Phantom Award Letter, the PSUs may be earned based on the achievement of the Performance Condition, as described below.

The Performance Condition (the Company's EBITDA growth) will be measured over the three-year period beginning on September 1, 2023 and ending on August 31, 2026 against the EBITDA growth of the below peer companies (the "**Peer Group**"). In the event a member of the Peer Group ceases to be a reasonable comparable, a suitable replacement may be added at the Committee's discretion.

**Peer Group:** 

---

| | | |
|:---|:---|:---|
| Archrock, Inc. | Helmerich & Payne, Inc. | Oil States International, Inc. |
| Core Laboratories | Hunting Plc. | Patterson-UTI Energy, Inc. |
| Dril-Quip, Inc. | Newpark Resources, Inc. | ProPetro Holding Corp. |
| Forum Energy Technologies | NexTier Oilfield Solutions, Inc. | RPC, Inc. |
| Helix Energy Solutions Group, Inc. | Oceaneering International, Inc. | Valaris Ltd. |

---

The percentage of the Target PSUs that vest shall be determined as follows:

---

| | | |
|:---|:---|:---|
| **Payout Level** | **Company Ranking in Peer**<br> **Group** | **% of Target PSUs that<br>shall Vest** |
|  Threshold | Top 75% | 50% |
|  Target | Top 50% | 100% |
|  Maximum | Top 5% | 200% |

---

If the Performance Condition is achieved at an amount that is at a point between two adjacent performance levels, the level at which the Performance Condition shall be earned and the number of PSUs that are earned shall be determined by straight line interpolation between such points. No PSUs shall be earned if the Performance Condition is not met at a level at least equal to Threshold.

## Exhibit 10.29

**Exhibit 10.29** 

**HMH HOLDING INC. 2026 LONG-TERM INCENTIVE PLAN** 

**Restricted Stock Unit Award Agreement For [ ]** 

(this "**Award Agreement**")

**RECITALS** 

WHEREAS, HMH Holding B.V. ("**HMH B.V.**"), a wholly owned Subsidiary of HMH Holding Inc., (the "**Company**") previously granted the individual named in this Award Agreement (the "**Participant**") a phantom award pursuant to which, upon an "**IPO**" (as defined in the letter agreement governing such award (the "**Phantom Award Letter**")), the Participant would become entitled to receive a number of shares of the resulting public entity, subject to the terms of the Phantom Award Letter;

WHEREAS, the effectiveness of the registration statement covering the initial public offering of the Class A common stock (the "**Offering**") of the Company will constitute an "IPO" under the Phantom Award Letter; and

WHEREAS, this Award Agreement is hereby granted in replacement of the Phantom Award Letter in satisfaction of the Participant's rights thereunder; *provided*, *however*, that certain terms of the Phantom Award Letter, which is attached hereto as <u>Exhibit A</u>, shall survive, continue to apply and form part of this Award Agreement, in accordance with the terms hereof.

**AGREEMENT** 

NOW, THEREFORE, in consideration of the premises, the mutual agreements, covenants and promises set forth herein and the mutual benefits to be gained by the performance of the terms hereof, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

1. **<u>Terms Used Herein; Acceptance and Acknowledgements; Restrictive Covenants</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each capitalized term used but not defined herein (including Appendix A) shall have the meaning ascribed to such term in the HMH Holding Inc. 2026 Long-Term Incentive Plan (the "**Plan**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Notwithstanding the foregoing, if any of the following defined terms from Annex I of the Phantom Award Letter have a corresponding definition in the Plan, the definition as set forth in Annex I of the Phantom Award Letter (and not the definition in the Plan) shall continue to apply with respect to this Award: "Affiliate," "Bear," "Change in Control," "Company Group," "Confidential Information," "Person," "Subsidiary" and "Titan;" *provided*, *however*, that references to "Company" in any such defined terms shall now refer to HMH Holding Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Participant acknowledges and agrees that the RSUs granted herein fully satisfy any and all obligations of the Company and HMH B.V. to the Participant arising under or in connection with the Phantom Award Letter, including any rights to the phantom awards granted thereunder. The Participant further acknowledges that the Restrictive Covenants set forth in the Phantom Award Letter attached hereto as <u>Exhibit A</u> shall survive and continue to apply and form part of this Award Agreement and the Participant agrees that the Participant shall comply with such Restrictive Covenants. By accepting this Award, the Participant acknowledges that the RSUs granted herein are subject to the terms of this Award, whether such terms are identical to, or vary from, the terms contained in the Phantom Award Letter.

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2. **<u>Grant</u>**. In satisfaction of the Participant's rights under the Phantom Award Letter, the Committee of the Board of Directors of the Company has granted Restricted Stock Units (the "**RSUs**" or this "**Award**"), with Dividend Equivalents as described in paragraph 3, to the individual named in this Award Agreement (the "**Participant**") on [ ] (the "**Grant Date**"). Each RSU entitles the Participant to receive from the Company one share of Class A common stock of the Company, par value $0.01 per share (a "**Share**"), for which the restrictions set forth in paragraph 4 lapse in accordance with the terms of this Award, the Plan, any country specific addendums and any rules and procedures adopted by the Committee. Shares may be adjusted or converted into other property or cash pursuant to the provisions of the Plan.

3. **<u>Dividend Equivalents</u>**. Beginning on the Grant Date and until such time as the restrictions lapse or the RSUs are cancelled, whichever occurs first, the Company shall establish an amount to be paid to the Participant equal to the number of RSUs subject to restriction times the per Share dividend payments, if any, made to stockholders of the Company's Shares during such period (such amounts, "**Dividend Equivalents**"). The Company shall accumulate Dividend Equivalents and will pay the Participant an amount equal to the Dividend Equivalents accumulated and unpaid as of the date that restrictions lapse (without interest) upon the date the RSUs are settled in accordance with paragraph 6. Notwithstanding the foregoing, any accumulated and unpaid Dividend Equivalents attributable to RSUs that are cancelled will not be paid and are immediately forfeited upon cancellation of the RSUs. Dividend Equivalents will be paid in cash or in Shares, or in a combination of cash and Shares, as determined by the Committee in its discretion.

4. **<u>Lapse of Restrictions</u>**. One-third of the RSUs shall be immediately vested as of the Grant Date and, except as specified in paragraph 5, restrictions on one-third of the RSUs will lapse on each of September 1, 2026 and September 1, 2027 (each of the Grant Date, September 1, 2026 and September 1, 2027, a "**Normal Restriction Lapse Date**"), in each case, subject to the Participant remaining continuously employed by the Company or one of its Subsidiaries through such date. Any RSUs for which the restrictions have not lapsed as of the date the Participant ceases to be employed by the Company or one of its Subsidiaries, or that do not lapse in connection with the Participant ceasing to be employed by the Company or one of its Subsidiaries, shall be immediately cancelled upon the date the Participant ceases to be employed by the Company or one of its Subsidiaries.

5. **<u>Change in Control of the Company</u>**. In the event of a Change in Control, restrictions on the RSUs that have not theretofore been forfeited shall lapse. The Award shall be settled in connection with the Change in Control.

6. **<u>Issuance and Withholding Tax</u>**. As soon as practicable, but in no event more than fifteen (15) days, following the Normal Restriction Lapse Date, or such earlier date the restrictions lapse, the Company shall issue to the Participant such Shares with respect to the portion, if any, of the RSUs for which the restrictions lapse in accordance with this Award Agreement. No later than the date as of which an amount with respect to the RSUs first becomes includable in the gross income of the Participant for applicable income tax purposes, the Participant shall pay to the Company or make arrangements satisfactory to the Company regarding payment of any federal, state, local or foreign taxes of any kind required or permitted to be withheld with respect to such amount, which may include (i) the Participant's forfeiture or surrender of the right to require the Company to allot and issue, transfer or deliver Shares subject to such RSUs or (ii) otherwise reducing the number of Shares to be issued and/or reacquiring a portion of such Shares.

7. **<u>Alteration/Termination</u>**. The Company shall have the right at any time in its sole discretion to amend, alter, or terminate the RSUs without the consent of the Participant; provided, however, that no such amendment, alteration or termination shall occur if reasonably likely to significantly diminish the rights of the Participant without the Participant's consent; and provided further that no such consent shall be required with respect to any amendment, alteration or termination of the RSUs if the Committee determines in its

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sole discretion that such amendment, alteration, or termination either (i) is required or advisable to satisfy or conform to any applicable law, regulation or accounting standard or (ii) is in accordance with paragraph 8. Notwithstanding the foregoing, no amendment of the RSUs may be made that would cause the Participant to become subject to additional taxes under Section 409A of the Code ("**Section 409A**"). Also, the RSUs shall be null and void to the extent the grant of RSUs or the lapse of restrictions thereon is prohibited under the laws of the country of residence of the Participant.

8. **<u>Recoupment</u>**. Notwithstanding any other provision of this Award to the contrary, the RSUs, any Shares issued in settlement of the RSUs, and any amount received with respect to any sale of any such Shares, shall be subject to potential cancellation, recoupment, rescission, payback or other action in accordance with any recoupment policy that the Company may adopt from time to time.

9. **<u>Plan Terms</u>**. All terms used in this Award have the same meaning as given such terms in the Plan, a copy of which will be furnished upon request. This Award is subject to the terms of the Plan, which terms are incorporated by reference.

10. **<u>Data Privacy</u>**. The Company, the stock brokerage or other financial or administrative services firm designated by the Company (the "**Stock Plan Administrator**"), or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan will administer and maintain the data regarding the Plan, the participants and the awards granted to Participant. Participant authorizes the Company, the Stock Plan Administrator and any other possible recipients that may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer Employee Personal Data (as defined below), in electronic or other form, for the sole purpose of implementing, administering and managing Participant's participation in the Plan. The data administered and maintained by the Company, the Stock Plan Administrator and any other possible recipients that may assist the Company (presently or in the future) with implementing, administering and managing the Plan includes information that may be considered personal data, including *Participant's name, home address, email address and telephone number, date of birth, social security or insurance number, passport number or other identification number, salary, nationality, and any Shares or directorships held in the Company, and details of this Award or any other entitlement to Shares, canceled, exercised, vested, unvested or outstanding in Participant's favor* ("**Employee Personal Data**"). Participant further acknowledges that Participant understands that the countries to which Participant's Employee Personal Data may be transferred may have data protection standards that are different than those in Participant's home country and that offer a level of data protection that is less than that in Participant's home country. Further, Participant understands that Participant is providing the consents herein on a purely voluntary basis. If Participant does not consent, or if Participant later seeks to revoke Participant's consent, Participant's service status and career will not be affected; the only consequence of refusing or withdrawing Participant's consent is that the Company would not be able to grant Participant the RSUs or other equity awards or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing Participant's consent may affect Participant's ability to participate in the Plan.

11. **<u>Repatriation; Compliance with Law</u>**. Participant agrees to repatriate all payments attributable to the Shares acquired under the Plan in accordance with applicable foreign exchange rules and regulations in Participant's country of employment (and country of residence, if different). In addition, Participant agrees to take any and all actions, and consent to any and all actions taken by the Company and any of its Subsidiaries and affiliated companies, as may be required to allow the Company and any of its Subsidiaries and affiliated companies to comply with local laws, rules and/or regulations in Participant's country of employment (and country of residence, if different). Finally, Participant agrees to take any and all actions as may be required to comply with Participant's personal obligations under local laws, rules and/or regulations in Participant's country of employment and country of residence, if different).

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12. **<u>Electronic Delivery</u>**. Participant agrees, to the fullest extent permitted by law, in lieu of receiving documents in paper format, to accept electronic delivery of any documents that the Company and its Subsidiaries or affiliated companies may deliver in connection with this grant and any other grants offered by the Company, including prospectuses, grant notifications, account statements, annual or quarterly reports, and other communications. Electronic delivery of a document may be made via the Company's email system or by reference to a location on the Company's intranet or website or a website of the Company's agent administering the Plan. By accepting this Award, Participant also hereby consents to participate in the Plan through such system, intranet, or website, including but not limited to the use of electronic signatures or click-through electronic acceptance of terms and conditions.

13. **<u>Nontransferability</u>**. Except as specified in this Award Agreement, this Award and this Award Agreement are not transferable or assignable by Participant other than by will or the laws of descent and distribution or pursuant to a "qualified domestic relations order" as defined by the Code or Title I of the U.S. Employee Retirement Income Security Act of 1974, as amended, or similar order.

14. **<u>Section 409A</u>**. This Award is intended to be exempt from or, to the extent not exempt from, compliant with Section 409A. To the extent applicable, the Plan and any award document governing an Award granted under the Plan ("**Award Document**") shall be interpreted in accordance with Section 409A and interpretive guidance issued thereunder. Notwithstanding any contrary provision in the Plan or an Award Document, if the Committee determines that any provision of the Plan or an Award Document contravenes any regulations or guidance promulgated under Section 409A or would cause an Award to be subject to additional taxes, accelerated taxation, interest and/or penalties under Section 409A, the Committee may modify or amend such provision of the Plan or Award Document without consent of the Participant in any manner the Committee deems reasonable or necessary. In making such modifications the Committee shall attempt, but shall not be obligated, to maintain, to the maximum extent practicable, the original intent of the applicable provision without contravening the provisions of Section 409A. Moreover, any discretionary authority that the Committee may have pursuant to the Plan shall not be applicable to an Award that is subject to Section 409A to the extent such discretionary authority would contravene Section 409A.

15. **<u>Adjustments to Award</u>**. This Award is subject to adjustments pursuant to Section 4c of the Plan. In the event of any conflict or inconsistency between the Plan and any Award Document, the Award Document shall govern and the Plan shall be interpreted to minimize or eliminate any such conflict or inconsistency.

16. **<u>Entire Agreement</u>**. This Award, the Plan, country specific addendums and the rules and procedures adopted by the Committee contain all of the provisions applicable to the RSUs and no other statements, documents or practices may modify, waive or alter such provisions unless expressly set forth in writing, signed by an authorized officer of the Company and delivered to the Participant; *provided*, *however*, that, notwithstanding anything herein to the contrary, if the Participant is or becomes party to an employment, severance, change in control or similar agreement or arrangement with the Company or another member of the Company Group and such agreement contains terms applicable to equity awards of the type granted by this Agreement that are more favorable to the Participant than the terms set forth in this Agreement, such more favorable terms shall control. Except as expressly incorporated herein, the terms of the Phantom Award Letter shall no longer apply.

[*Signature Page Follows*]

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IN WITNESS WHEREOF, the parties have executed this Award Agreement as of the date set forth above.

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| | |
|:---|:---|
| **HMH Holding Inc.** | **PARTICIPANT** |
| By: |  |
| Name: | Name: |
| Title: |  |

---

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**<u>Exhibit A</u>**

**Phantom Award Letter** 

See attached.

## Exhibit 10.30

**Exhibit 10.30** 

**HMH Holding Inc. Non-Employee Director Restricted Stock Unit Award Agreement For [ ]** 

(this "**Award Agreement**")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Capitalized Terms</u>**. Each capitalized term used but not defined herein shall have the meaning ascribed to such term in the HMH Holding Inc. 2026 Long-Term Incentive Plan (the "**Plan**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Grant</u>**. The Compensation Committee (the "**Committee**") of the Board of Directors (the "**Board**") of HMH Holding Inc. (the "**Company**") has granted Restricted Stock Units (the "**RSUs**" or this "**Award**") to the individual named in this Award Agreement (the "**Participant**") on [ ] (the "**Grant Date**"). Each RSU entitles the Participant to receive from the Company one share of Class A common stock of the Company, par value $0.01 per share (a "**Share**"), for which the restrictions set forth in paragraph 4 lapse in accordance with the terms of this Award, the Plan, and any country specific addendums and any rules and procedures adopted by the Committee. Shares may be adjusted or converted into other property or cash pursuant to the provisions of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Dividend Equivalents</u>**. Beginning on the Grant Date and until such time as the RSUs are settled in accordance with paragraph 7 or the RSUs are cancelled, whichever occurs first, the Company shall establish a bookkeeping account (the "**Account**") to record, in the event of any dividend payable in cash with respect to the Company's outstanding Shares, a number "Dividend Units" as of the applicable dividend payment date, in accordance with this paragraph 3(a). The number of Dividend Units so credited as of any dividend payment date will be equal to the total cash dividends the Participant would have received on that dividend payment date if the Participant's outstanding RSUs as of the record date for such dividend payment (including any previously credited Dividend Units) had been actual Shares, divided by the Fair Market Value of a Share on the dividend payment date. Once credited to the Account, Dividend Units will be considered RSUs for all purposes of this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Lapse of Restrictions</u>**. The restrictions on the RSUs will lapse on the day prior to the Company's first annual meeting of stockholders following the Grant Date. Notwithstanding the foregoing, if earlier, the restrictions on the RSUs shall lapse on the date of the termination of the Participant's service as a director on the Board (other than by removal for the equivalent of cause in accordance with the Company's Certificate of Incorporation), including termination on account of death or disability. Any RSUs for which the restrictions have not lapsed as of the date the Participant ceases to provide services as a director on the Board, or that do not lapse in connection with the Participant ceasing to provide services as a director on the Board, shall immediately be cancelled upon the date the Participant ceases to provide services as a director on the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Plan Terms</u>**. All terms used in this Award have the same meaning as given such terms in the Plan, a copy of which will be furnished upon request. This Award is subject to the terms of the Plan, which terms are incorporated by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>No Ownership Rights Prior to Issuance of Common Stock</u>**. Participant shall not have any rights as a stockholder of the Company with respect to the Shares underlying the RSUs, including, for the avoidance of doubt, the Dividend Units, including but not limited to the right to vote with respect to such Shares, until and after such Shares have been actually issued to the Participant and transferred on the books and records of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Delivery of Shares of Common Stock</u><u>; Taxes</u>**. Within 30 days following the date Participant ceases to be a director of the Board for any reason, other than by removal for the equivalent of cause in accordance with the Company's Certificate of Incorporation, the Company shall cause to be delivered to Participant the full number of Shares underlying the RSUs, including any Dividend Units, for which the restrictions have lapsed (whether such restrictions lapse prior to or concurrently with the Participant ceasing

------

to be a director of the Board, as provided in paragraph 4); *provided* that cash shall be distributed in lieu of any fractional Dividend Units. If the Participant ceases to be a director of the Board by reason of removal for the equivalent of cause in accordance with the Company's Certificate of Incorporation, all RSUs, including, for the avoidance of doubt, any Dividend Units, regardless of whether the restrictions have previously lapsed in accordance with paragraph 4, shall immediately be cancelled upon the date the Participant is so removed from service on the Board. For the avoidance of doubt, the Participant ceasing to be a director of the Board for a reason that would cause settlement of the RSUs under this paragraph 7 must meet the requirements of a "separation from service" within the meaning of Section 409A of the Code. The Participant is responsible to pay all required taxes associated with the RSUs (including in connection with the issuance of the Shares and Dividend Units and the subsequent sale of the Shares received in settlement of the RSUs and Dividend Units).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Alteration/Termination</u>**. The Company shall have the right at any time in its sole discretion to amend, alter, or terminate the RSUs without the consent of the Participant; provided, however, that no such amendment, alteration or termination shall occur if reasonably likely to significantly diminish the rights of the Participant without the Participant's consent; and provided further that no such consent shall be required with respect to any amendment, alteration or termination of the RSUs if the Committee determines in its sole discretion that such amendment, alteration, or termination is required or advisable to satisfy or conform to any applicable law, regulation or accounting standard. Notwithstanding the foregoing, no amendment of the RSUs may be made that would cause the Participant to become subject to additional taxes under Section 409A of the Code ("**Section 409A**"). Also, the RSUs shall be null and void to the extent the grant of RSUs or the lapse of restrictions thereon is prohibited under the laws of the country of residence of the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Repatriation; Compliance with Law</u>**. Participant agrees to repatriate all payments attributable to the Shares acquired under the Plan in accordance with applicable foreign exchange rules and regulations in Participant's country of employment (and country of residence, if different). In addition, Participant agrees to take any and all actions, and consent to any and all actions taken by the Company and any of its Subsidiaries and affiliated companies, as may be required to allow the Company and any of its Subsidiaries and affiliated companies to comply with local laws, rules and/or regulations in Participant's country of employment (and country of residence, if different). Finally, Participant agrees to take any and all actions as may be required to comply with Participant's personal obligations under local laws, rules and/or regulations in Participant's country of employment and country of residence, if different).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Electronic Delivery</u>**. Participant agrees, to the fullest extent permitted by law, in lieu of receiving documents in paper format, to accept electronic delivery of any documents that the Company and its Subsidiaries or affiliated companies may deliver in connection with this grant and any other grants offered by the Company, including prospectuses, grant notifications, account statements, annual or quarterly reports, and other communications. Electronic delivery of a document may be made via the Company's email system or by reference to a location on the Company's intranet or website or a website of the Company's agent administering the Plan. By accepting this Award, Participant also hereby consents to participate in the Plan through such system, intranet, or website, including but not limited to the use of electronic signatures or click-through electronic acceptance of terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>Nontransferability</u>**. This Award and this Award Agreement are not transferable or assignable by the Participant other than by will or the laws of descent and distribution or pursuant to a "qualified domestic relations order" as defined by the Code or Title I of the U.S. Employee Retirement Income Security Act of 1974, as amended, or similar order.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>Section 409A</u>**. This Award is intended to be compliant with Section 409A. To the extent applicable, the Plan and any award document governing an Award granted under the Plan ("**Award Document**") shall be interpreted in accordance with Section 409A and interpretive guidance issued thereunder. Notwithstanding any contrary provision in the Plan or an Award Document, if the Committee determines that any provision of the Plan or an Award Document contravenes any regulations or guidance promulgated under Section 409A or would cause an Award to be subject to additional taxes, accelerated taxation, interest and/or penalties under Section 409A, the Committee may modify or amend such provision of the Plan or Award Document without consent of the Participant in any manner the Committee deems reasonable or necessary. In making such modifications the Committee shall attempt, but shall not be obligated, to maintain, to the maximum extent practicable, the original intent of the applicable provision without contravening the provisions of Section 409A. Moreover, any discretionary authority that the Committee may have pursuant to the Plan shall not be applicable to an Award that is subject to Section 409A to the extent such discretionary authority would contravene Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<u>Data Privacy</u>**. The Company, the stock brokerage or other financial or administrative services firm designated by the Company (the "**Stock Plan Administrator**"), or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan administer and maintain the data regarding the Plan, the participants and the awards granted to participants in the group consisting of the Company and its Subsidiaries (the "Company Group") worldwide. You authorize the Company, the Stock Plan Administrator and any other possible recipients that may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer Personal Data (as defined below), in electronic or other form, for the sole purpose of implementing, administering and managing your participation in the Plan. The data administered and maintained by the Company, the Stock Plan Administrator and any other possible recipients that may assist the Company (presently or in the future) with implementing, administering and managing the Plan includes information that may be considered personal data, including *your name, home address, email address and telephone number, date of birth, social security or insurance number, passport number or other identification number, salary, nationality, and any Shares or directorships held in the Company, and details of this Award or any other entitlement to Shares, canceled, exercised, vested, unvested or outstanding in your favor* ("**Personal Data**"). You further acknowledge that you understand that the countries to which your Personal Data may be transferred may have data protection standards that are different than those in your home country and that offer a level of data protection that is less than that in your home country. Further, you understand that you are providing the consents herein on a purely voluntary basis. If you do not consent, or if you later seek to revoke your consent, your service status and career will not be affected; the only consequence of refusing or withdrawing your consent is that the Company would not be able to grant you this Award or other equity awards or administer or maintain such awards. Therefore, you understand that refusing or withdrawing your consent may affect your ability to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **<u>Entire Agreement</u>**. This Award Agreement, the Plan, country specific addendums and the rules and procedures adopted by the Committee contain all of the provisions applicable to the RSUs and no other statements, documents or practices may modify, waive or alter such provisions unless expressly set forth in writing, signed by an authorized officer of the Company and delivered to the Participant.

## Exhibit 10.31

**Exhibit 10.31** 

**HMH HOLDING INC. 2026 LONG-TERM INCENTIVE PLAN** 

**Restricted Stock Unit Award Agreement For [ ]** 

(this "**Award Agreement**")

**RECITALS** 

WHEREAS, in connection with the Participant's appointment as a member and Chairman of the Board of Directors of HMH Holding B.V. ("**HMH B.V.**"), a wholly owned Subsidiary of HMH Holding Inc., (the "**Company**"), and the Participant's appointment to the Company's Board of Directors upon the listing of the Company's Common Stock, the Participant became entitled to receive the "**Additional Retainer**" (as defined in the Summary of B.V. Board Chairman Compensation, which is attached hereto as <u>Exhibit A</u>, included in the letter agreement governing the terms of the Participant's service as a member on the Board of Directors of HMH B.V. (the "**Director Appointment Letter**"), subject to the terms of the Director Appointment Letter;

WHEREAS, pursuant to the terms of the Director Appointment Letter, subject to the Company's approval and an effective equity incentive plan being in place, in the event the Additional Retainer became payable as a result of the listing of the Company's Common Stock, the Additional Retainer would be satisfied with a restricted stock unit award under the equity incentive plan then-maintained by the Company;

WHEREAS, pursuant to the terms of the Director Appointment Letter, the Additional Retainer became payable upon the effectiveness of the registration statement covering the initial public offering of the Class A common stock (the "**Offering**") of the Company;

WHEREAS, the Company approved settling the Additional Retainer with the grant of restricted stock units under the Plan (as defined below); and

WHEREAS, this Award Agreement is hereby granted in satisfaction of the Additional Retainer.

**AGREEMENT** 

NOW, THEREFORE, in consideration of the premises, the mutual agreements, covenants and promises set forth herein and the mutual benefits to be gained by the performance of the terms hereof, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

1. **<u>Terms Used Herein; Acceptance and Acknowledgements</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each capitalized term used but not defined herein shall have the meaning ascribed to such term in the HMH Holding Inc. 2026 Long-Term Incentive Plan (the "**Plan**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Participant acknowledges and agrees that the RSUs granted herein fully satisfy any and all obligations of the Company and HMH B.V. to the Participant with respect to the Additional Retainer arising under or in connection with the Director Appointment Letter.

2. **<u>Grant</u>**. In satisfaction of the Additional Retainer, the Committee of the Board of Directors of the Company has granted Restricted Stock Units (the "**RSUs**" or this "**Award**") to the individual named in this Award Agreement (the "**Participant**") on [ ] (the "**Grant Date**"). Each RSU entitles the Participant to receive from the Company one share of Class A common stock of the Company, par value $0.01 per share (a "**Share**"), for which the restrictions set forth in paragraph 3 lapse in accordance with their terms, in accordance with the terms of this Award, the Plan, any country specific addendums and any rules and procedures adopted by the Committee. Shares may be adjusted or converted into other property or cash pursuant to the provisions of the Plan.

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3. **<u>Lapse of Restrictions</u>**. The RSUs [reflected in the Participant's Plan account maintained by [*insert stock plan administrator reference*]] shall be immediately vested as of the Grant Date.

4. **<u>Issuance and Withholding Tax</u>**. As soon as practicable, but in no event more than thirty (30) days, following the Grant Date, the Company shall issue to the Participant such Shares with respect to the RSUs. The Participant is responsible to pay all required taxes associated with the RSUs (including in connection with the issuance of the Shares and the subsequent sale of the Shares received in settlement of the RSUs).

5. **<u>Alteration/Termination</u>**. The Company shall have the right at any time in its sole discretion to amend, alter, or terminate the RSUs without the consent of the Participant; provided, however, that no such amendment, alteration or termination shall occur if reasonably likely to significantly diminish the rights of the Participant without the Participant's consent; and provided further that no such consent shall be required with respect to any amendment, alteration or termination of the RSUs if the Committee determines in its sole discretion that such amendment, alteration, or termination either (i) is required or advisable to satisfy or conform to any applicable law, regulation or accounting standard or (ii) is in accordance with paragraph 6. Notwithstanding the foregoing, no amendment of the RSUs may be made that would cause the Participant to become subject to additional taxes under Section 409A of the Code ("**Section 409A**"). Also, the RSUs shall be null and void to the extent the grant of RSUs or the lapse of restrictions thereon is prohibited under the laws of the country of residence of the Participant.

6. **<u>Plan Terms</u>**. All terms used in this Award have the same meaning as given such terms in the Plan, a copy of which will be furnished upon request. This Award is subject to the terms of the Plan, which terms are incorporated by reference.

7. **<u>Data Privacy</u>**. The Company, the stock brokerage or other financial or administrative services firm designated by the Company (the "**Stock Plan Administrator**"), or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan will administer and maintain the data regarding the Plan, the participants and the awards granted to Participant. Participant authorizes the Company, the Stock Plan Administrator and any other possible recipients that may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer Personal Data (as defined below), in electronic or other form, for the sole purpose of implementing, administering and managing Participant's participation in the Plan. The data administered and maintained by the Company, the Stock Plan Administrator and any other possible recipients that may assist the Company (presently or in the future) with implementing, administering and managing the Plan includes information that may be considered personal data, including *Participant's name, home address, email address and telephone number, date of birth, social security or insurance number, passport number or other identification number, salary, nationality, and any Shares or directorships held in the Company, and details of this Award or any other entitlement to Shares, canceled, exercised, vested, unvested or outstanding in Participant's favor* ("**Personal Data**"). Participant further acknowledges that Participant understands that the countries to which Participant's Personal Data may be transferred may have data protection standards that are different than those in Participant's home country and that offer a level of data protection that is less than that in Participant's home country. Further, Participant understands that Participant is providing the consents herein on a purely voluntary basis. If Participant does not consent, or if Participant later seeks to revoke Participant's consent, Participant's service status and career will not be affected; the only consequence of refusing or withdrawing Participant's consent is that the Company would not be able to grant Participant the RSUs or other equity awards or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing Participant's consent may affect Participant's ability to participate in the Plan.

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8. **<u>Electronic Delivery</u>**. Participant agrees, to the fullest extent permitted by law, in lieu of receiving documents in paper format, to accept electronic delivery of any documents that the Company and its Subsidiaries or affiliated companies may deliver in connection with this grant and any other grants offered by the Company, including prospectuses, grant notifications, account statements, annual or quarterly reports, and other communications. Electronic delivery of a document may be made via the Company's email system or by reference to a location on the Company's intranet or website or a website of the Company's agent administering the Plan. By accepting this Award, Participant also hereby consents to participate in the Plan through such system, intranet, or website, including but not limited to the use of electronic signatures or click-through electronic acceptance of terms and conditions.

9. **<u>Nontransferability</u>**. Except as specified in this Award Agreement, this Award and this Award Agreement are not transferable or assignable by Participant other than by will or the laws of descent and distribution or pursuant to a "qualified domestic relations order" as defined by the Code or Title I of the U.S. Employee Retirement Income Security Act of 1974, as amended, or similar order.

10. **<u>Section 409A</u>**. This Award is intended to be exempt from or, to the extent not exempt from, compliant with Section 409A. To the extent applicable, the Plan and any award document governing an Award granted under the Plan ("**Award Document**") shall be interpreted in accordance with Section 409A and interpretive guidance issued thereunder. Notwithstanding any contrary provision in the Plan or an Award Document, if the Committee determines that any provision of the Plan or an Award Document contravenes any regulations or guidance promulgated under Section 409A or would cause an Award to be subject to additional taxes, accelerated taxation, interest and/or penalties under Section 409A, the Committee may modify or amend such provision of the Plan or Award Document without consent of the Participant in any manner the Committee deems reasonable or necessary. In making such modifications the Committee shall attempt, but shall not be obligated, to maintain, to the maximum extent practicable, the original intent of the applicable provision without contravening the provisions of Section 409A. Moreover, any discretionary authority that the Committee may have pursuant to the Plan shall not be applicable to an Award that is subject to Section 409A to the extent such discretionary authority would contravene Section 409A.

11. **<u>Adjustments to Award</u>**. This Award is subject to adjustments pursuant to Section 4c of the Plan. In the event of any conflict or inconsistency between the Plan and any Award Document, the Award Document shall govern and the Plan shall be interpreted to minimize or eliminate any such conflict or inconsistency.

12. **<u>Entire Agreement</u>**. This Award, the Plan, country specific addendums and the rules and procedures adopted by the Committee contain all of the provisions applicable to the RSUs and no other statements, documents or practices may modify, waive or alter such provisions unless expressly set forth in writing, signed by an authorized officer of the Company and delivered to the Participant.

[*Signature Page Follows*]

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IN WITNESS WHEREOF, the parties have executed this Award Agreement as of the date set forth above.

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| | |
|:---|:---|
| **HMH Holding Inc.** | **PARTICIPANT** |
| By: |  |
| Name: | Name: |
| Title: |  |

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**<u>Exhibit A</u>**

**Summary of B.V. Board Chairman Compensation** 

For your service as a member and Chairman of the Board of Directors (the "<u>B.V. Board</u>") of HMH Holding B.V., a private limited liability company (*besloten vennootschap met beperkte aansprakelijkheid*) under the laws of the Netherlands, with seat in Amsterdam, the Netherlands, address at Weerdestein 97, 1083 GG Amsterdam, the Netherlands and Trade Register number 82719322 (the "<u>Company</u>") prior to the listing of the Class A common stock of HMH Holding Inc., a Delaware corporation ("<u>PubCo</u>") (such date and time, the "<u>PubCo Effective Time</u>"), you will receive a cash retainer in the annualized amount of $75,000 for your service as a member of the B.V. Board and an additional cash retainer in the annualized amount of $50,000 for serving as Chairman of the B.V. Board, for an aggregate annual cash retainer of $125,000 (the "<u>Cash Retainer</u>"). The Cash Retainer will be earned on a quarterly basis based on a calendar quarter and will be paid in cash by the Company in arrears not later than the fifteenth (15th) day following the end of the calendar quarter. In the event that you do not serve as a member or Chairman of the B.V. Board for an entire calendar quarter, the Cash Retainer paid to you will be prorated for the portion of the calendar quarter actually served by you as member or Chairman, as applicable.

You will also receive an additional retainer of $175,000, which (1) will become payable on the earliest of (a) your resignation from the B.V. Board prior to the listing of PubCo's Class A common stock, (b) the PubCo Effective Time, or (c) October 21, 2025, and (2) will be pro-rated for any partial portion of a calendar year served (equal to "A" *multiplied by* "B", where "A" equals $175,000 and "B" is a fraction, the numerator of which is the number of days that have elapsed from (and, for the avoidance of doubt, including) October 21, 2024 through (and, for the avoidance of doubt, including) the earliest of the events set forth in clauses (a), (b) and (c) above, and the denominator of which is 365) (the "<u>Additional Retainer</u>" and together with the Cash Retainer, the "<u>Retainers</u>"). The Additional Retainer shall be paid by the Company in a lump sum cash payment within 30 days of the triggering event; *<u>provided</u>*, *<u>however</u>*, that, (x) if any such triggering event occurs in 2024, such payment shall not be made until 2025 and (y) subject to the requisite approvals by PubCo and an effective equity incentive plan being in place, in the event the Additional Retainer becomes payable pursuant to clause (b) above, the Additional Retainer will instead be satisfied upon the consummation of PubCo's initial public offering of Class A common stock with a restricted stock unit award under the equity incentive plan then-maintained by PubCo, which shall vest immediately following the grant thereof. You will not be eligible for compensation as a member or Chairman of the B.V. Board other than the Retainers.

## Exhibit 23.1

**Exhibit 23.1** 

**Consent of Independent Registered Public Accounting Firm** 

We consent to the use of our report dated March 17, 2025, with respect to the financial statements of HMH Holding Inc., included herein and to the reference to our firm under the heading "Experts" in the prospectus.

/s/ KPMG AS

Oslo, Norway

January 29, 2026

## Exhibit 23.2

**Exhibit 23.2** 

**Consent of Independent Registered Public Accounting Firm** 

We consent to the use of our report dated March 17, 2025, with respect to the consolidated financial statements of HMH Holding B.V., included herein and to the reference to our firm under the heading "Experts" in the prospectus.

/s/ KPMG AS

Oslo, Norway

January 29, 2026

## Exhibit 99.3

**Exhibit 99.3** 

**CONSENT OF DIRECTOR NOMINEE** 

I consent to the use of my name as a Director Nominee in the Registration Statement, including in the section thereof entitled "Management," filed by HMH Holding Inc. on Form S-1 and each related Prospectus and each further amendment or supplement thereto.

Dated: January 29, 2026

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| |
|:---|
| /s/ Svein Oskar Stoknes |
| Name: Svein Oskar Stoknes |

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